Mutual
Funds
Prospectus
As
filed with the Securities and Exchange Commission on September 26, 2024
File Nos. 333-76651,
811-09301
FORM N-1A
| REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 | |
| Pre-Effective Amendment No. | |
| Post-Effective Amendment No. 148 | |
| REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 | |
| Amendment No. 151 | |
| (Check appropriate box or boxes) |
|
(Exact Name of Registrant as Specified in Charter)
730 Third Avenue
New
York, New York 10017-3206
(Address of Principal Executive Offices) (Zip Code)
Registrant’s
Telephone Number, including Area Code: (800) 842-2733
Jeremy D. Franklin, Esq.
TIAA-CREF
Funds
8500 Andrew Carnegie Boulevard
Charlotte, North Carolina 28262
(Name
and Address of Agent for Service)
Copy to:
Christopher P. Harvey, Esq.
Adam
T. Teufel, Esq.
Dechert LLP
One International Place, 40th Floor
100 Oliver Street
Boston,
Massachusetts 02110
Approximate Date of Proposed Public Offering:
As soon as practicable
after effectiveness of the Registration Statement.
It is proposed that this filing will become effective (check appropriate box):
| Immediately upon filing pursuant to paragraph (b) |
| On October 1, 2024 pursuant to paragraph (b) |
| 60 days after filing pursuant to paragraph (a)(1) |
| 75 days after filing pursuant to paragraph (a)(2) of Rule 485 |
| On (date) pursuant to paragraph (a)(1) |
| On (date) pursuant to paragraph (a)(2) of Rule 485 |
If appropriate, check the following box:
| This post-effective amendment designates a new effective date for a previously filed post-effective amendment. |
| Mutual | Prospectus |
Nuveen Lifecycle Funds
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| Premier |
| Retirement |
Nuveen Lifecycle Retirement Income Fund (formerly TIAA-CREF Lifecycle Retirement Income Fund) | TLRRX | TLRHX | TPILX | TLRIX | TLIRX |
Nuveen Lifecycle 2010 Fund (formerly TIAA-CREF Lifecycle 2010 Fund) | — | TCLHX | TCTPX | TCTIX | TCLEX |
Nuveen Lifecycle 2015 Fund (formerly TIAA-CREF Lifecycle 2015 Fund) | — | TCNHX | TCFPX | TCNIX | TCLIX |
Nuveen Lifecycle 2020 Fund (formerly TIAA-CREF Lifecycle 2020 Fund) | — | TCWHX | TCWPX | TCWIX | TCLTX |
Nuveen Lifecycle 2025 Fund (formerly TIAA-CREF Lifecycle 2025 Fund) | — | TCQHX | TCQPX | TCYIX | TCLFX |
Nuveen Lifecycle 2030 Fund (formerly TIAA-CREF Lifecycle 2030 Fund) | — | TCHHX | TCHPX | TCRIX | TCLNX |
Nuveen Lifecycle 2035 Fund (formerly TIAA-CREF Lifecycle 2035 Fund) | — | TCYHX | TCYPX | TCIIX | TCLRX |
Nuveen Lifecycle 2040 Fund (formerly TIAA-CREF Lifecycle 2040 Fund) | — | TCZHX | TCZPX | TCOIX | TCLOX |
Nuveen Lifecycle 2045 Fund (formerly TIAA-CREF Lifecycle 2045 Fund) | — | TTFHX | TTFPX | TTFIX | TTFRX |
Ticker | |||||
Fund |
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| Premier |
| Retirement |
Nuveen Lifecycle 2050 Fund (formerly TIAA-CREF Lifecycle 2050 Fund) | — | TFTHX | TCLPX | TFTIX | TLFRX |
Nuveen Lifecycle 2055 Fund (formerly TIAA-CREF Lifecycle 2055 Fund) | — | TTRHX | TTRPX | TTRIX | TTRLX |
Nuveen Lifecycle 2060 Fund (formerly TIAA-CREF Lifecycle 2060 Fund) | — | TLXHX | TLXPX | TLXNX | TLXRX |
Nuveen Lifecycle 2065 Fund (formerly TIAA-CREF Lifecycle 2065 Fund) | — | TSFHX | TSFPX | TSFTX | TSFRX |
This Prospectus describes the Class A, Class I, Premier Class, Class R6 and Retirement Class shares offered, as applicable, by the investment portfolios listed above (each, a “Fund” and, collectively, the “Funds”) of the TIAA-CREF Funds (the “Trust”). These Funds comprise the Nuveen Lifecycle Funds (the “Lifecycle Funds”), a sub-family of funds offered by the Trust.
An investment in a Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. An investor can lose money in any of the Funds and the Funds could perform more poorly than other investments.
The Securities and Exchange Commission (“SEC”) has not approved or disapproved these securities or passed upon the adequacy of this Prospectus. Any representation to the contrary is a criminal offense.
Table of contents
Summary information Lifecycle Retirement Income Fund Annual Fund operating expenses 8 Principal investment strategies 9 Purchase and sale of Fund shares 20 Payments to broker-dealers and other financial intermediary compensation 21 Summary information Lifecycle 2010 Fund Annual Fund operating expenses 23 Principal investment strategies 24 Purchase and sale of Fund shares 35 Payments to broker-dealers and other financial intermediary compensation 36 | Summary information Lifecycle 2015 Fund Annual Fund operating expenses 38 Principal investment strategies 39 Purchase and sale of Fund shares 50 Payments to broker-dealers and other financial intermediary compensation 51 Summary information Lifecycle 2020 Fund Annual Fund operating expenses 53 Principal investment strategies 54 Purchase and sale of Fund shares 65 Payments to broker-dealers and other financial intermediary compensation 66 |
Table of contents
Table of contents
Summary information |
(formerly TIAA-CREF Lifecycle Retirement Income Fund)
The Fund seeks high total return over time primarily through income, with a secondary emphasis on capital appreciation.
The following tables describe the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund or in other Nuveen mutual funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial advisor and in “How You Can Buy and Sell Shares” on page 255 of the Fund’s Prospectus and “Purchase and Redemption of Fund Shares” on page 85 of the Fund’s Statement of Additional Information. In addition, more information about sales charge discounts and waivers for purchases of shares through specific financial intermediaries is set forth in the appendix to the Fund’s Prospectus entitled “Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries.”
The tables and examples below do not reflect any commissions that shareholders may be required to pay directly to their financial intermediaries when buying or selling Class I shares.
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Maximum sales charge (load) imposed on purchases (as a percentage of offering price) | ||||||||||
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Redemption or exchange fee | ||||||||||
Annual
low balance account fee | $ |
Nuveen Lifecycle Funds ■ Prospectus 7
ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)
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Other expenses1,2 |
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Acquired fund fees and expenses1,3 |
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Total annual Fund operating expenses |
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Waivers and expense reimbursements4,5 | ( |
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Total
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1 | Restated to reflect estimate for the current fiscal year. | ||||||||||
2 | Portions of the Management fees and Other expenses are based on expenses originally incurred by Class W shares of the Underlying Funds (as defined below) of the Trust, which have been incurred directly by the Fund pursuant to certain contractual arrangements intended to reallocate directly to the Fund certain fees and expenses that had been paid by the Underlying Funds of the Trust. For additional information, please see the “Management of the Funds” section of this Prospectus. | ||||||||||
3 | “Acquired fund fees and expenses” are the Fund’s proportionate amount of the expenses of any investment companies or pools in which it invests (excluding expenses originally incurred by Class W shares of the Underlying Funds of the Trust that have been incurred directly by the Fund, which are instead reflected in Management fees and Other expenses). These expenses are not paid directly by Fund shareholders. Instead, Fund shareholders bear these expenses indirectly because they reduce Fund performance. Because “Acquired fund fees and expenses” are included in the chart above, the Fund’s operating expenses here will not correlate with the expenses included in the Financial highlights in this Prospectus and the Fund’s annual report. | ||||||||||
4 | Under the Fund’s expense reimbursement arrangements, the Fund’s investment adviser, Teachers Advisors, LLC (“Advisors”), has contractually agreed to reimburse the Fund for any Total annual Fund operating expenses (excluding interest, taxes, brokerage commissions or other transactional expenses, Acquired fund fees and expenses, extraordinary expenses and any expenses originally attributable to Class W shares of the Underlying Funds of the Trust that were incurred directly by the Fund) that exceed: (i) 0.25% of average daily net assets for Class A shares; (ii) 0.15% of average daily net assets for Class I shares; (iii) 0.15% of average daily net assets for Premier Class shares; (iv) 0.00% of average daily net assets for Class R6 shares; and (v) 0.25% of average daily net assets for Retirement Class shares of the Fund. These expense reimbursement arrangements will continue through at least September 30, 2025, unless changed with approval of the Board of Trustees. | ||||||||||
5 | Advisors has contractually agreed to waive 0.100% of the Fund’s Management fee. This waiver will remain in effect through at least September 30, 2027, unless changed with the approval of the Board of Trustees. Advisors has also contractually agreed to waive an additional 0.034% of the Fund’s Management fee. This waiver will remain in effect through at least September 30, 2025, unless changed with the approval of the Board of Trustees. | ||||||||||
This example is intended to help you compare the cost of investing in shares of the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses, before fee waivers and/or expense reimbursements, remain the same. The example assumes that the Fund’s fee waiver and/or expense
8 Prospectus ■ Nuveen Lifecycle Funds
reimbursement arrangements will each remain in place for the durations noted in the table above. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
| Class A |
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1 year | $ | |
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3 years | $ | |
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5 years | $ | |
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10 years | $ |
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The
Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns
over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and
may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not
reflected in annual fund operating expenses or in the example, affect the Fund’s performance.
During the fiscal year ended May 31, 2024, the Fund’s portfolio turnover rate was
The Fund is a “fund of funds” that invests in Class W or Class R6 shares of other Nuveen mutual funds and in other investment pools or investment products, including other funds or exchange-traded funds (“ETFs”) advised by the Fund’s investment adviser, Teachers Advisors, LLC (“Advisors”), or its affiliates (collectively, the “Underlying Funds”). The Fund invests in Underlying Funds according to a relatively stable asset allocation strategy that will not gradually adjust over time and is designed for investors who are already in retirement (i.e., have already passed their retirement year) and may have begun taking systematic withdrawals upon retirement.
Advisors currently expects to allocate approximately 35.00% of the Fund’s assets to equity Underlying Funds, 60.00% of its assets to fixed-income Underlying Funds and 5.00% of its assets to direct real estate Underlying Funds. These allocations represent targets for equity, fixed-income and direct real estate asset classes. Target allocations may be changed and actual allocations may vary up to ten percentage points from the targets. Within the equity, fixed-income and direct real estate asset classes, Advisors allocates the Fund’s investments to particular market sectors (U.S. equity, international equity, fixed-income, short-term fixed-income, inflation-protected assets and direct real estate) represented by various Underlying Funds. These market sector allocations may vary by up to 10% from the Fund’s target market sector allocations. The Fund’s current target market sector allocations for June 30, 2025 which may change, are approximately as follows: U.S. Equity: 22.75%; International Equity: 12.25%; Fixed-Income: 40.00%; Short-Term Fixed-Income: 10.00%; Inflation-Protected Assets: 10.00%; and Direct Real Estate: 5.00%. The asset class and market
Nuveen Lifecycle Funds ■ Prospectus 9
sector names used herein are intended to reflect the primary type of investment of the Underlying Funds within each of these categories.
The Fund’s target market sector allocations to Underlying Funds may include the Nuveen Core Equity Fund, Nuveen Large Cap Growth Fund, Nuveen Large Cap Value Fund, Nuveen Quant Small Cap Equity Fund, Nuveen Quant Small/Mid Cap Equity Fund, Nuveen Dividend Growth Fund, Nuveen Dividend Value Fund and Nuveen Growth Opportunities ETF (U.S. Equity); Nuveen Emerging Markets Equity Fund, Nuveen International Equity Fund, Nuveen International Opportunities Fund and Nuveen Quant International Small Cap Equity Fund (International Equity); Nuveen Core Bond Fund, Nuveen Core Plus Bond Fund, Nuveen Emerging Markets Debt Fund, Nuveen High Yield Fund and Nuveen International Bond Fund (Fixed-Income); Nuveen Money Market Fund and Nuveen Short Term Bond Fund (Short-Term Fixed-Income); Nuveen Inflation Linked Bond Fund (Inflation-Protected Assets); and Nuveen Real Property Fund LP (Direct Real Estate). Nuveen Real Property Fund LP is a private fund, which is not available for investment by the general public; it is currently offered exclusively to investment pools or investment products managed by Advisors or its affiliates.
As a result of its investments in the Underlying Funds, the Fund’s returns will reflect investments in a mix of domestic and foreign equities of companies of various sizes and market capitalizations, a variety of domestic and foreign fixed-income instruments of private and governmental issuers of varying maturities and credit qualities and direct real estate.
Additional or replacement Underlying Funds for each market sector, as well as additional or replacement market sectors, may be included when making future allocations if Advisors believes that such Underlying Funds and/or market sectors are appropriate in light of the Fund’s desired levels of risk and potential return at the particular time. The Fund’s portfolio management team may also add a new market sector if it believes that will help to achieve the Fund’s investment objective. The relative allocations among Underlying Funds within a market sector may be changed at any time without notice to shareholders, and the portfolio management team may use tactical allocation to take advantage of short to intermediate term opportunities through a combination of positions in Underlying Funds. If 10% or more of the Fund’s assets are expected to be invested in any Underlying Fund or market sector not listed above, shareholders will receive prior notice of such change. Investors should note that the Fund has a significant level of equity exposure and this exposure could cause fluctuation in the value of the Fund depending on the performance of the equity markets generally.
As part of the Fund’s ability to invest in other investment pools or investment products noted above, the Fund may invest in ETFs and exchange-traded notes (“ETNs”) to gain exposure to various market sectors or securities in order to effect its asset allocation strategy. Additionally, the Fund may use ETFs or ETNs for cash management, hedging or defensive purposes. ETFs or ETNs will be subject to the risks associated with the types of securities or sectors that they
10 Prospectus ■ Nuveen Lifecycle Funds
track, while ETNs, which are structured as fixed-income obligations, will also be subject to the general risks of fixed-income securities, including credit risk.
The Fund’s asset class allocations, market sector allocations within each asset class, and Underlying Fund allocations within each market sector, as of June 30, 2024, are listed in the chart below. The Fund has relatively fixed asset allocations that will not gradually adjust over time. Underlying Fund allocations may change from year to year.
Asset Class | Allocation |
| Market Sector | Allocation |
| Underlying Funds | Allocation |
Equity | 35.90% |
| U.S. Equity | 23.45% |
| Nuveen Large Cap Growth | 4.13% |
Nuveen Growth Opportunities ETF | 4.13% | ||||||
Nuveen Core Equity | 3.46% | ||||||
Nuveen Dividend Growth | 3.44% | ||||||
Nuveen Large Cap Value | 3.34% | ||||||
Nuveen Dividend Value | 3.32% | ||||||
Nuveen Quant Small/Mid Cap Equity | 0.89% | ||||||
Nuveen Quant Small Cap Equity | 0.74% | ||||||
International Equity | 12.45% | Nuveen International Equity | 5.34% | ||||
Nuveen International Opportunities | 3.21% | ||||||
Nuveen Emerging Markets Equity | 2.16% | ||||||
Nuveen Quant International Small Cap Equity | 1.74% | ||||||
Fixed-Income | 59.91% |
| Fixed-Income | 39.99% |
| Nuveen Core Bond | 21.00% |
Nuveen Core Plus Bond | 13.00% | ||||||
Nuveen International Bond | 2.09% | ||||||
Nuveen High Yield | 2.01% | ||||||
Nuveen Emerging Markets Debt | 1.89% | ||||||
Short-Term | 9.99% | Nuveen Short Term Bond | 9.99% | ||||
Inflation- | 9.93% | Nuveen Inflation Linked Bond | 9.93% | ||||
Real Estate | 4.19% |
| Direct Real Estate | 4.19% |
| Nuveen Real Property Fund LP | 4.19% |
Total | 100.00% | 100.00% | 100.00% |
· Asset Allocation Risk—The risk that the Fund may not achieve its target allocations. In addition, there is the risk that the asset allocations may not achieve the desired risk-return characteristic or that the selection of Underlying Funds and the allocations among them will result in the Fund underperforming other similar funds or cause an investor to lose money.
· Underlying Funds Risks—The Fund is exposed to the risks of the Underlying Funds in which it invests in direct proportion to the amount of assets the Fund allocates to each Underlying Fund.
Nuveen Lifecycle Funds ■ Prospectus 11
· Equity Underlying Funds Risks—The risks of investing in equity Underlying Funds include risks specific to their investment strategies, as well as risks related to the equity markets in general, such as:
· market risk—The risk that market prices of portfolio investments held by a Fund may fall rapidly or unpredictably due to a variety of factors, including changing economic, political or market conditions. Market risk may affect a single issuer, industry or sector of the economy, or it may affect the market as a whole. Such conditions may add significantly to the risk of volatility in the net asset value (“NAV”) of the Fund’s shares and adversely affect the Fund and its investments. From time to time, a Fund may invest a significant portion of its assets in companies in one or more related sectors or industries, which would make the Fund more vulnerable to adverse developments affecting such sectors or industries;
· issuer risk—The risk that an issuer’s earnings prospects, credit rating and overall financial position will deteriorate, causing a decline in the value of the issuer’s financial instruments over short or extended periods of time;
· foreign investment risk—Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, currency, market or economic developments as well as armed conflicts and can result in greater price volatility and perform differently from financial instruments of U.S. issuers. This risk may be heightened in emerging or developing markets. Foreign investments may also have lower liquidity and be more difficult to value than investments in U.S. issuers. To the extent a Fund invests a significant portion of its assets in the securities of companies in a single country or region, it may be more susceptible to adverse economic, market, political or regulatory events or conditions affecting that country or region. Foreign investments may also be subject to risk of loss because of more or less foreign government regulation, less public information, less stringent investor protections and less stringent accounting, corporate governance, financial reporting and disclosure standards. Changes in the value of foreign currencies may make the return on an investment increase or decrease, unrelated to the quality or performance of the investment itself. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs) and other restrictions by the United States or other governments may also negatively impact a Fund’s investments. Economic sanctions and other similar governmental actions or developments could, among other things, effectively restrict or eliminate a Fund’s ability to purchase or sell certain foreign securities or groups of foreign securities, and/or thus may make a Fund’s investments in such securities less liquid (or illiquid) or more
12 Prospectus ■ Nuveen Lifecycle Funds
difficult to value. The type and severity of sanctions and other measures that may be imposed could vary broadly in scope, and their impact is impossible to predict;
· small- and mid-cap risk—The risk that the stocks of small-capitalization companies often experience greater price volatility than large- or mid-sized companies because small-cap companies are often newer or less established than larger companies and are likely to have more limited resources, products and markets. Securities of small-cap companies often have lower overall liquidity than securities of larger companies as a result of there being a smaller market for their securities, which can have an adverse effect on the pricing of these securities and on the ability to sell these securities when a Fund’s investment adviser or sub-adviser deems it appropriate. Stocks of mid-capitalization companies often experience greater price volatility, lower trading volume and lower overall liquidity than the stocks of larger, more established companies;
· style risk—The risk that use of a particular investing style (such as growth or value investing) may fall out of favor in the marketplace for various periods of time and result in underperformance relative to the broader market sector or significant declines in the value of a Fund’s portfolio investments; and
· dividend-paying security risk—The risk that investments in dividend-paying securities could cause a Fund to underperform similar funds that invest without consideration of an issuer’s track record of paying dividends.
· Fixed-Income Underlying Funds Risks—The risks of investing in fixed-income Underlying Funds include risks specific to their investment strategies, as well as risks related to the fixed-income markets in general, such as:
· interest rate risk—The risk that changes in interest rates can adversely affect the value or liquidity of, and income generated by, fixed-income investments. This risk is heightened to the extent a Fund invests in longer duration fixed-income investments and during periods when prevailing interest rates are changing. There is a risk that interest rates across the financial system may change, possibly significantly and/or rapidly. In general, changing interest rates, including rates that fall below zero, or a lack of market participants may lead to decreased liquidity and increased volatility in the fixed-income or debt markets, making it more difficult for the Fund to sell fixed-income investments. When interest rates change, the values of longer duration fixed-income securities usually change more than the values of shorter duration fixed-income securities. Conversely, fixed-income securities with shorter durations or maturities will be less volatile but may provide lower returns than fixed-income securities
Nuveen Lifecycle Funds ■ Prospectus 13
with longer durations or maturities. Other factors that may affect the value of debt securities include, but are not limited to, economic, political, public health, and other crises and responses by governments and companies to such crises;
· prepayment risk—The risk that, during periods of falling interest rates, borrowers may pay off their mortgage loans sooner than expected, forcing a Fund to reinvest the unanticipated proceeds at lower interest rates and resulting in a decline in income;
· extension risk—The risk that, during periods of rising interest rates, borrowers may pay off their mortgage loans later than expected, preventing a Fund from reinvesting principal proceeds at higher interest rates and resulting in less income than potentially available;
· issuer risk—The risk that an issuer’s earnings prospects, credit rating and overall financial position will deteriorate, causing a decline in the value of the issuer’s financial instruments over short or extended periods of time;
· credit risk—The risk that the issuer of fixed-income investments may not be able or willing, or may be perceived (whether by market participants, rating agencies, pricing services or otherwise) as not able or willing, to meet interest or principal payments when the payments become due;
· credit spread risk—The risk that credit spreads (i.e., the difference in yield between securities that is due to differences in each security’s respective credit quality) may increase when market participants believe that bonds generally have a greater risk of default, which could result in a decline in the market values of a Fund’s debt securities;
· income volatility risk—The risk that the level of current income from a portfolio of fixed-income investments may decline in certain interest rate environments;
· market volatility, liquidity and valuation risk (types of market risk)—The risk that volatile or dramatic reductions in trading activity make it difficult for a Fund to properly value its investments and that a Fund may not be able to purchase or sell an investment at an attractive price, if at all;
· fixed-income foreign investment risk—Investment in fixed-income securities or financial instruments of foreign issuers involves increased risks due to adverse issuer, political, regulatory, currency, market or economic developments as well as armed conflicts. These developments may impact the ability of a foreign debt issuer to make timely and ultimate payments on its debt obligations to a Fund or impair a Fund’s ability to enforce its rights against the foreign debt issuer. These risks are heightened in emerging or developing markets. Foreign investments may also have lower overall liquidity and be more
14 Prospectus ■ Nuveen Lifecycle Funds
difficult to value than investments in U.S. issuers. To the extent a Fund invests a significant portion of its assets in the securities of companies in a single country or region, it may be more susceptible to adverse economic, market, political or regulatory events or conditions affecting that country or region. Foreign investments may also be subject to risk of loss because of more or less foreign government regulation, less public information, less stringent investor protections and less stringent accounting, corporate governance, financial reporting and disclosure standards. Changes in the value of foreign currencies may make the return on an investment increase or decrease, unrelated to the quality or performance of the investment itself. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs) and other restrictions by the United States and other governments may also negatively impact a Fund’s investments. Economic sanctions and other similar governmental actions or developments could, among other things, effectively restrict or eliminate a Fund’s ability to purchase or sell certain foreign securities or groups of foreign securities, and/or thus may make a Fund’s investments in such securities less liquid (or illiquid) or more difficult to value. The type and severity of sanctions and other measures that may be imposed could vary broadly in scope, and their impact is impossible to predict; and
· call risk—The risk that, during periods of falling interest rates, an issuer may call (or repay) a fixed-income security prior to maturity, resulting in a decline in a Fund’s income.
· Underlying ETF Risk—In addition to the same principal risks as an investment in a mutual fund with the same investment objectives, strategies and policies as the ETF, investments in an Underlying Fund that is an ETF are subject to additional risks, including: (i) the market price of the ETF’s shares may trade at a premium or a discount to their NAV; (ii) an active trading market for an ETF’s shares may not develop or be maintained; and (iii) there is no assurance that the requirements of the exchange necessary to maintain the listing of an ETF will continue to be met or remain unchanged.
· Direct Real Estate Underlying Funds Risks—The risks of investing in direct real estate Underlying Funds include risks specific to their investment strategies, as well as risks related to investing in real estate in general, such as:
· real estate-related investment risk—The risks associated with exposure to direct real estate through investing in investment vehicles managed by Advisors that will primarily invest directly in real estate, which can include declines in real estate values or revenues, uninsured losses at properties, the absence of regulatory oversight of
Nuveen Lifecycle Funds ■ Prospectus 15
and a secondary market for interests in direct real estate Underlying Funds, a scarcity of interests issued by direct real estate Underlying Funds, making it difficult for the Fund to achieve its target allocation, and illiquidity of interests in direct real estate Underlying Funds (which exposes the Fund to illiquid investments risk).
· Emerging Markets Underlying Funds Risk—The risk of foreign investment often increases in countries with emerging markets or otherwise economically tied to emerging market countries. For example, these countries may have more unstable governments than developed countries, and their economies may be based on only a few industries. Emerging market countries may also have less stringent regulation of accounting, auditing, financial reporting and recordkeeping requirements, which would affect a Fund’s ability to evaluate potential portfolio companies. As a result, there could be less information available about issuers in emerging market countries, which could negatively affect Advisors’ ability to evaluate local companies or their potential impact on a Fund’s performance. Because the financial markets of emerging market countries may be very small, share prices of financial instruments in emerging market countries may be volatile and difficult to determine. Financial instruments of issuers in these countries may have lower overall liquidity than those of issuers in more developed countries. In addition, foreign investors such as a Fund are subject to a variety of special restrictions in many emerging market countries. Moreover, legal remedies for investors in emerging markets may be more limited, and U.S. authorities may have less ability to bring actions against bad actors in emerging market countries.
· Illiquid Investments Underlying Funds Risk—The risk that illiquid investments may be difficult to sell for the value at which they are carried, if at all, or at any price within the desired time frame.
· Currency Underlying Funds Risk—The risk that foreign (non-U.S.) currencies may decline in value relative to the U.S. dollar and adversely affect the value of a Fund’s investments in foreign currencies, securities denominated in foreign currencies or derivative instruments that provide exposure to foreign currencies.
· Active Management Risk—The risk that the strategy, investment selection or trading execution of Advisors or another investment adviser or sub-adviser of an Underlying Fund could cause the Fund or an Underlying Fund to underperform its benchmark index or mutual funds with similar investment objectives and may not produce expected returns.
· Fund of Funds Risk—The ability of the Fund to achieve its investment objective will depend in part upon the ability of the Underlying Funds to achieve their investment objectives. There can be no guarantee that any Underlying Fund will achieve its investment objective.
16 Prospectus ■ Nuveen Lifecycle Funds
There can be no assurances that the Fund will achieve its investment objective. You should not consider the Fund to be a complete investment program. Please see the non-summary portion of the Prospectus for more detailed information about the risks described above, including the risks of the Underlying Funds.
The
returns shown below reflect previous agreements by Advisors to waive or reimburse the Fund and certain
Underlying Funds for certain fees and expenses. Without these waivers and reimbursements, the returns
of the Fund would have been lower.
For current performance information of each share class, including performance
to the most recent month-end, please visit
Nuveen Lifecycle Funds ■ Prospectus 17
ANNUAL TOTAL RETURNS FOR RETIREMENT CLASS SHARES (%)†
Nuveen Lifecycle Retirement Income Fund
†
18 Prospectus ■ Nuveen Lifecycle Funds
For the Periods Ended December 31, 2023
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# | The performance shown for Class I that is prior to its inception date is based on performance of the Fund’s Retirement Class. The performance for these periods has not been restated to reflect the lower expenses of Class I. | |||||||||||
‡ | As of the close of business on December 31, 2023, the Lifecycle Retirement Income Fund Composite Index consisted of: 40.0% Bloomberg U.S. Aggregate Bond Index; 26.0% Russell 3000® Index; 14.0% MSCI All Country World Index ex USA Investable Market Index; 10.0% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 10.0% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index. The Fund’s composite benchmark, the components that make up a composite benchmark and the method of calculating a composite benchmark’s performance may vary over time. | |||||||||||
* | The Class A average annual total returns have been restated to reflect a maximum up-front sales charge of 5.75% applicable to the purchase of Class A shares, which was effective as of May 6, 2024. | |||||||||||
Nuveen Lifecycle Funds ■ Prospectus 19
Investment Adviser. Teachers Advisors, LLC.
Portfolio Managers.
Name: | John Cunniff, CFA | Steve Sedmak, CFA | |
Title: | Managing Director | Managing Director | |
Experience on Fund: | since 2007 | since 2018 |
Purchase and sale of Fund shares
You may purchase, redeem or exchange shares of the Fund on any day that the New York Stock Exchange (“NYSE”) or its affiliated exchanges, NYSE Arca Equities or NYSE American, are open for trading (each such day a “Business Day”) directly from the Fund (for certain share classes) or through a financial advisor, employee benefit plan or other financial intermediary. The Fund’s initial and subsequent investment minimums generally are as follows, although certain financial intermediaries may impose their own investment minimums and the Fund may reduce or waive the minimums in some cases:
Eligibility and Minimum Initial Investment | Minimum Additional Investment | |
Class A | Available only through certain financial intermediaries or by contacting the Fund directly as described in the Prospectus. $2,500 for all accounts except: · $2,000 for Traditional/Roth IRA accounts and Coverdell Education Savings Accounts. · $250 for accounts opened through fee-based programs. · No minimum for retirement plans. | $100 |
Class I | Available only through fee-based programs and certain retirement plans, and to other limited categories of investors as described in the Prospectus. $100,000 for all accounts except: · $250 for clients of financial intermediaries and family offices that have accounts holding Class I shares with an aggregate value of at least $100,000 (or that are expected to reach this level). · No minimum for eligible retirement plans and certain other categories of eligible investors as described in the Prospectus. | No minimum. |
20 Prospectus ■ Nuveen Lifecycle Funds
Eligibility and Minimum Initial Investment | Minimum Additional Investment | |
Premier Class, Retirement Class | Available only through certain employee benefit plans, other types of savings plans or accounts and certain financial intermediaries as described in the Prospectus. No minimum. | No minimum. |
Class R6 | Available only to certain eligible investors as described in the Prospectus and through fee-based programs. $1 million for all accounts except: · $1,000 for clients of financial intermediaries who charge such clients an ongoing fee for advisory, investment, consulting or related services. | No minimum. |
The Fund intends to make distributions to shareholders that may be taxed as ordinary income or capital gains. Distributions made to tax-exempt shareholders or shareholders who hold Fund shares in a tax-deferred account are generally not subject to income tax in the current year, but redemptions made from tax-deferred accounts may be subject to income tax.
Payments to broker-dealers and other financial intermediary compensation
If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and/or its related companies may pay the financial intermediary for providing investor services. The Fund’s related companies may also pay the financial intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other financial intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary’s website for more information.
Nuveen Lifecycle Funds ■ Prospectus 21
Summary information |
(formerly TIAA-CREF Lifecycle 2010 Fund)
The Fund seeks high total return over time through a combination of capital appreciation and income.
The following tables describe the fees and expenses that you may pay if you buy, hold and sell shares of the Fund.
The tables and examples below do not reflect any commissions that shareholders may be required to pay directly to their financial intermediaries when buying or selling Class I shares.
| | | Retirement Class | |||||
Maximum
sales charge (load) imposed on purchases | ||||||||
Maximum deferred sales charge (load) | ||||||||
Maximum
sales charge (load) imposed on reinvested | ||||||||
Redemption or exchange fee | ||||||||
Maximum account fee |
22 Prospectus ■ Nuveen Lifecycle Funds
ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)
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1 | Restated to reflect estimate for the current fiscal year. | ||||||||
2 | Portions of the Management fees and Other expenses are based on expenses originally incurred by Class W shares of the Underlying Funds (as defined below) of the Trust, which have been incurred directly by the Fund pursuant to certain contractual arrangements intended to reallocate directly to the Fund certain fees and expenses that had been paid by the Underlying Funds of the Trust. For additional information, please see the “Management of the Funds” section of this Prospectus. | ||||||||
3 | “Acquired fund fees and expenses” are the Fund’s proportionate amount of the expenses of any investment companies or pools in which it invests (excluding expenses originally incurred by Class W shares of the Underlying Funds of the Trust that have been incurred directly by the Fund, which are instead reflected in Management fees and Other expenses). These expenses are not paid directly by Fund shareholders. Instead, Fund shareholders bear these expenses indirectly because they reduce Fund performance. Because “Acquired fund fees and expenses” are included in the chart above, the Fund’s operating expenses here will not correlate with the expenses included in the Financial highlights in this Prospectus and the Fund’s annual report. | ||||||||
4 | Under the Fund’s expense reimbursement arrangements, the Fund’s investment adviser, Teachers Advisors, LLC (“Advisors”), has contractually agreed to reimburse the Fund for any Total annual Fund operating expenses (excluding interest, taxes, brokerage commissions or other transactional expenses, Acquired fund fees and expenses, extraordinary expenses and any expenses originally attributable to Class W shares of the Underlying Funds of the Trust that were incurred directly by the Fund) that exceed: (i) 0.15% of average daily net assets for Class I shares; (ii) 0.15% of average daily net assets for Premier Class shares; (iii) 0.00% of average daily net assets for Class R6 shares; and (iv) 0.25% of average daily net assets for Retirement Class shares of the Fund. These expense reimbursement arrangements will continue through at least September 30, 2025, unless changed with approval of the Board of Trustees. | ||||||||
Nuveen Lifecycle Funds ■ Prospectus 23
5 | Advisors has contractually agreed to waive 0.100% of the Fund’s Management fee. This waiver will remain in effect through at least September 30, 2027, unless changed with the approval of the Board of Trustees. Advisors has also contractually agreed to waive an additional 0.018% of the Fund’s Management fee. This waiver will remain in effect through at least September 30, 2025, unless changed with the approval of the Board of Trustees. |
This example is intended to help you compare the cost of investing in shares of the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses, before fee waivers and/or expense reimbursements, remain the same. The example assumes that the Fund’s fee waiver and/or expense reimbursement arrangements will each remain in place for the durations noted in the table above. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
| Class I |
| Premier
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| Retirement |
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1 year | $ | |
| $ |
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| $ | |
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The
Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns
over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and
may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not
reflected in annual fund operating expenses or in the example, affect the Fund’s performance.
During the fiscal year ended May 31, 2024, the Fund’s portfolio turnover rate was
The Fund is a “fund of funds” that invests in Class W or Class R6 shares of other Nuveen mutual funds and in other investment pools or investment products, including other funds or exchange-traded funds (“ETFs”) advised by the Fund’s investment adviser, Teachers Advisors, LLC (“Advisors”), or its affiliates (collectively, the “Underlying Funds”). In general, the Fund is designed for investors who have an approximate target retirement year in mind, and the Fund’s investments are adjusted from more aggressive to more conservative over time as the Fund’s target retirement year approaches and for approximately 30 years afterwards. The Fund invests in Underlying Funds according to an asset allocation strategy designed for investors who retired in, or planned to retire
24 Prospectus ■ Nuveen Lifecycle Funds
within a few years of, 2010 and may have begun taking systematic withdrawals upon retirement.
Advisors currently expects to allocate approximately 32.50% of the Fund’s assets to equity Underlying Funds, 65.00% of its assets to fixed-income Underlying Funds and 2.50% of its assets to direct real estate Underlying Funds. These allocations represent targets for equity, fixed-income and direct real estate asset classes. Target allocations will change over time and actual allocations may vary up to ten percentage points from the targets. The target allocations along the investment glidepath, illustrated in the chart below, gradually become more conservative. The Fund had target allocations of approximately 50.00% equity/50.00% fixed-income in the Fund’s target retirement year of 2010 (the direct real estate asset class was added in 2017) and will reach the Fund’s final target allocation of approximately 20.00% equity/80.00% fixed-income/0.00% direct real estate in 2040. Within the equity, fixed-income and direct real estate asset classes, Advisors allocates the Fund’s investments to particular market sectors (U.S. equity, international equity, fixed-income, short-term fixed-income, inflation-protected assets and direct real estate) represented by various Underlying Funds. These market sector allocations may vary by up to 10% from the Fund’s target market sector allocations. The Fund’s current target market sector allocations for June 30, 2025, which will change over time, are approximately as follows: U.S. Equity: 21.13%; International Equity: 11.38%; Fixed-Income: 40.00%; Short-Term Fixed-Income: 15.00%; Inflation-Protected Assets: 10.00%; and Direct Real Estate: 2.50%. The asset class and market sector names used herein are intended to reflect the primary type of investment of the Underlying Funds within each of these categories.
The Fund’s target market sector allocations to Underlying Funds may include the Nuveen Core Equity Fund, Nuveen Large Cap Growth Fund, Nuveen Large Cap Value Fund, Nuveen Quant Small Cap Equity Fund, Nuveen Quant Small/Mid Cap Equity Fund, Nuveen Dividend Growth Fund, Nuveen Dividend Value Fund and Nuveen Growth Opportunities ETF (U.S. Equity); Nuveen Emerging Markets Equity Fund, Nuveen International Equity Fund, Nuveen International Opportunities Fund and Nuveen Quant International Small Cap Equity Fund (International Equity); Nuveen Core Bond Fund, Nuveen Core Plus Bond Fund, Nuveen Emerging Markets Debt Fund, Nuveen High Yield Fund and Nuveen International Bond Fund (Fixed-Income); Nuveen Money Market Fund and Nuveen Short Term Bond Fund (Short-Term Fixed-Income); Nuveen Inflation Linked Bond Fund (Inflation-Protected Assets); and Nuveen Real Property Fund LP (Direct Real Estate). Nuveen Real Property Fund LP is a private fund, which is not available for investment by the general public; it is currently offered exclusively to investment pools or investment products managed by Advisors or its affiliates.
As a result of its investments in the Underlying Funds, the Fund’s returns will reflect investments in a mix of domestic and foreign equities of companies of various sizes and market capitalizations, a variety of domestic and foreign
Nuveen Lifecycle Funds ■ Prospectus 25
fixed-income instruments of private and governmental issuers of varying maturities and credit qualities and direct real estate.
Additional or replacement Underlying Funds for each market sector, as well as additional or replacement market sectors, may be included when making future allocations if Advisors believes that such Underlying Funds and/or market sectors are appropriate in light of the Fund’s desired levels of risk and potential return at the particular time. The Fund’s portfolio management team may also add a new market sector if it believes that will help to achieve the Fund’s investment objective. The relative allocations among Underlying Funds within a market sector may be changed at any time without notice to shareholders, and the portfolio management team may use tactical allocation to take advantage of short to intermediate term opportunities through a combination of positions in Underlying Funds. If 10% or more of the Fund’s assets are expected to be invested in any Underlying Fund or market sector not listed above, shareholders will receive prior notice of such change.
As part of the Fund’s ability to invest in other investment pools or investment products noted above, the Fund may invest in ETFs and exchange-traded notes (“ETNs”) to gain exposure to various market sectors or securities in order to effect its asset allocation strategy. Additionally, the Fund may use ETFs or ETNs for cash management, hedging or defensive purposes. ETFs or ETNs will be subject to the risks associated with the types of securities or sectors that they track, while ETNs, which are structured as fixed-income obligations, will also be subject to the general risks of fixed-income securities, including credit risk.
The Fund’s asset class allocations, market sector allocations within each asset class, and Underlying Fund allocations within each market sector, as of June 30, 2024, are listed in the chart below. These allocations will change over time. Underlying Fund allocations in particular may change from year to year.
Asset Class | Allocation |
| Market Sector | Allocation |
| Underlying Funds | Allocation |
Equity | 33.60% |
| U.S. Equity | 21.95% |
| Nuveen Growth Opportunities ETF | 3.90% |
Nuveen Large Cap Growth | 3.85% | ||||||
Nuveen Dividend Growth | 3.22% | ||||||
Nuveen Core Equity | 3.22% | ||||||
Nuveen Large Cap Value | 3.13% | ||||||
Nuveen Dividend Value | 3.11% | ||||||
Nuveen Quant Small/Mid Cap Equity | 0.83% | ||||||
Nuveen Quant Small Cap Equity | 0.69% | ||||||
International Equity | 11.65% | Nuveen International Equity | 4.99% | ||||
Nuveen International Opportunities | 3.00% | ||||||
Nuveen Emerging Markets Equity | 2.03% | ||||||
Nuveen Quant International Small Cap Equity | 1.63% |
26 Prospectus ■ Nuveen Lifecycle Funds
Asset Class | Allocation |
| Market Sector | Allocation |
| Underlying Funds | Allocation |
Fixed-Income | 63.85% |
| Fixed-Income | 39.93% |
| Nuveen Core Bond | 20.97% |
Nuveen Core Plus Bond | 12.98% | ||||||
Nuveen International Bond | 2.09% | ||||||
Nuveen High Yield | 2.00% | ||||||
Nuveen Emerging Markets Debt | 1.89% | ||||||
Short-Term | 13.95% | Nuveen Short Term Bond | 13.95% | ||||
Inflation- | 9.97% | Nuveen Inflation Linked Bond | 9.97% | ||||
Real Estate | 2.55% |
| Direct Real Estate | 2.55% |
| Nuveen Real Property Fund LP | 2.55% |
Total | 100.00% | 100.00% | 100.00% |
The following chart shows how the investment glidepath for the Fund is expected to gradually move the Fund’s target allocations over time between the different target market sector allocations. The actual market sector allocations of the Fund may differ from this chart. The Fund seeks to achieve its final target market sector allocations approximately 30 years following the target date.
The Fund is designed to accommodate investors who invest in a fund up to their target retirement date, and plan to make gradual systematic withdrawals in retirement. In addition, investors should note that the Fund will continue to have a significant level of equity exposure up to, through and after its target retirement date, and this exposure could cause significant fluctuations in the value of the Fund depending on the performance of the equity markets generally.
After the Fund reaches its final target allocation, the Board of Trustees may authorize the merger of the Fund into another Lifecycle Fund which has also reached its final target allocation or other similar fund designed to maintain a relatively stable asset allocation reflecting the resting point on the glidepath described in the chart above. Fund shareholders will receive prior notice of any such merger.
Nuveen Lifecycle Funds ■ Prospectus 27
· Asset Allocation Risk—The risk that the Fund may not achieve its target allocations. In addition, there is the risk that the asset allocations may not achieve the desired risk-return characteristic or that the selection of Underlying Funds and the allocations among them will result in the Fund underperforming other similar funds or cause an investor to lose money.
· Underlying Funds Risks—The Fund is exposed to the risks of the Underlying Funds in which it invests in direct proportion to the amount of assets the Fund allocates to each Underlying Fund.
· Equity Underlying Funds Risks—The risks of investing in equity Underlying Funds include risks specific to their investment strategies, as well as risks related to the equity markets in general, such as:
· market risk—The risk that market prices of portfolio investments held by a Fund may fall rapidly or unpredictably due to a variety of factors, including changing economic, political or market conditions. Market risk may affect a single issuer, industry or sector of the economy, or it may affect the market as a whole. Such conditions may add significantly to the risk of volatility in the net asset value (“NAV”) of the Fund’s shares and adversely affect the Fund and its investments. From time to time, a Fund may invest a significant portion of its assets in companies in one or more related sectors or industries, which would make the Fund more vulnerable to adverse developments affecting such sectors or industries;
· issuer risk—The risk that an issuer’s earnings prospects, credit rating and overall financial position will deteriorate, causing a decline in the value of the issuer’s financial instruments over short or extended periods of time;
· foreign investment risk—Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, currency, market or economic developments as well as armed conflicts and can result in greater price volatility and perform differently from financial instruments of U.S. issuers. This risk may be heightened in emerging or developing markets. Foreign investments may also have lower liquidity and be more difficult to value than investments in U.S. issuers. To the extent a Fund invests a significant portion of its assets in the securities of companies in a single country or region, it may be more susceptible to adverse economic, market, political or regulatory events or conditions affecting that country or region. Foreign investments may also be subject to risk of loss because of more or less foreign government regulation, less public
28 Prospectus ■ Nuveen Lifecycle Funds
information, less stringent investor protections and less stringent accounting, corporate governance, financial reporting and disclosure standards. Changes in the value of foreign currencies may make the return on an investment increase or decrease, unrelated to the quality or performance of the investment itself. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs) and other restrictions by the United States or other governments may also negatively impact a Fund’s investments. Economic sanctions and other similar governmental actions or developments could, among other things, effectively restrict or eliminate a Fund’s ability to purchase or sell certain foreign securities or groups of foreign securities, and/or thus may make a Fund’s investments in such securities less liquid (or illiquid) or more difficult to value. The type and severity of sanctions and other measures that may be imposed could vary broadly in scope, and their impact is impossible to predict;
· small- and mid-cap risk—The risk that the stocks of small-capitalization companies often experience greater price volatility than large- or mid-sized companies because small-cap companies are often newer or less established than larger companies and are likely to have more limited resources, products and markets. Securities of small-cap companies often have lower overall liquidity than securities of larger companies as a result of there being a smaller market for their securities, which can have an adverse effect on the pricing of these securities and on the ability to sell these securities when a Fund’s investment adviser or sub-adviser deems it appropriate. Stocks of mid-capitalization companies often experience greater price volatility, lower trading volume and lower overall liquidity than the stocks of larger, more established companies;
· style risk—The risk that use of a particular investing style (such as growth or value investing) may fall out of favor in the marketplace for various periods of time and result in underperformance relative to the broader market sector or significant declines in the value of a Fund’s portfolio investments; and
· dividend-paying security risk—The risk that investments in dividend-paying securities could cause a Fund to underperform similar funds that invest without consideration of an issuer’s track record of paying dividends.
· Fixed-Income Underlying Funds Risks—The risks of investing in fixed-income Underlying Funds include risks specific to their investment strategies, as well as risks related to the fixed-income markets in general, such as:
· interest rate risk—The risk that changes in interest rates can adversely affect the value or liquidity of, and income generated by,
Nuveen Lifecycle Funds ■ Prospectus 29
fixed-income investments. This risk is heightened to the extent a Fund invests in longer duration fixed-income investments and during periods when prevailing interest rates are changing. There is a risk that interest rates across the financial system may change, possibly significantly and/or rapidly. In general, changing interest rates, including rates that fall below zero, or a lack of market participants may lead to decreased liquidity and increased volatility in the fixed-income or debt markets, making it more difficult for the Fund to sell fixed-income investments. When interest rates change, the values of longer duration fixed-income securities usually change more than the values of shorter duration fixed-income securities. Conversely, fixed-income securities with shorter durations or maturities will be less volatile but may provide lower returns than fixed-income securities with longer durations or maturities. Other factors that may affect the value of debt securities include, but are not limited to, economic, political, public health, and other crises and responses by governments and companies to such crises;
· prepayment risk—The risk that, during periods of falling interest rates, borrowers may pay off their mortgage loans sooner than expected, forcing a Fund to reinvest the unanticipated proceeds at lower interest rates and resulting in a decline in income;
· extension risk—The risk that, during periods of rising interest rates, borrowers may pay off their mortgage loans later than expected, preventing a Fund from reinvesting principal proceeds at higher interest rates and resulting in less income than potentially available;
· issuer risk—The risk that an issuer’s earnings prospects, credit rating and overall financial position will deteriorate, causing a decline in the value of the issuer’s financial instruments over short or extended periods of time;
· credit risk—The risk that the issuer of fixed-income investments may not be able or willing, or may be perceived (whether by market participants, rating agencies, pricing services or otherwise) as not able or willing, to meet interest or principal payments when the payments become due;
· credit spread risk—The risk that credit spreads (i.e., the difference in yield between securities that is due to differences in each security’s respective credit quality) may increase when market participants believe that bonds generally have a greater risk of default, which could result in a decline in the market values of a Fund’s debt securities;
· income volatility risk—The risk that the level of current income from a portfolio of fixed-income investments may decline in certain interest rate environments;
30 Prospectus ■ Nuveen Lifecycle Funds
· market volatility, liquidity and valuation risk (types of market risk)—The risk that volatile or dramatic reductions in trading activity make it difficult for a Fund to properly value its investments and that a Fund may not be able to purchase or sell an investment at an attractive price, if at all;
· fixed-income foreign investment risk—Investment in fixed-income securities or financial instruments of foreign issuers involves increased risks due to adverse issuer, political, regulatory, currency, market or economic developments as well as armed conflicts. These developments may impact the ability of a foreign debt issuer to make timely and ultimate payments on its debt obligations to a Fund or impair a Fund’s ability to enforce its rights against the foreign debt issuer. These risks are heightened in emerging or developing markets. Foreign investments may also have lower overall liquidity and be more difficult to value than investments in U.S. issuers. To the extent a Fund invests a significant portion of its assets in the securities of companies in a single country or region, it may be more susceptible to adverse economic, market, political or regulatory events or conditions affecting that country or region. Foreign investments may also be subject to risk of loss because of more or less foreign government regulation, less public information, less stringent investor protections and less stringent accounting, corporate governance, financial reporting and disclosure standards. Changes in the value of foreign currencies may make the return on an investment increase or decrease, unrelated to the quality or performance of the investment itself. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs) and other restrictions by the United States and other governments may also negatively impact a Fund’s investments. Economic sanctions and other similar governmental actions or developments could, among other things, effectively restrict or eliminate a Fund’s ability to purchase or sell certain foreign securities or groups of foreign securities, and/or thus may make a Fund’s investments in such securities less liquid (or illiquid) or more difficult to value. The type and severity of sanctions and other measures that may be imposed could vary broadly in scope, and their impact is impossible to predict; and
· call risk—The risk that, during periods of falling interest rates, an issuer may call (or repay) a fixed-income security prior to maturity, resulting in a decline in a Fund’s income.
· Underlying ETF Risk—In addition to the same principal risks as an investment in a mutual fund with the same investment objectives, strategies and policies as the ETF, investments in an Underlying Fund that is an ETF are subject to additional risks, including: (i) the market
Nuveen Lifecycle Funds ■ Prospectus 31
price of the ETF’s shares may trade at a premium or a discount to their NAV; (ii) an active trading market for an ETF’s shares may not develop or be maintained; and (iii) there is no assurance that the requirements of the exchange necessary to maintain the listing of an ETF will continue to be met or remain unchanged.
· Direct Real Estate Underlying Funds Risks—The risks of investing in direct real estate Underlying Funds include risks specific to their investment strategies, as well as risks related to investing in real estate in general, such as:
· real estate-related investment risk—The risks associated with exposure to direct real estate through investing in investment vehicles managed by Advisors that will primarily invest directly in real estate, which can include declines in real estate values or revenues, uninsured losses at properties, the absence of regulatory oversight of and a secondary market for interests in direct real estate Underlying Funds, a scarcity of interests issued by direct real estate Underlying Funds, making it difficult for the Fund to achieve its target allocation, and illiquidity of interests in direct real estate Underlying Funds (which exposes the Fund to illiquid investments risk).
· Emerging Markets Underlying Funds Risk—The risk of foreign investment often increases in countries with emerging markets or otherwise economically tied to emerging market countries. For example, these countries may have more unstable governments than developed countries, and their economies may be based on only a few industries. Emerging market countries may also have less stringent regulation of accounting, auditing, financial reporting and recordkeeping requirements, which would affect a Fund’s ability to evaluate potential portfolio companies. As a result, there could be less information available about issuers in emerging market countries, which could negatively affect Advisors’ ability to evaluate local companies or their potential impact on a Fund’s performance. Because the financial markets of emerging market countries may be very small, share prices of financial instruments in emerging market countries may be volatile and difficult to determine. Financial instruments of issuers in these countries may have lower overall liquidity than those of issuers in more developed countries. In addition, foreign investors such as a Fund are subject to a variety of special restrictions in many emerging market countries. Moreover, legal remedies for investors in emerging markets may be more limited, and U.S. authorities may have less ability to bring actions against bad actors in emerging market countries.
· Illiquid Investments Underlying Funds Risk—The risk that illiquid investments may be difficult to sell for the value at which they are carried, if at all, or at any price within the desired time frame.
32 Prospectus ■ Nuveen Lifecycle Funds
· Currency Underlying Funds Risk—The risk that foreign (non-U.S.) currencies may decline in value relative to the U.S. dollar and adversely affect the value of a Fund’s investments in foreign currencies, securities denominated in foreign currencies or derivative instruments that provide exposure to foreign currencies.
· Active Management Risk—The risk that the strategy, investment selection or trading execution of Advisors or another investment adviser or sub-adviser of an Underlying Fund could cause the Fund or an Underlying Fund to underperform its benchmark index or mutual funds with similar investment objectives and may not produce expected returns.
· Fund of Funds Risk—The ability of the Fund to achieve its investment objective will depend in part upon the ability of the Underlying Funds to achieve their investment objectives. There can be no guarantee that any Underlying Fund will achieve its investment objective.
There can be no assurances that the Fund will achieve its investment objective. You should not consider the Fund to be a complete investment program. Please see the non-summary portion of the Prospectus for more detailed information about the risks described above, including the risks of the Underlying Funds.
The returns shown below reflect previous agreements by Advisors to waive or reimburse the Fund and certain Underlying Funds for certain fees and expenses. Without these waivers and reimbursements, the returns of the Fund would have
Nuveen Lifecycle Funds ■ Prospectus 33
been
lower.
For current performance information of each share class, including performance
to the most recent month-end, please visit
ANNUAL TOTAL RETURNS FOR RETIREMENT CLASS SHARES (%)†
Nuveen Lifecycle 2010 Fund
†
For the Periods Ended December 31, 2023
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34 Prospectus ■ Nuveen Lifecycle Funds
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# | The performance shown for Class I that is prior to its inception date is based on performance of the Fund’s Retirement Class. The performance for these periods has not been restated to reflect the lower expenses of Class I. | |||||||||||
‡ | As of the close of business on December 31, 2023, the Lifecycle 2010 Fund Composite Index consisted of: 40.0% Bloomberg U.S. Aggregate Bond Index; 23.7% Russell 3000® Index; 12.8% MSCI All Country World Index ex USA Investable Market Index; 13.5% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 10.0% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index. The Fund’s composite benchmark, the components that make up a composite benchmark and the method of calculating a composite benchmark’s performance may vary over time. | |||||||||||
Investment Adviser. Teachers Advisors, LLC.
Portfolio Managers.
Name: | John Cunniff, CFA | Steve Sedmak, CFA | |
Title: | Managing Director | Managing Director | |
Experience on Fund: | since 2006 | since 2018 |
Purchase and sale of Fund shares
You may purchase, redeem or exchange shares of the Fund on any day that the New York Stock Exchange (“NYSE”) or its affiliated exchanges, NYSE Arca Equities or NYSE American, are open for trading (each such day a “Business Day”) directly from the Fund (for certain share classes) or through a financial advisor, employee benefit plan or other financial intermediary. The Fund’s initial and subsequent investment minimums generally are as follows, although certain financial intermediaries may impose their own investment minimums and the Fund may reduce or waive the minimums in some cases:
Nuveen Lifecycle Funds ■ Prospectus 35
Eligibility and Minimum Initial Investment | Minimum Additional Investment | |
Class I | Available only through fee-based programs and certain retirement plans, and to other limited categories of investors as described in the Prospectus. $100,000 for all accounts except: · $250 for clients of financial intermediaries and family offices that have accounts holding Class I shares with an aggregate value of at least $100,000 (or that are expected to reach this level). · No minimum for eligible retirement plans and certain other categories of eligible investors as described in the Prospectus. | No minimum. |
Premier Class, Retirement Class | Available only through certain employee benefit plans, other types of savings plans or accounts and certain financial intermediaries as described in the Prospectus. No minimum. | No minimum. |
Class R6 | Available only to certain eligible investors as described in the Prospectus and through fee-based programs. $1 million for all accounts except: · $1,000 for clients of financial intermediaries who charge such clients an ongoing fee for advisory, investment, consulting or related services. | No minimum. |
The Fund intends to make distributions to shareholders that may be taxed as ordinary income or capital gains. Distributions made to tax-exempt shareholders or shareholders who hold Fund shares in a tax-deferred account are generally not subject to income tax in the current year, but redemptions made from tax-deferred accounts may be subject to income tax.
Payments to broker-dealers and other financial intermediary compensation
If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and/or its related companies may pay the financial intermediary for providing investor services. The Fund’s related companies may also pay the financial intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other financial intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary’s website for more information.
36 Prospectus ■ Nuveen Lifecycle Funds
Summary information |
(formerly TIAA-CREF Lifecycle 2015 Fund)
The Fund seeks high total return over time through a combination of capital appreciation and income.
The following tables describe the fees and expenses that you may pay if you buy, hold and sell shares of the Fund.
The tables and examples below do not reflect any commissions that shareholders may be required to pay directly to their financial intermediaries when buying or selling Class I shares.
| | | Retirement Class | |||||
Maximum
sales charge (load) imposed on purchases | ||||||||
Maximum deferred sales charge (load) | ||||||||
Maximum
sales charge (load) imposed on reinvested | ||||||||
Redemption or exchange fee | ||||||||
Maximum account fee |
Nuveen Lifecycle Funds ■ Prospectus 37
ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)
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1 | Restated to reflect estimate for the current fiscal year. | ||||||||
2 | Portions of the Management fees and Other expenses are based on expenses originally incurred by Class W shares of the Underlying Funds (as defined below) of the Trust, which have been incurred directly by the Fund pursuant to certain contractual arrangements intended to reallocate directly to the Fund certain fees and expenses that had been paid by the Underlying Funds of the Trust. For additional information, please see the “Management of the Funds” section of this Prospectus. | ||||||||
3 | “Acquired fund fees and expenses” are the Fund’s proportionate amount of the expenses of any investment companies or pools in which it invests (excluding expenses originally incurred by Class W shares of the Underlying Funds of the Trust that have been incurred directly by the Fund, which are instead reflected in Management fees and Other expenses). These expenses are not paid directly by Fund shareholders. Instead, Fund shareholders bear these expenses indirectly because they reduce Fund performance. Because “Acquired fund fees and expenses” are included in the chart above, the Fund’s operating expenses here will not correlate with the expenses included in the Financial highlights in this Prospectus and the Fund’s annual report. | ||||||||
4 | Under the Fund’s expense reimbursement arrangements, the Fund’s investment adviser, Teachers Advisors, LLC (“Advisors”), has contractually agreed to reimburse the Fund for any Total annual Fund operating expenses (excluding interest, taxes, brokerage commissions or other transactional expenses, Acquired fund fees and expenses, extraordinary expenses and any expenses originally attributable to Class W shares of the Underlying Funds of the Trust that were incurred directly by the Fund) that exceed: (i) 0.15% of average daily net assets for Class I shares; (ii) 0.15% of average daily net assets for Premier Class shares; (iii) 0.00% of average daily net assets for Class R6 shares; and (iv) 0.25% of average daily net assets for Retirement Class shares of the Fund. These expense reimbursement arrangements will continue through at least September 30, 2025, unless changed with approval of the Board of Trustees. | ||||||||
38 Prospectus ■ Nuveen Lifecycle Funds
5 | Advisors has contractually agreed to waive 0.100% of the Fund’s Management fee. This waiver will remain in effect through at least September 30, 2027, unless changed with the approval of the Board of Trustees. Advisors has also contractually agreed to waive an additional 0.024% of the Fund’s Management fee. This waiver will remain in effect through at least September 30, 2025, unless changed with the approval of the Board of Trustees. |
This example is intended to help you compare the cost of investing in shares of the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses, before fee waivers and/or expense reimbursements, remain the same. The example assumes that the Fund’s fee waiver and/or expense reimbursement arrangements will each remain in place for the durations noted in the table above. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
| Class I |
| Premier
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| Class R6 |
| Retirement |
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1 year | $ | |
| $ |
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| $ | |
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The
Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns
over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and
may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not
reflected in annual fund operating expenses or in the example, affect the Fund’s performance.
During the fiscal year ended May 31, 2024, the Fund’s portfolio turnover rate was
The Fund is a “fund of funds” that invests in Class W or Class R6 shares of other Nuveen mutual funds and in other investment pools or investment products, including other funds or exchange-traded funds (“ETFs”) advised by the Fund’s investment adviser, Teachers Advisors, LLC (“Advisors”), or its affiliates (collectively, the “Underlying Funds”). In general, the Fund is designed for investors who have an approximate target retirement year in mind, and the Fund’s investments are adjusted from more aggressive to more conservative over time as the Fund’s target retirement year approaches and for approximately 30 years afterwards. The Fund invests in Underlying Funds according to an asset allocation strategy designed for investors who retired in, or planned to retire
Nuveen Lifecycle Funds ■ Prospectus 39
within a few years of, 2015 and may have begun taking systematic withdrawals upon retirement.
Advisors currently expects to allocate approximately 35.00% of the Fund’s assets to equity Underlying Funds, 60.00% of its assets to fixed-income Underlying Funds and 5.00% of its assets to direct real estate Underlying Funds. These allocations represent targets for equity, fixed-income and direct real estate asset classes. Target allocations will change over time and actual allocations may vary up to ten percentage points from the targets. The target allocations along the investment glidepath, illustrated in the chart below, gradually become more conservative. The Fund had target allocations of approximately 50.00% equity/50.00% fixed-income in the Fund’s target retirement year of 2015 (the direct real estate asset class was added in 2017) and will reach the Fund’s final target allocation of approximately 20.00% equity/80.00% fixed-income/0.00% direct real estate in 2045. Within the equity, fixed-income and direct real estate asset classes, Advisors allocates the Fund’s investments to particular market sectors (U.S. equity, international equity, fixed-income, short-term fixed-income, inflation-protected assets and direct real estate) represented by various Underlying Funds. These market sector allocations may vary by up to 10% from the Fund’s target market sector allocations. The Fund’s current target market sector allocations for June 30, 2025, which will change over time, are approximately as follows: U.S. Equity: 22.75%; International Equity: 12.25%; Fixed-Income: 40.00%; Short-Term Fixed-Income: 10.00%; Inflation-Protected Assets: 10.00%; and Direct Real Estate: 5.00%. The asset class and market sector names used herein are intended to reflect the primary type of investment of the Underlying Funds within each of these categories.
The Fund’s target market sector allocations to Underlying Funds may include the Nuveen Core Equity Fund, Nuveen Large Cap Growth Fund, Nuveen Large Cap Value Fund, Nuveen Quant Small Cap Equity Fund, Nuveen Quant Small/Mid Cap Equity Fund, Nuveen Dividend Growth Fund, Nuveen Dividend Value Fund and Nuveen Growth Opportunities ETF (U.S. Equity); Nuveen Emerging Markets Equity Fund, Nuveen International Equity Fund, Nuveen International Opportunities Fund and Nuveen Quant International Small Cap Equity Fund (International Equity); Nuveen Core Bond Fund, Nuveen Core Plus Bond Fund, Nuveen Emerging Markets Debt Fund, Nuveen High Yield Fund and Nuveen International Bond Fund (Fixed-Income); Nuveen Money Market Fund and Nuveen Short Term Bond Fund (Short-Term Fixed-Income); Nuveen Inflation Linked Bond Fund (Inflation-Protected Assets); and Nuveen Real Property Fund LP (Direct Real Estate). Nuveen Real Property Fund LP is a private fund, which is not available for investment by the general public; it is currently offered exclusively to investment pools or investment products managed by Advisors or its affiliates.
As a result of its investments in the Underlying Funds, the Fund’s returns will reflect investments in a mix of domestic and foreign equities of companies of various sizes and market capitalizations, a variety of domestic and foreign
40 Prospectus ■ Nuveen Lifecycle Funds
fixed-income instruments of private and governmental issuers of varying maturities and credit qualities and direct real estate.
Additional or replacement Underlying Funds for each market sector, as well as additional or replacement market sectors, may be included when making future allocations if Advisors believes that such Underlying Funds and/or market sectors are appropriate in light of the Fund’s desired levels of risk and potential return at the particular time. The Fund’s portfolio management team may also add a new market sector if it believes that will help to achieve the Fund’s investment objective. The relative allocations among Underlying Funds within a market sector may be changed at any time without notice to shareholders, and the portfolio management team may use tactical allocation to take advantage of short to intermediate term opportunities through a combination of positions in Underlying Funds. If 10% or more of the Fund’s assets are expected to be invested in any Underlying Fund or market sector not listed above, shareholders will receive prior notice of such change.
As part of the Fund’s ability to invest in other investment pools or investment products noted above, the Fund may invest in ETFs and exchange-traded notes (“ETNs”) to gain exposure to various market sectors or securities in order to effect its asset allocation strategy. Additionally, the Fund may use ETFs or ETNs for cash management, hedging or defensive purposes. ETFs or ETNs will be subject to the risks associated with the types of securities or sectors that they track, while ETNs, which are structured as fixed-income obligations, will also be subject to the general risks of fixed-income securities, including credit risk.
The Fund’s asset class allocations, market sector allocations within each asset class, and Underlying Fund allocations within each market sector, as of June 30, 2024, are listed in the chart below. These allocations will change over time. Underlying Fund allocations in particular may change from year to year.
Asset Class | Allocation |
| Market Sector | Allocation |
| Underlying Funds | Allocation |
Equity | 36.96% |
| U.S. Equity | 24.14% |
| Nuveen Growth Opportunities ETF | 4.30% |
Nuveen Large Cap Growth | 4.20% | ||||||
Nuveen Core Equity | 3.54% | ||||||
Nuveen Dividend Growth | 3.54% | ||||||
Nuveen Large Cap Value | 3.45% | ||||||
Nuveen Dividend Value | 3.44% | ||||||
Nuveen Quant Small/Mid Cap Equity | 0.91% | ||||||
Nuveen Quant Small Cap Equity | 0.76% | ||||||
International Equity | 12.82% | Nuveen International Equity | 5.50% | ||||
Nuveen International Opportunities | 3.29% | ||||||
Nuveen Emerging Markets Equity | 2.23% | ||||||
Nuveen Quant International Small Cap Equity | 1.80% |
Nuveen Lifecycle Funds ■ Prospectus 41
Asset Class | Allocation |
| Market Sector | Allocation |
| Underlying Funds | Allocation |
Fixed-Income | 58.85% |
| Fixed-Income | 39.74% |
| Nuveen Core Bond | 20.85% |
Nuveen Core Plus Bond | 12.93% | ||||||
Nuveen International Bond | 2.08% | ||||||
Nuveen High Yield | 2.00% | ||||||
Nuveen Emerging Markets Debt | 1.88% | ||||||
Short-Term | 9.56% | Nuveen Short Term Bond | 9.56% | ||||
Inflation- | 9.55% | Nuveen Inflation Linked Bond | 9.55% | ||||
Real Estate | 4.19% |
| Direct Real Estate | 4.19% |
| Nuveen Real Property Fund LP | 4.19% |
Total | 100.00% | 100.00% | 100.00% |
The following chart shows how the investment glidepath for the Fund is expected to gradually move the Fund’s target allocations over time between the different target market sector allocations. The actual market sector allocations of the Fund may differ from this chart. The Fund seeks to achieve its final target market sector allocations approximately 30 years following the target date.
The Fund is designed to accommodate investors who invest in a fund up to their target retirement date, and plan to make gradual systematic withdrawals in retirement. In addition, investors should note that the Fund will continue to have a significant level of equity exposure up to, through and after its target retirement date, and this exposure could cause significant fluctuations in the value of the Fund depending on the performance of the equity markets generally.
After the Fund reaches its final target allocation, the Board of Trustees may authorize the merger of the Fund into another Lifecycle Fund which has also reached its final target allocation or other similar fund designed to maintain a relatively stable asset allocation reflecting the resting point on the glidepath described in the chart above. Fund shareholders will receive prior notice of any such merger.
42 Prospectus ■ Nuveen Lifecycle Funds
· Asset Allocation Risk—The risk that the Fund may not achieve its target allocations. In addition, there is the risk that the asset allocations may not achieve the desired risk-return characteristic or that the selection of Underlying Funds and the allocations among them will result in the Fund underperforming other similar funds or cause an investor to lose money.
· Underlying Funds Risks—The Fund is exposed to the risks of the Underlying Funds in which it invests in direct proportion to the amount of assets the Fund allocates to each Underlying Fund.
· Equity Underlying Funds Risks—The risks of investing in equity Underlying Funds include risks specific to their investment strategies, as well as risks related to the equity markets in general, such as:
· market risk—The risk that market prices of portfolio investments held by a Fund may fall rapidly or unpredictably due to a variety of factors, including changing economic, political or market conditions. Market risk may affect a single issuer, industry or sector of the economy, or it may affect the market as a whole. Such conditions may add significantly to the risk of volatility in the net asset value (“NAV”) of the Fund’s shares and adversely affect the Fund and its investments. From time to time, a Fund may invest a significant portion of its assets in companies in one or more related sectors or industries, which would make the Fund more vulnerable to adverse developments affecting such sectors or industries;
· issuer risk—The risk that an issuer’s earnings prospects, credit rating and overall financial position will deteriorate, causing a decline in the value of the issuer’s financial instruments over short or extended periods of time;
· foreign investment risk—Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, currency, market or economic developments as well as armed conflicts and can result in greater price volatility and perform differently from financial instruments of U.S. issuers. This risk may be heightened in emerging or developing markets. Foreign investments may also have lower liquidity and be more difficult to value than investments in U.S. issuers. To the extent a Fund invests a significant portion of its assets in the securities of companies in a single country or region, it may be more susceptible to adverse economic, market, political or regulatory events or conditions affecting that country or region. Foreign investments may also be subject to risk of loss because of more or less foreign government regulation, less public
Nuveen Lifecycle Funds ■ Prospectus 43
information, less stringent investor protections and less stringent accounting, corporate governance, financial reporting and disclosure standards. Changes in the value of foreign currencies may make the return on an investment increase or decrease, unrelated to the quality or performance of the investment itself. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs) and other restrictions by the United States or other governments may also negatively impact a Fund’s investments. Economic sanctions and other similar governmental actions or developments could, among other things, effectively restrict or eliminate a Fund’s ability to purchase or sell certain foreign securities or groups of foreign securities, and/or thus may make a Fund’s investments in such securities less liquid (or illiquid) or more difficult to value. The type and severity of sanctions and other measures that may be imposed could vary broadly in scope, and their impact is impossible to predict;
· small- and mid-cap risk—The risk that the stocks of small-capitalization companies often experience greater price volatility than large- or mid-sized companies because small-cap companies are often newer or less established than larger companies and are likely to have more limited resources, products and markets. Securities of small-cap companies often have lower overall liquidity than securities of larger companies as a result of there being a smaller market for their securities, which can have an adverse effect on the pricing of these securities and on the ability to sell these securities when a Fund’s investment adviser or sub-adviser deems it appropriate. Stocks of mid-capitalization companies often experience greater price volatility, lower trading volume and lower overall liquidity than the stocks of larger, more established companies;
· style risk—The risk that use of a particular investing style (such as growth or value investing) may fall out of favor in the marketplace for various periods of time and result in underperformance relative to the broader market sector or significant declines in the value of a Fund’s portfolio investments; and
· dividend-paying security risk—The risk that investments in dividend-paying securities could cause a Fund to underperform similar funds that invest without consideration of an issuer’s track record of paying dividends.
· Fixed-Income Underlying Funds Risks—The risks of investing in fixed-income Underlying Funds include risks specific to their investment strategies, as well as risks related to the fixed-income markets in general, such as:
· interest rate risk—The risk that changes in interest rates can adversely affect the value or liquidity of, and income generated by,
44 Prospectus ■ Nuveen Lifecycle Funds
fixed-income investments. This risk is heightened to the extent a Fund invests in longer duration fixed-income investments and during periods when prevailing interest rates are changing. There is a risk that interest rates across the financial system may change, possibly significantly and/or rapidly. In general, changing interest rates, including rates that fall below zero, or a lack of market participants may lead to decreased liquidity and increased volatility in the fixed-income or debt markets, making it more difficult for the Fund to sell fixed-income investments. When interest rates change, the values of longer duration fixed-income securities usually change more than the values of shorter duration fixed-income securities. Conversely, fixed-income securities with shorter durations or maturities will be less volatile but may provide lower returns than fixed-income securities with longer durations or maturities. Other factors that may affect the value of debt securities include, but are not limited to, economic, political, public health, and other crises and responses by governments and companies to such crises;
· prepayment risk—The risk that, during periods of falling interest rates, borrowers may pay off their mortgage loans sooner than expected, forcing a Fund to reinvest the unanticipated proceeds at lower interest rates and resulting in a decline in income;
· extension risk—The risk that, during periods of rising interest rates, borrowers may pay off their mortgage loans later than expected, preventing a Fund from reinvesting principal proceeds at higher interest rates and resulting in less income than potentially available;
· issuer risk—The risk that an issuer’s earnings prospects, credit rating and overall financial position will deteriorate, causing a decline in the value of the issuer’s financial instruments over short or extended periods of time;
· credit risk—The risk that the issuer of fixed-income investments may not be able or willing, or may be perceived (whether by market participants, rating agencies, pricing services or otherwise) as not able or willing, to meet interest or principal payments when the payments become due;
· credit spread risk—The risk that credit spreads (i.e., the difference in yield between securities that is due to differences in each security’s respective credit quality) may increase when market participants believe that bonds generally have a greater risk of default, which could result in a decline in the market values of a Fund’s debt securities;
· income volatility risk—The risk that the level of current income from a portfolio of fixed-income investments may decline in certain interest rate environments;
Nuveen Lifecycle Funds ■ Prospectus 45
· market volatility, liquidity and valuation risk (types of market risk)—The risk that volatile or dramatic reductions in trading activity make it difficult for a Fund to properly value its investments and that a Fund may not be able to purchase or sell an investment at an attractive price, if at all;
· fixed-income foreign investment risk—Investment in fixed-income securities or financial instruments of foreign issuers involves increased risks due to adverse issuer, political, regulatory, currency, market or economic developments as well as armed conflicts. These developments may impact the ability of a foreign debt issuer to make timely and ultimate payments on its debt obligations to a Fund or impair a Fund’s ability to enforce its rights against the foreign debt issuer. These risks are heightened in emerging or developing markets. Foreign investments may also have lower overall liquidity and be more difficult to value than investments in U.S. issuers. To the extent a Fund invests a significant portion of its assets in the securities of companies in a single country or region, it may be more susceptible to adverse economic, market, political or regulatory events or conditions affecting that country or region. Foreign investments may also be subject to risk of loss because of more or less foreign government regulation, less public information, less stringent investor protections and less stringent accounting, corporate governance, financial reporting and disclosure standards. Changes in the value of foreign currencies may make the return on an investment increase or decrease, unrelated to the quality or performance of the investment itself. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs) and other restrictions by the United States and other governments may also negatively impact a Fund’s investments. Economic sanctions and other similar governmental actions or developments could, among other things, effectively restrict or eliminate a Fund’s ability to purchase or sell certain foreign securities or groups of foreign securities, and/or thus may make a Fund’s investments in such securities less liquid (or illiquid) or more difficult to value. The type and severity of sanctions and other measures that may be imposed could vary broadly in scope, and their impact is impossible to predict; and
· call risk—The risk that, during periods of falling interest rates, an issuer may call (or repay) a fixed-income security prior to maturity, resulting in a decline in a Fund’s income.
· Underlying ETF Risk—In addition to the same principal risks as an investment in a mutual fund with the same investment objectives, strategies and policies as the ETF, investments in an Underlying Fund that is an ETF are subject to additional risks, including: (i) the market
46 Prospectus ■ Nuveen Lifecycle Funds
price of the ETF’s shares may trade at a premium or a discount to their NAV; (ii) an active trading market for an ETF’s shares may not develop or be maintained; and (iii) there is no assurance that the requirements of the exchange necessary to maintain the listing of an ETF will continue to be met or remain unchanged.
· Direct Real Estate Underlying Funds Risks—The risks of investing in direct real estate Underlying Funds include risks specific to their investment strategies, as well as risks related to investing in real estate in general, such as:
· real estate-related investment risk—The risks associated with exposure to direct real estate through investing in investment vehicles managed by Advisors that will primarily invest directly in real estate, which can include declines in real estate values or revenues, uninsured losses at properties, the absence of regulatory oversight of and a secondary market for interests in direct real estate Underlying Funds, a scarcity of interests issued by direct real estate Underlying Funds, making it difficult for the Fund to achieve its target allocation, and illiquidity of interests in direct real estate Underlying Funds (which exposes the Fund to illiquid investments risk).
· Emerging Markets Underlying Funds Risk—The risk of foreign investment often increases in countries with emerging markets or otherwise economically tied to emerging market countries. For example, these countries may have more unstable governments than developed countries, and their economies may be based on only a few industries. Emerging market countries may also have less stringent regulation of accounting, auditing, financial reporting and recordkeeping requirements, which would affect a Fund’s ability to evaluate potential portfolio companies. As a result, there could be less information available about issuers in emerging market countries, which could negatively affect Advisors’ ability to evaluate local companies or their potential impact on a Fund’s performance. Because the financial markets of emerging market countries may be very small, share prices of financial instruments in emerging market countries may be volatile and difficult to determine. Financial instruments of issuers in these countries may have lower overall liquidity than those of issuers in more developed countries. In addition, foreign investors such as a Fund are subject to a variety of special restrictions in many emerging market countries. Moreover, legal remedies for investors in emerging markets may be more limited, and U.S. authorities may have less ability to bring actions against bad actors in emerging market countries.
· Illiquid Investments Underlying Funds Risk—The risk that illiquid investments may be difficult to sell for the value at which they are carried, if at all, or at any price within the desired time frame.
Nuveen Lifecycle Funds ■ Prospectus 47
· Currency Underlying Funds Risk—The risk that foreign (non-U.S.) currencies may decline in value relative to the U.S. dollar and adversely affect the value of a Fund’s investments in foreign currencies, securities denominated in foreign currencies or derivative instruments that provide exposure to foreign currencies.
· Active Management Risk—The risk that the strategy, investment selection or trading execution of Advisors or another investment adviser or sub-adviser of an Underlying Fund could cause the Fund or an Underlying Fund to underperform its benchmark index or mutual funds with similar investment objectives and may not produce expected returns.
· Fund of Funds Risk—The ability of the Fund to achieve its investment objective will depend in part upon the ability of the Underlying Funds to achieve their investment objectives. There can be no guarantee that any Underlying Fund will achieve its investment objective.
There can be no assurances that the Fund will achieve its investment objective. You should not consider the Fund to be a complete investment program. Please see the non-summary portion of the Prospectus for more detailed information about the risks described above, including the risks of the Underlying Funds.
The returns shown below reflect previous agreements by Advisors to waive or reimburse the Fund and certain Underlying Funds for certain fees and expenses. Without these waivers and reimbursements, the returns of the Fund would have
48 Prospectus ■ Nuveen Lifecycle Funds
been
lower.
For current performance information of each share class, including performance
to the most recent month-end, please visit
ANNUAL TOTAL RETURNS FOR RETIREMENT CLASS SHARES (%)†
Nuveen Lifecycle 2015 Fund
†
For the Periods Ended December 31, 2023
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Nuveen Lifecycle Funds ■ Prospectus 49
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# | The performance shown for Class I that is prior to its inception date is based on performance of the Fund’s Retirement Class. The performance for these periods has not been restated to reflect the lower expenses of Class I. | |||||||||||
‡ | As of the close of business on December 31, 2023, the Lifecycle 2015 Fund Composite Index consisted of: 39.7% Bloomberg U.S. Aggregate Bond Index; 27.0% Russell 3000® Index; 14.5% MSCI All Country World Index ex USA Investable Market Index; 9.4% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 9.4% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index. The Fund’s composite benchmark, the components that make up a composite benchmark and the method of calculating a composite benchmark’s performance may vary over time. | |||||||||||
Investment Adviser. Teachers Advisors, LLC.
Portfolio Managers.
Name: | John Cunniff, CFA | Steve Sedmak, CFA | |
Title: | Managing Director | Managing Director | |
Experience on Fund: | since 2006 | since 2018 |
Purchase and sale of Fund shares
You may purchase, redeem or exchange shares of the Fund on any day that the New York Stock Exchange (“NYSE”) or its affiliated exchanges, NYSE Arca Equities or NYSE American, are open for trading (each such day a “Business Day”) directly from the Fund (for certain share classes) or through a financial advisor, employee benefit plan or other financial intermediary. The Fund’s initial and subsequent investment minimums generally are as follows, although certain financial intermediaries may impose their own investment minimums and the Fund may reduce or waive the minimums in some cases:
50 Prospectus ■ Nuveen Lifecycle Funds
Eligibility and Minimum Initial Investment | Minimum Additional Investment | |
Class I | Available only through fee-based programs and certain retirement plans, and to other limited categories of investors as described in the Prospectus. $100,000 for all accounts except: · $250 for clients of financial intermediaries and family offices that have accounts holding Class I shares with an aggregate value of at least $100,000 (or that are expected to reach this level). · No minimum for eligible retirement plans and certain other categories of eligible investors as described in the Prospectus. | No minimum. |
Premier Class, Retirement Class | Available only through certain employee benefit plans, other types of savings plans or accounts and certain financial intermediaries as described in the Prospectus. No minimum. | No minimum. |
Class R6 | Available only to certain eligible investors as described in the Prospectus and through fee-based programs. $1 million for all accounts except: · $1,000 for clients of financial intermediaries who charge such clients an ongoing fee for advisory, investment, consulting or related services. | No minimum. |
The Fund intends to make distributions to shareholders that may be taxed as ordinary income or capital gains. Distributions made to tax-exempt shareholders or shareholders who hold Fund shares in a tax-deferred account are generally not subject to income tax in the current year, but redemptions made from tax-deferred accounts may be subject to income tax.
Payments to broker-dealers and other financial intermediary compensation
If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and/or its related companies may pay the financial intermediary for providing investor services. The Fund’s related companies may also pay the financial intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other financial intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary’s website for more information.
Nuveen Lifecycle Funds ■ Prospectus 51
Summary information |
(formerly TIAA-CREF Lifecycle 2020 Fund)
The Fund seeks high total return over time through a combination of capital appreciation and income.
The following tables describe the fees and expenses that you may pay if you buy, hold and sell shares of the Fund.
The tables and examples below do not reflect any commissions that shareholders may be required to pay directly to their financial intermediaries when buying or selling Class I shares.
| | | Retirement Class | |||||
Maximum
sales charge (load) imposed on purchases | ||||||||
Maximum deferred sales charge (load) | ||||||||
Maximum
sales charge (load) imposed on reinvested | ||||||||
Redemption or exchange fee | ||||||||
Maximum account fee |
52 Prospectus ■ Nuveen Lifecycle Funds
ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)
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1 | Restated to reflect estimate for the current fiscal year. | ||||||||
2 | Portions of the Management fees and Other expenses are based on expenses originally incurred by Class W shares of the Underlying Funds (as defined below) of the Trust, which have been incurred directly by the Fund pursuant to certain contractual arrangements intended to reallocate directly to the Fund certain fees and expenses that had been paid by the Underlying Funds of the Trust. For additional information, please see the “Management of the Funds” section of this Prospectus. | ||||||||
3 | “Acquired fund fees and expenses” are the Fund’s proportionate amount of the expenses of any investment companies or pools in which it invests (excluding expenses originally incurred by Class W shares of the Underlying Funds of the Trust that have been incurred directly by the Fund, which are instead reflected in Management fees and Other expenses). These expenses are not paid directly by Fund shareholders. Instead, Fund shareholders bear these expenses indirectly because they reduce Fund performance. Because “Acquired fund fees and expenses” are included in the chart above, the Fund’s operating expenses here will not correlate with the expenses included in the Financial highlights in this Prospectus and the Fund’s annual report. | ||||||||
4 | Under the Fund’s expense reimbursement arrangements, the Fund’s investment adviser, Teachers Advisors, LLC (“Advisors”), has contractually agreed to reimburse the Fund for any Total annual Fund operating expenses (excluding interest, taxes, brokerage commissions or other transactional expenses, Acquired fund fees and expenses, extraordinary expenses and any expenses originally attributable to Class W shares of the Underlying Funds of the Trust that were incurred directly by the Fund) that exceed: (i) 0.15% of average daily net assets for Class I shares; (ii) 0.15% of average daily net assets for Premier Class shares; (iii) 0.00% of average daily net assets for Class R6 shares; and (iv) 0.25% of average daily net assets for Retirement Class shares of the Fund. These expense reimbursement arrangements will continue through at least September 30, 2025, unless changed with approval of the Board of Trustees. | ||||||||
Nuveen Lifecycle Funds ■ Prospectus 53
5 | Advisors has contractually agreed to waive 0.100% of the Fund’s Management fee. This waiver will remain in effect through at least September 30, 2027, unless changed with the approval of the Board of Trustees. Advisors has also contractually agreed to waive an additional 0.028% of the Fund’s Management fee. This waiver will remain in effect through at least September 30, 2025, unless changed with the approval of the Board of Trustees. |
This example is intended to help you compare the cost of investing in shares of the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses, before fee waivers and/or expense reimbursements, remain the same. The example assumes that the Fund’s fee waiver and/or expense reimbursement arrangements will each remain in place for the durations noted in the table above. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
| Class I |
| Premier
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| Class R6 |
| Retirement |
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1 year | $ | |
| $ |
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The
Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns
over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and
may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not
reflected in annual fund operating expenses or in the example, affect the Fund’s performance.
During the fiscal year ended May 31, 2024, the Fund’s portfolio turnover rate was
The Fund is a “fund of funds” that invests in Class W or Class R6 shares of other Nuveen mutual funds and in other investment pools or investment products, including other funds or exchange-traded funds (“ETFs”) advised by the Fund’s investment adviser, Teachers Advisors, LLC (“Advisors”), or its affiliates (collectively, the “Underlying Funds”). In general, the Fund is designed for investors who have an approximate target retirement year in mind, and the Fund’s investments are adjusted from more aggressive to more conservative over time as the Fund’s target retirement year approaches and for approximately 30 years afterwards. The Fund invests in Underlying Funds according to an asset allocation strategy designed for investors who retired in, or planned to retire
54 Prospectus ■ Nuveen Lifecycle Funds
within a few years of, 2020 and may have begun taking systematic withdrawals upon retirement.
Advisors currently expects to allocate approximately 40.00% of the Fund’s assets to equity Underlying Funds, 55.00% of its assets to fixed-income Underlying Funds and 5.00% of its assets to direct real estate Underlying Funds. These allocations represent targets for equity, fixed-income and direct real estate asset classes. Target allocations will change over time and actual allocations may vary up to ten percentage points from the targets. The target allocations along the investment glidepath, illustrated in the chart below, gradually become more conservative. The Fund had target allocations of approximately 45.00% equity/50.00% fixed-income/5.00% direct real estate in the Fund’s target retirement year of 2020 and will reach the Fund’s final target allocation of approximately 20.00% equity/80.00% fixed-income/0.00% direct real estate in 2050. Within the equity, fixed-income and direct real estate asset classes, Advisors allocates the Fund’s investments to particular market sectors (U.S. equity, international equity, fixed-income, short-term fixed-income, inflation-protected assets and direct real estate) represented by various Underlying Funds. These market sector allocations may vary by up to 10% from the Fund’s target market sector allocations. The Fund’s current target market sector allocations for June 30, 2025, which will change over time, are approximately as follows: U.S. Equity: 26.00%; International Equity: 14.00%; Fixed-Income: 39.00%; Short-Term Fixed-Income: 8.00%; Inflation-Protected Assets: 8.00%; and Direct Real Estate: 5.00%. The asset class and market sector names used herein are intended to reflect the primary type of investment of the Underlying Funds within each of these categories.
The Fund’s target market sector allocations to Underlying Funds may include the Nuveen Core Equity Fund, Nuveen Large Cap Growth Fund, Nuveen Large Cap Value Fund, Nuveen Quant Small Cap Equity Fund, Nuveen Quant Small/Mid Cap Equity Fund, Nuveen Dividend Growth Fund, Nuveen Dividend Value Fund and Nuveen Growth Opportunities ETF (U.S. Equity); Nuveen Emerging Markets Equity Fund, Nuveen International Equity Fund, Nuveen International Opportunities Fund and Nuveen Quant International Small Cap Equity Fund (International Equity); Nuveen Core Bond Fund, Nuveen Core Plus Bond Fund, Nuveen Emerging Markets Debt Fund, Nuveen High Yield Fund and Nuveen International Bond Fund (Fixed-Income); Nuveen Money Market Fund and Nuveen Short Term Bond Fund (Short-Term Fixed-Income); Nuveen Inflation Linked Bond Fund (Inflation-Protected Assets); and Nuveen Real Property Fund LP (Direct Real Estate). Nuveen Real Property Fund LP is a private fund, which is not available for investment by the general public; it is currently offered exclusively to investment pools or investment products managed by Advisors or its affiliates.
As a result of its investments in the Underlying Funds, the Fund’s returns will reflect investments in a mix of domestic and foreign equities of companies of various sizes and market capitalizations, a variety of domestic and foreign
Nuveen Lifecycle Funds ■ Prospectus 55
fixed-income instruments of private and governmental issuers of varying maturities and credit qualities and direct real estate.
Additional or replacement Underlying Funds for each market sector, as well as additional or replacement market sectors, may be included when making future allocations if Advisors believes that such Underlying Funds and/or market sectors are appropriate in light of the Fund’s desired levels of risk and potential return at the particular time. The Fund’s portfolio management team may also add a new market sector if it believes that will help to achieve the Fund’s investment objective. The relative allocations among Underlying Funds within a market sector may be changed at any time without notice to shareholders, and the portfolio management team may use tactical allocation to take advantage of short to intermediate term opportunities through a combination of positions in Underlying Funds. If 10% or more of the Fund’s assets are expected to be invested in any Underlying Fund or market sector not listed above, shareholders will receive prior notice of such change.
As part of the Fund’s ability to invest in other investment pools or investment products noted above, the Fund may invest in ETFs and exchange-traded notes (“ETNs”) to gain exposure to various market sectors or securities in order to effect its asset allocation strategy. Additionally, the Fund may use ETFs or ETNs for cash management, hedging or defensive purposes. ETFs or ETNs will be subject to the risks associated with the types of securities or sectors that they track, while ETNs, which are structured as fixed-income obligations, will also be subject to the general risks of fixed-income securities, including credit risk.
The Fund’s asset class allocations, market sector allocations within each asset class, and Underlying Fund allocations within each market sector, as of June 30, 2024, are listed in the chart below. These allocations will change over time. Underlying Fund allocations in particular may change from year to year.
Asset Class | Allocation |
| Market Sector | Allocation |
| Underlying Funds | Allocation |
Equity | 41.99% |
| U.S. Equity | 27.43% |
| Nuveen Growth Opportunities ETF | 4.87% |
Nuveen Large Cap Growth | 4.78% | ||||||
Nuveen Dividend Growth | 4.02% | ||||||
Nuveen Core Equity | 4.02% | ||||||
Nuveen Large Cap Value | 3.93% | ||||||
Nuveen Dividend Value | 3.91% | ||||||
Nuveen Quant Small/Mid Cap Equity | 1.04% | ||||||
Nuveen Quant Small Cap Equity | 0.86% | ||||||
International Equity | 14.56% | Nuveen International Equity | 6.25% | ||||
Nuveen International Opportunities | 3.74% | ||||||
Nuveen Emerging Markets Equity | 2.53% | ||||||
Nuveen Quant International Small Cap Equity | 2.04% |
56 Prospectus ■ Nuveen Lifecycle Funds
Asset Class | Allocation |
| Market Sector | Allocation |
| Underlying Funds | Allocation |
Fixed-Income | 53.82% |
| Fixed-Income | 38.69% |
| Nuveen Core Bond | 20.30% |
Nuveen Core Plus Bond | 12.59% | ||||||
Nuveen International Bond | 2.03% | ||||||
Nuveen High Yield | 1.94% | ||||||
Nuveen Emerging Markets Debt | 1.83% | ||||||
Short-Term | 7.57% | Nuveen Short Term Bond | 7.57% | ||||
Inflation- | 7.56% | Nuveen Inflation Linked Bond | 7.56% | ||||
Real Estate | 4.19% |
| Direct Real Estate | 4.19% |
| Nuveen Real Property Fund LP | 4.19% |
Total | 100.00% | 100.00% | 100.00% |
The following chart shows how the investment glidepath for the Fund is expected to gradually move the Fund’s target allocations over time between the different target market sector allocations. The actual market sector allocations of the Fund may differ from this chart. The Fund seeks to achieve its final target market sector allocations approximately 30 years following the target date.
The Fund is designed to accommodate investors who invest in a fund up to their target retirement date, and plan to make gradual systematic withdrawals in retirement. In addition, investors should note that the Fund will continue to have a significant level of equity exposure up to, through and after its target retirement date, and this exposure could cause significant fluctuations in the value of the Fund depending on the performance of the equity markets generally.
After the Fund reaches its final target allocation, the Board of Trustees may authorize the merger of the Fund into another Lifecycle Fund which has also reached its final target allocation or other similar fund designed to maintain a relatively stable asset allocation reflecting the resting point on the glidepath described in the chart above. Fund shareholders will receive prior notice of any such merger.
Nuveen Lifecycle Funds ■ Prospectus 57
· Asset Allocation Risk—The risk that the Fund may not achieve its target allocations. In addition, there is the risk that the asset allocations may not achieve the desired risk-return characteristic or that the selection of Underlying Funds and the allocations among them will result in the Fund underperforming other similar funds or cause an investor to lose money.
· Underlying Funds Risks—The Fund is exposed to the risks of the Underlying Funds in which it invests in direct proportion to the amount of assets the Fund allocates to each Underlying Fund.
· Equity Underlying Funds Risks—The risks of investing in equity Underlying Funds include risks specific to their investment strategies, as well as risks related to the equity markets in general, such as:
· market risk—The risk that market prices of portfolio investments held by a Fund may fall rapidly or unpredictably due to a variety of factors, including changing economic, political or market conditions. Market risk may affect a single issuer, industry or sector of the economy, or it may affect the market as a whole. Such conditions may add significantly to the risk of volatility in the net asset value (“NAV”) of the Fund’s shares and adversely affect the Fund and its investments. From time to time, a Fund may invest a significant portion of its assets in companies in one or more related sectors or industries, which would make the Fund more vulnerable to adverse developments affecting such sectors or industries;
· issuer risk—The risk that an issuer’s earnings prospects, credit rating and overall financial position will deteriorate, causing a decline in the value of the issuer’s financial instruments over short or extended periods of time;
· foreign investment risk—Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, currency, market or economic developments as well as armed conflicts and can result in greater price volatility and perform differently from financial instruments of U.S. issuers. This risk may be heightened in emerging or developing markets. Foreign investments may also have lower liquidity and be more difficult to value than investments in U.S. issuers. To the extent a Fund invests a significant portion of its assets in the securities of companies in a single country or region, it may be more susceptible to adverse economic, market, political or regulatory events or conditions affecting that country or region. Foreign investments may also be subject to risk of loss because of more or less foreign government regulation, less public
58 Prospectus ■ Nuveen Lifecycle Funds
information, less stringent investor protections and less stringent accounting, corporate governance, financial reporting and disclosure standards. Changes in the value of foreign currencies may make the return on an investment increase or decrease, unrelated to the quality or performance of the investment itself. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs) and other restrictions by the United States or other governments may also negatively impact a Fund’s investments. Economic sanctions and other similar governmental actions or developments could, among other things, effectively restrict or eliminate a Fund’s ability to purchase or sell certain foreign securities or groups of foreign securities, and/or thus may make a Fund’s investments in such securities less liquid (or illiquid) or more difficult to value. The type and severity of sanctions and other measures that may be imposed could vary broadly in scope, and their impact is impossible to predict;
· small- and mid-cap risk—The risk that the stocks of small-capitalization companies often experience greater price volatility than large- or mid-sized companies because small-cap companies are often newer or less established than larger companies and are likely to have more limited resources, products and markets. Securities of small-cap companies often have lower overall liquidity than securities of larger companies as a result of there being a smaller market for their securities, which can have an adverse effect on the pricing of these securities and on the ability to sell these securities when a Fund’s investment adviser or sub-adviser deems it appropriate. Stocks of mid-capitalization companies often experience greater price volatility, lower trading volume and lower overall liquidity than the stocks of larger, more established companies;
· style risk—The risk that use of a particular investing style (such as growth or value investing) may fall out of favor in the marketplace for various periods of time and result in underperformance relative to the broader market sector or significant declines in the value of a Fund’s portfolio investments; and
· dividend-paying security risk—The risk that investments in dividend-paying securities could cause a Fund to underperform similar funds that invest without consideration of an issuer’s track record of paying dividends.
· Fixed-Income Underlying Funds Risks—The risks of investing in fixed-income Underlying Funds include risks specific to their investment strategies, as well as risks related to the fixed-income markets in general, such as:
· interest rate risk—The risk that changes in interest rates can adversely affect the value or liquidity of, and income generated by,
Nuveen Lifecycle Funds ■ Prospectus 59
fixed-income investments. This risk is heightened to the extent a Fund invests in longer duration fixed-income investments and during periods when prevailing interest rates are changing. There is a risk that interest rates across the financial system may change, possibly significantly and/or rapidly. In general, changing interest rates, including rates that fall below zero, or a lack of market participants may lead to decreased liquidity and increased volatility in the fixed-income or debt markets, making it more difficult for the Fund to sell fixed-income investments. When interest rates change, the values of longer duration fixed-income securities usually change more than the values of shorter duration fixed-income securities. Conversely, fixed-income securities with shorter durations or maturities will be less volatile but may provide lower returns than fixed-income securities with longer durations or maturities. Other factors that may affect the value of debt securities include, but are not limited to, economic, political, public health, and other crises and responses by governments and companies to such crises;
· prepayment risk—The risk that, during periods of falling interest rates, borrowers may pay off their mortgage loans sooner than expected, forcing a Fund to reinvest the unanticipated proceeds at lower interest rates and resulting in a decline in income;
· extension risk—The risk that, during periods of rising interest rates, borrowers may pay off their mortgage loans later than expected, preventing a Fund from reinvesting principal proceeds at higher interest rates and resulting in less income than potentially available;
· issuer risk—The risk that an issuer’s earnings prospects, credit rating and overall financial position will deteriorate, causing a decline in the value of the issuer’s financial instruments over short or extended periods of time;
· credit risk—The risk that the issuer of fixed-income investments may not be able or willing, or may be perceived (whether by market participants, rating agencies, pricing services or otherwise) as not able or willing, to meet interest or principal payments when the payments become due;
· credit spread risk—The risk that credit spreads (i.e., the difference in yield between securities that is due to differences in each security’s respective credit quality) may increase when market participants believe that bonds generally have a greater risk of default, which could result in a decline in the market values of a Fund’s debt securities;
· income volatility risk—The risk that the level of current income from a portfolio of fixed-income investments may decline in certain interest rate environments;
60 Prospectus ■ Nuveen Lifecycle Funds
· market volatility, liquidity and valuation risk (types of market risk)—The risk that volatile or dramatic reductions in trading activity make it difficult for a Fund to properly value its investments and that a Fund may not be able to purchase or sell an investment at an attractive price, if at all;
· fixed-income foreign investment risk—Investment in fixed-income securities or financial instruments of foreign issuers involves increased risks due to adverse issuer, political, regulatory, currency, market or economic developments as well as armed conflicts. These developments may impact the ability of a foreign debt issuer to make timely and ultimate payments on its debt obligations to a Fund or impair a Fund’s ability to enforce its rights against the foreign debt issuer. These risks are heightened in emerging or developing markets. Foreign investments may also have lower overall liquidity and be more difficult to value than investments in U.S. issuers. To the extent a Fund invests a significant portion of its assets in the securities of companies in a single country or region, it may be more susceptible to adverse economic, market, political or regulatory events or conditions affecting that country or region. Foreign investments may also be subject to risk of loss because of more or less foreign government regulation, less public information, less stringent investor protections and less stringent accounting, corporate governance, financial reporting and disclosure standards. Changes in the value of foreign currencies may make the return on an investment increase or decrease, unrelated to the quality or performance of the investment itself. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs) and other restrictions by the United States and other governments may also negatively impact a Fund’s investments. Economic sanctions and other similar governmental actions or developments could, among other things, effectively restrict or eliminate a Fund’s ability to purchase or sell certain foreign securities or groups of foreign securities, and/or thus may make a Fund’s investments in such securities less liquid (or illiquid) or more difficult to value. The type and severity of sanctions and other measures that may be imposed could vary broadly in scope, and their impact is impossible to predict; and
· call risk—The risk that, during periods of falling interest rates, an issuer may call (or repay) a fixed-income security prior to maturity, resulting in a decline in a Fund’s income.
· Underlying ETF Risk—In addition to the same principal risks as an investment in a mutual fund with the same investment objectives, strategies and policies as the ETF, investments in an Underlying Fund that is an ETF are subject to additional risks, including: (i) the market
Nuveen Lifecycle Funds ■ Prospectus 61
price of the ETF’s shares may trade at a premium or a discount to their NAV; (ii) an active trading market for an ETF’s shares may not develop or be maintained; and (iii) there is no assurance that the requirements of the exchange necessary to maintain the listing of an ETF will continue to be met or remain unchanged.
· Direct Real Estate Underlying Funds Risks—The risks of investing in direct real estate Underlying Funds include risks specific to their investment strategies, as well as risks related to investing in real estate in general, such as:
· real estate-related investment risk—The risks associated with exposure to direct real estate through investing in investment vehicles managed by Advisors that will primarily invest directly in real estate, which can include declines in real estate values or revenues, uninsured losses at properties, the absence of regulatory oversight of and a secondary market for interests in direct real estate Underlying Funds, a scarcity of interests issued by direct real estate Underlying Funds, making it difficult for the Fund to achieve its target allocation, and illiquidity of interests in direct real estate Underlying Funds (which exposes the Fund to illiquid investments risk).
· Emerging Markets Underlying Funds Risk—The risk of foreign investment often increases in countries with emerging markets or otherwise economically tied to emerging market countries. For example, these countries may have more unstable governments than developed countries, and their economies may be based on only a few industries. Emerging market countries may also have less stringent regulation of accounting, auditing, financial reporting and recordkeeping requirements, which would affect a Fund’s ability to evaluate potential portfolio companies. As a result, there could be less information available about issuers in emerging market countries, which could negatively affect Advisors’ ability to evaluate local companies or their potential impact on a Fund’s performance. Because the financial markets of emerging market countries may be very small, share prices of financial instruments in emerging market countries may be volatile and difficult to determine. Financial instruments of issuers in these countries may have lower overall liquidity than those of issuers in more developed countries. In addition, foreign investors such as a Fund are subject to a variety of special restrictions in many emerging market countries. Moreover, legal remedies for investors in emerging markets may be more limited, and U.S. authorities may have less ability to bring actions against bad actors in emerging market countries.
· Illiquid Investments Underlying Funds Risk—The risk that illiquid investments may be difficult to sell for the value at which they are carried, if at all, or at any price within the desired time frame.
62 Prospectus ■ Nuveen Lifecycle Funds
· Currency Underlying Funds Risk—The risk that foreign (non-U.S.) currencies may decline in value relative to the U.S. dollar and adversely affect the value of a Fund’s investments in foreign currencies, securities denominated in foreign currencies or derivative instruments that provide exposure to foreign currencies.
· Active Management Risk—The risk that the strategy, investment selection or trading execution of Advisors or another investment adviser or sub-adviser of an Underlying Fund could cause the Fund or an Underlying Fund to underperform its benchmark index or mutual funds with similar investment objectives and may not produce expected returns.
· Fund of Funds Risk—The ability of the Fund to achieve its investment objective will depend in part upon the ability of the Underlying Funds to achieve their investment objectives. There can be no guarantee that any Underlying Fund will achieve its investment objective.
There can be no assurances that the Fund will achieve its investment objective. You should not consider the Fund to be a complete investment program. Please see the non-summary portion of the Prospectus for more detailed information about the risks described above, including the risks of the Underlying Funds.
The returns shown below reflect previous agreements by Advisors to waive or reimburse the Fund and certain Underlying Funds for certain fees and expenses. Without these waivers and reimbursements, the returns of the Fund would have
Nuveen Lifecycle Funds ■ Prospectus 63
been
lower.
For current performance information of each share class, including performance
to the most recent month-end, please visit
ANNUAL TOTAL RETURNS FOR RETIREMENT CLASS SHARES (%)†
Nuveen Lifecycle 2020 Fund
†
For the Periods Ended December 31, 2023
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64 Prospectus ■ Nuveen Lifecycle Funds
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# | The performance shown for Class I that is prior to its inception date is based on performance of the Fund’s Retirement Class. The performance for these periods has not been restated to reflect the lower expenses of Class I. | |||||||||||
‡ | As of the close of business on December 31, 2023, the Lifecycle 2020 Fund Composite Index consisted of: 38.7% Bloomberg U.S. Aggregate Bond Index; 30.2% Russell 3000® Index; 16.3% MSCI All Country World Index ex USA Investable Market Index; 7.4% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 7.4% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index. The Fund’s composite benchmark, the components that make up a composite benchmark and the method of calculating a composite benchmark’s performance may vary over time. | |||||||||||
Investment Adviser. Teachers Advisors, LLC.
Portfolio Managers.
Name: | John Cunniff, CFA | Steve Sedmak, CFA | |
Title: | Managing Director | Managing Director | |
Experience on Fund: | since 2006 | since 2018 |
Purchase and sale of Fund shares
You may purchase, redeem or exchange shares of the Fund on any day that the New York Stock Exchange (“NYSE”) or its affiliated exchanges, NYSE Arca Equities or NYSE American, are open for trading (each such day a “Business Day”) directly from the Fund (for certain share classes) or through a financial advisor, employee benefit plan or other financial intermediary. The Fund’s initial and subsequent investment minimums generally are as follows, although certain financial intermediaries may impose their own investment minimums and the Fund may reduce or waive the minimums in some cases:
Nuveen Lifecycle Funds ■ Prospectus 65
Eligibility and Minimum Initial Investment | Minimum Additional Investment | |
Class I | Available only through fee-based programs and certain retirement plans, and to other limited categories of investors as described in the Prospectus. $100,000 for all accounts except: · $250 for clients of financial intermediaries and family offices that have accounts holding Class I shares with an aggregate value of at least $100,000 (or that are expected to reach this level). · No minimum for eligible retirement plans and certain other categories of eligible investors as described in the Prospectus. | No minimum. |
Premier Class, Retirement Class | Available only through certain employee benefit plans, other types of savings plans or accounts and certain financial intermediaries as described in the Prospectus. No minimum. | No minimum. |
Class R6 | Available only to certain eligible investors as described in the Prospectus and through fee-based programs. $1 million for all accounts except: · $1,000 for clients of financial intermediaries who charge such clients an ongoing fee for advisory, investment, consulting or related services. | No minimum. |
The Fund intends to make distributions to shareholders that may be taxed as ordinary income or capital gains. Distributions made to tax-exempt shareholders or shareholders who hold Fund shares in a tax-deferred account are generally not subject to income tax in the current year, but redemptions made from tax-deferred accounts may be subject to income tax.
Payments to broker-dealers and other financial intermediary compensation
If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and/or its related companies may pay the financial intermediary for providing investor services. The Fund’s related companies may also pay the financial intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other financial intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary’s website for more information.
66 Prospectus ■ Nuveen Lifecycle Funds
Summary information |
(formerly TIAA-CREF Lifecycle 2025 Fund)
The Fund seeks high total return over time through a combination of capital appreciation and income.
The following tables describe the fees and expenses that you may pay if you buy, hold and sell shares of the Fund.
The tables and examples below do not reflect any commissions that shareholders may be required to pay directly to their financial intermediaries when buying or selling Class I shares.
| | | Retirement Class | |||||
Maximum
sales charge (load) imposed on purchases | ||||||||
Maximum deferred sales charge (load) | ||||||||
Maximum
sales charge (load) imposed on reinvested | ||||||||
Redemption or exchange fee | ||||||||
Maximum account fee |
Nuveen Lifecycle Funds ■ Prospectus 67
ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)
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1 | Restated to reflect estimate for the current fiscal year. | ||||||||
2 | Portions of the Management fees and Other expenses are based on expenses originally incurred by Class W shares of the Underlying Funds (as defined below) of the Trust, which have been incurred directly by the Fund pursuant to certain contractual arrangements intended to reallocate directly to the Fund certain fees and expenses that had been paid by the Underlying Funds of the Trust. For additional information, please see the “Management of the Funds” section of this Prospectus. | ||||||||
3 | “Acquired fund fees and expenses” are the Fund’s proportionate amount of the expenses of any investment companies or pools in which it invests (excluding expenses originally incurred by Class W shares of the Underlying Funds of the Trust that have been incurred directly by the Fund, which are instead reflected in Management fees and Other expenses). These expenses are not paid directly by Fund shareholders. Instead, Fund shareholders bear these expenses indirectly because they reduce Fund performance. Because “Acquired fund fees and expenses” are included in the chart above, the Fund’s operating expenses here will not correlate with the expenses included in the Financial highlights in this Prospectus and the Fund’s annual report. | ||||||||
4 | Under the Fund’s expense reimbursement arrangements, the Fund’s investment adviser, Teachers Advisors, LLC (“Advisors”), has contractually agreed to reimburse the Fund for any Total annual Fund operating expenses (excluding interest, taxes, brokerage commissions or other transactional expenses, Acquired fund fees and expenses, extraordinary expenses and any expenses originally attributable to Class W shares of the Underlying Funds of the Trust that were incurred directly by the Fund) that exceed: (i) 0.15% of average daily net assets for Class I shares; (ii) 0.15% of average daily net assets for Premier Class shares; (iii) 0.00% of average daily net assets for Class R6 shares; and (iv) 0.25% of average daily net assets for Retirement Class shares of the Fund. These expense reimbursement arrangements will continue through at least September 30, 2025, unless changed with approval of the Board of Trustees. | ||||||||
68 Prospectus ■ Nuveen Lifecycle Funds
5 | Advisors has contractually agreed to waive 0.100% of the Fund’s Management fee. This waiver will remain in effect through at least September 30, 2027, unless changed with the approval of the Board of Trustees. Advisors has also contractually agreed to waive an additional 0.033% of the Fund’s Management fee. This waiver will remain in effect through at least September 30, 2025, unless changed with the approval of the Board of Trustees. |
This example is intended to help you compare the cost of investing in shares of the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses, before fee waivers and/or expense reimbursements, remain the same. The example assumes that the Fund’s fee waiver and/or expense reimbursement arrangements will each remain in place for the durations noted in the table above. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
| Class I |
| Premier
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| Class R6 |
| Retirement |
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1 year | $ | |
| $ |
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| $ | |
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| $ |
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The
Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns
over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and
may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not
reflected in annual fund operating expenses or in the example, affect the Fund’s performance.
During the fiscal year ended May 31, 2024, the Fund’s portfolio turnover rate was
The Fund is a “fund of funds” that invests in Class W or Class R6 shares of other Nuveen mutual funds and in other investment pools or investment products, including other funds or exchange-traded funds (“ETFs”) advised by the Fund’s investment adviser, Teachers Advisors, LLC (“Advisors”), or its affiliates (collectively, the “Underlying Funds”). In general, the Fund is designed for investors who have an approximate target retirement year in mind, and the Fund’s investments are adjusted from more aggressive to more conservative over time as the Fund’s target retirement year approaches and for approximately 30 years afterwards. The Fund invests in Underlying Funds according to an asset allocation strategy designed for investors retiring in, or planning to retire within a
Nuveen Lifecycle Funds ■ Prospectus 69
few years of, 2025 and who may begin taking systematic withdrawals upon retirement.
Advisors currently expects to allocate approximately 45.00% of the Fund’s assets to equity Underlying Funds, 50.00% of its assets to fixed-income Underlying Funds and 5.00% of its assets to direct real estate Underlying Funds. These allocations represent targets for equity, fixed-income and direct real estate asset classes. Target allocations will change over time and actual allocations may vary up to ten percentage points from the targets. The target allocations along the investment glidepath, illustrated in the chart below, gradually become more conservative, moving to target allocations of approximately 45.00% equity/50.00% fixed-income/5.00% direct real estate in the Fund’s target retirement year of 2025 and reaching the Fund’s final target allocation of approximately 20.00% equity/80.00% fixed-income/0.00% direct real estate in 2055. Within the equity, fixed-income and direct real estate asset classes, Advisors allocates the Fund’s investments to particular market sectors (U.S. equity, international equity, fixed-income, short-term fixed-income, inflation-protected assets and direct real estate) represented by various Underlying Funds. These market sector allocations may vary by up to 10% from the Fund’s target market sector allocations. The Fund’s current target market sector allocations for June 30, 2025, which will change over time, are approximately as follows: U.S. Equity: 29.25%; International Equity: 15.75%; Fixed-Income: 38.00%; Short-Term Fixed-Income: 6.00%; Inflation-Protected Assets: 6.00%; and Direct Real Estate: 5.00%. The asset class and market sector names used herein are intended to reflect the primary type of investment of the Underlying Funds within each of these categories.
The Fund’s target market sector allocations to Underlying Funds may include the Nuveen Core Equity Fund, Nuveen Large Cap Growth Fund, Nuveen Large Cap Value Fund, Nuveen Quant Small Cap Equity Fund, Nuveen Quant Small/Mid Cap Equity Fund, Nuveen Dividend Growth Fund, Nuveen Dividend Value Fund and Nuveen Growth Opportunities ETF (U.S. Equity); Nuveen Emerging Markets Equity Fund, Nuveen International Equity Fund, Nuveen International Opportunities Fund and Nuveen Quant International Small Cap Equity Fund (International Equity); Nuveen Core Bond Fund, Nuveen Core Plus Bond Fund, Nuveen Emerging Markets Debt Fund, Nuveen High Yield Fund and Nuveen International Bond Fund (Fixed-Income); Nuveen Money Market Fund and Nuveen Short Term Bond Fund (Short-Term Fixed-Income); Nuveen Inflation Linked Bond Fund (Inflation-Protected Assets); and Nuveen Real Property Fund LP (Direct Real Estate). Nuveen Real Property Fund LP is a private fund, which is not available for investment by the general public; it is currently offered exclusively to investment pools or investment products managed by Advisors or its affiliates.
As a result of its investments in the Underlying Funds, the Fund’s returns will reflect investments in a mix of domestic and foreign equities of companies of various sizes and market capitalizations, a variety of domestic and foreign
70 Prospectus ■ Nuveen Lifecycle Funds
fixed-income instruments of private and governmental issuers of varying maturities and credit qualities and direct real estate.
Additional or replacement Underlying Funds for each market sector, as well as additional or replacement market sectors, may be included when making future allocations if Advisors believes that such Underlying Funds and/or market sectors are appropriate in light of the Fund’s desired levels of risk and potential return at the particular time. The Fund’s portfolio management team may also add a new market sector if it believes that will help to achieve the Fund’s investment objective. The relative allocations among Underlying Funds within a market sector may be changed at any time without notice to shareholders, and the portfolio management team may use tactical allocation to take advantage of short to intermediate term opportunities through a combination of positions in Underlying Funds. If 10% or more of the Fund’s assets are expected to be invested in any Underlying Fund or market sector not listed above, shareholders will receive prior notice of such change.
As part of the Fund’s ability to invest in other investment pools or investment products noted above, the Fund may invest in ETFs and exchange-traded notes (“ETNs”) to gain exposure to various market sectors or securities in order to effect its asset allocation strategy. Additionally, the Fund may use ETFs or ETNs for cash management, hedging or defensive purposes. ETFs or ETNs will be subject to the risks associated with the types of securities or sectors that they track, while ETNs, which are structured as fixed-income obligations, will also be subject to the general risks of fixed-income securities, including credit risk.
The Fund’s asset class allocations, market sector allocations within each asset class, and Underlying Fund allocations within each market sector, as of June 30, 2024, are listed in the chart below. These allocations will change over time. Underlying Fund allocations in particular may change from year to year.
Asset Class | Allocation |
| Market Sector | Allocation |
| Underlying Funds | Allocation |
Equity | 47.79% |
| U.S. Equity | 31.23% |
| Nuveen Growth Opportunities ETF | 5.53% |
Nuveen Large Cap Growth | 5.47% | ||||||
Nuveen Core Equity | 4.58% | ||||||
Nuveen Dividend Growth | 4.57% | ||||||
Nuveen Large Cap Value | 4.47% | ||||||
Nuveen Dividend Value | 4.45% | ||||||
Nuveen Quant Small/Mid Cap Equity | 1.18% | ||||||
Nuveen Quant Small Cap Equity | 0.98% | ||||||
International Equity | 16.56% | Nuveen International Equity | 7.11% | ||||
Nuveen International Opportunities | 4.25% | ||||||
Nuveen Emerging Markets Equity | 2.88% | ||||||
Nuveen Quant International Small Cap Equity | 2.32% |
Nuveen Lifecycle Funds ■ Prospectus 71
Asset Class | Allocation |
| Market Sector | Allocation |
| Underlying Funds | Allocation |
Fixed-Income | 48.02% |
| Fixed-Income | 36.87% |
| Nuveen Core Bond | 19.35% |
Nuveen Core Plus Bond | 11.99% | ||||||
Nuveen International Bond | 1.93% | ||||||
Nuveen High Yield | 1.85% | ||||||
Nuveen Emerging Markets Debt | 1.75% | ||||||
Short-Term | 5.58% | Nuveen Short Term Bond | 5.58% | ||||
Inflation- | 5.57% | Nuveen Inflation Linked Bond | 5.57% | ||||
Real Estate | 4.19% |
| Direct Real Estate | 4.19% |
| Nuveen Real Property Fund LP | 4.19% |
Total | 100.00% | 100.00% | 100.00% |
The following chart shows how the investment glidepath for the Fund is expected to gradually move the Fund’s target allocations over time between the different target market sector allocations. The actual market sector allocations of the Fund may differ from this chart. The Fund seeks to achieve its final target market sector allocations approximately 30 years following the target date.
The Fund is designed to accommodate investors who invest in a fund up to their target retirement date, and plan to make gradual systematic withdrawals in retirement. In addition, investors should note that the Fund will continue to have a significant level of equity exposure up to, through and after its target retirement date, and this exposure could cause significant fluctuations in the value of the Fund depending on the performance of the equity markets generally.
After the Fund reaches its final target allocation, the Board of Trustees may authorize the merger of the Fund into another Lifecycle Fund which has also reached its final target allocation or other similar fund designed to maintain a relatively stable asset allocation reflecting the resting point on the glidepath described in the chart above. Fund shareholders will receive prior notice of any such merger.
72 Prospectus ■ Nuveen Lifecycle Funds
· Asset Allocation Risk—The risk that the Fund may not achieve its target allocations. In addition, there is the risk that the asset allocations may not achieve the desired risk-return characteristic or that the selection of Underlying Funds and the allocations among them will result in the Fund underperforming other similar funds or cause an investor to lose money.
· Underlying Funds Risks—The Fund is exposed to the risks of the Underlying Funds in which it invests in direct proportion to the amount of assets the Fund allocates to each Underlying Fund.
· Equity Underlying Funds Risks—The risks of investing in equity Underlying Funds include risks specific to their investment strategies, as well as risks related to the equity markets in general, such as:
· market risk—The risk that market prices of portfolio investments held by a Fund may fall rapidly or unpredictably due to a variety of factors, including changing economic, political or market conditions. Market risk may affect a single issuer, industry or sector of the economy, or it may affect the market as a whole. Such conditions may add significantly to the risk of volatility in the net asset value (“NAV”) of the Fund’s shares and adversely affect the Fund and its investments. From time to time, a Fund may invest a significant portion of its assets in companies in one or more related sectors or industries, which would make the Fund more vulnerable to adverse developments affecting such sectors or industries;
· issuer risk—The risk that an issuer’s earnings prospects, credit rating and overall financial position will deteriorate, causing a decline in the value of the issuer’s financial instruments over short or extended periods of time;
· foreign investment risk—Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, currency, market or economic developments as well as armed conflicts and can result in greater price volatility and perform differently from financial instruments of U.S. issuers. This risk may be heightened in emerging or developing markets. Foreign investments may also have lower liquidity and be more difficult to value than investments in U.S. issuers. To the extent a Fund invests a significant portion of its assets in the securities of companies in a single country or region, it may be more susceptible to adverse economic, market, political or regulatory events or conditions affecting that country or region. Foreign investments may also be subject to risk of loss because of more or less foreign government regulation, less public
Nuveen Lifecycle Funds ■ Prospectus 73
information, less stringent investor protections and less stringent accounting, corporate governance, financial reporting and disclosure standards. Changes in the value of foreign currencies may make the return on an investment increase or decrease, unrelated to the quality or performance of the investment itself. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs) and other restrictions by the United States or other governments may also negatively impact a Fund’s investments. Economic sanctions and other similar governmental actions or developments could, among other things, effectively restrict or eliminate a Fund’s ability to purchase or sell certain foreign securities or groups of foreign securities, and/or thus may make a Fund’s investments in such securities less liquid (or illiquid) or more difficult to value. The type and severity of sanctions and other measures that may be imposed could vary broadly in scope, and their impact is impossible to predict;
· small- and mid-cap risk—The risk that the stocks of small-capitalization companies often experience greater price volatility than large- or mid-sized companies because small-cap companies are often newer or less established than larger companies and are likely to have more limited resources, products and markets. Securities of small-cap companies often have lower overall liquidity than securities of larger companies as a result of there being a smaller market for their securities, which can have an adverse effect on the pricing of these securities and on the ability to sell these securities when a Fund’s investment adviser or sub-adviser deems it appropriate. Stocks of mid-capitalization companies often experience greater price volatility, lower trading volume and lower overall liquidity than the stocks of larger, more established companies;
· style risk—The risk that use of a particular investing style (such as growth or value investing) may fall out of favor in the marketplace for various periods of time and result in underperformance relative to the broader market sector or significant declines in the value of a Fund’s portfolio investments; and
· dividend-paying security risk—The risk that investments in dividend-paying securities could cause a Fund to underperform similar funds that invest without consideration of an issuer’s track record of paying dividends.
· Fixed-Income Underlying Funds Risks—The risks of investing in fixed-income Underlying Funds include risks specific to their investment strategies, as well as risks related to the fixed-income markets in general, such as:
· interest rate risk—The risk that changes in interest rates can adversely affect the value or liquidity of, and income generated by,
74 Prospectus ■ Nuveen Lifecycle Funds
fixed-income investments. This risk is heightened to the extent a Fund invests in longer duration fixed-income investments and during periods when prevailing interest rates are changing. There is a risk that interest rates across the financial system may change, possibly significantly and/or rapidly. In general, changing interest rates, including rates that fall below zero, or a lack of market participants may lead to decreased liquidity and increased volatility in the fixed-income or debt markets, making it more difficult for the Fund to sell fixed-income investments. When interest rates change, the values of longer duration fixed-income securities usually change more than the values of shorter duration fixed-income securities. Conversely, fixed-income securities with shorter durations or maturities will be less volatile but may provide lower returns than fixed-income securities with longer durations or maturities. Other factors that may affect the value of debt securities include, but are not limited to, economic, political, public health, and other crises and responses by governments and companies to such crises;
· prepayment risk—The risk that, during periods of falling interest rates, borrowers may pay off their mortgage loans sooner than expected, forcing a Fund to reinvest the unanticipated proceeds at lower interest rates and resulting in a decline in income;
· extension risk—The risk that, during periods of rising interest rates, borrowers may pay off their mortgage loans later than expected, preventing a Fund from reinvesting principal proceeds at higher interest rates and resulting in less income than potentially available;
· issuer risk—The risk that an issuer’s earnings prospects, credit rating and overall financial position will deteriorate, causing a decline in the value of the issuer’s financial instruments over short or extended periods of time;
· credit risk—The risk that the issuer of fixed-income investments may not be able or willing, or may be perceived (whether by market participants, rating agencies, pricing services or otherwise) as not able or willing, to meet interest or principal payments when the payments become due;
· credit spread risk—The risk that credit spreads (i.e., the difference in yield between securities that is due to differences in each security’s respective credit quality) may increase when market participants believe that bonds generally have a greater risk of default, which could result in a decline in the market values of a Fund’s debt securities;
· income volatility risk—The risk that the level of current income from a portfolio of fixed-income investments may decline in certain interest rate environments;
Nuveen Lifecycle Funds ■ Prospectus 75
· market volatility, liquidity and valuation risk (types of market risk)—The risk that volatile or dramatic reductions in trading activity make it difficult for a Fund to properly value its investments and that a Fund may not be able to purchase or sell an investment at an attractive price, if at all;
· fixed-income foreign investment risk—Investment in fixed-income securities or financial instruments of foreign issuers involves increased risks due to adverse issuer, political, regulatory, currency, market or economic developments as well as armed conflicts. These developments may impact the ability of a foreign debt issuer to make timely and ultimate payments on its debt obligations to a Fund or impair a Fund’s ability to enforce its rights against the foreign debt issuer. These risks are heightened in emerging or developing markets. Foreign investments may also have lower overall liquidity and be more difficult to value than investments in U.S. issuers. To the extent a Fund invests a significant portion of its assets in the securities of companies in a single country or region, it may be more susceptible to adverse economic, market, political or regulatory events or conditions affecting that country or region. Foreign investments may also be subject to risk of loss because of more or less foreign government regulation, less public information, less stringent investor protections and less stringent accounting, corporate governance, financial reporting and disclosure standards. Changes in the value of foreign currencies may make the return on an investment increase or decrease, unrelated to the quality or performance of the investment itself. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs) and other restrictions by the United States and other governments may also negatively impact a Fund’s investments. Economic sanctions and other similar governmental actions or developments could, among other things, effectively restrict or eliminate a Fund’s ability to purchase or sell certain foreign securities or groups of foreign securities, and/or thus may make a Fund’s investments in such securities less liquid (or illiquid) or more difficult to value. The type and severity of sanctions and other measures that may be imposed could vary broadly in scope, and their impact is impossible to predict; and
· call risk—The risk that, during periods of falling interest rates, an issuer may call (or repay) a fixed-income security prior to maturity, resulting in a decline in a Fund’s income.
· Underlying ETF Risk—In addition to the same principal risks as an investment in a mutual fund with the same investment objectives, strategies and policies as the ETF, investments in an Underlying Fund that is an ETF are subject to additional risks, including: (i) the market
76 Prospectus ■ Nuveen Lifecycle Funds
price of the ETF’s shares may trade at a premium or a discount to their NAV; (ii) an active trading market for an ETF’s shares may not develop or be maintained; and (iii) there is no assurance that the requirements of the exchange necessary to maintain the listing of an ETF will continue to be met or remain unchanged.
· Direct Real Estate Underlying Funds Risks—The risks of investing in direct real estate Underlying Funds include risks specific to their investment strategies, as well as risks related to investing in real estate in general, such as:
· real estate-related investment risk—The risks associated with exposure to direct real estate through investing in investment vehicles managed by Advisors that will primarily invest directly in real estate, which can include declines in real estate values or revenues, uninsured losses at properties, the absence of regulatory oversight of and a secondary market for interests in direct real estate Underlying Funds, a scarcity of interests issued by direct real estate Underlying Funds, making it difficult for the Fund to achieve its target allocation, and illiquidity of interests in direct real estate Underlying Funds (which exposes the Fund to illiquid investments risk).
· Emerging Markets Underlying Funds Risk—The risk of foreign investment often increases in countries with emerging markets or otherwise economically tied to emerging market countries. For example, these countries may have more unstable governments than developed countries, and their economies may be based on only a few industries. Emerging market countries may also have less stringent regulation of accounting, auditing, financial reporting and recordkeeping requirements, which would affect a Fund’s ability to evaluate potential portfolio companies. As a result, there could be less information available about issuers in emerging market countries, which could negatively affect Advisors’ ability to evaluate local companies or their potential impact on a Fund’s performance. Because the financial markets of emerging market countries may be very small, share prices of financial instruments in emerging market countries may be volatile and difficult to determine. Financial instruments of issuers in these countries may have lower overall liquidity than those of issuers in more developed countries. In addition, foreign investors such as a Fund are subject to a variety of special restrictions in many emerging market countries. Moreover, legal remedies for investors in emerging markets may be more limited, and U.S. authorities may have less ability to bring actions against bad actors in emerging market countries.
· Illiquid Investments Underlying Funds Risk—The risk that illiquid investments may be difficult to sell for the value at which they are carried, if at all, or at any price within the desired time frame.
Nuveen Lifecycle Funds ■ Prospectus 77
· Currency Underlying Funds Risk—The risk that foreign (non-U.S.) currencies may decline in value relative to the U.S. dollar and adversely affect the value of a Fund’s investments in foreign currencies, securities denominated in foreign currencies or derivative instruments that provide exposure to foreign currencies.
· Active Management Risk—The risk that the strategy, investment selection or trading execution of Advisors or another investment adviser or sub-adviser of an Underlying Fund could cause the Fund or an Underlying Fund to underperform its benchmark index or mutual funds with similar investment objectives and may not produce expected returns.
· Fund of Funds Risk—The ability of the Fund to achieve its investment objective will depend in part upon the ability of the Underlying Funds to achieve their investment objectives. There can be no guarantee that any Underlying Fund will achieve its investment objective.
There can be no assurances that the Fund will achieve its investment objective. You should not consider the Fund to be a complete investment program. Please see the non-summary portion of the Prospectus for more detailed information about the risks described above, including the risks of the Underlying Funds.
The returns shown below reflect previous agreements by Advisors to waive or reimburse the Fund and certain Underlying Funds for certain fees and expenses. Without these waivers and reimbursements, the returns of the Fund would have
78 Prospectus ■ Nuveen Lifecycle Funds
been
lower.
For current performance information of each share class, including performance
to the most recent month-end, please visit
ANNUAL TOTAL RETURNS FOR RETIREMENT CLASS SHARES (%)†
Nuveen Lifecycle 2025 Fund
†
For the Periods Ended December 31, 2023
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Nuveen Lifecycle Funds ■ Prospectus 79
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# | The performance shown for Class I that is prior to its inception date is based on performance of the Fund’s Retirement Class. The performance for these periods has not been restated to reflect the lower expenses of Class I. | |||||||||||
‡ | As of the close of business on December 31, 2023, the Lifecycle 2025 Fund Composite Index consisted of: 36.8% Bloomberg U.S. Aggregate Bond Index; 34.1% Russell 3000® Index; 18.3% MSCI All Country World Index ex USA Investable Market Index; 5.4% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 5.4% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index. The Fund’s composite benchmark, the components that make up a composite benchmark and the method of calculating a composite benchmark’s performance may vary over time. | |||||||||||
Investment Adviser. Teachers Advisors, LLC.
Portfolio Managers.
Name: | John Cunniff, CFA | Steve Sedmak, CFA | |
Title: | Managing Director | Managing Director | |
Experience on Fund: | since 2006 | since 2018 |
Purchase and sale of Fund shares
You may purchase, redeem or exchange shares of the Fund on any day that the New York Stock Exchange (“NYSE”) or its affiliated exchanges, NYSE Arca Equities or NYSE American, are open for trading (each such day a “Business Day”) directly from the Fund (for certain share classes) or through a financial advisor, employee benefit plan or other financial intermediary. The Fund’s initial and subsequent investment minimums generally are as follows, although certain financial intermediaries may impose their own investment minimums and the Fund may reduce or waive the minimums in some cases:
80 Prospectus ■ Nuveen Lifecycle Funds
Eligibility and Minimum Initial Investment | Minimum Additional Investment | |
Class I | Available only through fee-based programs and certain retirement plans, and to other limited categories of investors as described in the Prospectus. $100,000 for all accounts except: · $250 for clients of financial intermediaries and family offices that have accounts holding Class I shares with an aggregate value of at least $100,000 (or that are expected to reach this level). · No minimum for eligible retirement plans and certain other categories of eligible investors as described in the Prospectus. | No minimum. |
Premier Class, Retirement Class | Available only through certain employee benefit plans, other types of savings plans or accounts and certain financial intermediaries as described in the Prospectus. No minimum. | No minimum. |
Class R6 | Available only to certain eligible investors as described in the Prospectus and through fee-based programs. $1 million for all accounts except: · $1,000 for clients of financial intermediaries who charge such clients an ongoing fee for advisory, investment, consulting or related services. | No minimum. |
The Fund intends to make distributions to shareholders that may be taxed as ordinary income or capital gains. Distributions made to tax-exempt shareholders or shareholders who hold Fund shares in a tax-deferred account are generally not subject to income tax in the current year, but redemptions made from tax-deferred accounts may be subject to income tax.
Payments to broker-dealers and other financial intermediary compensation
If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and/or its related companies may pay the financial intermediary for providing investor services. The Fund’s related companies may also pay the financial intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other financial intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary’s website for more information.
Nuveen Lifecycle Funds ■ Prospectus 81
Summary information |
(formerly TIAA-CREF Lifecycle 2030 Fund)
The Fund seeks high total return over time through a combination of capital appreciation and income.
The following tables describe the fees and expenses that you may pay if you buy, hold and sell shares of the Fund.
The tables and examples below do not reflect any commissions that shareholders may be required to pay directly to their financial intermediaries when buying or selling Class I shares.
| | | Retirement Class | |||||
Maximum
sales charge (load) imposed on purchases | ||||||||
Maximum deferred sales charge (load) | ||||||||
Maximum
sales charge (load) imposed on reinvested | ||||||||
Redemption or exchange fee | ||||||||
Maximum account fee |
82 Prospectus ■ Nuveen Lifecycle Funds
ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)
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1 | Restated to reflect estimate for the current fiscal year. | ||||||||
2 | Portions of the Management fees and Other expenses are based on expenses originally incurred by Class W shares of the Underlying Funds (as defined below) of the Trust, which have been incurred directly by the Fund pursuant to certain contractual arrangements intended to reallocate directly to the Fund certain fees and expenses that had been paid by the Underlying Funds of the Trust. For additional information, please see the “Management of the Funds” section of this Prospectus. | ||||||||
3 | “Acquired fund fees and expenses” are the Fund’s proportionate amount of the expenses of any investment companies or pools in which it invests (excluding expenses originally incurred by Class W shares of the Underlying Funds of the Trust that have been incurred directly by the Fund, which are instead reflected in Management fees and Other expenses). These expenses are not paid directly by Fund shareholders. Instead, Fund shareholders bear these expenses indirectly because they reduce Fund performance. Because “Acquired fund fees and expenses” are included in the chart above, the Fund’s operating expenses here will not correlate with the expenses included in the Financial highlights in this Prospectus and the Fund’s annual report. | ||||||||
4 | Under the Fund’s expense reimbursement arrangements, the Fund’s investment adviser, Teachers Advisors, LLC (“Advisors”), has contractually agreed to reimburse the Fund for any Total annual Fund operating expenses (excluding interest, taxes, brokerage commissions or other transactional expenses, Acquired fund fees and expenses, extraordinary expenses and any expenses originally attributable to Class W shares of the Underlying Funds of the Trust that were incurred directly by the Fund) that exceed: (i) 0.15% of average daily net assets for Class I shares; (ii) 0.15% of average daily net assets for Premier Class shares; (iii) 0.00% of average daily net assets for Class R6 shares; and (iv) 0.25% of average daily net assets for Retirement Class shares of the Fund. These expense reimbursement arrangements will continue through at least September 30, 2025, unless changed with approval of the Board of Trustees. | ||||||||
Nuveen Lifecycle Funds ■ Prospectus 83
5 | Advisors has contractually agreed to waive 0.100% of the Fund’s Management fee. This waiver will remain in effect through at least September 30, 2027, unless changed with the approval of the Board of Trustees. Advisors has also contractually agreed to waive an additional 0.048% of the Fund’s Management fee. This waiver will remain in effect through at least September 30, 2025, unless changed with the approval of the Board of Trustees. |
This example is intended to help you compare the cost of investing in shares of the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses, before fee waivers and/or expense reimbursements, remain the same. The example assumes that the Fund’s fee waiver and/or expense reimbursement arrangements will each remain in place for the durations noted in the table above. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
| Class I |
| Premier
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| Class R6 |
| Retirement |
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1 year | $ | |
| $ |
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The
Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns
over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and
may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not
reflected in annual fund operating expenses or in the example, affect the Fund’s performance.
During the fiscal year ended May 31, 2024, the Fund’s portfolio turnover rate was
The Fund is a “fund of funds” that invests in Class W or Class R6 shares of other Nuveen mutual funds and in other investment pools or investment products, including other funds or exchange-traded funds (“ETFs”) advised by the Fund’s investment adviser, Teachers Advisors, LLC (“Advisors”), or its affiliates (collectively, the “Underlying Funds”). In general, the Fund is designed for investors who have an approximate target retirement year in mind, and the Fund’s investments are adjusted from more aggressive to more conservative over time as the Fund’s target retirement year approaches and for approximately 30 years afterwards. The Fund invests in Underlying Funds according to an asset allocation strategy designed for investors retiring in, or planning to retire within a
84 Prospectus ■ Nuveen Lifecycle Funds
few years of, 2030 and who may begin taking systematic withdrawals upon retirement.
Advisors currently expects to allocate approximately 54.00% of the Fund’s assets to equity Underlying Funds, 41.00% of its assets to fixed-income Underlying Funds and 5.00% of its assets to direct real estate Underlying Funds. These allocations represent targets for equity, fixed-income and direct real estate asset classes. Target allocations will change over time and actual allocations may vary up to ten percentage points from the targets. The target allocations along the investment glidepath, illustrated in the chart below, gradually become more conservative, moving to target allocations of approximately 45.00% equity/50.00% fixed-income/5.00% direct real estate in the Fund’s target retirement year of 2030 and reaching the Fund’s final target allocation of approximately 20.00% equity/80.00% fixed-income/0.00% direct real estate in 2060. Within the equity, fixed-income and direct real estate asset classes, Advisors allocates the Fund’s investments to particular market sectors (U.S. equity, international equity, fixed-income, short-term fixed-income, inflation-protected assets and direct real estate) represented by various Underlying Funds. These market sector allocations may vary by up to 10% from the Fund’s target market sector allocations. The Fund’s current target market sector allocations for June 30, 2025, which will change over time, are approximately as follows: U.S. Equity: 35.10%; International Equity: 18.90%; Fixed-Income: 33.00%; Short-Term Fixed-Income: 4.00%; Inflation-Protected Assets: 4.00%; and Direct Real Estate: 5.00%. The asset class and market sector names used herein are intended to reflect the primary type of investment of the Underlying Funds within each of these categories.
The Fund’s target market sector allocations to Underlying Funds may include the Nuveen Core Equity Fund, Nuveen Large Cap Growth Fund, Nuveen Large Cap Value Fund, Nuveen Quant Small Cap Equity Fund, Nuveen Quant Small/Mid Cap Equity Fund, Nuveen Dividend Growth Fund, Nuveen Dividend Value Fund and Nuveen Growth Opportunities ETF (U.S. Equity); Nuveen Emerging Markets Equity Fund, Nuveen International Equity Fund, Nuveen International Opportunities Fund and Nuveen Quant International Small Cap Equity Fund (International Equity); Nuveen Core Bond Fund, Nuveen Core Plus Bond Fund, Nuveen Emerging Markets Debt Fund, Nuveen High Yield Fund and Nuveen International Bond Fund (Fixed-Income); Nuveen Money Market Fund and Nuveen Short Term Bond Fund (Short-Term Fixed-Income); Nuveen Inflation Linked Bond Fund (Inflation-Protected Assets); and Nuveen Real Property Fund LP (Direct Real Estate). Nuveen Real Property Fund LP is a private fund, which is not available for investment by the general public; it is currently offered exclusively to investment pools or investment products managed by Advisors or its affiliates.
As a result of its investments in the Underlying Funds, the Fund’s returns will reflect investments in a mix of domestic and foreign equities of companies of various sizes and market capitalizations, a variety of domestic and foreign
Nuveen Lifecycle Funds ■ Prospectus 85
fixed-income instruments of private and governmental issuers of varying maturities and credit qualities and direct real estate.
Additional or replacement Underlying Funds for each market sector, as well as additional or replacement market sectors, may be included when making future allocations if Advisors believes that such Underlying Funds and/or market sectors are appropriate in light of the Fund’s desired levels of risk and potential return at the particular time. The Fund’s portfolio management team may also add a new market sector if it believes that will help to achieve the Fund’s investment objective. The relative allocations among Underlying Funds within a market sector may be changed at any time without notice to shareholders, and the portfolio management team may use tactical allocation to take advantage of short to intermediate term opportunities through a combination of positions in Underlying Funds. If 10% or more of the Fund’s assets are expected to be invested in any Underlying Fund or market sector not listed above, shareholders will receive prior notice of such change.
As part of the Fund’s ability to invest in other investment pools or investment products noted above, the Fund may invest in ETFs and exchange-traded notes (“ETNs”) to gain exposure to various market sectors or securities in order to effect its asset allocation strategy. Additionally, the Fund may use ETFs or ETNs for cash management, hedging or defensive purposes. ETFs or ETNs will be subject to the risks associated with the types of securities or sectors that they track, while ETNs, which are structured as fixed-income obligations, will also be subject to the general risks of fixed-income securities, including credit risk.
The Fund’s asset class allocations, market sector allocations within each asset class, and Underlying Fund allocations within each market sector, as of June 30, 2024, are listed in the chart below. These allocations will change over time. Underlying Fund allocations in particular may change from year to year.
Asset Class | Allocation |
| Market Sector | Allocation |
| Underlying Funds | Allocation |
Equity | 56.63% |
| U.S. Equity | 37.02% |
| Nuveen Growth Opportunities ETF | 6.56% |
Nuveen Large Cap Growth | 6.49% | ||||||
Nuveen Core Equity | 5.43% | ||||||
Nuveen Dividend Growth | 5.43% | ||||||
Nuveen Large Cap Value | 5.28% | ||||||
Nuveen Dividend Value | 5.26% | ||||||
Nuveen Quant Small/Mid Cap Equity | 1.40% | ||||||
Nuveen Quant Small Cap Equity | 1.17% | ||||||
International Equity | 19.61% | Nuveen International Equity | 8.42% | ||||
Nuveen International Opportunities | 5.03% | ||||||
Nuveen Emerging Markets Equity | 3.42% | ||||||
Nuveen Quant International Small Cap Equity | 2.74% |
86 Prospectus ■ Nuveen Lifecycle Funds
Asset Class | Allocation |
| Market Sector | Allocation |
| Underlying Funds | Allocation |
Fixed-Income | 39.18% |
| Fixed-Income | 32.03% |
| Nuveen Core Bond | 16.82% |
Nuveen Core Plus Bond | 10.42% | ||||||
Nuveen International Bond | 1.68% | ||||||
Nuveen High Yield | 1.60% | ||||||
Nuveen Emerging Markets Debt | 1.51% | ||||||
Short-Term | 3.58% | Nuveen Short Term Bond | 3.58% | ||||
Inflation- | 3.57% | Nuveen Inflation Linked Bond | 3.57% | ||||
Real Estate | 4.19% |
| Direct Real Estate | 4.19% |
| Nuveen Real Property Fund LP | 4.19% |
Total | 100.00% | 100.00% | 100.00% |
The following chart shows how the investment glidepath for the Fund is expected to gradually move the Fund’s target allocations over time between the different target market sector allocations. The actual market sector allocations of the Fund may differ from this chart. The Fund seeks to achieve its final target market sector allocations approximately 30 years following the target date.
The Fund is designed to accommodate investors who invest in a fund up to their target retirement date, and plan to make gradual systematic withdrawals in retirement. In addition, investors should note that the Fund will continue to have a significant level of equity exposure up to, through and after its target retirement date, and this exposure could cause significant fluctuations in the value of the Fund depending on the performance of the equity markets generally.
After the Fund reaches its final target allocation, the Board of Trustees may authorize the merger of the Fund into another Lifecycle Fund which has also reached its final target allocation or other similar fund designed to maintain a relatively stable asset allocation reflecting the resting point on the glidepath described in the chart above. Fund shareholders will receive prior notice of any such merger.
Nuveen Lifecycle Funds ■ Prospectus 87
· Asset Allocation Risk—The risk that the Fund may not achieve its target allocations. In addition, there is the risk that the asset allocations may not achieve the desired risk-return characteristic or that the selection of Underlying Funds and the allocations among them will result in the Fund underperforming other similar funds or cause an investor to lose money.
· Underlying Funds Risks—The Fund is exposed to the risks of the Underlying Funds in which it invests in direct proportion to the amount of assets the Fund allocates to each Underlying Fund.
· Equity Underlying Funds Risks—The risks of investing in equity Underlying Funds include risks specific to their investment strategies, as well as risks related to the equity markets in general, such as:
· market risk—The risk that market prices of portfolio investments held by a Fund may fall rapidly or unpredictably due to a variety of factors, including changing economic, political or market conditions. Market risk may affect a single issuer, industry or sector of the economy, or it may affect the market as a whole. Such conditions may add significantly to the risk of volatility in the net asset value (“NAV”) of the Fund’s shares and adversely affect the Fund and its investments. From time to time, a Fund may invest a significant portion of its assets in companies in one or more related sectors or industries, which would make the Fund more vulnerable to adverse developments affecting such sectors or industries;
· issuer risk—The risk that an issuer’s earnings prospects, credit rating and overall financial position will deteriorate, causing a decline in the value of the issuer’s financial instruments over short or extended periods of time;
· foreign investment risk—Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, currency, market or economic developments as well as armed conflicts and can result in greater price volatility and perform differently from financial instruments of U.S. issuers. This risk may be heightened in emerging or developing markets. Foreign investments may also have lower liquidity and be more difficult to value than investments in U.S. issuers. To the extent a Fund invests a significant portion of its assets in the securities of companies in a single country or region, it may be more susceptible to adverse economic, market, political or regulatory events or conditions affecting that country or region. Foreign investments may also be subject to risk of loss because of more or less foreign government regulation, less public
88 Prospectus ■ Nuveen Lifecycle Funds
information, less stringent investor protections and less stringent accounting, corporate governance, financial reporting and disclosure standards. Changes in the value of foreign currencies may make the return on an investment increase or decrease, unrelated to the quality or performance of the investment itself. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs) and other restrictions by the United States or other governments may also negatively impact a Fund’s investments. Economic sanctions and other similar governmental actions or developments could, among other things, effectively restrict or eliminate a Fund’s ability to purchase or sell certain foreign securities or groups of foreign securities, and/or thus may make a Fund’s investments in such securities less liquid (or illiquid) or more difficult to value. The type and severity of sanctions and other measures that may be imposed could vary broadly in scope, and their impact is impossible to predict;
· small- and mid-cap risk—The risk that the stocks of small-capitalization companies often experience greater price volatility than large- or mid-sized companies because small-cap companies are often newer or less established than larger companies and are likely to have more limited resources, products and markets. Securities of small-cap companies often have lower overall liquidity than securities of larger companies as a result of there being a smaller market for their securities, which can have an adverse effect on the pricing of these securities and on the ability to sell these securities when a Fund’s investment adviser or sub-adviser deems it appropriate. Stocks of mid-capitalization companies often experience greater price volatility, lower trading volume and lower overall liquidity than the stocks of larger, more established companies;
· style risk—The risk that use of a particular investing style (such as growth or value investing) may fall out of favor in the marketplace for various periods of time and result in underperformance relative to the broader market sector or significant declines in the value of a Fund’s portfolio investments; and
· dividend-paying security risk—The risk that investments in dividend-paying securities could cause a Fund to underperform similar funds that invest without consideration of an issuer’s track record of paying dividends.
· Fixed-Income Underlying Funds Risks—The risks of investing in fixed-income Underlying Funds include risks specific to their investment strategies, as well as risks related to the fixed-income markets in general, such as:
· interest rate risk—The risk that changes in interest rates can adversely affect the value or liquidity of, and income generated by,
Nuveen Lifecycle Funds ■ Prospectus 89
fixed-income investments. This risk is heightened to the extent a Fund invests in longer duration fixed-income investments and during periods when prevailing interest rates are changing. There is a risk that interest rates across the financial system may change, possibly significantly and/or rapidly. In general, changing interest rates, including rates that fall below zero, or a lack of market participants may lead to decreased liquidity and increased volatility in the fixed-income or debt markets, making it more difficult for the Fund to sell fixed-income investments. When interest rates change, the values of longer duration fixed-income securities usually change more than the values of shorter duration fixed-income securities. Conversely, fixed-income securities with shorter durations or maturities will be less volatile but may provide lower returns than fixed-income securities with longer durations or maturities. Other factors that may affect the value of debt securities include, but are not limited to, economic, political, public health, and other crises and responses by governments and companies to such crises;
· prepayment risk—The risk that, during periods of falling interest rates, borrowers may pay off their mortgage loans sooner than expected, forcing a Fund to reinvest the unanticipated proceeds at lower interest rates and resulting in a decline in income;
· extension risk—The risk that, during periods of rising interest rates, borrowers may pay off their mortgage loans later than expected, preventing a Fund from reinvesting principal proceeds at higher interest rates and resulting in less income than potentially available;
· issuer risk—The risk that an issuer’s earnings prospects, credit rating and overall financial position will deteriorate, causing a decline in the value of the issuer’s financial instruments over short or extended periods of time;
· credit risk—The risk that the issuer of fixed-income investments may not be able or willing, or may be perceived (whether by market participants, rating agencies, pricing services or otherwise) as not able or willing, to meet interest or principal payments when the payments become due;
· credit spread risk—The risk that credit spreads (i.e., the difference in yield between securities that is due to differences in each security’s respective credit quality) may increase when market participants believe that bonds generally have a greater risk of default, which could result in a decline in the market values of a Fund’s debt securities;
· income volatility risk—The risk that the level of current income from a portfolio of fixed-income investments may decline in certain interest rate environments;
90 Prospectus ■ Nuveen Lifecycle Funds
· market volatility, liquidity and valuation risk (types of market risk)—The risk that volatile or dramatic reductions in trading activity make it difficult for a Fund to properly value its investments and that a Fund may not be able to purchase or sell an investment at an attractive price, if at all;
· fixed-income foreign investment risk—Investment in fixed-income securities or financial instruments of foreign issuers involves increased risks due to adverse issuer, political, regulatory, currency, market or economic developments as well as armed conflicts. These developments may impact the ability of a foreign debt issuer to make timely and ultimate payments on its debt obligations to a Fund or impair a Fund’s ability to enforce its rights against the foreign debt issuer. These risks are heightened in emerging or developing markets. Foreign investments may also have lower overall liquidity and be more difficult to value than investments in U.S. issuers. To the extent a Fund invests a significant portion of its assets in the securities of companies in a single country or region, it may be more susceptible to adverse economic, market, political or regulatory events or conditions affecting that country or region. Foreign investments may also be subject to risk of loss because of more or less foreign government regulation, less public information, less stringent investor protections and less stringent accounting, corporate governance, financial reporting and disclosure standards. Changes in the value of foreign currencies may make the return on an investment increase or decrease, unrelated to the quality or performance of the investment itself. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs) and other restrictions by the United States and other governments may also negatively impact a Fund’s investments. Economic sanctions and other similar governmental actions or developments could, among other things, effectively restrict or eliminate a Fund’s ability to purchase or sell certain foreign securities or groups of foreign securities, and/or thus may make a Fund’s investments in such securities less liquid (or illiquid) or more difficult to value. The type and severity of sanctions and other measures that may be imposed could vary broadly in scope, and their impact is impossible to predict; and
· call risk—The risk that, during periods of falling interest rates, an issuer may call (or repay) a fixed-income security prior to maturity, resulting in a decline in a Fund’s income.
· Underlying ETF Risk—In addition to the same principal risks as an investment in a mutual fund with the same investment objectives, strategies and policies as the ETF, investments in an Underlying Fund that is an ETF are subject to additional risks, including: (i) the market
Nuveen Lifecycle Funds ■ Prospectus 91
price of the ETF’s shares may trade at a premium or a discount to their NAV; (ii) an active trading market for an ETF’s shares may not develop or be maintained; and (iii) there is no assurance that the requirements of the exchange necessary to maintain the listing of an ETF will continue to be met or remain unchanged.
· Direct Real Estate Underlying Funds Risks—The risks of investing in direct real estate Underlying Funds include risks specific to their investment strategies, as well as risks related to investing in real estate in general, such as:
· real estate-related investment risk—The risks associated with exposure to direct real estate through investing in investment vehicles managed by Advisors that will primarily invest directly in real estate, which can include declines in real estate values or revenues, uninsured losses at properties, the absence of regulatory oversight of and a secondary market for interests in direct real estate Underlying Funds, a scarcity of interests issued by direct real estate Underlying Funds, making it difficult for the Fund to achieve its target allocation, and illiquidity of interests in direct real estate Underlying Funds (which exposes the Fund to illiquid investments risk).
· Emerging Markets Underlying Funds Risk—The risk of foreign investment often increases in countries with emerging markets or otherwise economically tied to emerging market countries. For example, these countries may have more unstable governments than developed countries, and their economies may be based on only a few industries. Emerging market countries may also have less stringent regulation of accounting, auditing, financial reporting and recordkeeping requirements, which would affect a Fund’s ability to evaluate potential portfolio companies. As a result, there could be less information available about issuers in emerging market countries, which could negatively affect Advisors’ ability to evaluate local companies or their potential impact on a Fund’s performance. Because the financial markets of emerging market countries may be very small, share prices of financial instruments in emerging market countries may be volatile and difficult to determine. Financial instruments of issuers in these countries may have lower overall liquidity than those of issuers in more developed countries. In addition, foreign investors such as a Fund are subject to a variety of special restrictions in many emerging market countries. Moreover, legal remedies for investors in emerging markets may be more limited, and U.S. authorities may have less ability to bring actions against bad actors in emerging market countries.
· Illiquid Investments Underlying Funds Risk—The risk that illiquid investments may be difficult to sell for the value at which they are carried, if at all, or at any price within the desired time frame.
92 Prospectus ■ Nuveen Lifecycle Funds
· Currency Underlying Funds Risk—The risk that foreign (non-U.S.) currencies may decline in value relative to the U.S. dollar and adversely affect the value of a Fund’s investments in foreign currencies, securities denominated in foreign currencies or derivative instruments that provide exposure to foreign currencies.
· Active Management Risk—The risk that the strategy, investment selection or trading execution of Advisors or another investment adviser or sub-adviser of an Underlying Fund could cause the Fund or an Underlying Fund to underperform its benchmark index or mutual funds with similar investment objectives and may not produce expected returns.
· Fund of Funds Risk—The ability of the Fund to achieve its investment objective will depend in part upon the ability of the Underlying Funds to achieve their investment objectives. There can be no guarantee that any Underlying Fund will achieve its investment objective.
There can be no assurances that the Fund will achieve its investment objective. You should not consider the Fund to be a complete investment program. Please see the non-summary portion of the Prospectus for more detailed information about the risks described above, including the risks of the Underlying Funds.
The returns shown below reflect previous agreements by Advisors to waive or reimburse the Fund and certain Underlying Funds for certain fees and expenses. Without these waivers and reimbursements, the returns of the Fund would have
Nuveen Lifecycle Funds ■ Prospectus 93
been
lower.
For current performance information of each share class, including performance
to the most recent month-end, please visit
ANNUAL TOTAL RETURNS FOR RETIREMENT CLASS SHARES (%)†
Nuveen Lifecycle 2030 Fund
†
For the Periods Ended December 31, 2023
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94 Prospectus ■ Nuveen Lifecycle Funds
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# | The performance shown for Class I that is prior to its inception date is based on performance of the Fund’s Retirement Class. The performance for these periods has not been restated to reflect the lower expenses of Class I. | |||||||||||
‡ | As of the close of business on December 31, 2023, the Lifecycle 2030 Fund Composite Index consisted of: 39.3% Russell 3000® Index; 32.8% Bloomberg U.S. Aggregate Bond Index; 21.1% MSCI All Country World Index ex USA Investable Market Index; 3.4% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 3.4% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index. The Fund’s composite benchmark, the components that make up a composite benchmark and the method of calculating a composite benchmark’s performance may vary over time. | |||||||||||
Investment Adviser. Teachers Advisors, LLC.
Portfolio Managers.
Name: | John Cunniff, CFA | Steve Sedmak, CFA | |
Title: | Managing Director | Managing Director | |
Experience on Fund: | since 2006 | since 2018 |
Purchase and sale of Fund shares
You may purchase, redeem or exchange shares of the Fund on any day that the New York Stock Exchange (“NYSE”) or its affiliated exchanges, NYSE Arca Equities or NYSE American, are open for trading (each such day a “Business Day”) directly from the Fund (for certain share classes) or through a financial advisor, employee benefit plan or other financial intermediary. The Fund’s initial and subsequent investment minimums generally are as follows, although certain financial intermediaries may impose their own investment minimums and the Fund may reduce or waive the minimums in some cases:
Nuveen Lifecycle Funds ■ Prospectus 95
Eligibility and Minimum Initial Investment | Minimum Additional Investment | |
Class I | Available only through fee-based programs and certain retirement plans, and to other limited categories of investors as described in the Prospectus. $100,000 for all accounts except: · $250 for clients of financial intermediaries and family offices that have accounts holding Class I shares with an aggregate value of at least $100,000 (or that are expected to reach this level). · No minimum for eligible retirement plans and certain other categories of eligible investors as described in the Prospectus. | No minimum. |
Premier Class, Retirement Class | Available only through certain employee benefit plans, other types of savings plans or accounts and certain financial intermediaries as described in the Prospectus. No minimum. | No minimum. |
Class R6 | Available only to certain eligible investors as described in the Prospectus and through fee-based programs. $1 million for all accounts except: · $1,000 for clients of financial intermediaries who charge such clients an ongoing fee for advisory, investment, consulting or related services. | No minimum. |
The Fund intends to make distributions to shareholders that may be taxed as ordinary income or capital gains. Distributions made to tax-exempt shareholders or shareholders who hold Fund shares in a tax-deferred account are generally not subject to income tax in the current year, but redemptions made from tax-deferred accounts may be subject to income tax.
Payments to broker-dealers and other financial intermediary compensation
If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and/or its related companies may pay the financial intermediary for providing investor services. The Fund’s related companies may also pay the financial intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other financial intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary’s website for more information.
96 Prospectus ■ Nuveen Lifecycle Funds
Summary information |
(formerly TIAA-CREF Lifecycle 2035 Fund)
The Fund seeks high total return over time through a combination of capital appreciation and income.
The following tables describe the fees and expenses that you may pay if you buy, hold and sell shares of the Fund.
The tables and examples below do not reflect any commissions that shareholders may be required to pay directly to their financial intermediaries when buying or selling Class I shares.
| | | Retirement Class | |||||
Maximum
sales charge (load) imposed on purchases | ||||||||
Maximum deferred sales charge (load) | ||||||||
Maximum
sales charge (load) imposed on reinvested | ||||||||
Redemption or exchange fee | ||||||||
Maximum account fee |
Nuveen Lifecycle Funds ■ Prospectus 97
ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)
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1 | Restated to reflect estimate for the current fiscal year. | ||||||||
2 | Portions of the Management fees and Other expenses are based on expenses originally incurred by Class W shares of the Underlying Funds (as defined below) of the Trust, which have been incurred directly by the Fund pursuant to certain contractual arrangements intended to reallocate directly to the Fund certain fees and expenses that had been paid by the Underlying Funds of the Trust. For additional information, please see the “Management of the Funds” section of this Prospectus. | ||||||||
3 | “Acquired fund fees and expenses” are the Fund’s proportionate amount of the expenses of any investment companies or pools in which it invests (excluding expenses originally incurred by Class W shares of the Underlying Funds of the Trust that have been incurred directly by the Fund, which are instead reflected in Management fees and Other expenses). These expenses are not paid directly by Fund shareholders. Instead, Fund shareholders bear these expenses indirectly because they reduce Fund performance. Because “Acquired fund fees and expenses” are included in the chart above, the Fund’s operating expenses here will not correlate with the expenses included in the Financial highlights in this Prospectus and the Fund’s annual report. | ||||||||
4 | Under the Fund’s expense reimbursement arrangements, the Fund’s investment adviser, Teachers Advisors, LLC (“Advisors”), has contractually agreed to reimburse the Fund for any Total annual Fund operating expenses (excluding interest, taxes, brokerage commissions or other transactional expenses, Acquired fund fees and expenses, extraordinary expenses and any expenses originally attributable to Class W shares of the Underlying Funds of the Trust that were incurred directly by the Fund) that exceed: (i) 0.15% of average daily net assets for Class I shares; (ii) 0.15% of average daily net assets for Premier Class shares; (iii) 0.00% of average daily net assets for Class R6 shares; and (iv) 0.25% of average daily net assets for Retirement Class shares of the Fund. These expense reimbursement arrangements will continue through at least September 30, 2025, unless changed with approval of the Board of Trustees. | ||||||||
98 Prospectus ■ Nuveen Lifecycle Funds
5 | Advisors has contractually agreed to waive 0.100% of the Fund’s Management fee. This waiver will remain in effect through at least September 30, 2027, unless changed with the approval of the Board of Trustees. Advisors has also contractually agreed to waive an additional 0.064% of the Fund’s Management fee. This waiver will remain in effect through at least September 30, 2025, unless changed with the approval of the Board of Trustees. |
This example is intended to help you compare the cost of investing in shares of the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses, before fee waivers and/or expense reimbursements, remain the same. The example assumes that the Fund’s fee waiver and/or expense reimbursement arrangements will each remain in place for the durations noted in the table above. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
| Class I |
| Premier
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| Class R6 |
| Retirement |
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1 year | $ | |
| $ |
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| $ | |
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| $ |
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The
Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns
over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and
may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not
reflected in annual fund operating expenses or in the example, affect the Fund’s performance.
During the fiscal year ended May 31, 2024, the Fund’s portfolio turnover rate was
The Fund is a “fund of funds” that invests in Class W or Class R6 shares of other Nuveen mutual funds and in other investment pools or investment products, including other funds or exchange-traded funds (“ETFs”) advised by the Fund’s investment adviser, Teachers Advisors, LLC (“Advisors”), or its affiliates (collectively, the “Underlying Funds”). In general, the Fund is designed for investors who have an approximate target retirement year in mind, and the Fund’s investments are adjusted from more aggressive to more conservative over time as the Fund’s target retirement year approaches and for approximately 30 years afterwards. The Fund invests in Underlying Funds according to an asset allocation strategy designed for investors retiring in, or planning to retire within a
Nuveen Lifecycle Funds ■ Prospectus 99
few years of, 2035 and who may begin taking systematic withdrawals upon retirement.
Advisors currently expects to allocate approximately 63.00% of the Fund’s assets to equity Underlying Funds, 32.00% of its assets to fixed-income Underlying Funds and 5.00% of its assets to direct real estate Underlying Funds. These allocations represent targets for equity, fixed-income and direct real estate asset classes. Target allocations will change over time and actual allocations may vary up to ten percentage points from the targets. The target allocations along the investment glidepath, illustrated in the chart below, gradually become more conservative, moving to target allocations of approximately 45.00% equity/50.00% fixed-income/5.00% direct real estate in the Fund’s target retirement year of 2035 and reaching the Fund’s final target allocation of approximately 20.00% equity/80.00% fixed-income/0.00% direct real estate in 2065. Within the equity, fixed-income and direct real estate asset classes, Advisors allocates the Fund’s investments to particular market sectors (U.S. equity, international equity, fixed-income, short-term fixed-income, inflation-protected assets and direct real estate) represented by various Underlying Funds. These market sector allocations may vary by up to 10% from the Fund’s target market sector allocations. The Fund’s current target market sector allocations for June 30, 2025, which will change over time, are approximately as follows: U.S. Equity: 40.95%; International Equity: 22.05%; Fixed-Income: 28.00%; Short-Term Fixed-Income: 2.00%; Inflation-Protected Assets: 2.00% and Direct Real Estate: 5.00%. The asset class and market sector names used herein are intended to reflect the primary type of investment of the Underlying Funds within each of these categories.
The Fund’s target market sector allocations to Underlying Funds may include the Nuveen Core Equity Fund, Nuveen Large Cap Growth Fund, Nuveen Large Cap Value Fund, Nuveen Quant Small Cap Equity Fund, Nuveen Quant Small/Mid Cap Equity Fund, Nuveen Dividend Growth Fund, Nuveen Dividend Value Fund and Nuveen Growth Opportunities ETF (U.S. Equity); Nuveen Emerging Markets Equity Fund, Nuveen International Equity Fund, Nuveen International Opportunities Fund and Nuveen Quant International Small Cap Equity Fund (International Equity); Nuveen Core Bond Fund, Nuveen Core Plus Bond Fund, Nuveen Emerging Markets Debt Fund, Nuveen High Yield Fund and Nuveen International Bond Fund (Fixed-Income); Nuveen Money Market Fund and Nuveen Short Term Bond Fund (Short-Term Fixed-Income); Nuveen Inflation Linked Bond Fund (Inflation-Protected Assets); and Nuveen Real Property Fund LP (Direct Real Estate). Nuveen Real Property Fund LP is a private fund, which is not available for investment by the general public; it is currently offered exclusively to investment pools or investment products managed by Advisors or its affiliates.
As a result of its investments in the Underlying Funds, the Fund’s returns will reflect investments in a mix of domestic and foreign equities of companies of various sizes and market capitalizations, a variety of domestic and foreign
100 Prospectus ■ Nuveen Lifecycle Funds
fixed-income instruments of private and governmental issuers of varying maturities and credit qualities and direct real estate.
Additional or replacement Underlying Funds for each market sector, as well as additional or replacement market sectors, may be included when making future allocations if Advisors believes that such Underlying Funds and/or market sectors are appropriate in light of the Fund’s desired levels of risk and potential return at the particular time. The Fund’s portfolio management team may also add a new market sector if it believes that will help to achieve the Fund’s investment objective. The relative allocations among Underlying Funds within a market sector may be changed at any time without notice to shareholders, and the portfolio management team may use tactical allocation to take advantage of short to intermediate term opportunities through a combination of positions in Underlying Funds. If 10% or more of the Fund’s assets are expected to be invested in any Underlying Fund or market sector not listed above, shareholders will receive prior notice of such change.
As part of the Fund’s ability to invest in other investment pools or investment products noted above, the Fund may invest in ETFs and exchange-traded notes (“ETNs”) to gain exposure to various market sectors or securities in order to effect its asset allocation strategy. Additionally, the Fund may use ETFs or ETNs for cash management, hedging or defensive purposes. ETFs or ETNs will be subject to the risks associated with the types of securities or sectors that they track, while ETNs, which are structured as fixed-income obligations, will also be subject to the general risks of fixed-income securities, including credit risk.
The Fund’s asset class allocations, market sector allocations within each asset class, and Underlying Fund allocations within each market sector, as of June 30, 2024, are listed in the chart below. These allocations will change over time. Underlying Fund allocations in particular may change from year to year.
Asset Class | Allocation |
| Market Sector | Allocation |
| Underlying Funds | Allocation |
Equity | 66.29% |
| U.S. Equity | 43.33% |
| Nuveen Growth Opportunities ETF | 7.68% |
Nuveen Large Cap Growth | 7.60% | ||||||
Nuveen Dividend Growth | 6.37% | ||||||
Nuveen Core Equity | 6.36% | ||||||
Nuveen Large Cap Value | 6.17% | ||||||
Nuveen Dividend Value | 6.14% | ||||||
Nuveen Quant Small/Mid Cap Equity | 1.64% | ||||||
Nuveen Quant Small Cap Equity | 1.37% | ||||||
International Equity | 22.96% | Nuveen International Equity | 9.86% | ||||
Nuveen International Opportunities | 5.89% | ||||||
Nuveen Emerging Markets Equity | 3.99% | ||||||
Nuveen Quant International Small Cap Equity | 3.22% |
Nuveen Lifecycle Funds ■ Prospectus 101
Asset Class | Allocation |
| Market Sector | Allocation |
| Underlying Funds | Allocation |
Fixed-Income | 29.52% |
| Fixed-Income | 26.36% |
| Nuveen Core Bond | 13.85% |
Nuveen Core Plus Bond | 8.57% | ||||||
Nuveen International Bond | 1.38% | ||||||
Nuveen High Yield | 1.32% | ||||||
Nuveen Emerging Markets Debt | 1.24% | ||||||
Short-Term | 1.58% | Nuveen Short Term Bond | 1.58% | ||||
Inflation- | 1.58% | Nuveen Inflation Linked Bond | 1.58% | ||||
Real Estate | 4.19% |
| Direct Real Estate | 4.19% |
| Nuveen Real Property Fund LP | 4.19% |
Total | 100.00% | 100.00% | 100.00% |
The following chart shows how the investment glidepath for the Fund is expected to gradually move the Fund’s target allocations over time between the different target market sector allocations. The actual market sector allocations of the Fund may differ from this chart. The Fund seeks to achieve its final target market sector allocations approximately 30 years following the target date.
The Fund is designed to accommodate investors who invest in a fund up to their target retirement date, and plan to make gradual systematic withdrawals in retirement. In addition, investors should note that the Fund will continue to have a significant level of equity exposure up to, through and after its target retirement date, and this exposure could cause significant fluctuations in the value of the Fund depending on the performance of the equity markets generally.
After the Fund reaches its final target allocation, the Board of Trustees may authorize the merger of the Fund into another Lifecycle Fund which has also reached its final target allocation or other similar fund designed to maintain a relatively stable asset allocation reflecting the resting point on the glidepath described in the chart above. Fund shareholders will receive prior notice of any such merger.
102 Prospectus ■ Nuveen Lifecycle Funds
· Asset Allocation Risk—The risk that the Fund may not achieve its target allocations. In addition, there is the risk that the asset allocations may not achieve the desired risk-return characteristic or that the selection of Underlying Funds and the allocations among them will result in the Fund underperforming other similar funds or cause an investor to lose money.
· Underlying Funds Risks—The Fund is exposed to the risks of the Underlying Funds in which it invests in direct proportion to the amount of assets the Fund allocates to each Underlying Fund.
· Equity Underlying Funds Risks—The risks of investing in equity Underlying Funds include risks specific to their investment strategies, as well as risks related to the equity markets in general, such as:
· market risk—The risk that market prices of portfolio investments held by a Fund may fall rapidly or unpredictably due to a variety of factors, including changing economic, political or market conditions. Market risk may affect a single issuer, industry or sector of the economy, or it may affect the market as a whole. Such conditions may add significantly to the risk of volatility in the net asset value (“NAV”) of the Fund’s shares and adversely affect the Fund and its investments. From time to time, a Fund may invest a significant portion of its assets in companies in one or more related sectors or industries, which would make the Fund more vulnerable to adverse developments affecting such sectors or industries;
· issuer risk—The risk that an issuer’s earnings prospects, credit rating and overall financial position will deteriorate, causing a decline in the value of the issuer’s financial instruments over short or extended periods of time;
· foreign investment risk—Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, currency, market or economic developments as well as armed conflicts and can result in greater price volatility and perform differently from financial instruments of U.S. issuers. This risk may be heightened in emerging or developing markets. Foreign investments may also have lower liquidity and be more difficult to value than investments in U.S. issuers. To the extent a Fund invests a significant portion of its assets in the securities of companies in a single country or region, it may be more susceptible to adverse economic, market, political or regulatory events or conditions affecting that country or region. Foreign investments may also be subject to risk of loss because of more or less foreign government regulation, less public
Nuveen Lifecycle Funds ■ Prospectus 103
information, less stringent investor protections and less stringent accounting, corporate governance, financial reporting and disclosure standards. Changes in the value of foreign currencies may make the return on an investment increase or decrease, unrelated to the quality or performance of the investment itself. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs) and other restrictions by the United States or other governments may also negatively impact a Fund’s investments. Economic sanctions and other similar governmental actions or developments could, among other things, effectively restrict or eliminate a Fund’s ability to purchase or sell certain foreign securities or groups of foreign securities, and/or thus may make a Fund’s investments in such securities less liquid (or illiquid) or more difficult to value. The type and severity of sanctions and other measures that may be imposed could vary broadly in scope, and their impact is impossible to predict;
· small- and mid-cap risk—The risk that the stocks of small-capitalization companies often experience greater price volatility than large- or mid-sized companies because small-cap companies are often newer or less established than larger companies and are likely to have more limited resources, products and markets. Securities of small-cap companies often have lower overall liquidity than securities of larger companies as a result of there being a smaller market for their securities, which can have an adverse effect on the pricing of these securities and on the ability to sell these securities when a Fund’s investment adviser or sub-adviser deems it appropriate. Stocks of mid-capitalization companies often experience greater price volatility, lower trading volume and lower overall liquidity than the stocks of larger, more established companies;
· style risk—The risk that use of a particular investing style (such as growth or value investing) may fall out of favor in the marketplace for various periods of time and result in underperformance relative to the broader market sector or significant declines in the value of a Fund’s portfolio investments; and
· dividend-paying security risk—The risk that investments in dividend-paying securities could cause a Fund to underperform similar funds that invest without consideration of an issuer’s track record of paying dividends.
· Fixed-Income Underlying Funds Risks—The risks of investing in fixed-income Underlying Funds include risks specific to their investment strategies, as well as risks related to the fixed-income markets in general, such as:
· interest rate risk—The risk that changes in interest rates can adversely affect the value or liquidity of, and income generated by,
104 Prospectus ■ Nuveen Lifecycle Funds
fixed-income investments. This risk is heightened to the extent a Fund invests in longer duration fixed-income investments and during periods when prevailing interest rates are changing. There is a risk that interest rates across the financial system may change, possibly significantly and/or rapidly. In general, changing interest rates, including rates that fall below zero, or a lack of market participants may lead to decreased liquidity and increased volatility in the fixed-income or debt markets, making it more difficult for the Fund to sell fixed-income investments. When interest rates change, the values of longer duration fixed-income securities usually change more than the values of shorter duration fixed-income securities. Conversely, fixed-income securities with shorter durations or maturities will be less volatile but may provide lower returns than fixed-income securities with longer durations or maturities. Other factors that may affect the value of debt securities include, but are not limited to, economic, political, public health, and other crises and responses by governments and companies to such crises;
· prepayment risk—The risk that, during periods of falling interest rates, borrowers may pay off their mortgage loans sooner than expected, forcing a Fund to reinvest the unanticipated proceeds at lower interest rates and resulting in a decline in income;
· extension risk—The risk that, during periods of rising interest rates, borrowers may pay off their mortgage loans later than expected, preventing a Fund from reinvesting principal proceeds at higher interest rates and resulting in less income than potentially available;
· issuer risk—The risk that an issuer’s earnings prospects, credit rating and overall financial position will deteriorate, causing a decline in the value of the issuer’s financial instruments over short or extended periods of time;
· credit risk—The risk that the issuer of fixed-income investments may not be able or willing, or may be perceived (whether by market participants, rating agencies, pricing services or otherwise) as not able or willing, to meet interest or principal payments when the payments become due;
· credit spread risk—The risk that credit spreads (i.e., the difference in yield between securities that is due to differences in each security’s respective credit quality) may increase when market participants believe that bonds generally have a greater risk of default, which could result in a decline in the market values of a Fund’s debt securities;
· income volatility risk—The risk that the level of current income from a portfolio of fixed-income investments may decline in certain interest rate environments;
Nuveen Lifecycle Funds ■ Prospectus 105
· market volatility, liquidity and valuation risk (types of market risk)—The risk that volatile or dramatic reductions in trading activity make it difficult for a Fund to properly value its investments and that a Fund may not be able to purchase or sell an investment at an attractive price, if at all;
· fixed-income foreign investment risk—Investment in fixed-income securities or financial instruments of foreign issuers involves increased risks due to adverse issuer, political, regulatory, currency, market or economic developments as well as armed conflicts. These developments may impact the ability of a foreign debt issuer to make timely and ultimate payments on its debt obligations to a Fund or impair a Fund’s ability to enforce its rights against the foreign debt issuer. These risks are heightened in emerging or developing markets. Foreign investments may also have lower overall liquidity and be more difficult to value than investments in U.S. issuers. To the extent a Fund invests a significant portion of its assets in the securities of companies in a single country or region, it may be more susceptible to adverse economic, market, political or regulatory events or conditions affecting that country or region. Foreign investments may also be subject to risk of loss because of more or less foreign government regulation, less public information, less stringent investor protections and less stringent accounting, corporate governance, financial reporting and disclosure standards. Changes in the value of foreign currencies may make the return on an investment increase or decrease, unrelated to the quality or performance of the investment itself. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs) and other restrictions by the United States and other governments may also negatively impact a Fund’s investments. Economic sanctions and other similar governmental actions or developments could, among other things, effectively restrict or eliminate a Fund’s ability to purchase or sell certain foreign securities or groups of foreign securities, and/or thus may make a Fund’s investments in such securities less liquid (or illiquid) or more difficult to value. The type and severity of sanctions and other measures that may be imposed could vary broadly in scope, and their impact is impossible to predict; and
· call risk—The risk that, during periods of falling interest rates, an issuer may call (or repay) a fixed-income security prior to maturity, resulting in a decline in a Fund’s income.
· Underlying ETF Risk—In addition to the same principal risks as an investment in a mutual fund with the same investment objectives, strategies and policies as the ETF, investments in an Underlying Fund that is an ETF are subject to additional risks, including: (i) the market
106 Prospectus ■ Nuveen Lifecycle Funds
price of the ETF’s shares may trade at a premium or a discount to their NAV; (ii) an active trading market for an ETF’s shares may not develop or be maintained; and (iii) there is no assurance that the requirements of the exchange necessary to maintain the listing of an ETF will continue to be met or remain unchanged.
· Direct Real Estate Underlying Funds Risks—The risks of investing in direct real estate Underlying Funds include risks specific to their investment strategies, as well as risks related to investing in real estate in general, such as:
· real estate-related investment risk—The risks associated with exposure to direct real estate through investing in investment vehicles managed by Advisors that will primarily invest directly in real estate, which can include declines in real estate values or revenues, uninsured losses at properties, the absence of regulatory oversight of and a secondary market for interests in direct real estate Underlying Funds, a scarcity of interests issued by direct real estate Underlying Funds, making it difficult for the Fund to achieve its target allocation, and illiquidity of interests in direct real estate Underlying Funds (which exposes the Fund to illiquid investments risk).
· Emerging Markets Underlying Funds Risk—The risk of foreign investment often increases in countries with emerging markets or otherwise economically tied to emerging market countries. For example, these countries may have more unstable governments than developed countries, and their economies may be based on only a few industries. Emerging market countries may also have less stringent regulation of accounting, auditing, financial reporting and recordkeeping requirements, which would affect a Fund’s ability to evaluate potential portfolio companies. As a result, there could be less information available about issuers in emerging market countries, which could negatively affect Advisors’ ability to evaluate local companies or their potential impact on a Fund’s performance. Because the financial markets of emerging market countries may be very small, share prices of financial instruments in emerging market countries may be volatile and difficult to determine. Financial instruments of issuers in these countries may have lower overall liquidity than those of issuers in more developed countries. In addition, foreign investors such as a Fund are subject to a variety of special restrictions in many emerging market countries. Moreover, legal remedies for investors in emerging markets may be more limited, and U.S. authorities may have less ability to bring actions against bad actors in emerging market countries.
· Illiquid Investments Underlying Funds Risk—The risk that illiquid investments may be difficult to sell for the value at which they are carried, if at all, or at any price within the desired time frame.
Nuveen Lifecycle Funds ■ Prospectus 107
· Currency Underlying Funds Risk—The risk that foreign (non-U.S.) currencies may decline in value relative to the U.S. dollar and adversely affect the value of a Fund’s investments in foreign currencies, securities denominated in foreign currencies or derivative instruments that provide exposure to foreign currencies.
· Active Management Risk—The risk that the strategy, investment selection or trading execution of Advisors or another investment adviser or sub-adviser of an Underlying Fund could cause the Fund or an Underlying Fund to underperform its benchmark index or mutual funds with similar investment objectives and may not produce expected returns.
· Fund of Funds Risk—The ability of the Fund to achieve its investment objective will depend in part upon the ability of the Underlying Funds to achieve their investment objectives. There can be no guarantee that any Underlying Fund will achieve its investment objective.
There can be no assurances that the Fund will achieve its investment objective. You should not consider the Fund to be a complete investment program. Please see the non-summary portion of the Prospectus for more detailed information about the risks described above, including the risks of the Underlying Funds.
The returns shown below reflect previous agreements by Advisors to waive or reimburse the Fund and certain Underlying Funds for certain fees and expenses. Without these waivers and reimbursements, the returns of the Fund would have
108 Prospectus ■ Nuveen Lifecycle Funds
been
lower.
For current performance information of each share class, including performance
to the most recent month-end, please visit
ANNUAL TOTAL RETURNS FOR RETIREMENT CLASS SHARES (%)†
Nuveen Lifecycle 2035 Fund
†
For the Periods Ended December 31, 2023
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Nuveen Lifecycle Funds ■ Prospectus 109
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# | The performance shown for Class I that is prior to its inception date is based on performance of the Fund’s Retirement Class. The performance for these periods has not been restated to reflect the lower expenses of Class I. | |||||||||||
‡ | As of the close of business on December 31, 2023, the Lifecycle 2035 Fund Composite Index consisted of: 45.2% Russell 3000® Index; 27.6% Bloomberg U.S. Aggregate Bond Index; 24.4% MSCI All Country World Index ex USA Investable Market Index; 1.4% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 1.4% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index. The Fund’s composite benchmark, the components that make up a composite benchmark and the method of calculating a composite benchmark’s performance may vary over time. | |||||||||||
Investment Adviser. Teachers Advisors, LLC.
Portfolio Managers.
Name: | John Cunniff, CFA | Steve Sedmak, CFA | |
Title: | Managing Director | Managing Director | |
Experience on Fund: | since 2006 | since 2018 |
Purchase and sale of Fund shares
You may purchase, redeem or exchange shares of the Fund on any day that the New York Stock Exchange (“NYSE”) or its affiliated exchanges, NYSE Arca Equities or NYSE American, are open for trading (each such day a “Business Day”) directly from the Fund (for certain share classes) or through a financial advisor, employee benefit plan or other financial intermediary. The Fund’s initial and subsequent investment minimums generally are as follows, although certain financial intermediaries may impose their own investment minimums and the Fund may reduce or waive the minimums in some cases:
110 Prospectus ■ Nuveen Lifecycle Funds
Eligibility and Minimum Initial Investment | Minimum Additional Investment | |
Class I | Available only through fee-based programs and certain retirement plans, and to other limited categories of investors as described in the Prospectus. $100,000 for all accounts except: · $250 for clients of financial intermediaries and family offices that have accounts holding Class I shares with an aggregate value of at least $100,000 (or that are expected to reach this level). · No minimum for eligible retirement plans and certain other categories of eligible investors as described in the Prospectus. | No minimum. |
Premier Class, Retirement Class | Available only through certain employee benefit plans, other types of savings plans or accounts and certain financial intermediaries as described in the Prospectus. No minimum. | No minimum. |
Class R6 | Available only to certain eligible investors as described in the Prospectus and through fee-based programs. $1 million for all accounts except: · $1,000 for clients of financial intermediaries who charge such clients an ongoing fee for advisory, investment, consulting or related services. | No minimum. |
The Fund intends to make distributions to shareholders that may be taxed as ordinary income or capital gains. Distributions made to tax-exempt shareholders or shareholders who hold Fund shares in a tax-deferred account are generally not subject to income tax in the current year, but redemptions made from tax-deferred accounts may be subject to income tax.
Payments to broker-dealers and other financial intermediary compensation
If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and/or its related companies may pay the financial intermediary for providing investor services. The Fund’s related companies may also pay the financial intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other financial intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary’s website for more information.
Nuveen Lifecycle Funds ■ Prospectus 111
Summary information |
(formerly TIAA-CREF Lifecycle 2040 Fund)
The Fund seeks high total return over time through a combination of capital appreciation and income.
The following tables describe the fees and expenses that you may pay if you buy, hold and sell shares of the Fund.
The tables and examples below do not reflect any commissions that shareholders may be required to pay directly to their financial intermediaries when buying or selling Class I shares.
| | | Retirement Class | |||||
Maximum
sales charge (load) imposed on purchases | ||||||||
Maximum deferred sales charge (load) | ||||||||
Maximum
sales charge (load) imposed on reinvested | ||||||||
Redemption or exchange fee | ||||||||
Maximum account fee |
112 Prospectus ■ Nuveen Lifecycle Funds
ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)
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1 | Restated to reflect estimate for the current fiscal year. | ||||||||
2 | Portions of the Management fees and Other expenses are based on expenses originally incurred by Class W shares of the Underlying Funds (as defined below) of the Trust, which have been incurred directly by the Fund pursuant to certain contractual arrangements intended to reallocate directly to the Fund certain fees and expenses that had been paid by the Underlying Funds of the Trust. For additional information, please see the “Management of the Funds” section of this Prospectus. | ||||||||
3 | “Acquired fund fees and expenses” are the Fund’s proportionate amount of the expenses of any investment companies or pools in which it invests (excluding expenses originally incurred by Class W shares of the Underlying Funds of the Trust that have been incurred directly by the Fund, which are instead reflected in Management fees and Other expenses). These expenses are not paid directly by Fund shareholders. Instead, Fund shareholders bear these expenses indirectly because they reduce Fund performance. Because “Acquired fund fees and expenses” are included in the chart above, the Fund’s operating expenses here will not correlate with the expenses included in the Financial highlights in this Prospectus and the Fund’s annual report. | ||||||||
4 | Under the Fund’s expense reimbursement arrangements, the Fund’s investment adviser, Teachers Advisors, LLC (“Advisors”), has contractually agreed to reimburse the Fund for any Total annual Fund operating expenses (excluding interest, taxes, brokerage commissions or other transactional expenses, Acquired fund fees and expenses, extraordinary expenses and any expenses originally attributable to Class W shares of the Underlying Funds of the Trust that were incurred directly by the Fund) that exceed: (i) 0.15% of average daily net assets for Class I shares; (ii) 0.15% of average daily net assets for Premier Class shares; (iii) 0.00% of average daily net assets for Class R6 shares; and (iv) 0.25% of average daily net assets for Retirement Class shares of the Fund. These expense reimbursement arrangements will continue through at least September 30, 2025, unless changed with approval of the Board of Trustees. | ||||||||
Nuveen Lifecycle Funds ■ Prospectus 113
5 | Advisors has contractually agreed to waive 0.100% of the Fund’s Management fee. This waiver will remain in effect through at least September 30, 2027, unless changed with the approval of the Board of Trustees. Advisors has also contractually agreed to waive an additional 0.080% of the Fund’s Management fee. This waiver will remain in effect through at least September 30, 2025, unless changed with the approval of the Board of Trustees. |
This example is intended to help you compare the cost of investing in shares of the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses, before fee waivers and/or expense reimbursements, remain the same. The example assumes that the Fund’s fee waiver and/or expense reimbursement arrangements will each remain in place for the durations noted in the table above. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
| Class I |
| Premier
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| Class R6 |
| Retirement |
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1 year | $ | |
| $ |
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| $ | |
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The
Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns
over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and
may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not
reflected in annual fund operating expenses or in the example, affect the Fund’s performance.
During the fiscal year ended May 31, 2024, the Fund’s portfolio turnover rate was
The Fund is a “fund of funds” that invests in Class W or Class R6 shares of other Nuveen mutual funds and in other investment pools or investment products, including other funds or exchange-traded funds (“ETFs”) advised by the Fund’s investment adviser, Teachers Advisors, LLC (“Advisors”), or its affiliates (collectively, the “Underlying Funds”). In general, the Fund is designed for investors who have an approximate target retirement year in mind, and the Fund’s investments are adjusted from more aggressive to more conservative over time as the Fund’s target retirement year approaches and for approximately 30 years afterwards. The Fund invests in Underlying Funds according to an asset allocation strategy designed for investors retiring in, or planning to retire within a
114 Prospectus ■ Nuveen Lifecycle Funds
few years of, 2040 and who may begin taking systematic withdrawals upon retirement.
Advisors currently expects to allocate approximately 76.00% of the Fund’s assets to equity Underlying Funds, 19.00% of its assets to fixed-income Underlying Funds and 5.00% of its assets to direct real estate Underlying Funds. These allocations represent targets for equity, fixed-income and direct real estate asset classes. Target allocations will change over time and actual allocations may vary up to ten percentage points from the targets. The target allocations along the investment glidepath, illustrated in the chart below, gradually become more conservative, moving to target allocations of approximately 45.00% equity/50.00% fixed-income/5.00% direct real estate in the Fund’s target retirement year of 2040 and reaching the Fund’s final target allocation of approximately 20.00% equity/80.00% fixed-income/0.00% direct real estate in 2070. Within the equity, fixed-income and direct real estate asset classes, Advisors allocates the Fund’s investments to particular market sectors (U.S. equity, international equity, fixed-income, short-term fixed-income, inflation-protected assets and direct real estate) represented by various Underlying Funds. These market sector allocations may vary by up to 10% from the Fund’s target market sector allocations. The Fund’s current target market sector allocations for June 30, 2025, which will change over time, are approximately as follows: U.S. Equity: 49.40%; International Equity: 26.60%; Fixed-Income: 19.00%; Short-Term Fixed-Income: 0.00%; Inflation-Protected Assets: 0.00%; and Direct Real Estate: 5.00%. The asset class and market sector names used herein are intended to reflect the primary type of investment of the Underlying Funds within each of these categories.
The Fund’s target market sector allocations to Underlying Funds may include the Nuveen Core Equity Fund, Nuveen Large Cap Growth Fund, Nuveen Large Cap Value Fund, Nuveen Quant Small Cap Equity Fund, Nuveen Quant Small/Mid Cap Equity Fund, Nuveen Dividend Growth Fund, Nuveen Dividend Value Fund and Nuveen Growth Opportunities ETF (U.S. Equity); Nuveen Emerging Markets Equity Fund, Nuveen International Equity Fund, Nuveen International Opportunities Fund and Nuveen Quant International Small Cap Equity Fund (International Equity); Nuveen Core Bond Fund, Nuveen Core Plus Bond Fund, Nuveen Emerging Markets Debt Fund, Nuveen High Yield Fund and Nuveen International Bond Fund (Fixed-Income); Nuveen Money Market Fund and Nuveen Short Term Bond Fund (Short-Term Fixed-Income); Nuveen Inflation Linked Bond Fund (Inflation-Protected Assets); and Nuveen Real Property Fund LP (Direct Real Estate). Nuveen Real Property Fund LP is a private fund, which is not available for investment by the general public; it is currently offered exclusively to investment pools or investment products managed by Advisors or its affiliates.
As a result of its investments in the Underlying Funds, the Fund’s returns will reflect investments in a mix of domestic and foreign equities of companies of various sizes and market capitalizations, a variety of domestic and foreign
Nuveen Lifecycle Funds ■ Prospectus 115
fixed-income instruments of private and governmental issuers of varying maturities and credit qualities and direct real estate.
Additional or replacement Underlying Funds for each market sector, as well as additional or replacement market sectors, may be included when making future allocations if Advisors believes that such Underlying Funds and/or market sectors are appropriate in light of the Fund’s desired levels of risk and potential return at the particular time. The Fund’s portfolio management team may also add a new market sector if it believes that will help to achieve the Fund’s investment objective. The relative allocations among Underlying Funds within a market sector may be changed at any time without notice to shareholders, and the portfolio management team may use tactical allocation to take advantage of short to intermediate term opportunities through a combination of positions in Underlying Funds. If 10% or more of the Fund’s assets are expected to be invested in any Underlying Fund or market sector not listed above, shareholders will receive prior notice of such change.
As part of the Fund’s ability to invest in other investment pools or investment products noted above, the Fund may invest in ETFs and exchange-traded notes (“ETNs”) to gain exposure to various market sectors or securities in order to effect its asset allocation strategy. Additionally, the Fund may use ETFs or ETNs for cash management, hedging or defensive purposes. ETFs or ETNs will be subject to the risks associated with the types of securities or sectors that they track, while ETNs, which are structured as fixed-income obligations, will also be subject to the general risks of fixed-income securities, including credit risk.
The Fund’s asset class allocations, market sector allocations within each asset class, and Underlying Fund allocations within each market sector, as of June 30, 2024, are listed in the chart below. These allocations will change over time. Underlying Fund allocations in particular may change from year to year.
Asset Class | Allocation |
| Market Sector | Allocation |
| Underlying Funds | Allocation |
Equity | 78.31% |
| U.S. Equity | 51.20% |
| Nuveen Growth Opportunities ETF | 9.08% |
Nuveen Large Cap Growth | 8.98% | ||||||
Nuveen Dividend Growth | 7.53% | ||||||
Nuveen Core Equity | 7.51% | ||||||
Nuveen Large Cap Value | 7.28% | ||||||
Nuveen Dividend Value | 7.27% | ||||||
Nuveen Quant Small/Mid Cap Equity | 1.93% | ||||||
Nuveen Quant Small Cap Equity | 1.62% | ||||||
International Equity | 27.11% | Nuveen International Equity | 11.66% | ||||
Nuveen International Opportunities | 6.94% | ||||||
Nuveen Emerging Markets Equity | 4.70% | ||||||
Nuveen Quant International Small Cap Equity | 3.81% |
116 Prospectus ■ Nuveen Lifecycle Funds
Asset Class | Allocation |
| Market Sector | Allocation |
| Underlying Funds | Allocation |
Fixed-Income | 17.50% |
| Fixed-Income | 17.50% |
| Nuveen Core Bond | 9.20% |
Nuveen Core Plus Bond | 5.68% | ||||||
Nuveen International Bond | 0.92% | ||||||
Nuveen High Yield | 0.88% | ||||||
Nuveen Emerging Markets Debt | 0.82% | ||||||
Real Estate | 4.19% |
| Direct Real Estate | 4.19% |
| Nuveen Real Property Fund LP | 4.19% |
Total | 100.00% | 100.00% | 100.00% |
The following chart shows how the investment glidepath for the Fund is expected to gradually move the Fund’s target allocations over time between the different target market sector allocations. The actual market sector allocations of the Fund may differ from this chart. The Fund seeks to achieve its final target market sector allocations approximately 30 years following the target date.
The Fund is designed to accommodate investors who invest in a fund up to their target retirement date, and plan to make gradual systematic withdrawals in retirement. In addition, investors should note that the Fund will continue to have a significant level of equity exposure up to, through and after its target retirement date, and this exposure could cause significant fluctuations in the value of the Fund depending on the performance of the equity markets generally.
After the Fund reaches its final target allocation, the Board of Trustees may authorize the merger of the Fund into another Lifecycle Fund which has also reached its final target allocation or other similar fund designed to maintain a relatively stable asset allocation reflecting the resting point on the glidepath described in the chart above. Fund shareholders will receive prior notice of any such merger.
· Asset Allocation Risk—The risk that the Fund may not achieve its target allocations. In addition, there is the risk that the asset allocations may not
Nuveen Lifecycle Funds ■ Prospectus 117
achieve the desired risk-return characteristic or that the selection of Underlying Funds and the allocations among them will result in the Fund underperforming other similar funds or cause an investor to lose money.
· Underlying Funds Risks—The Fund is exposed to the risks of the Underlying Funds in which it invests in direct proportion to the amount of assets the Fund allocates to each Underlying Fund.
· Equity Underlying Funds Risks—The risks of investing in equity Underlying Funds include risks specific to their investment strategies, as well as risks related to the equity markets in general, such as:
· market risk—The risk that market prices of portfolio investments held by a Fund may fall rapidly or unpredictably due to a variety of factors, including changing economic, political or market conditions. Market risk may affect a single issuer, industry or sector of the economy, or it may affect the market as a whole. Such conditions may add significantly to the risk of volatility in the net asset value (“NAV”) of the Fund’s shares and adversely affect the Fund and its investments. From time to time, a Fund may invest a significant portion of its assets in companies in one or more related sectors or industries, which would make the Fund more vulnerable to adverse developments affecting such sectors or industries;
· issuer risk—The risk that an issuer’s earnings prospects, credit rating and overall financial position will deteriorate, causing a decline in the value of the issuer’s financial instruments over short or extended periods of time;
· foreign investment risk—Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, currency, market or economic developments as well as armed conflicts and can result in greater price volatility and perform differently from financial instruments of U.S. issuers. This risk may be heightened in emerging or developing markets. Foreign investments may also have lower liquidity and be more difficult to value than investments in U.S. issuers. To the extent a Fund invests a significant portion of its assets in the securities of companies in a single country or region, it may be more susceptible to adverse economic, market, political or regulatory events or conditions affecting that country or region. Foreign investments may also be subject to risk of loss because of more or less foreign government regulation, less public information, less stringent investor protections and less stringent accounting, corporate governance, financial reporting and disclosure standards. Changes in the value of foreign currencies may make the return on an investment increase or decrease, unrelated to the quality or performance of the investment itself. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs) and other restrictions by the United
118 Prospectus ■ Nuveen Lifecycle Funds
States or other governments may also negatively impact a Fund’s investments. Economic sanctions and other similar governmental actions or developments could, among other things, effectively restrict or eliminate a Fund’s ability to purchase or sell certain foreign securities or groups of foreign securities, and/or thus may make a Fund’s investments in such securities less liquid (or illiquid) or more difficult to value. The type and severity of sanctions and other measures that may be imposed could vary broadly in scope, and their impact is impossible to predict;
· small- and mid-cap risk—The risk that the stocks of small-capitalization companies often experience greater price volatility than large- or mid-sized companies because small-cap companies are often newer or less established than larger companies and are likely to have more limited resources, products and markets. Securities of small-cap companies often have lower overall liquidity than securities of larger companies as a result of there being a smaller market for their securities, which can have an adverse effect on the pricing of these securities and on the ability to sell these securities when a Fund’s investment adviser or sub-adviser deems it appropriate. Stocks of mid-capitalization companies often experience greater price volatility, lower trading volume and lower overall liquidity than the stocks of larger, more established companies;
· style risk—The risk that use of a particular investing style (such as growth or value investing) may fall out of favor in the marketplace for various periods of time and result in underperformance relative to the broader market sector or significant declines in the value of a Fund’s portfolio investments; and
· dividend-paying security risk—The risk that investments in dividend-paying securities could cause a Fund to underperform similar funds that invest without consideration of an issuer’s track record of paying dividends.
· Fixed-Income Underlying Funds Risks—The risks of investing in fixed-income Underlying Funds include risks specific to their investment strategies, as well as risks related to the fixed-income markets in general, such as:
· interest rate risk—The risk that changes in interest rates can adversely affect the value or liquidity of, and income generated by, fixed-income investments. This risk is heightened to the extent a Fund invests in longer duration fixed-income investments and during periods when prevailing interest rates are changing. There is a risk that interest rates across the financial system may change, possibly significantly and/or rapidly. In general, changing interest rates, including rates that fall below zero, or a lack of market participants may lead to decreased liquidity and increased volatility in the
Nuveen Lifecycle Funds ■ Prospectus 119
fixed-income or debt markets, making it more difficult for the Fund to sell fixed-income investments. When interest rates change, the values of longer duration fixed-income securities usually change more than the values of shorter duration fixed-income securities. Conversely, fixed-income securities with shorter durations or maturities will be less volatile but may provide lower returns than fixed-income securities with longer durations or maturities. Other factors that may affect the value of debt securities include, but are not limited to, economic, political, public health, and other crises and responses by governments and companies to such crises;
· prepayment risk—The risk that, during periods of falling interest rates, borrowers may pay off their mortgage loans sooner than expected, forcing a Fund to reinvest the unanticipated proceeds at lower interest rates and resulting in a decline in income;
· extension risk—The risk that, during periods of rising interest rates, borrowers may pay off their mortgage loans later than expected, preventing a Fund from reinvesting principal proceeds at higher interest rates and resulting in less income than potentially available;
· issuer risk—The risk that an issuer’s earnings prospects, credit rating and overall financial position will deteriorate, causing a decline in the value of the issuer’s financial instruments over short or extended periods of time;
· credit risk—The risk that the issuer of fixed-income investments may not be able or willing, or may be perceived (whether by market participants, rating agencies, pricing services or otherwise) as not able or willing, to meet interest or principal payments when the payments become due;
· credit spread risk—The risk that credit spreads (i.e., the difference in yield between securities that is due to differences in each security’s respective credit quality) may increase when market participants believe that bonds generally have a greater risk of default, which could result in a decline in the market values of a Fund’s debt securities;
· income volatility risk—The risk that the level of current income from a portfolio of fixed-income investments may decline in certain interest rate environments;
· market volatility, liquidity and valuation risk (types of market risk)—The risk that volatile or dramatic reductions in trading activity make it difficult for a Fund to properly value its investments and that a Fund may not be able to purchase or sell an investment at an attractive price, if at all;
· fixed-income foreign investment risk—Investment in fixed-income securities or financial instruments of foreign issuers involves increased risks due to adverse issuer, political, regulatory, currency,
120 Prospectus ■ Nuveen Lifecycle Funds
market or economic developments as well as armed conflicts. These developments may impact the ability of a foreign debt issuer to make timely and ultimate payments on its debt obligations to a Fund or impair a Fund’s ability to enforce its rights against the foreign debt issuer. These risks are heightened in emerging or developing markets. Foreign investments may also have lower overall liquidity and be more difficult to value than investments in U.S. issuers. To the extent a Fund invests a significant portion of its assets in the securities of companies in a single country or region, it may be more susceptible to adverse economic, market, political or regulatory events or conditions affecting that country or region. Foreign investments may also be subject to risk of loss because of more or less foreign government regulation, less public information, less stringent investor protections and less stringent accounting, corporate governance, financial reporting and disclosure standards. Changes in the value of foreign currencies may make the return on an investment increase or decrease, unrelated to the quality or performance of the investment itself. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs) and other restrictions by the United States and other governments may also negatively impact a Fund’s investments. Economic sanctions and other similar governmental actions or developments could, among other things, effectively restrict or eliminate a Fund’s ability to purchase or sell certain foreign securities or groups of foreign securities, and/or thus may make a Fund’s investments in such securities less liquid (or illiquid) or more difficult to value. The type and severity of sanctions and other measures that may be imposed could vary broadly in scope, and their impact is impossible to predict; and
· call risk—The risk that, during periods of falling interest rates, an issuer may call (or repay) a fixed-income security prior to maturity, resulting in a decline in a Fund’s income.
· Underlying ETF Risk—In addition to the same principal risks as an investment in a mutual fund with the same investment objectives, strategies and policies as the ETF, investments in an Underlying Fund that is an ETF are subject to additional risks, including: (i) the market price of the ETF’s shares may trade at a premium or a discount to their NAV; (ii) an active trading market for an ETF’s shares may not develop or be maintained; and (iii) there is no assurance that the requirements of the exchange necessary to maintain the listing of an ETF will continue to be met or remain unchanged.
· Direct Real Estate Underlying Funds Risks—The risks of investing in direct real estate Underlying Funds include risks specific to their
Nuveen Lifecycle Funds ■ Prospectus 121
investment strategies, as well as risks related to investing in real estate in general, such as:
· real estate-related investment risk—The risks associated with exposure to direct real estate through investing in investment vehicles managed by Advisors that will primarily invest directly in real estate, which can include declines in real estate values or revenues, uninsured losses at properties, the absence of regulatory oversight of and a secondary market for interests in direct real estate Underlying Funds, a scarcity of interests issued by direct real estate Underlying Funds, making it difficult for the Fund to achieve its target allocation, and illiquidity of interests in direct real estate Underlying Funds (which exposes the Fund to illiquid investments risk).
· Emerging Markets Underlying Funds Risk—The risk of foreign investment often increases in countries with emerging markets or otherwise economically tied to emerging market countries. For example, these countries may have more unstable governments than developed countries, and their economies may be based on only a few industries. Emerging market countries may also have less stringent regulation of accounting, auditing, financial reporting and recordkeeping requirements, which would affect a Fund’s ability to evaluate potential portfolio companies. As a result, there could be less information available about issuers in emerging market countries, which could negatively affect Advisors’ ability to evaluate local companies or their potential impact on a Fund’s performance. Because the financial markets of emerging market countries may be very small, share prices of financial instruments in emerging market countries may be volatile and difficult to determine. Financial instruments of issuers in these countries may have lower overall liquidity than those of issuers in more developed countries. In addition, foreign investors such as a Fund are subject to a variety of special restrictions in many emerging market countries. Moreover, legal remedies for investors in emerging markets may be more limited, and U.S. authorities may have less ability to bring actions against bad actors in emerging market countries.
· Illiquid Investments Underlying Funds Risk—The risk that illiquid investments may be difficult to sell for the value at which they are carried, if at all, or at any price within the desired time frame.
· Currency Underlying Funds Risk—The risk that foreign (non-U.S.) currencies may decline in value relative to the U.S. dollar and adversely affect the value of a Fund’s investments in foreign currencies, securities denominated in foreign currencies or derivative instruments that provide exposure to foreign currencies.
· Active Management Risk—The risk that the strategy, investment selection or trading execution of Advisors or another investment adviser or sub-adviser of an Underlying Fund could cause the Fund or an Underlying Fund to
122 Prospectus ■ Nuveen Lifecycle Funds
underperform its benchmark index or mutual funds with similar investment objectives and may not produce expected returns.
· Fund of Funds Risk—The ability of the Fund to achieve its investment objective will depend in part upon the ability of the Underlying Funds to achieve their investment objectives. There can be no guarantee that any Underlying Fund will achieve its investment objective.
There can be no assurances that the Fund will achieve its investment objective. You should not consider the Fund to be a complete investment program. Please see the non-summary portion of the Prospectus for more detailed information about the risks described above, including the risks of the Underlying Funds.
The
returns shown below reflect previous agreements by Advisors to waive or reimburse the Fund and certain
Underlying Funds for certain fees and expenses. Without these waivers and reimbursements, the returns
of the Fund would have been lower.
For current performance information of each share class, including performance
to the most recent month-end, please visit
Nuveen Lifecycle Funds ■ Prospectus 123
ANNUAL TOTAL RETURNS FOR RETIREMENT CLASS SHARES (%)†
Nuveen Lifecycle 2040 Fund
†
For the Periods Ended December 31, 2023
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124 Prospectus ■ Nuveen Lifecycle Funds
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# | The performance shown for Class I that is prior to its inception date is based on performance of the Fund’s Retirement Class. The performance for these periods has not been restated to reflect the lower expenses of Class I. | |||||||||||
‡ | As of the close of business on December 31, 2023, the Lifecycle 2040 Fund Composite Index consisted of: 52.3% Russell 3000® Index; 28.1% MSCI All Country World Index ex USA Investable Market Index; and 19.6% Bloomberg U.S. Aggregate Bond Index. The Fund’s composite benchmark, the components that make up a composite benchmark and the method of calculating a composite benchmark’s performance may vary over time. | |||||||||||
Investment Adviser. Teachers Advisors, LLC.
Portfolio Managers.
Name: | John Cunniff, CFA | Steve Sedmak, CFA | |
Title: | Managing Director | Managing Director | |
Experience on Fund: | since 2006 | since 2018 |
Purchase and sale of Fund shares
You may purchase, redeem or exchange shares of the Fund on any day that the New York Stock Exchange (“NYSE”) or its affiliated exchanges, NYSE Arca Equities or NYSE American, are open for trading (each such day a “Business Day”) directly from the Fund (for certain share classes) or through a financial advisor, employee benefit plan or other financial intermediary. The Fund’s initial and subsequent investment minimums generally are as follows, although certain financial intermediaries may impose their own investment minimums and the Fund may reduce or waive the minimums in some cases:
Nuveen Lifecycle Funds ■ Prospectus 125
Eligibility and Minimum Initial Investment | Minimum Additional Investment | |
Class I | Available only through fee-based programs and certain retirement plans, and to other limited categories of investors as described in the Prospectus. $100,000 for all accounts except: · $250 for clients of financial intermediaries and family offices that have accounts holding Class I shares with an aggregate value of at least $100,000 (or that are expected to reach this level). · No minimum for eligible retirement plans and certain other categories of eligible investors as described in the Prospectus. | No minimum. |
Premier Class, Retirement Class | Available only through certain employee benefit plans, other types of savings plans or accounts and certain financial intermediaries as described in the Prospectus. No minimum. | No minimum. |
Class R6 | Available only to certain eligible investors as described in the Prospectus and through fee-based programs. $1 million for all accounts except: · $1,000 for clients of financial intermediaries who charge such clients an ongoing fee for advisory, investment, consulting or related services. | No minimum. |
The Fund intends to make distributions to shareholders that may be taxed as ordinary income or capital gains. Distributions made to tax-exempt shareholders or shareholders who hold Fund shares in a tax-deferred account are generally not subject to income tax in the current year, but redemptions made from tax-deferred accounts may be subject to income tax.
Payments to broker-dealers and other financial intermediary compensation
If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and/or its related companies may pay the financial intermediary for providing investor services. The Fund’s related companies may also pay the financial intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other financial intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary’s website for more information.
126 Prospectus ■ Nuveen Lifecycle Funds
Summary information |
(formerly TIAA-CREF Lifecycle 2045 Fund)
The Fund seeks high total return over time through a combination of capital appreciation and income.
The following tables describe the fees and expenses that you may pay if you buy, hold and sell shares of the Fund.
The tables and examples below do not reflect any commissions that shareholders may be required to pay directly to their financial intermediaries when buying or selling Class I shares.
| | | Retirement Class | |||||
Maximum
sales charge (load) imposed on purchases | ||||||||
Maximum deferred sales charge (load) | ||||||||
Maximum
sales charge (load) imposed on reinvested | ||||||||
Redemption or exchange fee | ||||||||
Maximum account fee |
Nuveen Lifecycle Funds ■ Prospectus 127
ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)
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1 | Restated to reflect estimate for the current fiscal year. | ||||||||
2 | Portions of the Management fees and Other expenses are based on expenses originally incurred by Class W shares of the Underlying Funds (as defined below) of the Trust, which have been incurred directly by the Fund pursuant to certain contractual arrangements intended to reallocate directly to the Fund certain fees and expenses that had been paid by the Underlying Funds of the Trust. For additional information, please see the “Management of the Funds” section of this Prospectus. | ||||||||
3 | “Acquired fund fees and expenses” are the Fund’s proportionate amount of the expenses of any investment companies or pools in which it invests (excluding expenses originally incurred by Class W shares of the Underlying Funds of the Trust that have been incurred directly by the Fund, which are instead reflected in Management fees and Other expenses). These expenses are not paid directly by Fund shareholders. Instead, Fund shareholders bear these expenses indirectly because they reduce Fund performance. Because “Acquired fund fees and expenses” are included in the chart above, the Fund’s operating expenses here will not correlate with the expenses included in the Financial highlights in this Prospectus and the Fund’s annual report. | ||||||||
4 | Under the Fund’s expense reimbursement arrangements, the Fund’s investment adviser, Teachers Advisors, LLC (“Advisors”), has contractually agreed to reimburse the Fund for any Total annual Fund operating expenses (excluding interest, taxes, brokerage commissions or other transactional expenses, Acquired fund fees and expenses, extraordinary expenses and any expenses originally attributable to Class W shares of the Underlying Funds of the Trust that were incurred directly by the Fund) that exceed: (i) 0.15% of average daily net assets for Class I shares; (ii) 0.15% of average daily net assets for Premier Class shares; (iii) 0.00% of average daily net assets for Class R6 shares; and (iv) 0.25% of average daily net assets for Retirement Class shares of the Fund. These expense reimbursement arrangements will continue through at least September 30, 2025, unless changed with approval of the Board of Trustees. | ||||||||
128 Prospectus ■ Nuveen Lifecycle Funds
5 | Advisors has contractually agreed to waive 0.100% of the Fund’s Management fee. This waiver will remain in effect through at least September 30, 2027, unless changed with the approval of the Board of Trustees. Advisors has also contractually agreed to waive an additional 0.093% of the Fund’s Management fee. This waiver will remain in effect through at least September 30, 2025, unless changed with the approval of the Board of Trustees. |
This example is intended to help you compare the cost of investing in shares of the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses, before fee waivers and/or expense reimbursements, remain the same. The example assumes that the Fund’s fee waiver and/or expense reimbursement arrangements will each remain in place for the durations noted in the table above. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
| Class I |
| Premier
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1 year | $ | |
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| $ | |
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| $ |
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| $ | |
| $ | |
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| $ | |
| $ | |
| $ | |
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The
Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns
over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and
may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not
reflected in annual fund operating expenses or in the example, affect the Fund’s performance.
During the fiscal year ended May 31, 2024, the Fund’s portfolio turnover rate was
The Fund is a “fund of funds” that invests in Class W or Class R6 shares of other Nuveen mutual funds and in other investment pools or investment products, including other funds or exchange-traded funds (“ETFs”) advised by the Fund’s investment adviser, Teachers Advisors, LLC (“Advisors”), or its affiliates (collectively, the “Underlying Funds”). In general, the Fund is designed for investors who have an approximate target retirement year in mind, and the Fund’s investments are adjusted from more aggressive to more conservative over time as the Fund’s target retirement year approaches and for approximately 30 years afterwards. The Fund invests in Underlying Funds according to an asset allocation strategy designed for investors retiring in, or planning to retire within a
Nuveen Lifecycle Funds ■ Prospectus 129
few years of, 2045 and who may begin taking systematic withdrawals upon retirement.
Advisors currently expects to allocate approximately 85.00% of the Fund’s assets to equity Underlying Funds, 10.00% of its assets to fixed-income Underlying Funds and 5.00% of its assets to direct real estate Underlying Funds. These allocations represent targets for equity, fixed-income and direct real estate asset classes. Target allocations will change over time and actual allocations may vary up to ten percentage points from the targets. The target allocations along the investment glidepath, illustrated in the chart below, gradually become more conservative, moving to target allocations of approximately 45.00% equity/50.00% fixed-income/5.00% direct real estate in the Fund’s target retirement year of 2045 and reaching the Fund’s final target allocation of approximately 20.00% equity/80.00% fixed-income/0.00% direct real estate in 2075. Within the equity, fixed-income and direct real estate asset classes, Advisors allocates the Fund’s investments to particular market sectors (U.S. equity, international equity, fixed-income, short-term fixed-income, inflation-protected assets and direct real estate) represented by various Underlying Funds. These market sector allocations may vary by up to 10% from the Fund’s target market sector allocations. The Fund’s current target market sector allocations for June 30, 2025, which will change over time, are approximately as follows: U.S. Equity: 55.25%; International Equity: 29.75%; Fixed-Income: 10.00%; Short-Term Fixed-Income: 0.00%; Inflation-Protected Assets: 0.00%; and Direct Real Estate: 5.00%. The asset class and market sector names used herein are intended to reflect the primary type of investment of the Underlying Funds within each of these categories.
The Fund’s target market sector allocations to Underlying Funds may include the Nuveen Core Equity Fund, Nuveen Large Cap Growth Fund, Nuveen Large Cap Value Fund, Nuveen Quant Small Cap Equity Fund, Nuveen Quant Small/Mid Cap Equity Fund, Nuveen Dividend Growth Fund, Nuveen Dividend Value Fund and Nuveen Growth Opportunities ETF (U.S. Equity); Nuveen Emerging Markets Equity Fund, Nuveen International Equity Fund, Nuveen International Opportunities Fund and Nuveen Quant International Small Cap Equity Fund (International Equity); Nuveen Core Bond Fund, Nuveen Core Plus Bond Fund, Nuveen Emerging Markets Debt Fund, Nuveen High Yield Fund and Nuveen International Bond Fund (Fixed-Income); Nuveen Money Market Fund and Nuveen Short Term Bond Fund (Short-Term Fixed-Income); Nuveen Inflation Linked Bond Fund (Inflation-Protected Assets); and Nuveen Real Property Fund LP (Direct Real Estate). Nuveen Real Property Fund LP is a private fund, which is not available for investment by the general public; it is currently offered exclusively to investment pools or investment products managed by Advisors or its affiliates.
As a result of its investments in the Underlying Funds, the Fund’s returns will reflect investments in a mix of domestic and foreign equities of companies of various sizes and market capitalizations, a variety of domestic and foreign
130 Prospectus ■ Nuveen Lifecycle Funds
fixed-income instruments of private and governmental issuers of varying maturities and credit qualities and direct real estate.
Additional or replacement Underlying Funds for each market sector, as well as additional or replacement market sectors, may be included when making future allocations if Advisors believes that such Underlying Funds and/or market sectors are appropriate in light of the Fund’s desired levels of risk and potential return at the particular time. The Fund’s portfolio management team may also add a new market sector if it believes that will help to achieve the Fund’s investment objective. The relative allocations among Underlying Funds within a market sector may be changed at any time without notice to shareholders, and the portfolio management team may use tactical allocation to take advantage of short to intermediate term opportunities through a combination of positions in Underlying Funds. If 10% or more of the Fund’s assets are expected to be invested in any Underlying Fund or market sector not listed above, shareholders will receive prior notice of such change.
As part of the Fund’s ability to invest in other investment pools or investment products noted above, the Fund may invest in ETFs and exchange-traded notes (“ETNs”) to gain exposure to various market sectors or securities in order to effect its asset allocation strategy. Additionally, the Fund may use ETFs or ETNs for cash management, hedging or defensive purposes. ETFs or ETNs will be subject to the risks associated with the types of securities or sectors that they track, while ETNs, which are structured as fixed-income obligations, will also be subject to the general risks of fixed-income securities, including credit risk.
The Fund’s asset class allocations, market sector allocations within each asset class, and Underlying Fund allocations within each market sector, as of June 30, 2024, are listed in the chart below. These allocations will change over time. Underlying Fund allocations in particular may change from year to year.
Asset Class | Allocation |
| Market Sector | Allocation |
| Underlying Funds | Allocation |
Equity | 86.31% |
| U.S. Equity | 56.41% |
| Nuveen Growth Opportunities ETF | 9.98% |
Nuveen Large Cap Growth | 9.91% | ||||||
Nuveen Dividend Growth | 8.30% | ||||||
Nuveen Core Equity | 8.28% | ||||||
Nuveen Large Cap Value | 8.02% | ||||||
Nuveen Dividend Value | 8.01% | ||||||
Nuveen Quant Small/Mid Cap Equity | 2.13% | ||||||
Nuveen Quant Small Cap Equity | 1.78% | ||||||
International Equity | 29.90% | Nuveen International Equity | 12.84% | ||||
Nuveen International Opportunities | 7.67% | ||||||
Nuveen Emerging Markets Equity | 5.19% | ||||||
Nuveen Quant International Small Cap Equity | 4.20% |
Nuveen Lifecycle Funds ■ Prospectus 131
Asset Class | Allocation |
| Market Sector | Allocation |
| Underlying Funds | Allocation |
Fixed-Income | 9.50% |
| Fixed-Income | 9.50% |
| Nuveen Core Bond | 5.00% |
Nuveen Core Plus Bond | 3.08% | ||||||
Nuveen International Bond | 0.50% | ||||||
Nuveen High Yield | 0.47% | ||||||
Nuveen Emerging Markets Debt | 0.45% | ||||||
Real Estate | 4.19% |
| Direct Real Estate | 4.19% |
| Nuveen Real Property Fund LP | 4.19% |
Total | 100.00% | 100.00% | 100.00% |
The following chart shows how the investment glidepath for the Fund is expected to gradually move the Fund’s target allocations over time between the different target market sector allocations. The actual market sector allocations of the Fund may differ from this chart. The Fund seeks to achieve its final target market sector allocations approximately 30 years following the target date.
The Fund is designed to accommodate investors who invest in a fund up to their target retirement date, and plan to make gradual systematic withdrawals in retirement. In addition, investors should note that the Fund will continue to have a significant level of equity exposure up to, through and after its target retirement date, and this exposure could cause significant fluctuations in the value of the Fund depending on the performance of the equity markets generally.
After the Fund reaches its final target allocation, the Board of Trustees may authorize the merger of the Fund into another Lifecycle Fund which has also reached its final target allocation or other similar fund designed to maintain a relatively stable asset allocation reflecting the resting point on the glidepath described in the chart above. Fund shareholders will receive prior notice of any such merger.
· Asset Allocation Risk—The risk that the Fund may not achieve its target allocations. In addition, there is the risk that the asset allocations may not
132 Prospectus ■ Nuveen Lifecycle Funds
achieve the desired risk-return characteristic or that the selection of Underlying Funds and the allocations among them will result in the Fund underperforming other similar funds or cause an investor to lose money.
· Underlying Funds Risks—The Fund is exposed to the risks of the Underlying Funds in which it invests in direct proportion to the amount of assets the Fund allocates to each Underlying Fund.
· Equity Underlying Funds Risks—The risks of investing in equity Underlying Funds include risks specific to their investment strategies, as well as risks related to the equity markets in general, such as:
· market risk—The risk that market prices of portfolio investments held by a Fund may fall rapidly or unpredictably due to a variety of factors, including changing economic, political or market conditions. Market risk may affect a single issuer, industry or sector of the economy, or it may affect the market as a whole. Such conditions may add significantly to the risk of volatility in the net asset value (“NAV”) of the Fund’s shares and adversely affect the Fund and its investments. From time to time, a Fund may invest a significant portion of its assets in companies in one or more related sectors or industries, which would make the Fund more vulnerable to adverse developments affecting such sectors or industries;
· issuer risk—The risk that an issuer’s earnings prospects, credit rating and overall financial position will deteriorate, causing a decline in the value of the issuer’s financial instruments over short or extended periods of time;
· foreign investment risk—Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, currency, market or economic developments as well as armed conflicts and can result in greater price volatility and perform differently from financial instruments of U.S. issuers. This risk may be heightened in emerging or developing markets. Foreign investments may also have lower liquidity and be more difficult to value than investments in U.S. issuers. To the extent a Fund invests a significant portion of its assets in the securities of companies in a single country or region, it may be more susceptible to adverse economic, market, political or regulatory events or conditions affecting that country or region. Foreign investments may also be subject to risk of loss because of more or less foreign government regulation, less public information, less stringent investor protections and less stringent accounting, corporate governance, financial reporting and disclosure standards. Changes in the value of foreign currencies may make the return on an investment increase or decrease, unrelated to the quality or performance of the investment itself. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs) and other restrictions by the United
Nuveen Lifecycle Funds ■ Prospectus 133
States or other governments may also negatively impact a Fund’s investments. Economic sanctions and other similar governmental actions or developments could, among other things, effectively restrict or eliminate a Fund’s ability to purchase or sell certain foreign securities or groups of foreign securities, and/or thus may make a Fund’s investments in such securities less liquid (or illiquid) or more difficult to value. The type and severity of sanctions and other measures that may be imposed could vary broadly in scope, and their impact is impossible to predict;
· small- and mid-cap risk—The risk that the stocks of small-capitalization companies often experience greater price volatility than large- or mid-sized companies because small-cap companies are often newer or less established than larger companies and are likely to have more limited resources, products and markets. Securities of small-cap companies often have lower overall liquidity than securities of larger companies as a result of there being a smaller market for their securities, which can have an adverse effect on the pricing of these securities and on the ability to sell these securities when a Fund’s investment adviser or sub-adviser deems it appropriate. Stocks of mid-capitalization companies often experience greater price volatility, lower trading volume and lower overall liquidity than the stocks of larger, more established companies;
· style risk—The risk that use of a particular investing style (such as growth or value investing) may fall out of favor in the marketplace for various periods of time and result in underperformance relative to the broader market sector or significant declines in the value of a Fund’s portfolio investments; and
· dividend-paying security risk—The risk that investments in dividend-paying securities could cause a Fund to underperform similar funds that invest without consideration of an issuer’s track record of paying dividends.
· Fixed-Income Underlying Funds Risks—The risks of investing in fixed-income Underlying Funds include risks specific to their investment strategies, as well as risks related to the fixed-income markets in general, such as:
· interest rate risk—The risk that changes in interest rates can adversely affect the value or liquidity of, and income generated by, fixed-income investments. This risk is heightened to the extent a Fund invests in longer duration fixed-income investments and during periods when prevailing interest rates are changing. There is a risk that interest rates across the financial system may change, possibly significantly and/or rapidly. In general, changing interest rates, including rates that fall below zero, or a lack of market participants may lead to decreased liquidity and increased volatility in the
134 Prospectus ■ Nuveen Lifecycle Funds
fixed-income or debt markets, making it more difficult for the Fund to sell fixed-income investments. When interest rates change, the values of longer duration fixed-income securities usually change more than the values of shorter duration fixed-income securities. Conversely, fixed-income securities with shorter durations or maturities will be less volatile but may provide lower returns than fixed-income securities with longer durations or maturities. Other factors that may affect the value of debt securities include, but are not limited to, economic, political, public health, and other crises and responses by governments and companies to such crises;
· prepayment risk—The risk that, during periods of falling interest rates, borrowers may pay off their mortgage loans sooner than expected, forcing a Fund to reinvest the unanticipated proceeds at lower interest rates and resulting in a decline in income;
· extension risk—The risk that, during periods of rising interest rates, borrowers may pay off their mortgage loans later than expected, preventing a Fund from reinvesting principal proceeds at higher interest rates and resulting in less income than potentially available;
· issuer risk—The risk that an issuer’s earnings prospects, credit rating and overall financial position will deteriorate, causing a decline in the value of the issuer’s financial instruments over short or extended periods of time;
· credit risk—The risk that the issuer of fixed-income investments may not be able or willing, or may be perceived (whether by market participants, rating agencies, pricing services or otherwise) as not able or willing, to meet interest or principal payments when the payments become due;
· credit spread risk—The risk that credit spreads (i.e., the difference in yield between securities that is due to differences in each security’s respective credit quality) may increase when market participants believe that bonds generally have a greater risk of default, which could result in a decline in the market values of a Fund’s debt securities;
· income volatility risk—The risk that the level of current income from a portfolio of fixed-income investments may decline in certain interest rate environments;
· market volatility, liquidity and valuation risk (types of market risk)—The risk that volatile or dramatic reductions in trading activity make it difficult for a Fund to properly value its investments and that a Fund may not be able to purchase or sell an investment at an attractive price, if at all;
· fixed-income foreign investment risk—Investment in fixed-income securities or financial instruments of foreign issuers involves increased risks due to adverse issuer, political, regulatory, currency,
Nuveen Lifecycle Funds ■ Prospectus 135
market or economic developments as well as armed conflicts. These developments may impact the ability of a foreign debt issuer to make timely and ultimate payments on its debt obligations to a Fund or impair a Fund’s ability to enforce its rights against the foreign debt issuer. These risks are heightened in emerging or developing markets. Foreign investments may also have lower overall liquidity and be more difficult to value than investments in U.S. issuers. To the extent a Fund invests a significant portion of its assets in the securities of companies in a single country or region, it may be more susceptible to adverse economic, market, political or regulatory events or conditions affecting that country or region. Foreign investments may also be subject to risk of loss because of more or less foreign government regulation, less public information, less stringent investor protections and less stringent accounting, corporate governance, financial reporting and disclosure standards. Changes in the value of foreign currencies may make the return on an investment increase or decrease, unrelated to the quality or performance of the investment itself. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs) and other restrictions by the United States and other governments may also negatively impact a Fund’s investments. Economic sanctions and other similar governmental actions or developments could, among other things, effectively restrict or eliminate a Fund’s ability to purchase or sell certain foreign securities or groups of foreign securities, and/or thus may make a Fund’s investments in such securities less liquid (or illiquid) or more difficult to value. The type and severity of sanctions and other measures that may be imposed could vary broadly in scope, and their impact is impossible to predict; and
· call risk—The risk that, during periods of falling interest rates, an issuer may call (or repay) a fixed-income security prior to maturity, resulting in a decline in a Fund’s income.
· Underlying ETF Risk—In addition to the same principal risks as an investment in a mutual fund with the same investment objectives, strategies and policies as the ETF, investments in an Underlying Fund that is an ETF are subject to additional risks, including: (i) the market price of the ETF’s shares may trade at a premium or a discount to their NAV; (ii) an active trading market for an ETF’s shares may not develop or be maintained; and (iii) there is no assurance that the requirements of the exchange necessary to maintain the listing of an ETF will continue to be met or remain unchanged.
· Direct Real Estate Underlying Funds Risks—The risks of investing in direct real estate Underlying Funds include risks specific to their
136 Prospectus ■ Nuveen Lifecycle Funds
investment strategies, as well as risks related to investing in real estate in general, such as:
· real estate-related investment risk—The risks associated with exposure to direct real estate through investing in investment vehicles managed by Advisors that will primarily invest directly in real estate, which can include declines in real estate values or revenues, uninsured losses at properties, the absence of regulatory oversight of and a secondary market for interests in direct real estate Underlying Funds, a scarcity of interests issued by direct real estate Underlying Funds, making it difficult for the Fund to achieve its target allocation, and illiquidity of interests in direct real estate Underlying Funds (which exposes the Fund to illiquid investments risk).
· Emerging Markets Underlying Funds Risk—The risk of foreign investment often increases in countries with emerging markets or otherwise economically tied to emerging market countries. For example, these countries may have more unstable governments than developed countries, and their economies may be based on only a few industries. Emerging market countries may also have less stringent regulation of accounting, auditing, financial reporting and recordkeeping requirements, which would affect a Fund’s ability to evaluate potential portfolio companies. As a result, there could be less information available about issuers in emerging market countries, which could negatively affect Advisors’ ability to evaluate local companies or their potential impact on a Fund’s performance. Because the financial markets of emerging market countries may be very small, share prices of financial instruments in emerging market countries may be volatile and difficult to determine. Financial instruments of issuers in these countries may have lower overall liquidity than those of issuers in more developed countries. In addition, foreign investors such as a Fund are subject to a variety of special restrictions in many emerging market countries. Moreover, legal remedies for investors in emerging markets may be more limited, and U.S. authorities may have less ability to bring actions against bad actors in emerging market countries.
· Illiquid Investments Underlying Funds Risk—The risk that illiquid investments may be difficult to sell for the value at which they are carried, if at all, or at any price within the desired time frame.
· Currency Underlying Funds Risk—The risk that foreign (non-U.S.) currencies may decline in value relative to the U.S. dollar and adversely affect the value of a Fund’s investments in foreign currencies, securities denominated in foreign currencies or derivative instruments that provide exposure to foreign currencies.
· Active Management Risk—The risk that the strategy, investment selection or trading execution of Advisors or another investment adviser or sub-adviser of an Underlying Fund could cause the Fund or an Underlying Fund to
Nuveen Lifecycle Funds ■ Prospectus 137
underperform its benchmark index or mutual funds with similar investment objectives and may not produce expected returns.
· Fund of Funds Risk—The ability of the Fund to achieve its investment objective will depend in part upon the ability of the Underlying Funds to achieve their investment objectives. There can be no guarantee that any Underlying Fund will achieve its investment objective.
There can be no assurances that the Fund will achieve its investment objective. You should not consider the Fund to be a complete investment program. Please see the non-summary portion of the Prospectus for more detailed information about the risks described above, including the risks of the Underlying Funds.
The
returns shown below reflect previous agreements by Advisors to waive or reimburse the Fund and certain
Underlying Funds for certain fees and expenses. Without these waivers and reimbursements, the returns
of the Fund would have been lower.
For current performance information of each share class, including performance
to the most recent month-end, please visit
138 Prospectus ■ Nuveen Lifecycle Funds
ANNUAL TOTAL RETURNS FOR RETIREMENT CLASS SHARES (%)†
Nuveen Lifecycle 2045 Fund
†
For the Periods Ended December 31, 2023
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Nuveen Lifecycle Funds ■ Prospectus 139
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# | The performance shown for Class I that is prior to its inception date is based on performance of the Fund’s Retirement Class. The performance for these periods has not been restated to reflect the lower expenses of Class I. | |||||||||||
‡ | As of the close of business on December 31, 2023, the Lifecycle 2045 Fund Composite Index consisted of: 56.7% Russell 3000® Index; 30.5% MSCI All Country World Index ex USA Investable Market Index; and 12.8% Bloomberg U.S. Aggregate Bond Index. The Fund’s composite benchmark, the components that make up a composite benchmark and the method of calculating a composite benchmark’s performance may vary over time. | |||||||||||
Investment Adviser. Teachers Advisors, LLC.
Portfolio Managers.
Name: | John Cunniff, CFA | Steve Sedmak, CFA | |
Title: | Managing Director | Managing Director | |
Experience on Fund: | since 2007 | since 2018 |
Purchase and sale of Fund shares
You may purchase, redeem or exchange shares of the Fund on any day that the New York Stock Exchange (“NYSE”) or its affiliated exchanges, NYSE Arca Equities or NYSE American, are open for trading (each such day a “Business Day”) directly from the Fund (for certain share classes) or through a financial advisor, employee benefit plan or other financial intermediary. The Fund’s initial and subsequent investment minimums generally are as follows, although certain financial intermediaries may impose their own investment minimums and the Fund may reduce or waive the minimums in some cases:
140 Prospectus ■ Nuveen Lifecycle Funds
Eligibility and Minimum Initial Investment | Minimum Additional Investment | |
Class I | Available only through fee-based programs and certain retirement plans, and to other limited categories of investors as described in the Prospectus. $100,000 for all accounts except: · $250 for clients of financial intermediaries and family offices that have accounts holding Class I shares with an aggregate value of at least $100,000 (or that are expected to reach this level). · No minimum for eligible retirement plans and certain other categories of eligible investors as described in the Prospectus. | No minimum. |
Premier Class, Retirement Class | Available only through certain employee benefit plans, other types of savings plans or accounts and certain financial intermediaries as described in the Prospectus. No minimum. | No minimum. |
Class R6 | Available only to certain eligible investors as described in the Prospectus and through fee-based programs. $1 million for all accounts except: · $1,000 for clients of financial intermediaries who charge such clients an ongoing fee for advisory, investment, consulting or related services. | No minimum. |
The Fund intends to make distributions to shareholders that may be taxed as ordinary income or capital gains. Distributions made to tax-exempt shareholders or shareholders who hold Fund shares in a tax-deferred account are generally not subject to income tax in the current year, but redemptions made from tax-deferred accounts may be subject to income tax.
Payments to broker-dealers and other financial intermediary compensation
If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and/or its related companies may pay the financial intermediary for providing investor services. The Fund’s related companies may also pay the financial intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other financial intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary’s website for more information.
Nuveen Lifecycle Funds ■ Prospectus 141
Summary information |
(formerly TIAA-CREF Lifecycle 2050 Fund)
The Fund seeks high total return over time through a combination of capital appreciation and income.
The following tables describe the fees and expenses that you may pay if you buy, hold and sell shares of the Fund.
The tables and examples below do not reflect any commissions that shareholders may be required to pay directly to their financial intermediaries when buying or selling Class I shares.
| | | Retirement Class | |||||
Maximum
sales charge (load) imposed on purchases | ||||||||
Maximum deferred sales charge (load) | ||||||||
Maximum
sales charge (load) imposed on reinvested | ||||||||
Redemption or exchange fee | ||||||||
Maximum account fee |
142 Prospectus ■ Nuveen Lifecycle Funds
ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)
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1 | Restated to reflect estimate for the current fiscal year. | ||||||||
2 | Portions of the Management fees and Other expenses are based on expenses originally incurred by Class W shares of the Underlying Funds (as defined below) of the Trust, which have been incurred directly by the Fund pursuant to certain contractual arrangements intended to reallocate directly to the Fund certain fees and expenses that had been paid by the Underlying Funds of the Trust. For additional information, please see the “Management of the Funds” section of this Prospectus. | ||||||||
3 | “Acquired fund fees and expenses” are the Fund’s proportionate amount of the expenses of any investment companies or pools in which it invests (excluding expenses originally incurred by Class W shares of the Underlying Funds of the Trust that have been incurred directly by the Fund, which are instead reflected in Management fees and Other expenses). These expenses are not paid directly by Fund shareholders. Instead, Fund shareholders bear these expenses indirectly because they reduce Fund performance. Because “Acquired fund fees and expenses” are included in the chart above, the Fund’s operating expenses here will not correlate with the expenses included in the Financial highlights in this Prospectus and the Fund’s annual report. | ||||||||
4 | Under the Fund’s expense reimbursement arrangements, the Fund’s investment adviser, Teachers Advisors, LLC (“Advisors”), has contractually agreed to reimburse the Fund for any Total annual Fund operating expenses (excluding interest, taxes, brokerage commissions or other transactional expenses, Acquired fund fees and expenses, extraordinary expenses and any expenses originally attributable to Class W shares of the Underlying Funds of the Trust that were incurred directly by the Fund) that exceed: (i) 0.15% of average daily net assets for Class I shares; (ii) 0.15% of average daily net assets for Premier Class shares; (iii) 0.00% of average daily net assets for Class R6 shares; and (iv) 0.25% of average daily net assets for Retirement Class shares of the Fund. These expense reimbursement arrangements will continue through at least September 30, 2025, unless changed with approval of the Board of Trustees. | ||||||||
Nuveen Lifecycle Funds ■ Prospectus 143
5 | Advisors has contractually agreed to waive 0.100% of the Fund’s Management fee. This waiver will remain in effect through at least September 30, 2027, unless changed with the approval of the Board of Trustees. Advisors has also contractually agreed to waive an additional 0.094% of the Fund’s Management fee. This waiver will remain in effect through at least September 30, 2025, unless changed with the approval of the Board of Trustees. |
This example is intended to help you compare the cost of investing in shares of the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses, before fee waivers and/or expense reimbursements, remain the same. The example assumes that the Fund’s fee waiver and/or expense reimbursement arrangements will each remain in place for the durations noted in the table above. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
| Class I |
| Premier
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| Class R6 |
| Retirement |
| ||||
1 year | $ | |
| $ |
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| $ | |
| $ | |
|
3 years | $ | |
| $ |
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| $ | |
| $ | |
|
5 years | $ | |
| $ |
|
| $ | |
| $ | |
|
10 years | $ | |
| $ | |
| $ | |
| $ | |
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The
Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns
over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and
may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not
reflected in annual fund operating expenses or in the example, affect the Fund’s performance.
During the fiscal year ended May 31, 2024, the Fund’s portfolio turnover rate was
The Fund is a “fund of funds” that invests in Class W or Class R6 shares of other Nuveen mutual funds and in other investment pools or investment products, including other funds or exchange-traded funds (“ETFs”) advised by the Fund’s investment adviser, Teachers Advisors, LLC (“Advisors”), or its affiliates (collectively, the “Underlying Funds”). In general, the Fund is designed for investors who have an approximate target retirement year in mind, and the Fund’s investments are adjusted from more aggressive to more conservative over time as the Fund’s target retirement year approaches and for approximately 30 years afterwards. The Fund invests in Underlying Funds according to an asset allocation strategy designed for investors retiring in, or planning to retire within a
144 Prospectus ■ Nuveen Lifecycle Funds
few years of, 2050 and who may begin taking systematic withdrawals upon retirement.
Advisors currently expects to allocate approximately 90.00% of the Fund’s assets to equity Underlying Funds, 5.00% of its assets to fixed-income Underlying Funds and 5.00% of its assets to direct real estate Underlying Funds. These allocations represent targets for equity, fixed-income and direct real estate asset classes. Target allocations will change over time and actual allocations may vary up to ten percentage points from the targets. The target allocations along the investment glidepath, illustrated in the chart below, gradually become more conservative, moving to target allocations of approximately 45.00% equity/50.00% fixed-income/5.00% direct real estate in the Fund’s target retirement year of 2050 and reaching the Fund’s final target allocation of approximately 20.00% equity/80.00% fixed-income/0.00% direct real estate in 2080. Within the equity, fixed-income and direct real estate asset classes, Advisors allocates the Fund’s investments to particular market sectors (U.S. equity, international equity, fixed-income, short-term fixed-income, inflation-protected assets and direct real estate) represented by various Underlying Funds. These market sector allocations may vary by up to 10% from the Fund’s target market sector allocations. The Fund’s current target market sector allocations for June 30, 2025, which will change over time, are approximately as follows: U.S. Equity: 58.50%; International Equity: 31.50%; Fixed-Income: 5.00%; Short-Term Fixed-Income: 0.00%; Inflation-Protected Assets: 0.00%; and Direct Real Estate: 5.00%. The asset class and market sector names used herein are intended to reflect the primary type of investment of the Underlying Funds within each of these categories.
The Fund’s target market sector allocations to Underlying Funds may include the Nuveen Core Equity Fund, Nuveen Large Cap Growth Fund, Nuveen Large Cap Value Fund, Nuveen Quant Small Cap Equity Fund, Nuveen Quant Small/Mid Cap Equity Fund, Nuveen Dividend Growth Fund, Nuveen Dividend Value Fund and Nuveen Growth Opportunities ETF (U.S. Equity); Nuveen Emerging Markets Equity Fund, Nuveen International Equity Fund, Nuveen International Opportunities Fund and Nuveen Quant International Small Cap Equity Fund (International Equity); Nuveen Core Bond Fund, Nuveen Core Plus Bond Fund, Nuveen Emerging Markets Debt Fund, Nuveen High Yield Fund and Nuveen International Bond Fund (Fixed-Income); Nuveen Money Market Fund and Nuveen Short Term Bond Fund (Short-Term Fixed-Income); Nuveen Inflation Linked Bond Fund (Inflation-Protected Assets); and Nuveen Real Property Fund LP (Direct Real Estate). Nuveen Real Property Fund LP is a private fund, which is not available for investment by the general public; it is currently offered exclusively to investment pools or investment products managed by Advisors or its affiliates.
As a result of its investments in the Underlying Funds, the Fund’s returns will reflect investments in a mix of domestic and foreign equities of companies of various sizes and market capitalizations, a variety of domestic and foreign
Nuveen Lifecycle Funds ■ Prospectus 145
fixed-income instruments of private and governmental issuers of varying maturities and credit qualities and direct real estate.
Additional or replacement Underlying Funds for each market sector, as well as additional or replacement market sectors, may be included when making future allocations if Advisors believes that such Underlying Funds and/or market sectors are appropriate in light of the Fund’s desired levels of risk and potential return at the particular time. The Fund’s portfolio management team may also add a new market sector if it believes that will help to achieve the Fund’s investment objective. The relative allocations among Underlying Funds within a market sector may be changed at any time without notice to shareholders, and the portfolio management team may use tactical allocation to take advantage of short to intermediate term opportunities through a combination of positions in Underlying Funds. If 10% or more of the Fund’s assets are expected to be invested in any Underlying Fund or market sector not listed above, shareholders will receive prior notice of such change.
As part of the Fund’s ability to invest in other investment pools or investment products noted above, the Fund may invest in ETFs and exchange-traded notes (“ETNs”) to gain exposure to various market sectors or securities in order to effect its asset allocation strategy. Additionally, the Fund may use ETFs or ETNs for cash management, hedging or defensive purposes. ETFs or ETNs will be subject to the risks associated with the types of securities or sectors that they track, while ETNs, which are structured as fixed-income obligations, will also be subject to the general risks of fixed-income securities, including credit risk.
The Fund’s asset class allocations, market sector allocations within each asset class, and Underlying Fund allocations within each market sector, as of June 30, 2024, are listed in the chart below. These allocations will change over time. Underlying Fund allocations in particular may change from year to year.
Asset Class | Allocation |
| Market Sector | Allocation |
| Underlying Funds | Allocation |
Equity | 90.41% |
| U.S. Equity | 59.08% |
| Nuveen Growth Opportunities ETF | 10.47% |
Nuveen Large Cap Growth | 10.37% | ||||||
Nuveen Dividend Growth | 8.68% | ||||||
Nuveen Core Equity | 8.67% | ||||||
Nuveen Large Cap Value | 8.40% | ||||||
Nuveen Dividend Value | 8.40% | ||||||
Nuveen Quant Small/Mid Cap Equity | 2.23% | ||||||
Nuveen Quant Small Cap Equity | 1.86% | ||||||
International Equity | 31.33% | Nuveen International Equity | 13.45% | ||||
Nuveen International Opportunities | 8.03% | ||||||
Nuveen Emerging Markets Equity | 5.45% | ||||||
Nuveen Quant International Small Cap Equity | 4.40% |
146 Prospectus ■ Nuveen Lifecycle Funds
Asset Class | Allocation |
| Market Sector | Allocation |
| Underlying Funds | Allocation |
Fixed-Income | 5.40% |
| Fixed-Income | 5.40% |
| Nuveen Core Bond | 2.85% |
Nuveen Core Plus Bond | 1.75% | ||||||
Nuveen International Bond | 0.28% | ||||||
Nuveen High Yield | 0.27% | ||||||
Nuveen Emerging Markets Debt | 0.25% | ||||||
Real Estate | 4.19% |
| Direct Real Estate | 4.19% |
| Nuveen Real Property Fund LP | 4.19% |
Total | 100.00% | 100.00% | 100.00% |
The following chart shows how the investment glidepath for the Fund is expected to gradually move the Fund’s target allocations over time between the different target market sector allocations. The actual market sector allocations of the Fund may differ from this chart. The Fund seeks to achieve its final target market sector allocations approximately 30 years following the target date.
The Fund is designed to accommodate investors who invest in a fund up to their target retirement date, and plan to make gradual systematic withdrawals in retirement. In addition, investors should note that the Fund will continue to have a significant level of equity exposure up to, through and after its target retirement date, and this exposure could cause significant fluctuations in the value of the Fund depending on the performance of the equity markets generally.
After the Fund reaches its final target allocation, the Board of Trustees may authorize the merger of the Fund into another Lifecycle Fund which has also reached its final target allocation or other similar fund designed to maintain a relatively stable asset allocation reflecting the resting point on the glidepath described in the chart above. Fund shareholders will receive prior notice of any such merger.
· Asset Allocation Risk—The risk that the Fund may not achieve its target allocations. In addition, there is the risk that the asset allocations may not
Nuveen Lifecycle Funds ■ Prospectus 147
achieve the desired risk-return characteristic or that the selection of Underlying Funds and the allocations among them will result in the Fund underperforming other similar funds or cause an investor to lose money.
· Underlying Funds Risks—The Fund is exposed to the risks of the Underlying Funds in which it invests in direct proportion to the amount of assets the Fund allocates to each Underlying Fund.
· Equity Underlying Funds Risks—The risks of investing in equity Underlying Funds include risks specific to their investment strategies, as well as risks related to the equity markets in general, such as:
· market risk—The risk that market prices of portfolio investments held by a Fund may fall rapidly or unpredictably due to a variety of factors, including changing economic, political or market conditions. Market risk may affect a single issuer, industry or sector of the economy, or it may affect the market as a whole. Such conditions may add significantly to the risk of volatility in the net asset value (“NAV”) of the Fund’s shares and adversely affect the Fund and its investments. From time to time, a Fund may invest a significant portion of its assets in companies in one or more related sectors or industries, which would make the Fund more vulnerable to adverse developments affecting such sectors or industries;
· issuer risk—The risk that an issuer’s earnings prospects, credit rating and overall financial position will deteriorate, causing a decline in the value of the issuer’s financial instruments over short or extended periods of time;
· foreign investment risk—Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, currency, market or economic developments as well as armed conflicts and can result in greater price volatility and perform differently from financial instruments of U.S. issuers. This risk may be heightened in emerging or developing markets. Foreign investments may also have lower liquidity and be more difficult to value than investments in U.S. issuers. To the extent a Fund invests a significant portion of its assets in the securities of companies in a single country or region, it may be more susceptible to adverse economic, market, political or regulatory events or conditions affecting that country or region. Foreign investments may also be subject to risk of loss because of more or less foreign government regulation, less public information, less stringent investor protections and less stringent accounting, corporate governance, financial reporting and disclosure standards. Changes in the value of foreign currencies may make the return on an investment increase or decrease, unrelated to the quality or performance of the investment itself. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs) and other restrictions by the United
148 Prospectus ■ Nuveen Lifecycle Funds
States or other governments may also negatively impact a Fund’s investments. Economic sanctions and other similar governmental actions or developments could, among other things, effectively restrict or eliminate a Fund’s ability to purchase or sell certain foreign securities or groups of foreign securities, and/or thus may make a Fund’s investments in such securities less liquid (or illiquid) or more difficult to value. The type and severity of sanctions and other measures that may be imposed could vary broadly in scope, and their impact is impossible to predict;
· small- and mid-cap risk—The risk that the stocks of small-capitalization companies often experience greater price volatility than large- or mid-sized companies because small-cap companies are often newer or less established than larger companies and are likely to have more limited resources, products and markets. Securities of small-cap companies often have lower overall liquidity than securities of larger companies as a result of there being a smaller market for their securities, which can have an adverse effect on the pricing of these securities and on the ability to sell these securities when a Fund’s investment adviser or sub-adviser deems it appropriate. Stocks of mid-capitalization companies often experience greater price volatility, lower trading volume and lower overall liquidity than the stocks of larger, more established companies;
· style risk—The risk that use of a particular investing style (such as growth or value investing) may fall out of favor in the marketplace for various periods of time and result in underperformance relative to the broader market sector or significant declines in the value of a Fund’s portfolio investments; and
· dividend-paying security risk—The risk that investments in dividend-paying securities could cause a Fund to underperform similar funds that invest without consideration of an issuer’s track record of paying dividends.
· Fixed-Income Underlying Funds Risks—The risks of investing in fixed-income Underlying Funds include risks specific to their investment strategies, as well as risks related to the fixed-income markets in general, such as:
· interest rate risk—The risk that changes in interest rates can adversely affect the value or liquidity of, and income generated by, fixed-income investments. This risk is heightened to the extent a Fund invests in longer duration fixed-income investments and during periods when prevailing interest rates are changing. There is a risk that interest rates across the financial system may change, possibly significantly and/or rapidly. In general, changing interest rates, including rates that fall below zero, or a lack of market participants may lead to decreased liquidity and increased volatility in the
Nuveen Lifecycle Funds ■ Prospectus 149
fixed-income or debt markets, making it more difficult for the Fund to sell fixed-income investments. When interest rates change, the values of longer duration fixed-income securities usually change more than the values of shorter duration fixed-income securities. Conversely, fixed-income securities with shorter durations or maturities will be less volatile but may provide lower returns than fixed-income securities with longer durations or maturities. Other factors that may affect the value of debt securities include, but are not limited to, economic, political, public health, and other crises and responses by governments and companies to such crises;
· prepayment risk—The risk that, during periods of falling interest rates, borrowers may pay off their mortgage loans sooner than expected, forcing a Fund to reinvest the unanticipated proceeds at lower interest rates and resulting in a decline in income;
· extension risk—The risk that, during periods of rising interest rates, borrowers may pay off their mortgage loans later than expected, preventing a Fund from reinvesting principal proceeds at higher interest rates and resulting in less income than potentially available;
· issuer risk—The risk that an issuer’s earnings prospects, credit rating and overall financial position will deteriorate, causing a decline in the value of the issuer’s financial instruments over short or extended periods of time;
· credit risk—The risk that the issuer of fixed-income investments may not be able or willing, or may be perceived (whether by market participants, rating agencies, pricing services or otherwise) as not able or willing, to meet interest or principal payments when the payments become due;
· credit spread risk—The risk that credit spreads (i.e., the difference in yield between securities that is due to differences in each security’s respective credit quality) may increase when market participants believe that bonds generally have a greater risk of default, which could result in a decline in the market values of a Fund’s debt securities;
· income volatility risk—The risk that the level of current income from a portfolio of fixed-income investments may decline in certain interest rate environments;
· market volatility, liquidity and valuation risk (types of market risk)—The risk that volatile or dramatic reductions in trading activity make it difficult for a Fund to properly value its investments and that a Fund may not be able to purchase or sell an investment at an attractive price, if at all;
· fixed-income foreign investment risk—Investment in fixed-income securities or financial instruments of foreign issuers involves increased risks due to adverse issuer, political, regulatory, currency,
150 Prospectus ■ Nuveen Lifecycle Funds
market or economic developments as well as armed conflicts. These developments may impact the ability of a foreign debt issuer to make timely and ultimate payments on its debt obligations to a Fund or impair a Fund’s ability to enforce its rights against the foreign debt issuer. These risks are heightened in emerging or developing markets. Foreign investments may also have lower overall liquidity and be more difficult to value than investments in U.S. issuers. To the extent a Fund invests a significant portion of its assets in the securities of companies in a single country or region, it may be more susceptible to adverse economic, market, political or regulatory events or conditions affecting that country or region. Foreign investments may also be subject to risk of loss because of more or less foreign government regulation, less public information, less stringent investor protections and less stringent accounting, corporate governance, financial reporting and disclosure standards. Changes in the value of foreign currencies may make the return on an investment increase or decrease, unrelated to the quality or performance of the investment itself. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs) and other restrictions by the United States and other governments may also negatively impact a Fund’s investments. Economic sanctions and other similar governmental actions or developments could, among other things, effectively restrict or eliminate a Fund’s ability to purchase or sell certain foreign securities or groups of foreign securities, and/or thus may make a Fund’s investments in such securities less liquid (or illiquid) or more difficult to value. The type and severity of sanctions and other measures that may be imposed could vary broadly in scope, and their impact is impossible to predict; and
· call risk—The risk that, during periods of falling interest rates, an issuer may call (or repay) a fixed-income security prior to maturity, resulting in a decline in a Fund’s income.
· Underlying ETF Risk—In addition to the same principal risks as an investment in a mutual fund with the same investment objectives, strategies and policies as the ETF, investments in an Underlying Fund that is an ETF are subject to additional risks, including: (i) the market price of the ETF’s shares may trade at a premium or a discount to their NAV; (ii) an active trading market for an ETF’s shares may not develop or be maintained; and (iii) there is no assurance that the requirements of the exchange necessary to maintain the listing of an ETF will continue to be met or remain unchanged.
· Direct Real Estate Underlying Funds Risks—The risks of investing in direct real estate Underlying Funds include risks specific to their
Nuveen Lifecycle Funds ■ Prospectus 151
investment strategies, as well as risks related to investing in real estate in general, such as:
· real estate-related investment risk—The risks associated with exposure to direct real estate through investing in investment vehicles managed by Advisors that will primarily invest directly in real estate, which can include declines in real estate values or revenues, uninsured losses at properties, the absence of regulatory oversight of and a secondary market for interests in direct real estate Underlying Funds, a scarcity of interests issued by direct real estate Underlying Funds, making it difficult for the Fund to achieve its target allocation, and illiquidity of interests in direct real estate Underlying Funds (which exposes the Fund to illiquid investments risk).
· Emerging Markets Underlying Funds Risk—The risk of foreign investment often increases in countries with emerging markets or otherwise economically tied to emerging market countries. For example, these countries may have more unstable governments than developed countries, and their economies may be based on only a few industries. Emerging market countries may also have less stringent regulation of accounting, auditing, financial reporting and recordkeeping requirements, which would affect a Fund’s ability to evaluate potential portfolio companies. As a result, there could be less information available about issuers in emerging market countries, which could negatively affect Advisors’ ability to evaluate local companies or their potential impact on a Fund’s performance. Because the financial markets of emerging market countries may be very small, share prices of financial instruments in emerging market countries may be volatile and difficult to determine. Financial instruments of issuers in these countries may have lower overall liquidity than those of issuers in more developed countries. In addition, foreign investors such as a Fund are subject to a variety of special restrictions in many emerging market countries. Moreover, legal remedies for investors in emerging markets may be more limited, and U.S. authorities may have less ability to bring actions against bad actors in emerging market countries.
· Illiquid Investments Underlying Funds Risk—The risk that illiquid investments may be difficult to sell for the value at which they are carried, if at all, or at any price within the desired time frame.
· Currency Underlying Funds Risk—The risk that foreign (non-U.S.) currencies may decline in value relative to the U.S. dollar and adversely affect the value of a Fund’s investments in foreign currencies, securities denominated in foreign currencies or derivative instruments that provide exposure to foreign currencies.
· Active Management Risk—The risk that the strategy, investment selection or trading execution of Advisors or another investment adviser or sub-adviser of an Underlying Fund could cause the Fund or an Underlying Fund to
152 Prospectus ■ Nuveen Lifecycle Funds
underperform its benchmark index or mutual funds with similar investment objectives and may not produce expected returns.
· Fund of Funds Risk—The ability of the Fund to achieve its investment objective will depend in part upon the ability of the Underlying Funds to achieve their investment objectives. There can be no guarantee that any Underlying Fund will achieve its investment objective.
There can be no assurances that the Fund will achieve its investment objective. You should not consider the Fund to be a complete investment program. Please see the non-summary portion of the Prospectus for more detailed information about the risks described above, including the risks of the Underlying Funds.
The
returns shown below reflect previous agreements by Advisors to waive or reimburse the Fund and certain
Underlying Funds for certain fees and expenses. Without these waivers and reimbursements, the returns
of the Fund would have been lower.
For current performance information of each share class, including performance
to the most recent month-end, please visit
Nuveen Lifecycle Funds ■ Prospectus 153
ANNUAL TOTAL RETURNS FOR RETIREMENT CLASS SHARES (%)†
Nuveen Lifecycle 2050 Fund
†
For the Periods Ended December 31, 2023
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154 Prospectus ■ Nuveen Lifecycle Funds
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# | The performance shown for Class I that is prior to its inception date is based on performance of the Fund’s Retirement Class. The performance for these periods has not been restated to reflect the lower expenses of Class I. | |||||||||||
‡ | As of the close of business on December 31, 2023, the Lifecycle 2050 Fund Composite Index consisted of: 58.8% Russell 3000® Index; 31.6% MSCI All Country World Index ex USA Investable Market Index; and 9.6% Bloomberg U.S. Aggregate Bond Index. The Fund’s composite benchmark, the components that make up a composite benchmark and the method of calculating a composite benchmark’s performance may vary over time. | |||||||||||
Investment Adviser. Teachers Advisors, LLC.
Portfolio Managers.
Name: | John Cunniff, CFA | Steve Sedmak, CFA | |
Title: | Managing Director | Managing Director | |
Experience on Fund: | since 2007 | since 2018 |
Purchase and sale of Fund shares
You may purchase, redeem or exchange shares of the Fund on any day that the New York Stock Exchange (“NYSE”) or its affiliated exchanges, NYSE Arca Equities or NYSE American, are open for trading (each such day a “Business Day”) directly from the Fund (for certain share classes) or through a financial advisor, employee benefit plan or other financial intermediary. The Fund’s initial and subsequent investment minimums generally are as follows, although certain financial intermediaries may impose their own investment minimums and the Fund may reduce or waive the minimums in some cases:
Nuveen Lifecycle Funds ■ Prospectus 155
Eligibility and Minimum Initial Investment | Minimum Additional Investment | |
Class I | Available only through fee-based programs and certain retirement plans, and to other limited categories of investors as described in the Prospectus. $100,000 for all accounts except: · $250 for clients of financial intermediaries and family offices that have accounts holding Class I shares with an aggregate value of at least $100,000 (or that are expected to reach this level). · No minimum for eligible retirement plans and certain other categories of eligible investors as described in the Prospectus. | No minimum. |
Premier Class, Retirement Class | Available only through certain employee benefit plans, other types of savings plans or accounts and certain financial intermediaries as described in the Prospectus. No minimum. | No minimum. |
Class R6 | Available only to certain eligible investors as described in the Prospectus and through fee-based programs. $1 million for all accounts except: · $1,000 for clients of financial intermediaries who charge such clients an ongoing fee for advisory, investment, consulting or related services. | No minimum. |
The Fund intends to make distributions to shareholders that may be taxed as ordinary income or capital gains. Distributions made to tax-exempt shareholders or shareholders who hold Fund shares in a tax-deferred account are generally not subject to income tax in the current year, but redemptions made from tax-deferred accounts may be subject to income tax.
Payments to broker-dealers and other financial intermediary compensation
If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and/or its related companies may pay the financial intermediary for providing investor services. The Fund’s related companies may also pay the financial intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other financial intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary’s website for more information.
156 Prospectus ■ Nuveen Lifecycle Funds
Summary information |
(formerly TIAA-CREF Lifecycle 2055 Fund)
The Fund seeks high total return over time through a combination of capital appreciation and income.
The following tables describe the fees and expenses that you may pay if you buy, hold and sell shares of the Fund.
The tables and examples below do not reflect any commissions that shareholders may be required to pay directly to their financial intermediaries when buying or selling Class I shares.
| | | Retirement Class | |||||
Maximum
sales charge (load) imposed on purchases | ||||||||
Maximum deferred sales charge (load) | ||||||||
Maximum
sales charge (load) imposed on reinvested | ||||||||
Redemption or exchange fee | ||||||||
Maximum account fee |
Nuveen Lifecycle Funds ■ Prospectus 157
ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)
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1 | Restated to reflect estimate for the current fiscal year. | ||||||||
2 | Portions of the Management fees and Other expenses are based on expenses originally incurred by Class W shares of the Underlying Funds (as defined below) of the Trust, which have been incurred directly by the Fund pursuant to certain contractual arrangements intended to reallocate directly to the Fund certain fees and expenses that had been paid by the Underlying Funds of the Trust. For additional information, please see the “Management of the Funds” section of this Prospectus. | ||||||||
3 | “Acquired fund fees and expenses” are the Fund’s proportionate amount of the expenses of any investment companies or pools in which it invests (excluding expenses originally incurred by Class W shares of the Underlying Funds of the Trust that have been incurred directly by the Fund, which are instead reflected in Management fees and Other expenses). These expenses are not paid directly by Fund shareholders. Instead, Fund shareholders bear these expenses indirectly because they reduce Fund performance. Because “Acquired fund fees and expenses” are included in the chart above, the Fund’s operating expenses here will not correlate with the expenses included in the Financial highlights in this Prospectus and the Fund’s annual report. | ||||||||
4 | Under the Fund’s expense reimbursement arrangements, the Fund’s investment adviser, Teachers Advisors, LLC (“Advisors”), has contractually agreed to reimburse the Fund for any Total annual Fund operating expenses (excluding interest, taxes, brokerage commissions or other transactional expenses, Acquired fund fees and expenses, extraordinary expenses and any expenses originally attributable to Class W shares of the Underlying Funds of the Trust that were incurred directly by the Fund) that exceed: (i) 0.15% of average daily net assets for Class I shares; (ii) 0.15% of average daily net assets for Premier Class shares; (iii) 0.00% of average daily net assets for Class R6 shares; and (iv) 0.25% of average daily net assets for Retirement Class shares of the Fund. These expense reimbursement arrangements will continue through at least September 30, 2025, unless changed with approval of the Board of Trustees. | ||||||||
158 Prospectus ■ Nuveen Lifecycle Funds
5 | Advisors has contractually agreed to waive 0.100% of the Fund’s Management fee. This waiver will remain in effect through at least September 30, 2027, unless changed with the approval of the Board of Trustees. Advisors has also contractually agreed to waive an additional 0.094% of the Fund’s Management fee. This waiver will remain in effect through at least September 30, 2025, unless changed with the approval of the Board of Trustees. |
This example is intended to help you compare the cost of investing in shares of the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses, before fee waivers and/or expense reimbursements, remain the same. The example assumes that the Fund’s fee waiver and/or expense reimbursement arrangements will each remain in place for the durations noted in the table above. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
| Class I |
| Premier
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The
Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns
over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and
may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not
reflected in annual fund operating expenses or in the example, affect the Fund’s performance.
During the fiscal year ended May 31, 2024, the Fund’s portfolio turnover rate was
The Fund is a “fund of funds” that invests in Class W or Class R6 shares of other Nuveen mutual funds and in other investment pools or investment products, including other funds or exchange-traded funds (“ETFs”) advised by the Fund’s investment adviser, Teachers Advisors, LLC (“Advisors”), or its affiliates (collectively, the “Underlying Funds”). In general, the Fund is designed for investors who have an approximate target retirement year in mind, and the Fund’s investments are adjusted from more aggressive to more conservative over time as the Fund’s target retirement year approaches and for approximately 30 years afterwards. The Fund invests in Underlying Funds according to an asset allocation strategy designed for investors retiring in, or planning to retire within a
Nuveen Lifecycle Funds ■ Prospectus 159
few years of, 2055 and who may begin taking systematic withdrawals upon retirement.
Advisors currently expects to allocate approximately 91.25% of the Fund’s assets to equity Underlying Funds, 3.75% of its assets to fixed-income Underlying Funds and 5.00% of its assets to direct real estate Underlying Funds. These allocations represent targets for equity, fixed-income and direct real estate asset classes. Target allocations will change over time and actual allocations may vary up to ten percentage points from the targets. The target allocations along the investment glidepath, illustrated in the chart below, gradually become more conservative, moving to target allocations of approximately 45.00% equity/50.00% fixed-income/5.00% direct real estate in the Fund’s target retirement year of 2055 and reaching the Fund’s final target allocation of approximately 20.00% equity/80.00% fixed-income/0.00% direct real estate in 2085. Within the equity, fixed-income and direct real estate asset classes, Advisors allocates the Fund’s investments to particular market sectors (U.S. equity, international equity, fixed-income, short-term fixed-income, inflation-protected assets and direct real estate) represented by various Underlying Funds. These market sector allocations may vary by up to 10% from the Fund’s target market sector allocations. The Fund’s current target market sector allocations for June 30, 2025, which will change over time, are approximately as follows: U.S. Equity: 59.31%; International Equity: 31.94%; Fixed-Income: 3.75%; Short-Term Fixed-Income: 0.00%; Inflation-Protected Assets: 0.00%; and Direct Real Estate: 5.00%. The asset class and market sector names used herein are intended to reflect the primary type of investment of the Underlying Funds within each of these categories.
The Fund’s target market sector allocations to Underlying Funds may include the Nuveen Core Equity Fund, Nuveen Large Cap Growth Fund, Nuveen Large Cap Value Fund, Nuveen Quant Small Cap Equity Fund, Nuveen Quant Small/Mid Cap Equity Fund, Nuveen Dividend Growth Fund, Nuveen Dividend Value Fund and Nuveen Growth Opportunities ETF (U.S. Equity); Nuveen Emerging Markets Equity Fund, Nuveen International Equity Fund, Nuveen International Opportunities Fund and Nuveen Quant International Small Cap Equity Fund (International Equity); Nuveen Core Bond Fund, Nuveen Core Plus Bond Fund, Nuveen Emerging Markets Debt Fund, Nuveen High Yield Fund and Nuveen International Bond Fund (Fixed-Income); Nuveen Money Market Fund and Nuveen Short Term Bond Fund (Short-Term Fixed-Income); Nuveen Inflation Linked Bond Fund (Inflation-Protected Assets); and Nuveen Real Property Fund LP (Direct Real Estate). Nuveen Real Property Fund LP is a private fund, which is not available for investment by the general public; it is currently offered exclusively to investment pools or investment products managed by Advisors or its affiliates.
As a result of its investments in the Underlying Funds, the Fund’s returns will reflect investments in a mix of domestic and foreign equities of companies of various sizes and market capitalizations, a variety of domestic and foreign
160 Prospectus ■ Nuveen Lifecycle Funds
fixed-income instruments of private and governmental issuers of varying maturities and credit qualities and direct real estate.
Additional or replacement Underlying Funds for each market sector, as well as additional or replacement market sectors, may be included when making future allocations if Advisors believes that such Underlying Funds and/or market sectors are appropriate in light of the Fund’s desired levels of risk and potential return at the particular time. The Fund’s portfolio management team may also add a new market sector if it believes that will help to achieve the Fund’s investment objective. The relative allocations among Underlying Funds within a market sector may be changed at any time without notice to shareholders, and the portfolio management team may use tactical allocation to take advantage of short to intermediate term opportunities through a combination of positions in Underlying Funds. If 10% or more of the Fund’s assets are expected to be invested in any Underlying Fund or market sector not listed above, shareholders will receive prior notice of such change.
As part of the Fund’s ability to invest in other investment pools or investment products noted above, the Fund may invest in ETFs and exchange-traded notes (“ETNs”) to gain exposure to various market sectors or securities in order to effect its asset allocation strategy. Additionally, the Fund may use ETFs or ETNs for cash management, hedging or defensive purposes. ETFs or ETNs will be subject to the risks associated with the types of securities or sectors that they track, while ETNs, which are structured as fixed-income obligations, will also be subject to the general risks of fixed-income securities, including credit risk.
The Fund’s asset class allocations, market sector allocations within each asset class, and Underlying Fund allocations within each market sector, as of June 30, 2024, are listed in the chart below. These allocations will change over time. Underlying Fund allocations in particular may change from year to year.
Asset Class | Allocation |
| Market Sector | Allocation |
| Underlying Funds | Allocation |
Equity | 91.66% |
| U.S. Equity | 59.88% |
| Nuveen Growth Opportunities ETF | 10.59% |
Nuveen Large Cap Growth | 10.52% | ||||||
Nuveen Dividend Growth | 8.82% | ||||||
Nuveen Core Equity | 8.77% | ||||||
Nuveen Large Cap Value | 8.53% | ||||||
Nuveen Dividend Value | 8.49% | ||||||
Nuveen Quant Small/Mid Cap Equity | 2.27% | ||||||
Nuveen Quant Small Cap Equity | 1.89% | ||||||
International Equity | 31.78% | Nuveen International Equity | 13.64% | ||||
Nuveen International Opportunities | 8.15% | ||||||
Nuveen Emerging Markets Equity | 5.54% | ||||||
Nuveen Quant International Small Cap Equity | 4.45% |
Nuveen Lifecycle Funds ■ Prospectus 161
Asset Class | Allocation |
| Market Sector | Allocation |
| Underlying Funds | Allocation |
Fixed-Income | 4.15% |
| Fixed-Income | 4.15% |
| Nuveen Core Bond | 2.18% |
Nuveen Core Plus Bond | 1.35% | ||||||
Nuveen International Bond | 0.22% | ||||||
Nuveen High Yield | 0.21% | ||||||
Nuveen Emerging Markets Debt | 0.19% | ||||||
Real Estate | 4.19% |
| Direct Real Estate | 4.19% |
| Nuveen Real Property Fund LP | 4.19% |
Total | 100.00% | 100.00% | 100.00% |
The following chart shows how the investment glidepath for the Fund is expected to gradually move the Fund’s target allocations over time between the different target market sector allocations. The actual market sector allocations of the Fund may differ from this chart. The Fund seeks to achieve its final target market sector allocations approximately 30 years following the target date.
The Fund is designed to accommodate investors who invest in a fund up to their target retirement date, and plan to make gradual systematic withdrawals in retirement. In addition, investors should note that the Fund will continue to have a significant level of equity exposure up to, through and after its target retirement date, and this exposure could cause significant fluctuations in the value of the Fund depending on the performance of the equity markets generally.
After the Fund reaches its final target allocation, the Board of Trustees may authorize the merger of the Fund into another Lifecycle Fund which has also reached its final target allocation or other similar fund designed to maintain a relatively stable asset allocation reflecting the resting point on the glidepath described in the chart above. Fund shareholders will receive prior notice of any such merger.
· Asset Allocation Risk—The risk that the Fund may not achieve its target allocations. In addition, there is the risk that the asset allocations may not
162 Prospectus ■ Nuveen Lifecycle Funds
achieve the desired risk-return characteristic or that the selection of Underlying Funds and the allocations among them will result in the Fund underperforming other similar funds or cause an investor to lose money.
· Underlying Funds Risks—The Fund is exposed to the risks of the Underlying Funds in which it invests in direct proportion to the amount of assets the Fund allocates to each Underlying Fund.
· Equity Underlying Funds Risks—The risks of investing in equity Underlying Funds include risks specific to their investment strategies, as well as risks related to the equity markets in general, such as:
· market risk—The risk that market prices of portfolio investments held by a Fund may fall rapidly or unpredictably due to a variety of factors, including changing economic, political or market conditions. Market risk may affect a single issuer, industry or sector of the economy, or it may affect the market as a whole. Such conditions may add significantly to the risk of volatility in the net asset value (“NAV”) of the Fund’s shares and adversely affect the Fund and its investments. From time to time, a Fund may invest a significant portion of its assets in companies in one or more related sectors or industries, which would make the Fund more vulnerable to adverse developments affecting such sectors or industries;
· issuer risk—The risk that an issuer’s earnings prospects, credit rating and overall financial position will deteriorate, causing a decline in the value of the issuer’s financial instruments over short or extended periods of time;
· foreign investment risk—Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, currency, market or economic developments as well as armed conflicts and can result in greater price volatility and perform differently from financial instruments of U.S. issuers. This risk may be heightened in emerging or developing markets. Foreign investments may also have lower liquidity and be more difficult to value than investments in U.S. issuers. To the extent a Fund invests a significant portion of its assets in the securities of companies in a single country or region, it may be more susceptible to adverse economic, market, political or regulatory events or conditions affecting that country or region. Foreign investments may also be subject to risk of loss because of more or less foreign government regulation, less public information, less stringent investor protections and less stringent accounting, corporate governance, financial reporting and disclosure standards. Changes in the value of foreign currencies may make the return on an investment increase or decrease, unrelated to the quality or performance of the investment itself. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs) and other restrictions by the United
Nuveen Lifecycle Funds ■ Prospectus 163
States or other governments may also negatively impact a Fund’s investments. Economic sanctions and other similar governmental actions or developments could, among other things, effectively restrict or eliminate a Fund’s ability to purchase or sell certain foreign securities or groups of foreign securities, and/or thus may make a Fund’s investments in such securities less liquid (or illiquid) or more difficult to value. The type and severity of sanctions and other measures that may be imposed could vary broadly in scope, and their impact is impossible to predict;
· small- and mid-cap risk—The risk that the stocks of small-capitalization companies often experience greater price volatility than large- or mid-sized companies because small-cap companies are often newer or less established than larger companies and are likely to have more limited resources, products and markets. Securities of small-cap companies often have lower overall liquidity than securities of larger companies as a result of there being a smaller market for their securities, which can have an adverse effect on the pricing of these securities and on the ability to sell these securities when a Fund’s investment adviser or sub-adviser deems it appropriate. Stocks of mid-capitalization companies often experience greater price volatility, lower trading volume and lower overall liquidity than the stocks of larger, more established companies;
· style risk—The risk that use of a particular investing style (such as growth or value investing) may fall out of favor in the marketplace for various periods of time and result in underperformance relative to the broader market sector or significant declines in the value of a Fund’s portfolio investments; and
· dividend-paying security risk—The risk that investments in dividend-paying securities could cause a Fund to underperform similar funds that invest without consideration of an issuer’s track record of paying dividends.
· Fixed-Income Underlying Funds Risks—The risks of investing in fixed-income Underlying Funds include risks specific to their investment strategies, as well as risks related to the fixed-income markets in general, such as:
· interest rate risk—The risk that changes in interest rates can adversely affect the value or liquidity of, and income generated by, fixed-income investments. This risk is heightened to the extent a Fund invests in longer duration fixed-income investments and during periods when prevailing interest rates are changing. There is a risk that interest rates across the financial system may change, possibly significantly and/or rapidly. In general, changing interest rates, including rates that fall below zero, or a lack of market participants may lead to decreased liquidity and increased volatility in the
164 Prospectus ■ Nuveen Lifecycle Funds
fixed-income or debt markets, making it more difficult for the Fund to sell fixed-income investments. When interest rates change, the values of longer duration fixed-income securities usually change more than the values of shorter duration fixed-income securities. Conversely, fixed-income securities with shorter durations or maturities will be less volatile but may provide lower returns than fixed-income securities with longer durations or maturities. Other factors that may affect the value of debt securities include, but are not limited to, economic, political, public health, and other crises and responses by governments and companies to such crises;
· prepayment risk—The risk that, during periods of falling interest rates, borrowers may pay off their mortgage loans sooner than expected, forcing a Fund to reinvest the unanticipated proceeds at lower interest rates and resulting in a decline in income;
· extension risk—The risk that, during periods of rising interest rates, borrowers may pay off their mortgage loans later than expected, preventing a Fund from reinvesting principal proceeds at higher interest rates and resulting in less income than potentially available;
· issuer risk—The risk that an issuer’s earnings prospects, credit rating and overall financial position will deteriorate, causing a decline in the value of the issuer’s financial instruments over short or extended periods of time;
· credit risk—The risk that the issuer of fixed-income investments may not be able or willing, or may be perceived (whether by market participants, rating agencies, pricing services or otherwise) as not able or willing, to meet interest or principal payments when the payments become due;
· credit spread risk—The risk that credit spreads (i.e., the difference in yield between securities that is due to differences in each security’s respective credit quality) may increase when market participants believe that bonds generally have a greater risk of default, which could result in a decline in the market values of a Fund’s debt securities;
· income volatility risk—The risk that the level of current income from a portfolio of fixed-income investments may decline in certain interest rate environments;
· market volatility, liquidity and valuation risk (types of market risk)—The risk that volatile or dramatic reductions in trading activity make it difficult for a Fund to properly value its investments and that a Fund may not be able to purchase or sell an investment at an attractive price, if at all;
· fixed-income foreign investment risk—Investment in fixed-income securities or financial instruments of foreign issuers involves increased risks due to adverse issuer, political, regulatory, currency,
Nuveen Lifecycle Funds ■ Prospectus 165
market or economic developments as well as armed conflicts. These developments may impact the ability of a foreign debt issuer to make timely and ultimate payments on its debt obligations to a Fund or impair a Fund’s ability to enforce its rights against the foreign debt issuer. These risks are heightened in emerging or developing markets. Foreign investments may also have lower overall liquidity and be more difficult to value than investments in U.S. issuers. To the extent a Fund invests a significant portion of its assets in the securities of companies in a single country or region, it may be more susceptible to adverse economic, market, political or regulatory events or conditions affecting that country or region. Foreign investments may also be subject to risk of loss because of more or less foreign government regulation, less public information, less stringent investor protections and less stringent accounting, corporate governance, financial reporting and disclosure standards. Changes in the value of foreign currencies may make the return on an investment increase or decrease, unrelated to the quality or performance of the investment itself. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs) and other restrictions by the United States and other governments may also negatively impact a Fund’s investments. Economic sanctions and other similar governmental actions or developments could, among other things, effectively restrict or eliminate a Fund’s ability to purchase or sell certain foreign securities or groups of foreign securities, and/or thus may make a Fund’s investments in such securities less liquid (or illiquid) or more difficult to value. The type and severity of sanctions and other measures that may be imposed could vary broadly in scope, and their impact is impossible to predict; and
· call risk—The risk that, during periods of falling interest rates, an issuer may call (or repay) a fixed-income security prior to maturity, resulting in a decline in a Fund’s income.
· Underlying ETF Risk—In addition to the same principal risks as an investment in a mutual fund with the same investment objectives, strategies and policies as the ETF, investments in an Underlying Fund that is an ETF are subject to additional risks, including: (i) the market price of the ETF’s shares may trade at a premium or a discount to their NAV; (ii) an active trading market for an ETF’s shares may not develop or be maintained; and (iii) there is no assurance that the requirements of the exchange necessary to maintain the listing of an ETF will continue to be met or remain unchanged.
· Direct Real Estate Underlying Funds Risks—The risks of investing in direct real estate Underlying Funds include risks specific to their
166 Prospectus ■ Nuveen Lifecycle Funds
investment strategies, as well as risks related to investing in real estate in general, such as:
· real estate-related investment risk—The risks associated with exposure to direct real estate through investing in investment vehicles managed by Advisors that will primarily invest directly in real estate, which can include declines in real estate values or revenues, uninsured losses at properties, the absence of regulatory oversight of and a secondary market for interests in direct real estate Underlying Funds, a scarcity of interests issued by direct real estate Underlying Funds, making it difficult for the Fund to achieve its target allocation, and illiquidity of interests in direct real estate Underlying Funds (which exposes the Fund to illiquid investments risk).
· Emerging Markets Underlying Funds Risk—The risk of foreign investment often increases in countries with emerging markets or otherwise economically tied to emerging market countries. For example, these countries may have more unstable governments than developed countries, and their economies may be based on only a few industries. Emerging market countries may also have less stringent regulation of accounting, auditing, financial reporting and recordkeeping requirements, which would affect a Fund’s ability to evaluate potential portfolio companies. As a result, there could be less information available about issuers in emerging market countries, which could negatively affect Advisors’ ability to evaluate local companies or their potential impact on a Fund’s performance. Because the financial markets of emerging market countries may be very small, share prices of financial instruments in emerging market countries may be volatile and difficult to determine. Financial instruments of issuers in these countries may have lower overall liquidity than those of issuers in more developed countries. In addition, foreign investors such as a Fund are subject to a variety of special restrictions in many emerging market countries. Moreover, legal remedies for investors in emerging markets may be more limited, and U.S. authorities may have less ability to bring actions against bad actors in emerging market countries.
· Illiquid Investments Underlying Funds Risk—The risk that illiquid investments may be difficult to sell for the value at which they are carried, if at all, or at any price within the desired time frame.
· Currency Underlying Funds Risk—The risk that foreign (non-U.S.) currencies may decline in value relative to the U.S. dollar and adversely affect the value of a Fund’s investments in foreign currencies, securities denominated in foreign currencies or derivative instruments that provide exposure to foreign currencies.
· Active Management Risk—The risk that the strategy, investment selection or trading execution of Advisors or another investment adviser or sub-adviser of an Underlying Fund could cause the Fund or an Underlying Fund to
Nuveen Lifecycle Funds ■ Prospectus 167
underperform its benchmark index or mutual funds with similar investment objectives and may not produce expected returns.
· Fund of Funds Risk—The ability of the Fund to achieve its investment objective will depend in part upon the ability of the Underlying Funds to achieve their investment objectives. There can be no guarantee that any Underlying Fund will achieve its investment objective.
There can be no assurances that the Fund will achieve its investment objective. You should not consider the Fund to be a complete investment program. Please see the non-summary portion of the Prospectus for more detailed information about the risks described above, including the risks of the Underlying Funds.
The returns shown below
reflect previous agreements by Advisors to waive or reimburse the Fund and certain Underlying Funds for
certain fees and expenses. Without these waivers and reimbursements, the returns of the Fund would have
been lower.
For current performance information of each share class, including performance
to the most recent month-end, please visit
168 Prospectus ■ Nuveen Lifecycle Funds
ANNUAL TOTAL RETURNS FOR RETIREMENT CLASS SHARES (%)†
Nuveen Lifecycle 2055 Fund
†
For the Periods Ended December 31, 2023
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Nuveen Lifecycle Funds ■ Prospectus 169
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# | The performance shown for Class I that is prior to its inception date is based on performance of the Fund’s Retirement Class. The performance for these periods has not been restated to reflect the lower expenses of Class I. | |||||||||||
‡ | As of the close of business on December 31, 2023, the Lifecycle 2055 Fund Composite Index consisted of: 59.5% Russell 3000® Index; 32.1% MSCI All Country World Index ex USA Investable Market Index; and 8.4% Bloomberg U.S. Aggregate Bond Index. The Fund’s composite benchmark, the components that make up a composite benchmark and the method of calculating a composite benchmark’s performance may vary over time. | |||||||||||
Investment Adviser. Teachers Advisors, LLC.
Portfolio Managers.
Name: | John Cunniff, CFA | Steve Sedmak, CFA | |
Title: | Managing Director | Managing Director | |
Experience on Fund: | since 2011 | since 2018 |
Purchase and sale of Fund shares
You may purchase, redeem or exchange shares of the Fund on any day that the New York Stock Exchange (“NYSE”) or its affiliated exchanges, NYSE Arca Equities or NYSE American, are open for trading (each such day a “Business Day”) directly from the Fund (for certain share classes) or through a financial advisor, employee benefit plan or other financial intermediary. The Fund’s initial and subsequent investment minimums generally are as follows, although certain financial intermediaries may impose their own investment minimums and the Fund may reduce or waive the minimums in some cases:
170 Prospectus ■ Nuveen Lifecycle Funds
Eligibility and Minimum Initial Investment | Minimum Additional Investment | |
Class I | Available only through fee-based programs and certain retirement plans, and to other limited categories of investors as described in the Prospectus. $100,000 for all accounts except: · $250 for clients of financial intermediaries and family offices that have accounts holding Class I shares with an aggregate value of at least $100,000 (or that are expected to reach this level). · No minimum for eligible retirement plans and certain other categories of eligible investors as described in the Prospectus. | No minimum. |
Premier Class, Retirement Class | Available only through certain employee benefit plans, other types of savings plans or accounts and certain financial intermediaries as described in the Prospectus. No minimum. | No minimum. |
Class R6 | Available only to certain eligible investors as described in the Prospectus and through fee-based programs. $1 million for all accounts except: · $1,000 for clients of financial intermediaries who charge such clients an ongoing fee for advisory, investment, consulting or related services. | No minimum. |
The Fund intends to make distributions to shareholders that may be taxed as ordinary income or capital gains. Distributions made to tax-exempt shareholders or shareholders who hold Fund shares in a tax-deferred account are generally not subject to income tax in the current year, but redemptions made from tax-deferred accounts may be subject to income tax.
Payments to broker-dealers and other financial intermediary compensation
If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and/or its related companies may pay the financial intermediary for providing investor services. The Fund’s related companies may also pay the financial intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other financial intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary’s website for more information.
Nuveen Lifecycle Funds ■ Prospectus 171
Summary information |
(formerly TIAA-CREF Lifecycle 2060 Fund)
The Fund seeks high total return over time through a combination of capital appreciation and income.
The following tables describe the fees and expenses that you may pay if you buy, hold and sell shares of the Fund.
The tables and examples below do not reflect any commissions that shareholders may be required to pay directly to their financial intermediaries when buying or selling Class I shares.
| | | Retirement Class | |||||
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172 Prospectus ■ Nuveen Lifecycle Funds
ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)
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1 | Restated to reflect estimate for the current fiscal year. | ||||||||
2 | Portions of the Management fees and Other expenses are based on expenses originally incurred by Class W shares of the Underlying Funds (as defined below) of the Trust, which have been incurred directly by the Fund pursuant to certain contractual arrangements intended to reallocate directly to the Fund certain fees and expenses that had been paid by the Underlying Funds of the Trust. For additional information, please see the “Management of the Funds” section of this Prospectus. | ||||||||
3 | “Acquired fund fees and expenses” are the Fund’s proportionate amount of the expenses of any investment companies or pools in which it invests (excluding expenses originally incurred by Class W shares of the Underlying Funds of the Trust that have been incurred directly by the Fund, which are instead reflected in Management fees and Other expenses). These expenses are not paid directly by Fund shareholders. Instead, Fund shareholders bear these expenses indirectly because they reduce Fund performance. Because “Acquired fund fees and expenses” are included in the chart above, the Fund’s operating expenses here will not correlate with the expenses included in the Financial highlights in this Prospectus and the Fund’s annual report. | ||||||||
4 | Under the Fund’s expense reimbursement arrangements, the Fund’s investment adviser, Teachers Advisors, LLC (“Advisors”), has contractually agreed to reimburse the Fund for any Total annual Fund operating expenses (excluding interest, taxes, brokerage commissions or other transactional expenses, Acquired fund fees and expenses, extraordinary expenses and any expenses originally attributable to Class W shares of the Underlying Funds of the Trust that were incurred directly by the Fund) that exceed: (i) 0.15% of average daily net assets for Class I shares; (ii) 0.15% of average daily net assets for Premier Class shares; (iii) 0.00% of average daily net assets for Class R6 shares; and (iv) 0.25% of average daily net assets for Retirement Class shares of the Fund. These expense reimbursement arrangements will continue through at least September 30, 2025, unless changed with approval of the Board of Trustees. | ||||||||
Nuveen Lifecycle Funds ■ Prospectus 173
5 | Advisors has contractually agreed to waive 0.100% of the Fund’s Management fee. This waiver will remain in effect through at least September 30, 2027, unless changed with the approval of the Board of Trustees. Advisors has also contractually agreed to waive an additional 0.094% of the Fund’s Management fee. This waiver will remain in effect through at least September 30, 2025, unless changed with the approval of the Board of Trustees. |
This example is intended to help you compare the cost of investing in shares of the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses, before fee waivers and/or expense reimbursements, remain the same. The example assumes that the Fund’s fee waiver and/or expense reimbursement arrangements will each remain in place for the durations noted in the table above. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
| Class I |
| Premier
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| Class R6 |
| Retirement |
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1 year | $ | |
| $ |
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| $ | |
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The
Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns
over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and
may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not
reflected in annual fund operating expenses or in the example, affect the Fund’s performance.
During the fiscal year ended May 31, 2024, the Fund’s portfolio turnover rate was
The Fund is a “fund of funds” that invests in Class W or Class R6 shares of other Nuveen mutual funds and in other investment pools or investment products, including other funds or exchange-traded funds (“ETFs”) advised by the Fund’s investment adviser, Teachers Advisors, LLC (“Advisors”), or its affiliates (collectively, the “Underlying Funds”). In general, the Fund is designed for investors who have an approximate target retirement year in mind, and the Fund’s investments are adjusted from more aggressive to more conservative over time as the Fund’s target retirement year approaches and for approximately 30 years afterwards. The Fund invests in Underlying Funds according to an asset allocation strategy designed for investors retiring in, or planning to retire within a
174 Prospectus ■ Nuveen Lifecycle Funds
few years of, 2060 and who may begin taking systematic withdrawals upon retirement.
Advisors currently expects to allocate approximately 92.50% of the Fund’s assets to equity Underlying Funds, 2.50% of its assets to fixed-income Underlying Funds and 5.00% of its assets to direct real estate Underlying Funds. These allocations represent targets for equity, fixed-income and direct real estate asset classes. Target allocations will change over time and actual allocations may vary up to ten percentage points from the targets. The target allocations along the investment glidepath, illustrated in the chart below, gradually become more conservative, moving to target allocations of approximately 45.00% equity/50.00% fixed-income/5.00% direct real estate in the Fund’s target retirement year of 2060 and reaching the Fund’s final target allocation of approximately 20.00% equity/80.00% fixed-income/0.00% direct real estate in 2090. Within the equity, fixed-income and direct real estate asset classes, Advisors allocates the Fund’s investments to particular market sectors (U.S. equity, international equity, fixed-income, short-term fixed-income, inflation-protected assets and direct real estate) represented by various Underlying Funds. These market sector allocations may vary by up to 10% from the Fund’s target market sector allocations. The Fund’s current target market sector allocations for June 30, 2025, which will change over time, are approximately as follows: U.S. Equity: 60.13%; International Equity: 32.38%; Fixed-Income: 2.50%; Short-Term Fixed-Income: 0.00%; Inflation-Protected Assets: 0.00%; and Direct Real Estate: 5.00%. The asset class and market sector names used herein are intended to reflect the primary type of investment of the Underlying Funds within each of these categories.
The Fund’s target market sector allocations to Underlying Funds may include the Nuveen Core Equity Fund, Nuveen Large Cap Growth Fund, Nuveen Large Cap Value Fund, Nuveen Quant Small Cap Equity Fund, Nuveen Quant Small/Mid Cap Equity Fund, Nuveen Dividend Growth Fund, Nuveen Dividend Value Fund and Nuveen Growth Opportunities ETF (U.S. Equity); Nuveen Emerging Markets Equity Fund, Nuveen International Equity Fund, Nuveen International Opportunities Fund and Nuveen Quant International Small Cap Equity Fund (International Equity); Nuveen Core Bond Fund, Nuveen Core Plus Bond Fund, Nuveen Emerging Markets Debt Fund, Nuveen High Yield Fund and Nuveen International Bond Fund (Fixed-Income); Nuveen Money Market Fund and Nuveen Short Term Bond Fund (Short-Term Fixed-Income); Nuveen Inflation Linked Bond Fund (Inflation-Protected Assets); and Nuveen Real Property Fund LP (Direct Real Estate). Nuveen Real Property Fund LP is a private fund, which is not available for investment by the general public; it is currently offered exclusively to investment pools or investment products managed by Advisors or its affiliates.
As a result of its investments in the Underlying Funds, the Fund’s returns will reflect investments in a mix of domestic and foreign equities of companies of various sizes and market capitalizations, a variety of domestic and foreign
Nuveen Lifecycle Funds ■ Prospectus 175
fixed-income instruments of private and governmental issuers of varying maturities and credit qualities and direct real estate.
Additional or replacement Underlying Funds for each market sector, as well as additional or replacement market sectors, may be included when making future allocations if Advisors believes that such Underlying Funds and/or market sectors are appropriate in light of the Fund’s desired levels of risk and potential return at the particular time. The Fund’s portfolio management team may also add a new market sector if it believes that will help to achieve the Fund’s investment objective. The relative allocations among Underlying Funds within a market sector may be changed at any time without notice to shareholders, and the portfolio management team may use tactical allocation to take advantage of short to intermediate term opportunities through a combination of positions in Underlying Funds. If 10% or more of the Fund’s assets are expected to be invested in any Underlying Fund or market sector not listed above, shareholders will receive prior notice of such change.
As part of the Fund’s ability to invest in other investment pools or investment products noted above, the Fund may invest in ETFs and exchange-traded notes (“ETNs”) to gain exposure to various market sectors or securities in order to effect its asset allocation strategy. Additionally, the Fund may use ETFs or ETNs for cash management, hedging or defensive purposes. ETFs or ETNs will be subject to the risks associated with the types of securities or sectors that they track, while ETNs, which are structured as fixed-income obligations, will also be subject to the general risks of fixed-income securities, including credit risk.
The Fund’s asset class allocations, market sector allocations within each asset class, and Underlying Fund allocations within each market sector, as of June 30, 2024, are listed in the chart below. These allocations will change over time. Underlying Fund allocations in particular may change from year to year.
Asset Class | Allocation |
| Market Sector | Allocation |
| Underlying Funds | Allocation |
Equity | 92.86% |
| U.S. Equity | 60.67% |
| Nuveen Growth Opportunities ETF | 10.70% |
Nuveen Large Cap Growth | 10.68% | ||||||
Nuveen Dividend Growth | 8.93% | ||||||
Nuveen Core Equity | 8.91% | ||||||
Nuveen Large Cap Value | 8.63% | ||||||
Nuveen Dividend Value | 8.60% | ||||||
Nuveen Quant Small/Mid Cap Equity | 2.30% | ||||||
Nuveen Quant Small Cap Equity | 1.92% | ||||||
International Equity | 32.19% | Nuveen International Equity | 13.82% | ||||
Nuveen International Opportunities | 8.26% | ||||||
Nuveen Emerging Markets Equity | 5.60% | ||||||
Nuveen Quant International Small Cap Equity | 4.51% |
176 Prospectus ■ Nuveen Lifecycle Funds
Asset Class | Allocation |
| Market Sector | Allocation |
| Underlying Funds | Allocation |
Fixed-Income | 2.95% |
| Fixed-Income | 2.95% |
| Nuveen Core Bond | 1.56% |
Nuveen Core Plus Bond | 0.95% | ||||||
Nuveen International Bond | 0.16% | ||||||
Nuveen High Yield | 0.14% | ||||||
Nuveen Emerging Markets Debt | 0.14% | ||||||
Real Estate | 4.19% |
| Direct Real Estate | 4.19% |
| Nuveen Real Property Fund LP | 4.19% |
Total | 100.00% | 100.00% | 100.00% |
The following chart shows how the investment glidepath for the Fund is expected to gradually move the Fund’s target allocations over time between the different target market sector allocations. The actual market sector allocations of the Fund may differ from this chart. The Fund seeks to achieve its final target market sector allocations approximately 30 years following the target date.
The Fund is designed to accommodate investors who invest in a fund up to their target retirement date, and plan to make gradual systematic withdrawals in retirement. In addition, investors should note that the Fund will continue to have a significant level of equity exposure up to, through and after its target retirement date, and this exposure could cause significant fluctuations in the value of the Fund depending on the performance of the equity markets generally.
After the Fund reaches its final target allocation, the Board of Trustees may authorize the merger of the Fund into another Lifecycle Fund which has also reached its final target allocation or other similar fund designed to maintain a relatively stable asset allocation reflecting the resting point on the glidepath described in the chart above. Fund shareholders will receive prior notice of any such merger.
· Asset Allocation Risk—The risk that the Fund may not achieve its target allocations. In addition, there is the risk that the asset allocations may not
Nuveen Lifecycle Funds ■ Prospectus 177
achieve the desired risk-return characteristic or that the selection of Underlying Funds and the allocations among them will result in the Fund underperforming other similar funds or cause an investor to lose money.
· Underlying Funds Risks—The Fund is exposed to the risks of the Underlying Funds in which it invests in direct proportion to the amount of assets the Fund allocates to each Underlying Fund.
· Equity Underlying Funds Risks—The risks of investing in equity Underlying Funds include risks specific to their investment strategies, as well as risks related to the equity markets in general, such as:
· market risk—The risk that market prices of portfolio investments held by a Fund may fall rapidly or unpredictably due to a variety of factors, including changing economic, political or market conditions. Market risk may affect a single issuer, industry or sector of the economy, or it may affect the market as a whole. Such conditions may add significantly to the risk of volatility in the net asset value (“NAV”) of the Fund’s shares and adversely affect the Fund and its investments. From time to time, a Fund may invest a significant portion of its assets in companies in one or more related sectors or industries, which would make the Fund more vulnerable to adverse developments affecting such sectors or industries;
· issuer risk—The risk that an issuer’s earnings prospects, credit rating and overall financial position will deteriorate, causing a decline in the value of the issuer’s financial instruments over short or extended periods of time;
· foreign investment risk—Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, currency, market or economic developments as well as armed conflicts and can result in greater price volatility and perform differently from financial instruments of U.S. issuers. This risk may be heightened in emerging or developing markets. Foreign investments may also have lower liquidity and be more difficult to value than investments in U.S. issuers. To the extent a Fund invests a significant portion of its assets in the securities of companies in a single country or region, it may be more susceptible to adverse economic, market, political or regulatory events or conditions affecting that country or region. Foreign investments may also be subject to risk of loss because of more or less foreign government regulation, less public information, less stringent investor protections and less stringent accounting, corporate governance, financial reporting and disclosure standards. Changes in the value of foreign currencies may make the return on an investment increase or decrease, unrelated to the quality or performance of the investment itself. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs) and other restrictions by the United
178 Prospectus ■ Nuveen Lifecycle Funds
States or other governments may also negatively impact a Fund’s investments. Economic sanctions and other similar governmental actions or developments could, among other things, effectively restrict or eliminate a Fund’s ability to purchase or sell certain foreign securities or groups of foreign securities, and/or thus may make a Fund’s investments in such securities less liquid (or illiquid) or more difficult to value. The type and severity of sanctions and other measures that may be imposed could vary broadly in scope, and their impact is impossible to predict;
· small- and mid-cap risk—The risk that the stocks of small-capitalization companies often experience greater price volatility than large- or mid-sized companies because small-cap companies are often newer or less established than larger companies and are likely to have more limited resources, products and markets. Securities of small-cap companies often have lower overall liquidity than securities of larger companies as a result of there being a smaller market for their securities, which can have an adverse effect on the pricing of these securities and on the ability to sell these securities when a Fund’s investment adviser or sub-adviser deems it appropriate. Stocks of mid-capitalization companies often experience greater price volatility, lower trading volume and lower overall liquidity than the stocks of larger, more established companies;
· style risk—The risk that use of a particular investing style (such as growth or value investing) may fall out of favor in the marketplace for various periods of time and result in underperformance relative to the broader market sector or significant declines in the value of a Fund’s portfolio investments; and
· dividend-paying security risk—The risk that investments in dividend-paying securities could cause a Fund to underperform similar funds that invest without consideration of an issuer’s track record of paying dividends.
· Fixed-Income Underlying Funds Risks—The risks of investing in fixed-income Underlying Funds include risks specific to their investment strategies, as well as risks related to the fixed-income markets in general, such as:
· interest rate risk—The risk that changes in interest rates can adversely affect the value or liquidity of, and income generated by, fixed-income investments. This risk is heightened to the extent a Fund invests in longer duration fixed-income investments and during periods when prevailing interest rates are changing. There is a risk that interest rates across the financial system may change, possibly significantly and/or rapidly. In general, changing interest rates, including rates that fall below zero, or a lack of market participants may lead to decreased liquidity and increased volatility in the
Nuveen Lifecycle Funds ■ Prospectus 179
fixed-income or debt markets, making it more difficult for the Fund to sell fixed-income investments. When interest rates change, the values of longer duration fixed-income securities usually change more than the values of shorter duration fixed-income securities. Conversely, fixed-income securities with shorter durations or maturities will be less volatile but may provide lower returns than fixed-income securities with longer durations or maturities. Other factors that may affect the value of debt securities include, but are not limited to, economic, political, public health, and other crises and responses by governments and companies to such crises;
· prepayment risk—The risk that, during periods of falling interest rates, borrowers may pay off their mortgage loans sooner than expected, forcing a Fund to reinvest the unanticipated proceeds at lower interest rates and resulting in a decline in income;
· extension risk—The risk that, during periods of rising interest rates, borrowers may pay off their mortgage loans later than expected, preventing a Fund from reinvesting principal proceeds at higher interest rates and resulting in less income than potentially available;
· issuer risk—The risk that an issuer’s earnings prospects, credit rating and overall financial position will deteriorate, causing a decline in the value of the issuer’s financial instruments over short or extended periods of time;
· credit risk—The risk that the issuer of fixed-income investments may not be able or willing, or may be perceived (whether by market participants, rating agencies, pricing services or otherwise) as not able or willing, to meet interest or principal payments when the payments become due;
· credit spread risk—The risk that credit spreads (i.e., the difference in yield between securities that is due to differences in each security’s respective credit quality) may increase when market participants believe that bonds generally have a greater risk of default, which could result in a decline in the market values of a Fund’s debt securities;
· income volatility risk—The risk that the level of current income from a portfolio of fixed-income investments may decline in certain interest rate environments;
· market volatility, liquidity and valuation risk (types of market risk)—The risk that volatile or dramatic reductions in trading activity make it difficult for a Fund to properly value its investments and that a Fund may not be able to purchase or sell an investment at an attractive price, if at all;
· fixed-income foreign investment risk—Investment in fixed-income securities or financial instruments of foreign issuers involves increased risks due to adverse issuer, political, regulatory, currency,
180 Prospectus ■ Nuveen Lifecycle Funds
market or economic developments as well as armed conflicts. These developments may impact the ability of a foreign debt issuer to make timely and ultimate payments on its debt obligations to a Fund or impair a Fund’s ability to enforce its rights against the foreign debt issuer. These risks are heightened in emerging or developing markets. Foreign investments may also have lower overall liquidity and be more difficult to value than investments in U.S. issuers. To the extent a Fund invests a significant portion of its assets in the securities of companies in a single country or region, it may be more susceptible to adverse economic, market, political or regulatory events or conditions affecting that country or region. Foreign investments may also be subject to risk of loss because of more or less foreign government regulation, less public information, less stringent investor protections and less stringent accounting, corporate governance, financial reporting and disclosure standards. Changes in the value of foreign currencies may make the return on an investment increase or decrease, unrelated to the quality or performance of the investment itself. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs) and other restrictions by the United States and other governments may also negatively impact a Fund’s investments. Economic sanctions and other similar governmental actions or developments could, among other things, effectively restrict or eliminate a Fund’s ability to purchase or sell certain foreign securities or groups of foreign securities, and/or thus may make a Fund’s investments in such securities less liquid (or illiquid) or more difficult to value. The type and severity of sanctions and other measures that may be imposed could vary broadly in scope, and their impact is impossible to predict; and
· call risk—The risk that, during periods of falling interest rates, an issuer may call (or repay) a fixed-income security prior to maturity, resulting in a decline in a Fund’s income.
· Underlying ETF Risk—In addition to the same principal risks as an investment in a mutual fund with the same investment objectives, strategies and policies as the ETF, investments in an Underlying Fund that is an ETF are subject to additional risks, including: (i) the market price of the ETF’s shares may trade at a premium or a discount to their NAV; (ii) an active trading market for an ETF’s shares may not develop or be maintained; and (iii) there is no assurance that the requirements of the exchange necessary to maintain the listing of an ETF will continue to be met or remain unchanged.
· Direct Real Estate Underlying Funds Risks—The risks of investing in direct real estate Underlying Funds include risks specific to their
Nuveen Lifecycle Funds ■ Prospectus 181
investment strategies, as well as risks related to investing in real estate in general, such as:
· real estate-related investment risk—The risks associated with exposure to direct real estate through investing in investment vehicles managed by Advisors that will primarily invest directly in real estate, which can include declines in real estate values or revenues, uninsured losses at properties, the absence of regulatory oversight of and a secondary market for interests in direct real estate Underlying Funds, a scarcity of interests issued by direct real estate Underlying Funds, making it difficult for the Fund to achieve its target allocation, and illiquidity of interests in direct real estate Underlying Funds (which exposes the Fund to illiquid investments risk).
· Emerging Markets Underlying Funds Risk—The risk of foreign investment often increases in countries with emerging markets or otherwise economically tied to emerging market countries. For example, these countries may have more unstable governments than developed countries, and their economies may be based on only a few industries. Emerging market countries may also have less stringent regulation of accounting, auditing, financial reporting and recordkeeping requirements, which would affect a Fund’s ability to evaluate potential portfolio companies. As a result, there could be less information available about issuers in emerging market countries, which could negatively affect Advisors’ ability to evaluate local companies or their potential impact on a Fund’s performance. Because the financial markets of emerging market countries may be very small, share prices of financial instruments in emerging market countries may be volatile and difficult to determine. Financial instruments of issuers in these countries may have lower overall liquidity than those of issuers in more developed countries. In addition, foreign investors such as a Fund are subject to a variety of special restrictions in many emerging market countries. Moreover, legal remedies for investors in emerging markets may be more limited, and U.S. authorities may have less ability to bring actions against bad actors in emerging market countries.
· Illiquid Investments Underlying Funds Risk—The risk that illiquid investments may be difficult to sell for the value at which they are carried, if at all, or at any price within the desired time frame.
· Currency Underlying Funds Risk—The risk that foreign (non-U.S.) currencies may decline in value relative to the U.S. dollar and adversely affect the value of a Fund’s investments in foreign currencies, securities denominated in foreign currencies or derivative instruments that provide exposure to foreign currencies.
· Active Management Risk—The risk that the strategy, investment selection or trading execution of Advisors or another investment adviser or sub-adviser of an Underlying Fund could cause the Fund or an Underlying Fund to
182 Prospectus ■ Nuveen Lifecycle Funds
underperform its benchmark index or mutual funds with similar investment objectives and may not produce expected returns.
· Fund of Funds Risk—The ability of the Fund to achieve its investment objective will depend in part upon the ability of the Underlying Funds to achieve their investment objectives. There can be no guarantee that any Underlying Fund will achieve its investment objective.
There can be no assurances that the Fund will achieve its investment objective. You should not consider the Fund to be a complete investment program. Please see the non-summary portion of the Prospectus for more detailed information about the risks described above, including the risks of the Underlying Funds.
The
returns shown below reflect previous agreements by Advisors to waive or reimburse the Fund and certain
Underlying Funds for certain fees and expenses. Without these waivers and reimbursements, the returns
of the Fund would have been lower.
For current performance information of each share class, including performance
to the most recent month-end, please visit
Nuveen Lifecycle Funds ■ Prospectus 183
ANNUAL TOTAL RETURNS FOR RETIREMENT CLASS SHARES (%)†
Nuveen Lifecycle 2060 Fund
†
For the Periods Ended December 31, 2023
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184 Prospectus ■ Nuveen Lifecycle Funds
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# | The performance shown for Class I that is prior to its inception date is based on performance of the Fund’s Retirement Class. The performance for these periods has not been restated to reflect the lower expenses of Class I. | ||||||||||
† | Performance is calculated from the inception date of the Retirement Class. | ||||||||||
‡ | As of the close of business on December 31, 2023, the Lifecycle 2060 Fund Composite Index consisted of: 60.4% Russell 3000® Index; 32.5% MSCI All Country World Index ex USA Investable Market Index; and 7.1% Bloomberg U.S. Aggregate Bond Index. The Fund’s composite benchmark, the components that make up a composite benchmark and the method of calculating a composite benchmark’s performance may vary over time. | ||||||||||
Investment Adviser. Teachers Advisors, LLC.
Portfolio Managers.
Name: | John Cunniff, CFA | Steve Sedmak, CFA | |
Title: | Managing Director | Managing Director | |
Experience on Fund: | since 2014 | since 2018 |
Purchase and sale of Fund shares
You may purchase, redeem or exchange shares of the Fund on any day that the New York Stock Exchange (“NYSE”) or its affiliated exchanges, NYSE Arca Equities or NYSE American, are open for trading (each such day a “Business Day”) directly from the Fund (for certain share classes) or through a financial advisor, employee benefit plan or other financial intermediary. The Fund’s initial and subsequent investment minimums generally are as follows, although certain financial intermediaries may impose their own investment minimums and the Fund may reduce or waive the minimums in some cases:
Nuveen Lifecycle Funds ■ Prospectus 185
Eligibility and Minimum Initial Investment | Minimum Additional Investment | |
Class I | Available only through fee-based programs and certain retirement plans, and to other limited categories of investors as described in the Prospectus. $100,000 for all accounts except: · $250 for clients of financial intermediaries and family offices that have accounts holding Class I shares with an aggregate value of at least $100,000 (or that are expected to reach this level). · No minimum for eligible retirement plans and certain other categories of eligible investors as described in the Prospectus. | No minimum. |
Premier Class, Retirement Class | Available only through certain employee benefit plans, other types of savings plans or accounts and certain financial intermediaries as described in the Prospectus. No minimum. | No minimum. |
Class R6 | Available only to certain eligible investors as described in the Prospectus and through fee-based programs. $1 million for all accounts except: · $1,000 for clients of financial intermediaries who charge such clients an ongoing fee for advisory, investment, consulting or related services. | No minimum. |
The Fund intends to make distributions to shareholders that may be taxed as ordinary income or capital gains. Distributions made to tax-exempt shareholders or shareholders who hold Fund shares in a tax-deferred account are generally not subject to income tax in the current year, but redemptions made from tax-deferred accounts may be subject to income tax.
Payments to broker-dealers and other financial intermediary compensation
If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and/or its related companies may pay the financial intermediary for providing investor services. The Fund’s related companies may also pay the financial intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other financial intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary’s website for more information.
186 Prospectus ■ Nuveen Lifecycle Funds
Summary information |
(formerly TIAA-CREF Lifecycle 2065 Fund)
The Fund seeks high total return over time through a combination of capital appreciation and income.
The following tables describe the fees and expenses that you may pay if you buy, hold and sell shares of the Fund.
The tables and examples below do not reflect any commissions that shareholders may be required to pay directly to their financial intermediaries when buying or selling Class I shares.
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Nuveen Lifecycle Funds ■ Prospectus 187
ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)
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Waivers and expense reimbursements4,5 | ( |
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1 | Restated to reflect estimate for the current fiscal year. | ||||||||
2 | Portions of the Management fees and Other expenses are based on expenses originally incurred by Class W shares of the Underlying Funds (as defined below) of the Trust, which have been incurred directly by the Fund pursuant to certain contractual arrangements intended to reallocate directly to the Fund certain fees and expenses that had been paid by the Underlying Funds of the Trust. For additional information, please see the “Management of the Funds” section of this Prospectus. | ||||||||
3 | “Acquired fund fees and expenses” are the Fund’s proportionate amount of the expenses of any investment companies or pools in which it invests (excluding expenses originally incurred by Class W shares of the Underlying Funds of the Trust that have been incurred directly by the Fund, which are instead reflected in Management fees and Other expenses). These expenses are not paid directly by Fund shareholders. Instead, Fund shareholders bear these expenses indirectly because they reduce Fund performance. Because “Acquired fund fees and expenses” are included in the chart above, the Fund’s operating expenses here will not correlate with the expenses included in the Financial highlights in this Prospectus and the Fund’s annual report. | ||||||||
4 | Under the Fund’s expense reimbursement arrangements, the Fund’s investment adviser, Teachers Advisors, LLC (“Advisors”), has contractually agreed to reimburse the Fund for any Total annual Fund operating expenses (excluding interest, taxes, brokerage commissions or other transactional expenses, Acquired fund fees and expenses, extraordinary expenses and any expenses originally attributable to Class W shares of the Underlying Funds of the Trust that were incurred directly by the Fund) that exceed: (i) 0.15% of average daily net assets for Class I shares; (ii) 0.15% of average daily net assets for Premier Class shares; (iii) 0.00% of average daily net assets for Class R6 shares; and (iv) 0.25% of average daily net assets for Retirement Class shares of the Fund. These expense reimbursement arrangements will continue through at least September 30, 2025, unless changed with approval of the Board of Trustees. | ||||||||
188 Prospectus ■ Nuveen Lifecycle Funds
5 | Advisors has contractually agreed to waive 0.100% of the Fund’s Management fee. This waiver will remain in effect through at least September 30, 2027, unless changed with the approval of the Board of Trustees. Advisors has also contractually agreed to waive an additional 0.098% of the Fund’s Management fee. This waiver will remain in effect through at least September 30, 2025, unless changed with the approval of the Board of Trustees. |
This example is intended to help you compare the cost of investing in shares of the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses, before fee waivers and/or expense reimbursements, remain the same. The example assumes that the Fund’s fee waiver and/or expense reimbursement arrangements will each remain in place for the durations noted in the table above. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
| Class I |
| Premier
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1 year | $ | |
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The
Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns
over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and
may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not
reflected in annual fund operating expenses or in the example, affect the Fund’s performance.
During the fiscal year ended May 31, 2024, the Fund’s portfolio turnover rate was
The Fund is a “fund of funds” that invests in Class W or Class R6 shares of other Nuveen mutual funds and in other investment pools or investment products, including other funds or exchange-traded funds (“ETFs”) advised by the Fund’s investment adviser, Teachers Advisors, LLC (“Advisors”), or its affiliates (collectively, the “Underlying Funds”). In general, the Fund is designed for investors who have an approximate target retirement year in mind, and the Fund’s investments are adjusted from more aggressive to more conservative over time as the Fund’s target retirement year approaches and for approximately 30 years afterwards. The Fund invests in Underlying Funds according to an asset allocation strategy designed for investors retiring in, or planning to retire within a
Nuveen Lifecycle Funds ■ Prospectus 189
few years of, 2065 and who may begin taking systematic withdrawals upon retirement.
Advisors currently expects to allocate approximately 93.75% of the Fund’s assets to equity Underlying Funds, 1.25% of its assets to fixed-income Underlying Funds and 5.00% of its assets to direct real estate Underlying Funds. These allocations represent targets for equity, fixed-income and direct real estate asset classes. Target allocations will change over time and actual allocations may vary up to ten percentage points from the targets. The target allocations along the investment glidepath, illustrated in the chart below, gradually become more conservative, moving to target allocations of approximately 45.00% equity/50.00% fixed-income/5.00% direct real estate in the Fund’s target retirement year of 2065 and reaching the Fund’s final target allocation of approximately 20.00% equity/80.00% fixed-income/0.00% direct real estate in 2095. Within the equity, fixed-income and direct real estate asset classes, Advisors allocates the Fund’s investments to particular market sectors (U.S. equity, international equity, fixed-income, short-term fixed-income, inflation-protected assets and direct real estate) represented by various Underlying Funds. These market sector allocations may vary by up to 10% from the Fund’s target market sector allocations. The Fund’s current target market sector allocations for June 30, 2025, which will change over time, are approximately as follows: U.S. Equity: 60.94%; International Equity: 32.81%; Fixed-Income: 1.25%; Short-Term Fixed-Income: 0.00%; Inflation-Protected Assets: 0.00%; and Direct Real Estate: 5.00%. The asset class and market sector names used herein are intended to reflect the primary type of investment of the Underlying Funds within each of these categories.
The Fund’s target market sector allocations to Underlying Funds may include the Nuveen Core Equity Fund, Nuveen Large Cap Growth Fund, Nuveen Large Cap Value Fund, Nuveen Quant Small Cap Equity Fund, Nuveen Quant Small/Mid Cap Equity Fund, Nuveen Dividend Growth Fund, Nuveen Dividend Value Fund and Nuveen Growth Opportunities ETF (U.S. Equity); Nuveen Emerging Markets Equity Fund, Nuveen International Equity Fund, Nuveen International Opportunities Fund and Nuveen Quant International Small Cap Equity Fund (International Equity); Nuveen Core Bond Fund, Nuveen Core Plus Bond Fund, Nuveen Emerging Markets Debt Fund, Nuveen High Yield Fund and Nuveen International Bond Fund (Fixed-Income); Nuveen Money Market Fund and Nuveen Short Term Bond Fund (Short-Term Fixed-Income); Nuveen Inflation Linked Bond Fund (Inflation-Protected Assets); and Nuveen Real Property Fund LP (Direct Real Estate). Nuveen Real Property Fund LP is a private fund, which is not available for investment by the general public; it is currently offered exclusively to investment pools or investment products managed by Advisors or its affiliates.
As a result of its investments in the Underlying Funds, the Fund’s returns will reflect investments in a mix of domestic and foreign equities of companies of various sizes and market capitalizations, a variety of domestic and foreign
190 Prospectus ■ Nuveen Lifecycle Funds
fixed-income instruments of private and governmental issuers of varying maturities and credit qualities and direct real estate.
Additional or replacement Underlying Funds for each market sector, as well as additional or replacement market sectors, may be included when making future allocations if Advisors believes that such Underlying Funds and/or market sectors are appropriate in light of the Fund’s desired levels of risk and potential return at the particular time. The Fund’s portfolio management team may also add a new market sector if it believes that will help to achieve the Fund’s investment objective. The relative allocations among Underlying Funds within a market sector may be changed at any time without notice to shareholders, and the portfolio management team may use tactical allocation to take advantage of short to intermediate term opportunities through a combination of positions in Underlying Funds. If 10% or more of the Fund’s assets are expected to be invested in any Underlying Fund or market sector not listed above, shareholders will receive prior notice of such change.
As part of the Fund’s ability to invest in other investment pools or investment products noted above, the Fund may invest in ETFs and exchange-traded notes (“ETNs”) to gain exposure to various market sectors or securities in order to effect its asset allocation strategy. Additionally, the Fund may use ETFs or ETNs for cash management, hedging or defensive purposes. ETFs or ETNs will be subject to the risks associated with the types of securities or sectors that they track, while ETNs, which are structured as fixed-income obligations, will also be subject to the general risks of fixed-income securities, including credit risk.
The Fund’s asset class allocations, market sector allocations within each asset class, and Underlying Fund allocations within each market sector, as of June 30, 2024, are listed in the chart below. These allocations will change over time. Underlying Fund allocations in particular may change from year to year.
Asset Class | Allocation |
| Market Sector | Allocation |
| Underlying Funds | Allocation |
Equity | 94.11% |
| U.S. Equity | 61.47% |
| Nuveen Large Cap Growth | 10.85% |
Nuveen Growth Opportunities ETF | 10.77% | ||||||
Nuveen Core Equity | 9.05% | ||||||
Nuveen Dividend Growth | 9.04% | ||||||
Nuveen Large Cap Value | 8.76% | ||||||
Nuveen Dividend Value | 8.73% | ||||||
Nuveen Quant Small/Mid Cap Equity | 2.33% | ||||||
Nuveen Quant Small Cap Equity | 1.94% | ||||||
International Equity | 32.64% | Nuveen International Equity | 14.01% | ||||
Nuveen International Opportunities | 8.39% | ||||||
Nuveen Emerging Markets Equity | 5.68% | ||||||
Nuveen Quant International Small Cap Equity | 4.56% |
Nuveen Lifecycle Funds ■ Prospectus 191
Asset Class | Allocation |
| Market Sector | Allocation |
| Underlying Funds | Allocation |
Fixed-Income | 1.70% |
| Fixed-Income | 1.70% |
| Nuveen Core Bond | 0.89% |
Nuveen Core Plus Bond | 0.55% | ||||||
Nuveen International Bond | 0.09% | ||||||
Nuveen High Yield | 0.09% | ||||||
Nuveen Emerging Markets Debt | 0.08% | ||||||
Real Estate | 4.19% |
| Direct Real Estate | 4.19% |
| Nuveen Real Property Fund LP | 4.19% |
Total | 100.00% | 100.00% | 100.00% |
The following chart shows how the investment glidepath for the Fund is expected to gradually move the Fund’s target allocations over time between the different target market sector allocations. The actual market sector allocations of the Fund may differ from this chart. The Fund seeks to achieve its final target market sector allocations approximately 30 years following the target date.
The Fund is designed to accommodate investors who invest in a fund up to their target retirement date, and plan to make gradual systematic withdrawals in retirement. In addition, investors should note that the Fund will continue to have a significant level of equity exposure up to, through and after its target retirement date, and this exposure could cause significant fluctuations in the value of the Fund depending on the performance of the equity markets generally.
After the Fund reaches its final target allocation, the Board of Trustees may authorize the merger of the Fund into another Lifecycle Fund which has also reached its final target allocation or other similar fund designed to maintain a relatively stable asset allocation reflecting the resting point on the glidepath described in the chart above. Fund shareholders will receive prior notice of any such merger.
· Asset Allocation Risk—The risk that the Fund may not achieve its target allocations. In addition, there is the risk that the asset allocations may not
192 Prospectus ■ Nuveen Lifecycle Funds
achieve the desired risk-return characteristic or that the selection of Underlying Funds and the allocations among them will result in the Fund underperforming other similar funds or cause an investor to lose money.
· Underlying Funds Risks—The Fund is exposed to the risks of the Underlying Funds in which it invests in direct proportion to the amount of assets the Fund allocates to each Underlying Fund.
· Equity Underlying Funds Risks—The risks of investing in equity Underlying Funds include risks specific to their investment strategies, as well as risks related to the equity markets in general, such as:
· market risk—The risk that market prices of portfolio investments held by a Fund may fall rapidly or unpredictably due to a variety of factors, including changing economic, political or market conditions. Market risk may affect a single issuer, industry or sector of the economy, or it may affect the market as a whole. Such conditions may add significantly to the risk of volatility in the net asset value (“NAV”) of the Fund’s shares and adversely affect the Fund and its investments. From time to time, a Fund may invest a significant portion of its assets in companies in one or more related sectors or industries, which would make the Fund more vulnerable to adverse developments affecting such sectors or industries;
· issuer risk—The risk that an issuer’s earnings prospects, credit rating and overall financial position will deteriorate, causing a decline in the value of the issuer’s financial instruments over short or extended periods of time;
· foreign investment risk—Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, currency, market or economic developments as well as armed conflicts and can result in greater price volatility and perform differently from financial instruments of U.S. issuers. This risk may be heightened in emerging or developing markets. Foreign investments may also have lower liquidity and be more difficult to value than investments in U.S. issuers. To the extent a Fund invests a significant portion of its assets in the securities of companies in a single country or region, it may be more susceptible to adverse economic, market, political or regulatory events or conditions affecting that country or region. Foreign investments may also be subject to risk of loss because of more or less foreign government regulation, less public information, less stringent investor protections and less stringent accounting, corporate governance, financial reporting and disclosure standards. Changes in the value of foreign currencies may make the return on an investment increase or decrease, unrelated to the quality or performance of the investment itself. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs) and other restrictions by the United
Nuveen Lifecycle Funds ■ Prospectus 193
States or other governments may also negatively impact a Fund’s investments. Economic sanctions and other similar governmental actions or developments could, among other things, effectively restrict or eliminate a Fund’s ability to purchase or sell certain foreign securities or groups of foreign securities, and/or thus may make a Fund’s investments in such securities less liquid (or illiquid) or more difficult to value. The type and severity of sanctions and other measures that may be imposed could vary broadly in scope, and their impact is impossible to predict;
· small- and mid-cap risk—The risk that the stocks of small-capitalization companies often experience greater price volatility than large- or mid-sized companies because small-cap companies are often newer or less established than larger companies and are likely to have more limited resources, products and markets. Securities of small-cap companies often have lower overall liquidity than securities of larger companies as a result of there being a smaller market for their securities, which can have an adverse effect on the pricing of these securities and on the ability to sell these securities when a Fund’s investment adviser or sub-adviser deems it appropriate. Stocks of mid-capitalization companies often experience greater price volatility, lower trading volume and lower overall liquidity than the stocks of larger, more established companies;
· style risk—The risk that use of a particular investing style (such as growth or value investing) may fall out of favor in the marketplace for various periods of time and result in underperformance relative to the broader market sector or significant declines in the value of a Fund’s portfolio investments; and
· dividend-paying security risk—The risk that investments in dividend-paying securities could cause a Fund to underperform similar funds that invest without consideration of an issuer’s track record of paying dividends.
· Fixed-Income Underlying Funds Risks—The risks of investing in fixed-income Underlying Funds include risks specific to their investment strategies, as well as risks related to the fixed-income markets in general, such as:
· interest rate risk—The risk that changes in interest rates can adversely affect the value or liquidity of, and income generated by, fixed-income investments. This risk is heightened to the extent a Fund invests in longer duration fixed-income investments and during periods when prevailing interest rates are changing. There is a risk that interest rates across the financial system may change, possibly significantly and/or rapidly. In general, changing interest rates, including rates that fall below zero, or a lack of market participants may lead to decreased liquidity and increased volatility in the
194 Prospectus ■ Nuveen Lifecycle Funds
fixed-income or debt markets, making it more difficult for the Fund to sell fixed-income investments. When interest rates change, the values of longer duration fixed-income securities usually change more than the values of shorter duration fixed-income securities. Conversely, fixed-income securities with shorter durations or maturities will be less volatile but may provide lower returns than fixed-income securities with longer durations or maturities. Other factors that may affect the value of debt securities include, but are not limited to, economic, political, public health, and other crises and responses by governments and companies to such crises;
· prepayment risk—The risk that, during periods of falling interest rates, borrowers may pay off their mortgage loans sooner than expected, forcing a Fund to reinvest the unanticipated proceeds at lower interest rates and resulting in a decline in income;
· extension risk—The risk that, during periods of rising interest rates, borrowers may pay off their mortgage loans later than expected, preventing a Fund from reinvesting principal proceeds at higher interest rates and resulting in less income than potentially available;
· issuer risk—The risk that an issuer’s earnings prospects, credit rating and overall financial position will deteriorate, causing a decline in the value of the issuer’s financial instruments over short or extended periods of time;
· credit risk—The risk that the issuer of fixed-income investments may not be able or willing, or may be perceived (whether by market participants, rating agencies, pricing services or otherwise) as not able or willing, to meet interest or principal payments when the payments become due;
· credit spread risk—The risk that credit spreads (i.e., the difference in yield between securities that is due to differences in each security’s respective credit quality) may increase when market participants believe that bonds generally have a greater risk of default, which could result in a decline in the market values of a Fund’s debt securities;
· income volatility risk—The risk that the level of current income from a portfolio of fixed-income investments may decline in certain interest rate environments;
· market volatility, liquidity and valuation risk (types of market risk)—The risk that volatile or dramatic reductions in trading activity make it difficult for a Fund to properly value its investments and that a Fund may not be able to purchase or sell an investment at an attractive price, if at all;
· fixed-income foreign investment risk—Investment in fixed-income securities or financial instruments of foreign issuers involves increased risks due to adverse issuer, political, regulatory, currency,
Nuveen Lifecycle Funds ■ Prospectus 195
market or economic developments as well as armed conflicts. These developments may impact the ability of a foreign debt issuer to make timely and ultimate payments on its debt obligations to a Fund or impair a Fund’s ability to enforce its rights against the foreign debt issuer. These risks are heightened in emerging or developing markets. Foreign investments may also have lower overall liquidity and be more difficult to value than investments in U.S. issuers. To the extent a Fund invests a significant portion of its assets in the securities of companies in a single country or region, it may be more susceptible to adverse economic, market, political or regulatory events or conditions affecting that country or region. Foreign investments may also be subject to risk of loss because of more or less foreign government regulation, less public information, less stringent investor protections and less stringent accounting, corporate governance, financial reporting and disclosure standards. Changes in the value of foreign currencies may make the return on an investment increase or decrease, unrelated to the quality or performance of the investment itself. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs) and other restrictions by the United States and other governments may also negatively impact a Fund’s investments. Economic sanctions and other similar governmental actions or developments could, among other things, effectively restrict or eliminate a Fund’s ability to purchase or sell certain foreign securities or groups of foreign securities, and/or thus may make a Fund’s investments in such securities less liquid (or illiquid) or more difficult to value. The type and severity of sanctions and other measures that may be imposed could vary broadly in scope, and their impact is impossible to predict; and
· call risk—The risk that, during periods of falling interest rates, an issuer may call (or repay) a fixed-income security prior to maturity, resulting in a decline in a Fund’s income.
· Underlying ETF Risk—In addition to the same principal risks as an investment in a mutual fund with the same investment objectives, strategies and policies as the ETF, investments in an Underlying Fund that is an ETF are subject to additional risks, including: (i) the market price of the ETF’s shares may trade at a premium or a discount to their NAV; (ii) an active trading market for an ETF’s shares may not develop or be maintained; and (iii) there is no assurance that the requirements of the exchange necessary to maintain the listing of an ETF will continue to be met or remain unchanged.
· Direct Real Estate Underlying Funds Risks—The risks of investing in direct real estate Underlying Funds include risks specific to their
196 Prospectus ■ Nuveen Lifecycle Funds
investment strategies, as well as risks related to investing in real estate in general, such as:
· real estate-related investment risk—The risks associated with exposure to direct real estate through investing in investment vehicles managed by Advisors that will primarily invest directly in real estate, which can include declines in real estate values or revenues, uninsured losses at properties, the absence of regulatory oversight of and a secondary market for interests in direct real estate Underlying Funds, a scarcity of interests issued by direct real estate Underlying Funds, making it difficult for the Fund to achieve its target allocation, and illiquidity of interests in direct real estate Underlying Funds (which exposes the Fund to illiquid investments risk).
· Emerging Markets Underlying Funds Risk—The risk of foreign investment often increases in countries with emerging markets or otherwise economically tied to emerging market countries. For example, these countries may have more unstable governments than developed countries, and their economies may be based on only a few industries. Emerging market countries may also have less stringent regulation of accounting, auditing, financial reporting and recordkeeping requirements, which would affect a Fund’s ability to evaluate potential portfolio companies. As a result, there could be less information available about issuers in emerging market countries, which could negatively affect Advisors’ ability to evaluate local companies or their potential impact on a Fund’s performance. Because the financial markets of emerging market countries may be very small, share prices of financial instruments in emerging market countries may be volatile and difficult to determine. Financial instruments of issuers in these countries may have lower overall liquidity than those of issuers in more developed countries. In addition, foreign investors such as a Fund are subject to a variety of special restrictions in many emerging market countries. Moreover, legal remedies for investors in emerging markets may be more limited, and U.S. authorities may have less ability to bring actions against bad actors in emerging market countries.
· Illiquid Investments Underlying Funds Risk—The risk that illiquid investments may be difficult to sell for the value at which they are carried, if at all, or at any price within the desired time frame.
· Currency Underlying Funds Risk—The risk that foreign (non-U.S.) currencies may decline in value relative to the U.S. dollar and adversely affect the value of a Fund’s investments in foreign currencies, securities denominated in foreign currencies or derivative instruments that provide exposure to foreign currencies.
· Active Management Risk—The risk that the strategy, investment selection or trading execution of Advisors or another investment adviser or sub-adviser of an Underlying Fund could cause the Fund or an Underlying Fund to
Nuveen Lifecycle Funds ■ Prospectus 197
underperform its benchmark index or mutual funds with similar investment objectives and may not produce expected returns.
· Fund of Funds Risk—The ability of the Fund to achieve its investment objective will depend in part upon the ability of the Underlying Funds to achieve their investment objectives. There can be no guarantee that any Underlying Fund will achieve its investment objective.
There can be no assurances that the Fund will achieve its investment objective. You should not consider the Fund to be a complete investment program. Please see the non-summary portion of the Prospectus for more detailed information about the risks described above, including the risks of the Underlying Funds.
The
returns shown below reflect previous agreements by Advisors to waive or reimburse the Fund and certain
Underlying Funds for certain fees and expenses. Without these waivers and reimbursements, the returns
of the Fund would have been lower.
For current performance information of each share class, including performance
to the most recent month-end, please visit
198 Prospectus ■ Nuveen Lifecycle Funds
ANNUAL TOTAL RETURNS FOR RETIREMENT CLASS SHARES (%)†
Nuveen Lifecycle 2065 Fund
†
For the Periods Ended December 31, 2023
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Nuveen Lifecycle Funds ■ Prospectus 199
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† | Performance is calculated from the inception date of the Retirement Class. | |||||||
‡ | As of the close of business on December 31, 2023, the Lifecycle 2065 Fund Composite Index consisted of: 61.2% Russell 3000® Index; 32.9% MSCI All Country World Index ex USA Investable Market Index; and 5.9% Bloomberg U.S. Aggregate Bond Index. The Fund’s composite benchmark, the components that make up a composite benchmark and the method of calculating a composite benchmark’s performance may vary over time. | |||||||
Investment Adviser. Teachers Advisors, LLC.
Portfolio Managers.
Name: | John Cunniff, CFA | Steve Sedmak, CFA | |
Title: | Managing Director | Managing Director | |
Experience on Fund: | since 2020 | since 2020 |
Purchase and sale of Fund shares
You may purchase, redeem or exchange shares of the Fund on any day that the New York Stock Exchange (“NYSE”) or its affiliated exchanges, NYSE Arca Equities or NYSE American, are open for trading (each such day a “Business Day”) directly from the Fund (for certain share classes) or through a financial advisor, employee benefit plan or other financial intermediary. The Fund’s initial and subsequent investment minimums generally are as follows, although certain financial intermediaries may impose their own investment minimums and the Fund may reduce or waive the minimums in some cases:
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Eligibility and Minimum Initial Investment | Minimum Additional Investment | |
Class I | Available only through fee-based programs and certain retirement plans, and to other limited categories of investors as described in the Prospectus. $100,000 for all accounts except: · $250 for clients of financial intermediaries and family offices that have accounts holding Class I shares with an aggregate value of at least $100,000 (or that are expected to reach this level). · No minimum for eligible retirement plans and certain other categories of eligible investors as described in the Prospectus. | No minimum. |
Premier Class, Retirement Class | Available only through certain employee benefit plans, other types of savings plans or accounts and certain financial intermediaries as described in the Prospectus. No minimum. | No minimum. |
Class R6 | Available only to certain eligible investors as described in the Prospectus and through fee-based programs. $1 million for all accounts except: · $1,000 for clients of financial intermediaries who charge such clients an ongoing fee for advisory, investment, consulting or related services. | No minimum. |
The Fund intends to make distributions to shareholders that may be taxed as ordinary income or capital gains. Distributions made to tax-exempt shareholders or shareholders who hold Fund shares in a tax-deferred account are generally not subject to income tax in the current year, but redemptions made from tax-deferred accounts may be subject to income tax.
Payments to broker-dealers and other financial intermediary compensation
If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and/or its related companies may pay the financial intermediary for providing investor services. The Fund’s related companies may also pay the financial intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other financial intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary’s website for more information.
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Additional information about investment strategies and risks of the Funds
Additional information about the Funds
Each of the Funds is a “fund of funds” and diversifies its assets by investing in Class W or Class R6 shares of other Nuveen mutual funds and in other investment pools or investment products, including other funds or exchange-traded funds (“ETFs”) advised by Advisors or its affiliates (the “Underlying Funds”). In general, each Fund (except the Nuveen Lifecycle Retirement Income Fund) is designed for investors who have an approximate target retirement year in mind, and each Fund’s investments are adjusted from more aggressive to more conservative as a Fund’s target retirement year approaches and for approximately 30 years afterwards. Generally, this means that each Fund’s investments (except the Nuveen Lifecycle Retirement Income Fund) will gradually be reallocated to reduce weightings in Underlying Funds investing primarily in equity securities (stocks) and directly held real estate and to increase weightings in Underlying Funds investing primarily in fixed-income securities (bonds) or money market instruments.
The Nuveen Lifecycle Retirement Income Fund is not designed for investors who have a specific retirement year in mind and its allocations will not gradually adjust over time. Instead, the Nuveen Lifecycle Retirement Income Fund is designed to maintain a relatively stable allocation among the Underlying Funds. The Nuveen Lifecycle Retirement Income Fund has relatively fixed asset allocations between Underlying Funds that invest primarily in equity securities and those that invest primarily in fixed-income (including money market) securities, as well as Underlying Funds that invest in directly held real estate.
Each Fund is required to comply with Rule 12d1-4 under the Investment Company Act of 1940, as amended (the “1940 Act”). Complying with the requirements of Rule 12d1-4 may adversely impact a Fund’s investment strategies and operations, as well as those of the Underlying Funds in which the Fund invests.
The use of a particular index as a Fund’s benchmark index is not a fundamental policy and can be changed by the Board of Trustees of the Trust (“Board of Trustees”) without shareholder approval.
The Funds are not appropriate for excessive trading or market timing. You should not invest in the Funds if you are an excessive trader or a market timer.
No one can assure that a Fund will achieve its investment objective and investors should not consider any one Fund to be a complete investment program.
Please see the Glossary toward the end of this Prospectus for certain defined terms used in this Prospectus.
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More about the Funds’ strategies
General information about the Funds
This Prospectus describes the shares of 13 Lifecycle Funds, a sub-family of funds offered by the Trust. Each Fund is a separate investment portfolio or mutual fund, and has its own investment objective, investment strategies, restrictions and associated risks. An investor should consider each Fund separately to determine if it is an appropriate investment. Allocations for the Funds are based on historical risk/return characteristics and Advisors’ assumptions. If an asset class, market sector or Underlying Fund should perform in a fashion that varies from historical characteristics and/or Advisors’ assumptions, then the allocations may not achieve the intended risk/return characteristics. The investment objective of each Fund and its non-fundamental investment restrictions may be changed by the Board of Trustees without shareholder approval. Certain investment restrictions described in the Statement of Additional Information (“SAI”) are fundamental and may only be changed with shareholder approval. Each Fund is diversified under the 1940 Act.
Investment glidepath and target allocations
The target allocations along the investment glidepath for each Fund (except the Nuveen Lifecycle Retirement Income Fund) will gradually become more conservative (e.g., invest less in Underlying Funds holding primarily equity securities and directly held real estate and invest more in Underlying Funds holding primarily fixed-income securities) over time as the target retirement year of the Fund approaches and is passed. Each Fund expects to eliminate investments in directly held real estate within 20 years following its target date.
Investors should note that each Fund will continue to have a significant level of equity exposure up to, through and after its target retirement date, and this exposure could cause significant fluctuations in the value of the Fund, depending on performance of the equity markets generally.
The following chart shows, as of June 30, 2025, how the investment glidepath for each Fund (except the Nuveen Lifecycle Retirement Income Fund) is expected to gradually move the Fund’s target allocations over time between the equity and non-equity asset classes and each Fund’s current position on the glidepath. The Nuveen Lifecycle Retirement Income Fund has relatively fixed asset allocations that will not gradually adjust over time. The actual asset allocations of any particular Fund may differ from this chart.
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The Funds’ investment glidepath
Rebalancing and tactical allocation
In order to maintain its target allocations, each Fund will generally invest incoming monies from share purchases to underweighted Underlying Funds. If cash flows are not sufficient to reestablish the current target allocation for a particular Fund, the Fund will generally rebalance its allocation among the Underlying Funds by buying and selling Underlying Fund shares. To minimize the amount of disruption to the Funds’ portfolios, rebalancings, reallocations or adjustments to the investment glidepath may occur gradually depending on Advisors’ assessment of, among other things, fund flows and market conditions. Nuveen Real Property Fund LP (“Real Property Fund”) generally issues a limited number of interests. As each of the Funds and potentially other similarly managed products intend to allocate approximately the same percentage of each of their assets to the direct real estate sector through investments in the Real Property Fund, the holders of a Fund may be impacted by rebalancing transactions by other Funds or products in the outstanding interests of the Real Property Fund. Such rebalancing transactions are intended to facilitate each Fund’s or other product’s maintenance of its target allocation to the Real Property Fund. However, due to the limited number of interests issued by the Real Property Fund, there may be a scarcity of such interests, and the Funds may not be able to achieve their target allocations. Investments by a Fund in the Real Property Fund are considered to be illiquid, which exposes the Fund to illiquid investments risk. Due to the illiquid nature of investments in the Real Property Fund, declines in the market value of other assets held by a Fund and/or large redemptions by Fund shareholders could cause the Fund’s exposure to the Real Property Fund to exceed its target allocation, potentially for an extended period of time.
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Advisors may also use tactical allocations to attempt to improve the risk-adjusted returns for the Funds over short- and intermediate-term investment horizons. The tactical allocations are based upon Advisors’ evaluation of the economy, market valuation and investor sentiment. As well, allocations will vary with Advisors’ assessment of the Underlying Funds’ relative attractiveness as investment opportunities. These tactical allocations can be among the asset classes, market sectors and individual Underlying Funds. Advisors considers the capacity of the Underlying Funds to handle additional purchases and redemptions and works to minimize disruptions related to cash flow.
Advisors’ allocation of Fund assets to Underlying Funds presents conflicts of interest. Although Advisors may allocate Fund assets to unaffiliated investment companies, Advisors generally expects to allocate Fund assets to Underlying Funds advised by Advisors or its affiliates. Advisors will have an incentive to select the Underlying Funds that will result in the greatest net management fee revenue to Advisors and its affiliates, even if that results in increased expenses for a Fund. Although a Fund may invest a limited portion of its assets in Underlying Funds not advised by Advisors or its affiliates, there is no assurance that it will do so even in cases where the unaffiliated Underlying Funds incur lower expenses than the comparable affiliated Underlying Funds. In addition, a Fund’s investment in an affiliated Underlying Fund could cause Advisors and/or its affiliates to receive greater compensation, increase their assets under management or support particular investment strategies or Underlying Funds managed by Advisors or its affiliates. In certain circumstances, Advisors would have an incentive to delay or decide against the sale of interests held by a Fund in affiliated Underlying Funds and may implement portfolio changes in a manner intended to minimize the disruptive effects and added costs of those changes to affiliated Underlying Funds. If a Fund invests in an Underlying Fund with higher expenses, the Fund’s performance would be lower than if the Fund had invested in an Underlying Fund with comparable performance but lower expenses (although any fee waiver and/or expense reimbursement arrangements in place at the time might have the effect of limiting or eliminating the amount of that underperformance). It is possible that this arrangement could result in a scenario where the best interests of a Fund are adverse to those of one or more Underlying Funds in which the Fund invests. Advisors has adopted policies that are designed to mitigate these conflicts.
Other potential investments
In addition to seeking equity, fixed-income and direct real estate market exposure through the Underlying Funds, the Funds may, in certain limited circumstances, directly invest in certain financial assets in order to seek to obtain desired portfolio exposures and to facilitate the Funds’ efficient portfolio management. Among other financial assets, the Funds may directly invest in equity and fixed-income securities, derivatives, ETFs and exchange-traded notes
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(“ETNs”). Derivatives, including options contracts, may be used to establish or maintain the Funds’ tactical allocations.
A portion of each Fund may also be invested in certain annuity or other contracts issued by Teachers Insurance and Annuity Association of America (“TIAA”), to the extent that it is determined that they are appropriate in light of the Funds’ desired levels of risk and potential return at the particular time, and provided that the Funds have received any necessary exemptive relief from the SEC to participate in such investments.
Additional information about the Funds’ broad-based securities market and other indices
This section includes information about the Funds’ broad-based securities market indices and other indices, other than the Funds’ composite benchmark indices. The returns shown against the broad-based securities market index compare a Fund’s average annual returns with a broad measure of market performance. The broad-based securities market and other indices described below are unmanaged, and you cannot invest directly in an index.
Russell 3000 Index
This is a broad-based securities market index for each Fund. The Russell 3000 Index represents the 3,000 largest publicly traded U.S. companies, based on market capitalization (according to Frank Russell Company (“Russell”)). Russell 3000 Index companies represent about 96% of the total market capitalization of the publicly traded U.S. equity market. As of June 30, 2024, the Russell 3000 Index had a mean market capitalization of $887.2 billion and a median market capitalization of $2.1 billion. The largest market capitalization of companies in the Russell 3000 Index was $3.3 trillion. Russell determines the composition of the index based only on market capitalization and can change its composition at any time.
Bloomberg U.S. Aggregate Bond Index
This is a broad-based securities market index for each Fund. The Bloomberg U.S. Aggregate Bond Index covers the U.S. investment-grade fixed-rate bond market, including government and corporate securities, agency mortgage pass-through securities, asset-backed securities and commercial mortgage-backed securities. As of June 30, 2024, this index contained approximately 13,632 issues. The Bloomberg U.S. Aggregate Bond Index represents securities that are SEC-registered, taxable and dollar-denominated. To be selected for inclusion in the Bloomberg U.S. Aggregate Bond Index, the securities must have a minimum maturity of one year. Securities must be rated investment-grade or higher using the middle rating of Moody’s, S&P and Fitch after dropping the highest and lowest available ratings. When a rating from only two agencies is available, the lower rating is used. When a rating from only one agency is available, that rating is used to determine index eligibility.
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S&P Target Date Index Series
The S&P Target Date Index Series represents a broadly derived consensus of asset class exposure for the target retirement dates in the series based on market observations acquired through an annual survey of target date fund managers. The returns of the S&P Target Date Index Series reflect multi-asset class exposure for the same target dates as the Funds.
Additional information about the Funds’ composite benchmark indices
The composite benchmark index for each of the Funds is a composite of five unmanaged benchmark indices that represent the five market sectors in which each of the Funds invests across the equity and fixed-income asset classes. Each Fund’s composite benchmark changes over time to correspond to changes in the Fund’s equity and fixed-income target allocations. When the composite index changes, its new allocation is utilized to calculate composite performance from and after such change. Composite index performance for periods prior to the change is not recalculated or restated based on the composite index’s new allocation but rather reflects the composite index’s actual allocation during the period.
The five market sectors in which each of the Funds invests across the equity and fixed-income asset classes and the related benchmark indices are as follows: U.S. Equity (Russell 3000® Index); International Equity (MSCI ACWI ex USA Investable Market Index); Fixed-Income (Bloomberg U.S. Aggregate Bond Index); Short-Term Fixed-Income (Bloomberg U.S. 1–3 Year Government/Credit Bond Index); and Inflation-Protected Assets (Bloomberg U.S. Treasury Inflation-Protected Securities (TIPS) 1–10 Year Index).
For performance during periods commencing August 1, 2013, the MSCI ACWI ex USA Index replaced the MSCI EAFE + EM (Emerging Markets)® Index in the Composite Index as the market sector index component for International Equity. For performance during periods commencing January 1, 2014, the Bloomberg U.S. 1–3 Year Government/Credit Bond Index replaced the Bloomberg U.S. 1–5 Year Government/Credit Bond Index as the market sector index component for Short-Term Fixed-Income. For performance periods commencing January 1, 2016, the Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1–10 Year Index replaced the Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) Index (Series L) as the market sector index component for Inflation-Protected Assets. For performance periods commencing February 1, 2017, the International Equity component of the Funds’ composite benchmarks changed from the MSCI ACWI ex USA Index to the MSCI ACWI ex USA Investable Market Index described below.
For current performance information of each Fund share class, including performance to the most recent month-end, please visit www.tiaa.org.
The benchmark indices for the Funds not previously described are described below.
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MSCI ACWI ex USA Investable Market Index (IMI) (International Equity)
The MSCI ACWI (All Country World Index) ex USA Investable Market Index (IMI) includes large-, mid- and small-cap equities across 22 of 23 developed market countries (excluding the United States) and 24 emerging market countries. The index is a free float-adjusted market capitalization index that covers approximately 99% of the global equity opportunity set outside the United States.
Bloomberg U.S. 1–3 Year Government/Credit Bond Index (Short-Term Fixed-Income)
The Bloomberg U.S. 1–3 Year Government/Credit Bond Index tracks the performance primarily of U.S. Treasury and agency securities and corporate bonds with 1–3 year maturities. The securities in the index must be rated investment-grade or higher by at least two of the following rating agencies: Moody’s, S&P and Fitch.
Bloomberg U.S. Treasury Inflation Protected Securities
(TIPS)
1–10 Year Index (Inflation-Protected Assets)
The Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1--10 Year Index measures the return of fixed-income securities with fixed-rate coupon payments that adjust for inflation as measured by the Consumer Price Index for All Urban Consumers (“CPI-U”). To be selected for inclusion in the Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1–10 Year Index, the securities must have a minimum maturity of 1 year and a maximum maturity of 9.9999 years, with a minimum par amount outstanding of $250 million.
Additional information about the Underlying Funds
The following is a description of the investment objectives and principal investment strategies of the Underlying Funds in which the Funds currently may invest. For a discussion of the risks associated with these investments, see the “Additional information on principal investment risks of the Funds and Underlying Funds” section. For a more detailed discussion of the investment strategies and risks (i) of the Underlying Funds other than the Nuveen Growth Opportunities ETF (“Nuveen ETF”), see the Prospectuses for the Class W or Class R6 shares of the Underlying Funds at www.nuveen.com/prospectus and (ii) of the Nuveen ETF, please see that Fund’s Prospectus at www.nuveen.com/etf.
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Fund | Investment objective, strategies and benchmark | |
Nuveen Core Equity Fund | Seeks a favorable long-term total return, mainly through capital appreciation, primarily from equity securities. Under normal circumstances, the Fund invests at least 80% of its assets in equity securities. The Fund’s benchmark index is the Standard & Poor’s 500® Index (the “S&P 500 Index”). | |
Nuveen Large Cap Growth Fund | Seeks a favorable long-term return, mainly through capital appreciation, primarily from equity securities. Under normal circumstances, the Fund invests at least 80% of its assets in large-cap equity securities. The Fund’s benchmark index is the Russell 1000® Growth Index. | |
Nuveen Large Cap Value Fund | Seeks a favorable long-term total return, mainly through capital appreciation, primarily from equity securities of large domestic companies. Under normal circumstances, the Fund invests at least 80% of its assets in large-cap equity securities. The Fund’s benchmark index is the Russell 1000® Value Index. | |
Nuveen Quant Small Cap Equity Fund | Seeks a favorable long-term total return, mainly through capital appreciation, primarily from equity securities of smaller domestic companies. Under normal circumstances, the Fund invests at least 80% of its assets in small-cap equity securities. The Fund’s benchmark index is the Russell 2000® Index. | |
Nuveen Quant Small/Mid Cap Equity Fund | Seeks a favorable long-term total return, mainly through capital appreciation. Under normal circumstances, the Fund invests at least 80% of its assets in small-cap and mid-cap equity securities. The Fund’s benchmark index is the Russell 2500® Index. | |
Nuveen Dividend Growth Fund | Seeks an attractive total return comprised of income from dividends and long-term capital appreciation. Under normal market conditions, the Fund invests at least 80% of its net assets in dividend-paying common stocks and preferred securities. The Fund’s benchmark index is the S&P 500 Index. | |
Nuveen Dividend Value Fund | Seeks long-term growth of capital and income. Under normal market conditions, the Fund invests at least 80% of the sum of its net assets and the amount of any borrowings for investment purposes in equity securities. The Fund’s benchmark index is the Russell 1000 Value Index. | |
Nuveen Growth Opportunities ETF | Seeks long-term capital appreciation. Under normal market conditions, the Nuveen ETF seeks to achieve its investment objective by investing primarily in exchange-traded equity securities of U.S. companies with market capitalizations of at least $1 billion. The Nuveen ETF’s benchmark index is the Russell 1000 Growth Index. | |
Nuveen Emerging Markets Equity Fund | Seeks a favorable long-term total return, mainly through capital appreciation, by investing primarily in a portfolio of emerging markets equity investments. Under normal circumstances, the Fund invests at least 80% of its assets in equity securities of emerging market issuers or in instruments with economic characteristics similar to emerging market equity securities. The Fund’s benchmark index is the MSCI Emerging Markets® Index. | |
Nuveen International Equity Fund | Seeks a favorable long-term total return, mainly through capital appreciation, primarily from equity securities of foreign issuers. Under normal circumstances, the Fund invests at least 80% of its assets in equity securities of foreign issuers. The Fund’s benchmark index is the MSCI EAFE® Index. |
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Fund | Investment objective, strategies and benchmark | |
Nuveen International Opportunities Fund | Seeks a favorable long-term total return, mainly through capital appreciation, primarily from equity securities of foreign issuers. The Fund invests primarily in equity securities of issuers in developed and emerging markets located around the world but outside the United States. The Fund’s benchmark index is the MSCI ACWI ex USA® Index. | |
Nuveen Quant International Small Cap Equity Fund | Seeks a favorable long-term total return, mainly through capital appreciation. Under normal circumstances, the Fund invests at least 80% of its assets in small-cap equity securities of foreign issuers. The Fund’s benchmark index is the MSCI ACWI ex USA Small Cap Index. | |
Nuveen Core Bond Fund | Seeks total return, primarily through current income. Under normal circumstances, the Fund invests at least 80% of its assets in bonds. The Fund’s benchmark index is the Bloomberg U.S. Aggregate Bond Index. | |
Nuveen Core Plus Bond Fund | Seeks total return, primarily through current income. Under normal circumstances, the Fund invests at least 80% of its assets in bonds. The Fund’s benchmark index is the Bloomberg U.S. Aggregate Bond Index. | |
Nuveen Emerging Markets Debt Fund | Seeks total return. Under normal circumstances, the Fund invests at least 80% of its assets in fixed-income securities of emerging market issuers or in instruments with economic characteristics similar to emerging market fixed-income securities. The Fund’s benchmark index is the JP Morgan Emerging Markets Bond Index (EMBI) Global Diversified. | |
Nuveen High Yield Fund | Seeks total return primarily through high current income and, when consistent with its primary objective, capital appreciation. Under normal circumstances, the Fund invests at least 80% of its assets in debt and other fixed-income securities rated lower than investment-grade (and their unrated equivalents) or other high-yielding debt securities. The Fund’s benchmark index is the ICE BofA BB-B U.S. Cash Pay High Yield Constrained Index. | |
Nuveen International Bond Fund | Seeks total return. Under normal market conditions, the Fund invests at least 80% of its assets in fixed-income investments of foreign issuers and derivative instruments, including those used to manage currency risk. The Fund’s benchmark index is the Bloomberg Global Aggregate Ex-USD Index (Hedged). | |
Nuveen Money Market Fund | Seeks current income consistent with maintaining liquidity and preserving capital. The Fund is a “government money market fund,” as defined in the applicable rules governing money market funds, and as such invests at least 99.5% of its total assets in cash, U.S. Government securities and/or repurchase agreements that are collateralized fully by cash or U.S. Government securities. Generally, the Fund seeks to maintain a share value of $1.00 per share. The Fund’s peer group average is the iMoneyNet Money Fund AveragesTM—All Government. | |
Nuveen Short Term Bond Fund | Seeks current income. Under normal circumstances, the Fund invests at least 80% of its assets in U.S. Treasury and agency securities and investment-grade fixed-income investments with an average maturity or average lives of less than 5 years. The Fund’s benchmark index is the Bloomberg U.S 1–3 Year Government/Credit Bond Index. | |
Nuveen Inflation Linked Bond Fund | Seeks to provide inflation protection and income, primarily through investment in inflation-linked bonds. Under normal circumstances, the Fund invests at least 80% of its assets in fixed-income securities whose principal value increases or decreases based on changes in the CPI-U, over the life of the security. The Fund’s benchmark index is the Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1–10 Year Index. |
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Fund | Investment objective, strategies and benchmark | |
Nuveen Real Property Fund LP | Seeks a favorable long term total return by primarily investing in a diversified portfolio of U.S. commercial core real estate assets well located in select targeted cities. The Fund’s principal strategy is to follow a “core” investment style which focuses on direct ownership interests in institutional-quality commercial real estate (primarily office, industrial, retail and multi-family properties), generating returns primarily from rental income and secondarily from asset appreciation. The Fund is targeted to hold between 95% and 98% of its net assets in such direct ownership interests at any time. The Fund’s benchmark is the NCREIF Property Index–Open End Funds. The Fund is a private fund, which is not available for investment by the general public; it is offered exclusively to investment pools or investment products managed by Advisors or its affiliates. |
Additional information on investment risks of the Funds and Underlying Funds
The assets of each of the Funds are normally allocated among Underlying Funds investing primarily in equity securities, Underlying Funds investing primarily in fixed-income securities and Underlying Funds investing primarily in direct real estate, but the Funds may also directly invest in securities or other financial instruments. Each Fund is subject to asset allocation risk, Underlying Funds risk, which includes the risks of equity securities, fixed-income securities, ETFs, direct real estate, emerging markets, illiquid investments, investments denominated in foreign currencies and other investments in proportion to the allocation of Fund assets among the Underlying Funds, active management risk and fund of funds risk. To the extent a Fund directly invests in securities or other investments, it would be exposed to the risks associated with investing in such instruments. Because the Funds and certain Underlying Funds may use derivatives to a limited degree, the Funds may directly or indirectly have limited exposure to the risks of derivatives. Each of these risks, alone or in combination with other risks, has the potential to impact Fund performance.
Asset allocation risk
The Funds may not achieve their target allocations and the selection of market sectors and Underlying Funds and the allocations among them may result in a Fund underperforming other similar funds or cause an investor to lose money. Although the allocation decisions of Advisors are intended to result in each Fund meeting its investment objective, Underlying Fund and asset class performance may differ in the future from the historical performance and assumptions upon which Advisors’ decisions are based, which could cause a Fund to not meet its investment objective. A Fund will generally rebalance its allocations among the Underlying Funds by using cash flows where possible. If cash flows are not sufficient to reestablish the current target allocations for a Fund, the Fund will
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generally rebalance by buying and selling Underlying Fund shares. Periodic rebalancing of a Fund’s allocations can sometimes cause the Fund and the Underlying Funds to incur transactional expenses. These expenses can adversely affect performance of the Funds and the Underlying Funds.
Underlying Funds risk
Each Fund is exposed to the risks of the Underlying Funds in which it invests in direct proportion to the amount of assets the Fund allocates to each Underlying Fund. The Underlying Funds are exposed to the risks of investing in equity and/or fixed-income securities and other investments in accordance with their investment strategies. The risks associated with investing in equity securities and fixed-income securities and other investments not already described above are described in the “Equity securities risks” and “Fixed-income securities risks” sections below.
Equity securities risks
Each Fund may gain exposure, depending on where it is on the investment glidepath, to equity securities directly or through certain Underlying Funds that invest primarily in equity securities (the “Equity Underlying Funds”). In general, the value of equity securities fluctuates in response to the fortune of individual companies and in response to general market and economic conditions. The value of a Fund may increase or decrease as a result of its exposure to equity securities. The fact that a particular risk below is not specifically identified as being heightened under current conditions does not mean that the risk is not greater than under normal conditions. More specifically, each Fund, directly or through one or more Equity Underlying Funds, is typically subject to the following principal investment risks related to equity securities (in the following risk descriptions “Fund” may refer to a Fund, an Equity Underlying Fund, or both):
· Market Risk—The risk that the price of equity investments may decline in response to general market and economic conditions or events, including conditions and developments outside of the financial markets such as significant changes in interest and inflation rates, the availability of credit and the occurrence of other factors, such as natural disasters or public health emergencies (pandemics and epidemics) as well as armed conflict. There is an increased likelihood that these types of events or conditions can, sometimes rapidly and unpredictably, result in a variety of adverse developments and circumstances, such as reduced liquidity, supply chain disruptions and market volatility, as well as increased general uncertainty and broad ramifications for markets, economies, issuers, businesses in many sectors and societies globally. Accordingly, the value of the equity investments that the Funds hold may decline over short or extended periods of time. Any investment is subject to the risk that the financial markets as a whole may decline in value, thereby depressing the investment’s price. Such conditions may add significantly to the risk of volatility in the net asset value
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(“NAV”) of a Fund’s shares and adversely affect the Fund and its investments. Equity markets, for example, tend to be cyclical, with periods when prices generally rise and periods when prices generally decline. Foreign equity markets tend to reflect local economic and financial conditions and, therefore, trends often vary from country to country and region to region. During periods of unusual volatility or turmoil in the financial markets, a Fund may undergo an extended period of decline. From time to time, a Fund may invest a significant portion of its assets in companies in one or more related sectors or industries, which would make the Fund more vulnerable to adverse developments affecting such sectors or industries.
· Issuer Risk (often called Financial Risk)—The risk that the issuer’s earnings prospects, credit rating and overall financial position will deteriorate, causing a decline in the value of the issuer’s financial instruments over short or extended periods of time. In times of market turmoil, perceptions of an issuer’s credit risk can quickly change and even large, well-established issuers may deteriorate rapidly with little or no warning.
· Foreign Investment Risk—Foreign investments, which may include securities of foreign issuers, securities or contracts traded or acquired in non-U.S. markets or on non-U.S. exchanges, or securities or contracts payable or denominated in non-U.S. currencies, can involve special risks that arise from one or more of the following events or circumstances: (1) changes in currency exchange rates; (2) possible imposition of market controls or currency exchange controls; (3) possible imposition of withholding taxes on dividends and interest; (4) possible seizure, expropriation or nationalization of assets; (5) more limited foreign financial information or difficulties interpreting it because of foreign regulations and accounting standards; (6) lower liquidity and higher volatility in some foreign markets; (7) the impact of armed conflict or political, social or diplomatic events; (8) economic sanctions or other measures by the United States or other governments; (9) the difficulty of evaluating some foreign economic trends; and (10) the possibility that a foreign government could restrict an issuer from paying principal and interest to investors outside the country. Additionally, to the extent that the underlying securities held by a Fund trade on foreign exchanges or in foreign markets that may be closed when the U.S. markets are open, there are likely to be deviations between the current price of an underlying security and the last quoted price for the underlying security. Economic sanctions and other similar governmental actions or developments could, among other things, effectively restrict or eliminate a Fund’s ability to purchase or sell certain foreign securities or groups of foreign securities, and/or thus may make the Fund’s investments in such securities less liquid (or illiquid) or more difficult to value. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. In some cases, as a result of economic sanctions and other similar
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governmental actions or developments, a Fund may be forced to sell or otherwise dispose of foreign investments at inopportune times or prices. The imposition of sanctions could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent a Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact the Fund’s liquidity and performance. Sanctions and other similar measures may be in place for a substantial period of time and enacted with limited advanced notice. Brokerage commissions and custodial and transaction costs are often higher for foreign investments, and it may be more difficult to use foreign laws and courts to enforce financial or legal obligations. To the extent a Fund invests in depositary receipts, the Fund will be subject to many of the same risks as when investing directly in non-U.S. securities. The holder of an unsponsored depositary receipt may have limited voting rights and may not receive as much information about the issuer of the underlying securities as would the holder of a sponsored depositary receipt. To the extent a Fund invests a significant portion of its assets in the securities of companies in a single country or region (or depositary receipts representing such securities), it is more likely to be impacted by events or conditions affecting that country or region. Investment in a Fund may be more exposed to a single country’s or a region’s economic cycles, stock market valuations and currency, which could increase its risk compared with a more geographically diversified fund. In addition, political, social, regulatory, economic or environmental events that occur in a single country or region may adversely affect the values of that country’s or region’s securities and thus the holdings of a Fund.
The risks described above often increase in countries with emerging markets. For example, these countries may have more unstable governments than developed countries, and their economies may be based on only a few industries. Financial instruments of issuers in these countries may have lower overall liquidity than those of issuers in more developed countries. Emerging market countries typically have less established legal, accounting and financial reporting systems than those in more developed markets, which may reduce the scope or quality of financial information available to investors. Governments in emerging market countries are often less stable and more likely to take extra-legal action with respect to companies, industries, assets or foreign ownership than those in more developed markets. Moreover, it can be more difficult for investors to bring litigation or enforce judgments against issuers in emerging markets or for U.S. regulators to bring enforcement actions against such issuers. Because the financial markets of emerging market countries may be very small, prices
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of issuers in emerging market countries may be volatile and difficult to determine. In addition, foreign investors such as a Fund are subject to a variety of special restrictions in many such countries. The economies of some emerging markets may be particularly exposed to or affected by a certain industry or sector, and therefore issuers and/or securities of such emerging markets may be more affected by the performance of such industries or sectors.
· Small-Cap Risk—Securities of small-sized companies may experience greater fluctuations in price than the securities of larger companies. The securities of small-sized companies often have lower overall liquidity than those of larger, more established companies. The number of small-sized companies whose securities are listed on securities exchanges has been declining while investor demand for the securities of such issuers has been increasing, in each case relative to historical trends, which may increase a Fund’s exposure to illiquid investments risk. As a result, a Fund’s investments in the securities of small-sized companies may be difficult to purchase or sell at an advantageous time or price, which could prevent the Fund from taking advantage of investment opportunities. From time to time, small-sized company securities may have to be sold at a discount from their current market prices or in small lots over an extended period, since they may be harder to sell than larger-cap securities. In addition, it may be difficult to find buyers for securities of small-sized companies that a Fund wishes to sell when the company is not perceived favorably in the marketplace or during periods of poor economic or market conditions. Such companies may be subject to certain business risks due to their smaller size, limited markets and financial resources, narrow product lines and frequent lack of depth of management. The costs of purchasing and selling securities of small-sized companies may be greater than those of more widely traded securities.
· Mid-Cap Risk—Securities of medium-sized companies may experience greater fluctuations in price than the securities of larger companies. From time to time, medium-sized company securities may have to be sold at a discount from their current market prices or in small lots over an extended period, since they may be harder to sell than larger-cap securities. In addition, it may be difficult to find buyers for securities of medium-sized companies that a Fund wishes to sell when the company is not perceived favorably in the marketplace or during periods of poor economic or market conditions. Such companies may be subject to certain business risks due to their smaller size, limited markets and financial resources, narrow product lines and frequent lack of depth of management. The costs of purchasing and selling securities of medium-sized companies may be greater than those of more widely traded securities.
· Style Risk—A Fund that uses either a growth investing or a value investing style entails the risk that equity securities representing either style may be
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out of favor in the marketplace for various periods of time, and result in underperformance relative to the broader market sector or significant declines in the Fund’s portfolio value.
· Risks of Growth Investing—Due to their relatively high valuations, growth stocks are typically more volatile than value stocks. For example, the price of a growth stock may experience a larger decline on a forecast of lower earnings, or a negative event or market development, than would a value stock. Because the value of growth companies is often a function of their expected earnings growth, there is a risk that such earnings growth may not occur or cannot be sustained. Accordingly, a stock with growth characteristics can have sharp price declines due to decreases in current or expected earnings and may lack dividends that can help cushion its share price in a declining market. In addition, growth stocks, at times, may not perform as well as value stocks or the stock market in general and may be out of favor with investors for varying periods of time.
· Risks of Value Investing—Securities believed to be undervalued are subject to the risks that: (1) the issuer’s potential business prospects are not realized; (2) their potential values are never recognized by the market; and (3) due to unanticipated or unforeseen problems associated with the issuer or industry, they were appropriately priced when acquired and therefore do not perform as anticipated. Value investing has gone in and out of favor during past market cycles and, when value investing is out of favor, the securities of value companies may underperform the securities of other companies.
· Dividend-Paying Security Risk—A Fund’s investment in dividend-paying securities could cause the Fund to underperform similar funds that invest without consideration of a company’s track record of paying dividends. Securities of companies with a history of paying dividends may not participate in a broad market advance to the same degree as most other securities, and a sharp rise in interest rates or economic downturn could cause a company to unexpectedly reduce or eliminate its dividend. Depending upon market conditions, dividend-paying securities that meet a Fund’s investment criteria may not be widely available and/or may be highly concentrated in only a few market sectors. These circumstances may result from issuer-specific events, adverse economic or market developments, or legislative or regulatory changes or other developments that limit an issuer’s ability to declare and pay dividends, which would affect a Fund’s performance and ability to generate income. There is no guarantee that the issuers of the securities held by a Fund will declare dividends in the future or that, if declared, they will remain at their current levels or increase over time.
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Fixed-income securities risks
Each Fund may gain exposure, depending on where it is on the investment glidepath, to fixed-income securities directly or through certain Underlying Funds that invest primarily in fixed-income securities (the “Fixed-Income Underlying Funds”). Each Fund, directly or through its investments in one or more Fixed-Income Underlying Funds, is typically subject to the following principal investment risks related to fixed-income securities (in the following risk descriptions “Fund” may refer to a Fund, a Fixed-Income Underlying Fund, or both):
· Interest Rate Risk (a type of Market Risk)—The risk that the value, liquidity or yield of fixed-income investments may decline if interest rates change. In general, when prevailing interest rates decline, the market values of outstanding fixed-income investments (particularly those paying a fixed rate of interest) tend to increase while yields on similar newly issued fixed-income investments tend to decrease, which could adversely affect a Fund’s income. Conversely, when prevailing interest rates increase, the market values of outstanding fixed-income investments (particularly those paying a fixed rate of interest) tend to decline while yields on similar newly issued fixed-income investments tend to increase. If a fixed-income investment pays a floating or variable rate of interest, changes in prevailing interest rates may increase or decrease the investment’s yield. Fixed-income investments with longer durations tend to be more sensitive to interest rate changes than shorter-duration investments. Therefore, a Fund that has a portfolio with a longer weighted average maturity or effective duration may be impacted to a greater degree than a Fund that has a portfolio with a shorter weighted average maturity or effective duration. Conversely, fixed-rate securities with shorter durations or maturities will be less volatile but may provide lower returns than fixed-rate securities with longer durations or maturities. Interest rate risk is generally heightened during periods when prevailing interest rates are changing. There is a risk that interest rates across the financial system may change, possibly significantly and/or rapidly. In general, changing interest rates, including rates that fall below zero, or a lack of market participants may lead to decreased liquidity and increased volatility in the fixed-income or debt markets, making it more difficult for a Fund to sell fixed-income investments. During periods of very low or negative interest rates, a Fund may not be able to maintain positive returns. Low interest rates may magnify the risks associated with rising interest rates. A Fund may also be subject to heightened interest rate risk when the U.S. Federal Reserve changes interest rates. A wide variety of factors can cause interest rates to change (e.g., central bank monetary policies, inflation rates, general economic conditions). Rising interest rates may cause issuers to not make principal and interest payments on fixed-income investments when due. Other factors that may affect the value of debt securities include, but are not limited to, economic, political, public health, and other crises and responses by governments and companies to such crises. In general, changing interest rates could have
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unpredictable effects on the markets and may expose fixed-income and related markets to heightened volatility. Changes in interest rates may also lead to an increase in Fund redemptions, which may result in higher portfolio turnover costs, thereby adversely affecting a Fund’s performance.
· Prepayment Risk—The risk that, during periods of falling interest rates, borrowers may pay off their mortgage loans sooner than expected, forcing a Fund to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in income. These risks are normally present in mortgage-backed securities and other asset-backed securities. For example, homeowners have the option to prepay their mortgages. Therefore, the duration of a security backed by home mortgages can shorten depending on homeowner prepayment activity. A rise in the prepayment rate and the resulting decline in duration of fixed-income securities held by a Fund can result in losses to investors in the Fund.
· Extension Risk—The risk that, during periods of rising interest rates, borrowers may pay off their mortgage loans later than expected, preventing a Fund from reinvesting principal proceeds at higher interest rates, resulting in less income than potentially available. These risks are normally present in mortgage-backed securities and other asset-backed securities. For example, homeowners have the option to prepay their mortgages. Therefore, the duration of a security backed by home mortgages can lengthen depending on homeowner prepayment activity. A decline in the prepayment rate and the resulting increase in duration of fixed-income securities held by a Fund can result in losses to investors in the Fund.
· Issuer Risk (often called Financial Risk)—The risk that the issuer’s earnings prospects, credit rating and overall financial position will deteriorate, causing a decline in the value of the issuer’s financial instruments over short or extended periods of time. In times of market turmoil, perceptions of an issuer’s credit risk can quickly change and even large, well-established issuers may deteriorate rapidly with little or no warning.
· Credit Risk (a type of Issuer Risk)—The risk that a decline, or perceived decline (whether by market participants, rating agencies, pricing services or otherwise), in an issuer’s financial position may prevent it from making principal and interest payments on fixed-income investments when due. Credit risk relates to the possibility that the issuer could default on its obligations, thereby causing a Fund to lose its investment. Credit risk is heightened in times of market turmoil when perceptions of an issuer’s credit risk can quickly change and even large, well-established issuers and/or governments may deteriorate rapidly with little or no warning. Additionally, credit risk is heightened in market environments where interest rates are rising, particularly when rates are rising significantly, to the extent that an issuer is less willing or able to make payments when due. Credit risk is also heightened in the case of investments in lower-rated, high-yield fixed-income securities because they are speculative in nature and their issuers are
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typically in weak financial health and their ability to pay interest and principal is uncertain. Compared to issuers of investment-grade securities, issuers of lower-rated, high-yield fixed-income investments are more likely to encounter financial difficulties and to be materially affected by such difficulties and they have a higher risk of becoming insolvent. High-yield securities may also be relatively more illiquid; therefore, they may be more difficult to purchase or sell than more highly rated securities.
· Credit Spread Risk—The risk that credit spreads (i.e., the difference in yield between securities that is due to differences in each security’s respective credit quality) may increase when market participants believe that bonds generally have a greater risk of default. Increasing credit spreads may reduce the market values of a Fund’s securities. Credit spreads often increase more for lower-rated and unrated securities than for investment-grade securities. In addition, when credit spreads increase, reductions in market value will generally be greater for longer-maturity securities.
· Income Volatility Risk—Income volatility refers to the degree and speed with which changes in prevailing market interest rates diminish the level of current income from a portfolio of fixed-income securities. The risk of income volatility is that the level of current income from a portfolio of fixed-income securities may decline in certain interest rate environments.
· Market Volatility, Liquidity and Valuation Risk (types of Market Risk)—Trading activity in fixed-income investments in which a Fund invests may be dramatically reduced or cease at any time, whether due to general market turmoil, limited dealer capacity, problems experienced by a single company or a market sector, or other factors, such as natural disasters or public emergencies (pandemics and epidemics) as well as armed conflict. In such cases, it may be difficult for a Fund to properly value assets represented by such investments. In addition, a Fund may not be able to purchase or sell a security at a price deemed to be attractive, if at all, which may inhibit the Fund from pursuing its investment strategies or negatively impact the values of portfolio holdings. Further, an increase in interest rates or other adverse conditions (e.g., inflation/deflation, increased selling of fixed-income investments across other pooled investment vehicles or accounts, changes in investor perception or changes in government intervention in the markets) may lead to increased redemptions and increased portfolio turnover, which could reduce liquidity for certain Fund investments, adversely affect values of portfolio holdings and increase a Fund’s costs. If dealer capacity in fixed-income markets is insufficient for market conditions, this has the potential to further inhibit liquidity and increase volatility in the fixed-income markets. Certain fixed-income investments with longer durations or maturities may face heightened levels of liquidity risk.
· Fixed-Income Foreign Investment Risk—Foreign investments, which may include fixed-income securities of foreign issuers, or securities or contracts payable or denominated in non-U.S. currencies, can involve special risks that
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arise from one or more of the following events or circumstances: (1) changes in currency exchange rates; (2) possible imposition of market controls or currency exchange controls; (3) possible imposition of withholding taxes on dividends and interest; (4) possible seizure, expropriation or nationalization of assets; (5) more limited financial information about the foreign debt issuer or difficulties interpreting it because of foreign regulations and accounting standards; (6) lower liquidity and higher volatility in some foreign markets; (7) the impact of armed conflict or political, social or diplomatic events; (8) economic sanctions or other measures by the United States or other governments; (9) the difficulty of evaluating some foreign economic trends; and (10) the possibility that a foreign government could restrict an issuer from paying principal and interest on its debt obligations to investors outside the country. Additionally, to the extent that the underlying securities held by a Fund trade on foreign exchanges or in foreign markets that may be closed when the U.S. markets are open, there are likely to be deviations between the current price of an underlying security and the last quoted price for the underlying security. Economic sanctions and other similar governmental actions or developments could, among other things, effectively restrict or eliminate a Fund’s ability to purchase or sell certain foreign securities or groups of foreign securities, and/or thus may make the Fund’s investments in such securities less liquid (or illiquid) or more difficult to value. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. In some cases, as a result of economic sanctions and other similar governmental actions or developments, a Fund may be forced to sell or otherwise dispose of foreign investments at inopportune times or prices. The imposition of sanctions could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent a Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact the Fund’s liquidity and performance. Sanctions and other similar measures may be in place for a substantial period of time and enacted with limited advanced notice. It may also be difficult to use foreign laws and courts to force a foreign issuer to make principal and interest payments on its debt obligations. In addition, the cost of servicing external debt will also generally be adversely affected by rising international interest rates because many external debt obligations bear interest at rates which are adjusted based upon international interest rates. To the extent a Fund invests a significant portion of its assets in the securities of companies in a single country or region, it is more likely to be impacted by events or conditions affecting that country or region. Investment
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in a Fund may be more exposed to a single country’s or a region’s economic cycles, stock market valuations and currency, which could increase its risk compared with a more geographically diversified fund. In addition, political, social, regulatory, economic or environmental events that occur in a single country or region may adversely affect the values of that country’s or region’s securities and thus the holdings of a Fund.
The risks described above often increase in countries with emerging markets. For example, the ability of a foreign sovereign issuer, especially in an emerging market country, to make timely and ultimate payments on its debt obligations may be strongly influenced by the issuer’s balance of payments, including export performance, its access to international credit and investments, fluctuations of interest rates and the extent of its foreign reserves. If a deterioration occurs in the foreign country’s balance of payments, it could impose temporary restrictions on foreign capital remittances. In addition, there is a risk of restructuring certain foreign debt obligations that could reduce and reschedule interest and principal payments. Financial instruments of issuers in these countries may have lower overall liquidity than those of issuers in more developed countries. Emerging market countries typically have less established legal, accounting and financial reporting systems than those in more developed markets, which may reduce the scope or quality of financial information available to investors. Governments in emerging market countries are often less stable and more likely to take extra-legal action with respect to companies, industries, assets, or foreign ownership than those in more developed markets. Moreover, it can be more difficult for investors to bring litigation or enforce judgments against issuers in emerging markets or for U.S. regulators to bring enforcement actions against such issuers. The economies of some emerging markets may be particularly exposed to or affected by a certain industry or sector, and therefore issuers and/or securities of such emerging markets may be more affected by the performance of such industries or sectors.
· Call Risk—The risk that an issuer will redeem a fixed-income investment prior to maturity. This often happens when prevailing interest rates are lower than the rate specified for the fixed-income investment. If a fixed-income investment is called early, a Fund may not be able to benefit fully from the increase in value that other fixed-income investments experience when interest rates decline. Additionally, a Fund would likely have to reinvest the payoff proceeds at current yields, which are likely to be lower than the fixed-income investment in which the Fund originally invested, resulting in a decline in income.
Underlying ETF risks
Each Fund may invest in Underlying Funds that are ETFs. An investment in an Underlying Fund that is an ETF generally presents the same principal risks as an investment in a mutual fund (i.e., an open-end fund that is not exchange-traded)
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that has the same investment objectives, strategies and policies as the ETF. Moreover, Underlying Funds that are ETFs are subject to the following risks that do not apply to mutual funds: (i) the market price of the ETF’s shares may trade at a premium or a discount to their NAV; (ii) an active trading market for an ETF’s shares may not develop or be maintained; and (iii) there is no assurance that the requirements of the exchange necessary to maintain the listing of an ETF will continue to be met or remain unchanged. See “Additional information on principal risks of the Underlying Funds–Market Trading Risks” for additional discussion of risks unique to investment in Underlying Funds that are ETFs.
Direct real estate risks
Each Fund may gain exposure to direct real estate through certain Underlying Funds. Each Fund, depending on its location on the investment glidepath, could be subject to the following investment risk related to direct real estate described below:
· Real-Estate
Related Investment Risk—Each Fund may gain exposure to direct real estate through
direct or indirect investment in one or more limited partnerships and/or real estate investment trusts
(“REITs”) that are managed by Advisors or its affiliate (each, a “Direct Real Estate
Underlying Fund”). The Funds have obtained exemptive relief from the SEC which permits investment
in affiliated Direct Real Estate Underlying Funds. To the extent a Fund invests in a Direct Real Estate
Underlying Fund, the Fund would be exposed to the risks of such Direct Real Estate Underlying Fund in
direct proportion to the amount of assets the Fund allocates to such Direct Real Estate Underlying Fund.
More specifically, each Fund, through its investment in one or more Direct Real Estate Underlying Funds,
would be subject to the risks associated with the ownership of real estate including, among others, declines
in the value of real estate, negative changes in the climate for real estate, risks related to local,
regional, national and global economic conditions, overbuilding and increased competition, decreases
in property revenues, increases in prevailing interest rates, property taxes and operating expenses,
changes in zoning laws, casualty or condemnation losses, limitations on rents, changes in neighborhood
values or the appeal of properties to tenants, leveraging of interests in real estate, uninsured losses
at properties due to terrorism, natural disasters or acts of violence, and costs resulting from the cleanup
of environmental problems.
The Direct Real
Estate Underlying Funds are not registered as investment companies under the 1940 Act. As a result,
in addition to the risks associated with a Direct Real Estate Underlying Fund’s portfolio holdings,
the Funds would also be subject to risks related to investment in private investment funds including,
but not limited to, the absence of regulatory oversight and a secondary market for Direct Real Estate
Underlying Fund shares or interests, restrictions on the transfer or sale of Direct Real Estate Underlying
Fund shares or interests by the Fund, and the
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absence of protections typically afforded to investors when purchasing securities registered under the Securities Act of 1933 or any state or other U.S. or non-U.S. securities laws. When a Fund invests in a Direct Real Estate Underlying Fund, it bears a proportionate share of the fees and expenses borne by the Direct Real Estate Underlying Fund in which it invests. As discussed above, the Real Property Fund issues a limited number of interests. As a result, there may be a scarcity of such interests, which could negatively impact the Funds’ ability to achieve their target allocations to the Real Property Fund. Investments by a Fund in the Real Property Fund are considered to be illiquid, which exposes the Fund to illiquid investments risk. Due to the illiquid nature of investments in the Real Property Fund, declines in the market value of other assets held by a Fund and/or large redemptions by Fund shareholders could cause the Fund’s exposure to the Real Property Fund to exceed its target allocation, potentially for an extended period of time.
Other Underlying Funds risks
Each Fund, directly or through its investments in one or more Underlying Funds, is typically subject to the following principal investment risks (in the following risk descriptions “Fund” may refer to a Fund, an Underlying Fund, or both):
· Emerging Markets Risk—The risk of foreign investment often increases in countries with emerging markets or otherwise economically tied to emerging market countries. For example, these countries may have more unstable governments than developed countries, and their economies may be based on only a few industries. Emerging market countries may also have less stringent regulation of accounting, auditing, financial reporting and recordkeeping requirements, which would affect a Fund’s ability to evaluate potential portfolio companies. Certain emerging market countries may also face other significant internal or external risks, such as the risk of war, macroeconomic, geopolitical, global health conditions, and ethnic, religious and racial conflicts. As a result, there could be less information available about issuers in emerging market countries, which could negatively affect Advisors’ ability to evaluate local companies or their potential impact on a Fund’s performance. Because their financial markets may be very small, share prices of financial instruments in emerging market countries may be volatile and difficult to determine. Financial instruments of issuers in these countries may have lower overall liquidity than those of issuers in more developed countries. In addition, foreign investors such as a Fund are subject to a variety of special restrictions in many emerging market countries. Moreover, legal remedies for investors in emerging markets (including derivative litigation) may be more limited, and U.S. authorities (such as the SEC or U.S. Department of Justice) may have less ability to bring actions against bad actors in emerging market countries. National policies (including
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sanctions programs) may limit a Fund’s investment opportunities including restrictions on investment in issuers or industries deemed sensitive to national interests. The risks outlined above are often more pronounced in “frontier markets” in which a Fund may invest. Frontier markets are those emerging markets that are considered to be among the smallest, least mature and least liquid. These factors may make investing in frontier market countries significantly riskier than investing in other countries.
· Illiquid Investments Risk—The risk that illiquid investments may be difficult to sell for the value at which they are carried, if at all, or at any price within the desired time frame. Illiquid investments are those that are not reasonably expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. Pursuant to applicable SEC regulations, a Fund may not invest more than 15% of its net assets in illiquid investments that are assets. The Funds have implemented a liquidity risk management program and related procedures to identify illiquid investments pursuant to this regulation. A Fund may be limited in its ability to invest in illiquid and “less liquid” investments, which may adversely affect a Fund’s performance and ability to achieve its investment objective. A Fund’s investments in illiquid investments may reduce the returns of the Fund because it may be unable to sell the illiquid investment at an advantageous time or price, which could prevent the Fund from taking advantage of other investment opportunities. There is also a risk that unusually high redemption requests, including redemption requests from certain large shareholders (such as institutional investors) or asset allocation changes, may make it difficult for a Fund to sell investments in sufficient time to allow it to meet redemptions or require a Fund to sell illiquid investments at reduced prices or under unfavorable conditions. Illiquid investments may trade less frequently, in lower quantities and/or at a discount as compared to more liquid investments, which may cause a Fund to receive distressed prices and incur higher transaction costs when selling such investments. Securities that are liquid at the time of purchase may subsequently become illiquid due to events such as adverse developments for an issuer, industry-specific developments, market events, rising interest rates, changing economic conditions, changes in interest rates or investor perceptions and geopolitical risk. Dislocations in certain parts of the markets are resulting in reduced liquidity for certain investments. It is uncertain when financial markets will improve and economic conditions will stabilize. Liquidity of financial markets may also be affected by government intervention and political, social, health, economic or market developments. During periods of market stress, a Fund’s assets could potentially experience significant levels of illiquidity.
· Currency Risk—The risk of a decline in the value of a foreign currency versus the U.S. dollar, which reduces the dollar value of securities
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denominated in that foreign currency. The overall impact on a Fund’s holdings can be significant and long lasting depending on the currencies represented in the portfolio, how each currency appreciates or depreciates in relation to the U.S. dollar, and whether currency positions are hedged. Although a Fund may attempt to hedge its currency exposure into the U.S. dollar, it may not be successful in reducing the effects of currency fluctuations. A Fund may also hedge from one foreign currency to another. In addition, such currency hedging may not be successful and may lower a Fund’s potential returns. Foreign currency exchange rates may fluctuate significantly over short periods of time, particularly with respect to emerging market currencies or otherwise economically tied to emerging market currencies. Currency exchange rates can also be affected unpredictably by intervention by U.S. or foreign governments or central banks, or by currency controls or other diplomatic or geopolitical developments.
Active management risk
The risk that the performance of the Funds or the Underlying Funds that are actively managed, in whole or in part, reflects in part the ability of the portfolio manager(s) to make active, qualitative investment decisions that are suited to achieving the Funds’ or Underlying Funds’ investment objectives. As a result of investment selection or trade execution, a Fund or an Underlying Fund could underperform its respective benchmark or other mutual funds with similar investment objectives and may not produce expected returns.
Fund of funds risk
The ability of a Fund to achieve its investment objective will depend in part upon the ability of the Underlying Funds in which it invests to achieve their investment objectives. There can be no guarantee that any Underlying Fund will achieve its investment objective.
Additional information on principal risks of the Underlying Funds
In addition to the Funds’ principal risks noted above, below are some additional risks to which the Funds may have exposure depending upon their particular allocation to the various Underlying Funds (in the following risk descriptions “Fund” may refer to a Fund, an Underlying Fund or both, and “Advisors” may refer to Advisors or another investment adviser or sub-adviser of an Underlying Fund):
· Convertible Security Risk—Convertible securities are subject to certain risks of both equity and debt securities. The market values of convertible securities tend to decline as interest rates increase and, conversely, to increase as interest rates decline. However, a convertible security’s market value also tends to reflect the market price of the common stock of the issuing company. Convertible securities are also exposed to the risk that an
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issuer is unable to meet its obligation to make dividend or interest and principal payments when due as a result of changing financial or market conditions. Mandatory convertible securities are distinguished as a subset of convertible securities because the conversion is not optional and the conversion price at maturity is based solely upon the market price of the underlying common stock, which may be significantly less than par or the price (above or below par) paid. Mandatory convertible securities generally do not limit the potential for loss to the same extent as securities convertible at the option of the holder.
· Counterparty and Third Party Risk—Transactions involving a counterparty to a derivative or other instrument, or a third party responsible for servicing the instrument, are subject to the credit risk of the counterparty or third party, and to the counterparty’s or third party’s ability to perform in accordance with the terms of the transaction. If a counterparty defaults, a Fund may have contractual remedies but the Fund may be unable to enforce them due to the application of bankruptcy, insolvency and other laws affecting the rights of creditors. Counterparty risk is still present even if a counterparty’s obligations are secured by collateral because, for example, a Fund’s interest in collateral may not be perfected or additional collateral may not be promptly posted as required. A Fund is also subject to counterparty risk to the extent it executes a significant portion of its securities or derivatives transactions through a single broker, dealer, or futures commission merchant.
· Currency Management Strategies Risk—Currency management strategies, including forward currency contracts, may substantially change a Fund’s exposure to currency exchange rates and could result in losses to the Fund if currencies do not perform as Advisors expects. In addition, currency management strategies, to the extent that such strategies reduce a Fund’s exposure to currency risks, may also reduce the Fund’s ability to benefit from favorable changes in currency exchange rates. There is no assurance that Advisors’ use of currency management strategies will benefit a Fund or that they will be, or can be, used at appropriate times. Furthermore, there may not be a perfect correlation between the amount of exposure to a particular currency and the amount of securities in the portfolio denominated in that currency. Currency markets are generally less regulated than securities markets. Derivatives transactions, especially forward currency contracts and currency-related futures contracts and swap agreements, may involve significant amounts of currency management strategies risk.
· Current Income Risk—The risk that the income a Fund receives may fall as a result of a decline in interest rates.
· Depositary Receipt Risk—To the extent a Fund invests in depositary receipts, the Fund will be subject to many of the same risks as when investing directly in non-U.S. securities, including risks associated with fluctuations in currency exchange rates as well as changes to the economic or political conditions in other countries. American Depositary Receipts
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(“ADRs”) are depositary receipts issued by a U.S. financial institution that represent a specified number of shares in a foreign stock and trade on a U.S. national securities exchange. When a Fund invests in ADRs rather than investing directly in their underlying foreign shares, the Fund is exposed to the risk that the ADRs may not provide a return that corresponds precisely with the return of the underlying foreign shares. Sponsored ADRs are issued with the support of the issuer of the foreign shares underlying the ADRs and carry all of the rights of common shares, including voting rights. The holder of an unsponsored ADR may have limited voting rights and may not receive as much information about the issuer of the underlying securities as would the holder of a sponsored ADR. Because the underlying foreign shares of ADRs are typically denominated or quoted in non-U.S. currencies, currency exchange rates may affect the value of a Fund’s portfolio. Further, since an ADR’s underlying shares trade on foreign exchanges at times when U.S. markets are not open for trading, the value of the ADR’s underlying shares may change materially at times when U.S. markets are not open for trading.
· Downgrade Risk—The risk that securities are subsequently downgraded should Advisors and/or rating agencies believe the issuer’s business outlook or creditworthiness has deteriorated. If this occurs, the values of these investments may decline, or it may affect the issuer’s ability to raise additional capital for operational or financial purposes and increase the chance of default, as a downgrade may be seen in the financial markets as a signal of an issuer’s deteriorating financial position.
· Floating and Variable Rate Securities Risk—Floating and variable rate securities provide for adjustment in the interest rate paid on the obligations. The terms of such obligations typically provide that interest rates are adjusted based upon an interest or market rate adjustment as provided in the respective obligations. The adjustment intervals may be regular, and range from daily up to annually, or may be event-based, such as based on a change in the prime rate. Because of the interest rate adjustment feature, floating and variable rate securities provide an investor with a certain degree of protection against rises in interest rates, although the investor will participate in any declines in interest rates as well. Generally, changes in interest rates will have a smaller effect on the market value of floating and variable rate securities than on the market value of comparable fixed-income obligations. Thus, investing in floating and variable rate securities generally allows less opportunity for capital appreciation and depreciation than investing in comparable fixed-income securities. Floating and variable rate securities may be subject to greater liquidity risk than other debt securities, meaning that there may be limitations on a Fund’s ability to sell the securities at any given time. Such securities also may lose value.
· Index Risk—The risk that the performance of a Fund may not correspond to, or may underperform, its benchmark index for any period of time. Although each Fund attempts to use the investment performance of its respective
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index as a baseline, it may not duplicate the exact composition of that index. In addition, unlike a mutual fund, the returns of an index are not reduced by investment and other operating expenses, and therefore, the ability of an indexed fund to match the performance of its index is adversely affected by the costs of buying and selling investments as well as other expenses. Therefore, no indexed fund can guarantee that its performance will match or exceed its index for any period of time.
· Industry/Sector Concentration Risk—The risk that focusing on investment in specific industries or sectors makes a fund more vulnerable to developments particularly affecting those industries or sectors than a more broadly diversified fund would be. Financial instruments of companies in the same industry or sector may decline in price at the same time due to market conditions, interest rates or economic, regulatory, financial or industry/sector specific developments since these companies may share common characteristics and are more likely to react similarly to industry/sector specific market or economic developments. In addition, at times, a small number of companies may represent a large portion of a single industry or sector, and these companies can be sensitive to adverse economic, regulatory or financial developments.
· Consumer Discretionary Sector Risk—A Fund may invest a significant portion of its assets in the consumer discretionary sector. Securities of companies in the consumer discretionary sector can be significantly affected by changes in, among other things, the supply and demand for specific products and services, consumer spending trends, volatility in commodity prices, fluctuations in interest and exchange rates, imposition of import controls, increased competition, depletion of resources and labor relation issues. A Fund may be adversely affected by events or developments negatively impacting the consumer discretionary sector.
· Financials Sector Risk—A Fund may invest a significant portion of its assets in the financials sector. Securities of companies in the financials sector may be significantly affected by changes in interest rates, government regulation, the rate of defaults on corporate, consumer and government debt, the availability and cost of capital, and the impact of more stringent capital requirements. A Fund may be adversely affected by events or developments negatively impacting the financials sector or issuers within the financials sector.
· Industrials Sector Risk—A Fund may invest a significant portion of its assets in the industrials sector. Securities of companies in the industrials sector may be affected by changes in the supply of and demand for products and services, product obsolescence, claims for environmental damage or product liability, and general economic conditions, among other factors. A Fund may be adversely affected by events or developments negatively impacting the industrials sector.
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· Information Technology Sector Risk—A Fund may invest a significant portion of its assets in the information technology sector. Securities of companies in the information technology sector can be significantly affected by changes in, among other things, the supply and demand for specific products and services, the pace of technological development and product obsolescence, market competition, government regulation, and patent and intellectual property rights. A Fund may be adversely affected by events or developments negatively impacting the information technology sector.
· Large-Cap Risk—The risk that, by focusing on securities of larger companies, a Fund may have fewer opportunities to identify securities that the market misprices and that these companies may grow more slowly than the economy as a whole or not at all. Also, larger companies may fall out of favor with the investing public as a result of market, political and economic conditions, including for reasons unrelated to their businesses or economic fundamentals.
· Market Trading Risks—As with all ETFs, Nuveen ETF shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of a Nuveen ETF share typically will approximate its NAV, there may be times when the market price and the NAV diverge more significantly, particularly in times of market volatility or steep market declines. Thus, a shareholder may pay more or less than NAV when they buy Nuveen ETF shares on the secondary market, and they may receive more or less than NAV when they sell those shares. In times of market stress, the Nuveen ETF’s underlying portfolio holdings may become less liquid, which in turn may affect the liquidity of the Nuveen ETF’s shares and/or lead to more significant differences between the Nuveen ETF’s market price and its NAV.
Only certain institutional investors are eligible to purchase and redeem shares directly from the Nuveen ETF at NAV. In addition, efficient trading in the Nuveen ETF’s shares on the secondary market depends on the participation of firms acting as market makers and/or liquidity providers in the marketplace. To the extent these market makers and authorized participant firms exit the ETF business or otherwise significantly reduce their business activities and no other entities step forward to perform these functions, the Nuveen ETF’s shares may trade at a material discount to NAV.
During periods of high market volatility, a Nuveen ETF share may trade at a significant discount to its NAV, and in these circumstances certain types of brokerage orders may expose an investor to an increased risk of loss. A “stop order,” sometimes called a “stop-loss order,” may cause a Nuveen ETF share to be sold at the next prevailing market price once the “stop” level is reached, which during a period of high volatility can be at a price that is substantially below NAV.
Although the Nuveen ETF’s shares are listed for trading on a national securities exchange, it is possible that an active trading market may not
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develop or be maintained, in which case transactions may occur at wider bid/ask spreads (discussed in further detail below). Trading of the Nuveen ETF’s shares may be halted by the activation of individual or market-wide trading halts (which halt trading for a specific period of time when the price of a particular security or overall market prices decline by a specified percentage).
Buying or selling Nuveen ETF shares on an exchange involves two types of costs that apply to all securities transactions. When buying or selling shares of the Nuveen ETF through a broker, an investor will likely incur a brokerage commission and other charges. In addition, an investor may incur the cost of the “spread”; that is, the difference between what investors are willing to pay for Nuveen ETF shares (the “bid” price) and the price at which they are willing to sell Nuveen ETF shares (the “ask” price). The spread, which varies over time based on trading volume and market liquidity, is generally narrower if the Nuveen ETF has more trading volume and market liquidity and wider if the Nuveen ETF has less trading volume and market liquidity (which is often the case for funds that are newly launched or small in size). The Nuveen ETF’s spread may also be impacted by market volatility generally and the liquidity of the underlying securities held by the Nuveen ETF, particularly for newly launched or smaller funds. Because of the costs inherent in buying or selling Nuveen ETF shares, frequent trading may detract significantly from investment results.
· Mortgage Roll Risk—The risk that Advisors will not correctly predict mortgage prepayments and interest rates, which will diminish the investment performance of a Fund compared with what such performance would have been without the use of the strategy.
· Non-Diversification Risk—The Nuveen ETF is considered to be non-diversified under the 1940 Act. Non-diversified status means that a Fund can invest a greater percentage of its assets in the securities of a single issuer than a diversified fund. Investing in a non-diversified fund involves greater risk than investing in a diversified fund because a loss in value of a particular investment may have a greater effect on the fund’s return since that investment may represent a larger portion of the fund’s total portfolio assets, which could lead to greater volatility in the fund’s returns.
· Non-Investment-Grade Securities Risk—Issuers of non-investment-grade securities, which are usually called “high-yield” or “junk bonds,” are typically speculative in nature, in weaker financial health and such securities can be harder to value and sell and their prices can be more volatile than more highly rated securities. While these securities generally have higher rates of interest, they also involve greater risk of default than do securities of a higher-quality rating. In addition, high-yield securities generally are less liquid than investment-grade securities and the risks associated with high-yield securities are heightened during times of weakening economic, political, unusual or adverse market conditions or rising interest rates. Any investment
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in distressed or defaulted securities subjects a Fund to even greater credit risk than investments in other below-investment-grade securities.
· Portfolio Turnover Risk—In pursuing its investment objectives, a Fund may engage in trading that results in a high portfolio turnover rate, which may vary greatly from year to year, as well as within a given year. A higher portfolio turnover rate may result in correspondingly greater transactional expenses that are borne by a Fund. Such expenses may include bid-ask spreads, dealer mark-ups, and other transactional costs on the sale of securities and reinvestment in other securities, and may result in the realization of taxable capital gains (including short-term gains, which are generally taxed to shareholders as ordinary income). These costs, which are not reflected in annual fund operating expenses or in the example thereunder, may affect a Fund’s performance.
· Preferred Security Risk—There are special risks associated with investing in preferred securities:
· Limited Voting Rights—Generally, preferred security holders have no voting rights with respect to the issuing company unless preferred dividends have been in arrears for a specified number of periods, at which time the preferred security holders may elect a number of directors to the issuer’s board. Generally, once all the arrearages have been paid, the preferred security holders no longer have voting rights. In the case of certain preferred securities issued by trusts or special purpose entities, holders generally have no voting rights except if a declaration of default occurs and is continuing. In such an event, preferred security holders generally would have the right to appoint and authorize a trustee to enforce the trust’s or special purpose entity’s rights as a creditor under the agreement with its operating company.
· Special Redemption Rights—In certain circumstances, an issuer of preferred securities may redeem the securities prior to their stated maturity date. For instance, for certain types of preferred securities, a redemption may be triggered by a change in federal income tax or securities laws or by regulatory or major corporate action. As with call provisions, a redemption by the issuer may negatively impact the return of the security held by a Fund.
· Payment Deferral—Generally, preferred securities may be subject to provisions that allow an issuer, under certain conditions, to skip (“non-cumulative” preferred securities) or defer (“cumulative” preferred securities) distributions without any adverse consequences to the issuer. Non-cumulative preferred securities can skip distributions indefinitely. Cumulative preferred securities typically contain provisions that allow an issuer, at its discretion, to defer distribution payments for up to ten years. If a Fund owns a preferred security that is deferring its distribution, the Fund may be required to report income for tax purposes although it has not yet received such income. In addition, recent
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changes in bank regulations may increase the likelihood of issuers deferring or skipping distributions.
· Subordination—Preferred securities generally are subordinated to bonds and other debt instruments in a company’s capital structure and therefore are subject to greater credit risk than those debt instruments.
· Floating Rate Payments—The dividend or interest rates on preferred securities may be floating, or convert from fixed to floating at a specified future time. The market value of floating rate securities may fall in a declining interest rate environment and may also fall in a rising interest rate environment if there is a lag between the rise in interest rates and the reset. This risk may also be present with respect to fixed rate securities that will convert to a floating rate at a future time. A secondary risk associated with declining interest rates is the risk that income earned by a Fund on floating rate securities may decline due to lower coupon payments on the floating rate securities. Finally, many financial instruments use or may use a floating rate based upon the London Interbank Offered Rate, or “LIBOR,” (which was phased out) or the Federal Funds Rate. See “Additional information on investment strategies and risks of the Funds and Underlying Funds—The Fixed-Income Funds” for additional information.
· Fixed Rate Payments—The market value of preferred securities with fixed dividends or interest rates may decline in a rising interest rate environment.
· Liquidity—Preferred securities may be substantially less liquid than many other securities, such as U.S. Government securities or common stock, subjecting a Fund to illiquid investments risk. Less liquid securities involve the risk that the securities will not be able to be sold at the time desired by a Fund or at prices approximating the value at which the Fund is carrying the securities on its books.
· Financial Services Industry—The preferred securities market is comprised predominately of securities issued by companies in the financial services industry. Therefore, preferred securities present substantially increased risks at times of financial turmoil, which could affect financial services companies more than companies in other sectors and industries.
· Tax Risk—A Fund may invest in preferred securities or other securities the federal income tax treatment of which may not be clear or may be subject to recharacterization by the Internal Revenue Service (“IRS”). It could be more difficult for a Fund to comply with the tax requirements applicable to regulated investment companies if the tax characterization of the Fund’s investments or the tax treatment of the income from such investments were successfully challenged by the IRS.
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· Regulatory Risk—Issuers of preferred securities may be in industries that are heavily regulated and that may receive government funding. The value of preferred securities issued by these companies may be affected by changes in government policy, such as increased regulation, ownership restrictions, deregulation or reduced government funding.
· Quantitative Analysis Risk—The risk that securities selected for Funds that are actively managed, in whole or in part, according to a quantitative analysis methodology can perform differently from the market as a whole based on the model and the factors used in the analysis, the weight placed on each factor and changes in the factor’s historical trends and the risk that such quantitative analysis and modeling may not adequately take into account certain factors, may contain design flaws or inaccurate assumptions and may rely on inaccurate data inputs. If inaccurate market data is entered into a quantitative model, the resulting information will be incorrect. Because such models are based on assumptions of these and other market factors, the models may not take into account certain factors, or perform as intended, and may result in a decline in the value of a Fund’s portfolio.
· Senior Loan Risk—Many senior loans are rated lower than investment grade, or considered to be of comparable credit risk, so they present credit risk comparable to high-yield securities. While backed by collateral, the value of the collateral may not equal a Fund’s investment and may be hard to sell, so the liquidation of the collateral may not satisfy the borrower’s obligation to the Fund in the event of non-payment of scheduled interest or principal. Senior loans also expose a Fund to call risk and illiquid investments risk. There is no organized exchange or board of trade on which loans are traded; rather, they trade in an unregulated inter-dealer or inter-bank resale market, so the secondary market for senior loans can be limited. Trades can be infrequent and the values for senior loans may experience volatility. In some cases, negotiations for the sale or settlement of senior loans may require weeks to complete, which may impair a Fund’s ability to raise cash to satisfy redemptions, pay dividends, pay expenses or take advantage of other investment opportunities in a timely manner. If an issuer of a senior loan prepays or redeems the loan prior to maturity, a Fund will have to reinvest the proceeds in other senior loans or instruments that may pay lower interest rates.
· Sovereign Debt Risk—The risk that the issuer of non-U.S. sovereign debt or the governmental authorities that control the repayment of such debt may be unable or unwilling to repay principal or interest when due. This may result from political or social factors, the general economic environment of a country, levels of foreign debt or foreign currency exchange rates, among other possible reasons. In addition, the issuer of sovereign debt may be unable or unwilling to repay due to the imposition of international sanctions and other similar measures. As a result, there is an increased budgetary and financial pressure on municipalities and heightened risk of default or other
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adverse credit or similar events for issuers of municipal securities, which would adversely impact a Fund’s investments. To the extent the issuer or controlling governmental authority is unable or unwilling to repay principal or interest when due, a Fund may have limited recourse to compel payment in the event of default.
· Special Risks for Inflation-Indexed Bonds—The risk that market values of inflation-indexed investments held by the Nuveen Inflation Linked Bond Fund may be adversely affected by a number of factors, including changes in the market’s inflation expectations, changes in real rates of interest or declines in inflation (or deflation). There is a risk that interest payments in inflation-indexed investments may fall because of a decline in inflation (or deflation). In addition, the CPI-U may not accurately reflect the true rate of inflation. If the market perceives that any of these events have occurred, then the market value of those investments could be adversely affected.
· Special Situation Risk—Stocks of companies involved in acquisitions, consolidations, tender offers or exchanges, takeovers, reorganizations, mergers and other special situations can involve more risk than ordinary securities due to the high degree of uncertainty associated with such events. If the anticipated benefits of such developments do not ultimately materialize, the value of a special situation company may decline. As a result, the prices of securities of these companies can be more volatile than the prices of securities of similar companies, resulting in permanent loss of capital. Also, transactions may take longer than originally anticipated, resulting in lower annualized returns than contemplated at the time of investment. The following types of companies, for example, are more likely to experience special situations: smaller companies, emerging growth companies, and early development stage companies. Also, companies with any of the following characteristics are more likely to experience special situations: participating in an initial public offering, operating at a loss, or having little or no revenue history.
· U.S. Government Securities Risk—U.S. Treasury obligations and some obligations of U.S. Government agencies and instrumentalities are supported by the full faith and credit of the U.S. Government. Other U.S. Government agencies or instrumentalities are backed by the right of the issuer to borrow from the U.S. Treasury. Still others are supported only by the credit of the issuer. No assurance can be given that the U.S. Government would provide financial support to its agencies or instrumentalities if not required to do so by law, and such agencies or instrumentalities may not have the funds to meet their payment obligations in the future. Therefore, securities issued by U.S. Government agencies or instrumentalities that are not backed by the full faith and credit of the U.S. Government may involve increased risk of loss of principal and interest. In addition, the value of U.S. Government securities may be affected by changes in the credit rating of the U.S. Government.
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To the extent a Fund invests significantly in securities issued or guaranteed by the U.S. Government or its agencies or instrumentalities, any market movements, regulatory changes or changes in political or economic conditions that affect the securities of the U.S. Government or its agencies or instrumentalities in which the Fund invests may have a significant impact on the Fund’s performance. Events that would adversely affect the market prices of securities issued or guaranteed by one U.S. Government agency or instrumentality may adversely affect the market prices of securities issued or guaranteed by other agencies or instrumentalities.
In addition to the investment risks set forth above, there are other non-principal risks associated with investing in the Funds and Underlying Funds and their investments that are discussed elsewhere in the Funds’ and Underlying Funds’ Prospectuses and in the Funds’ and Underlying Funds’ SAIs. There can be no assurances that a Fund will achieve its investment objective. You should not consider any Fund to be a complete investment program.
Additional information on investment strategies and risks of the Funds and Underlying Funds
The Equity Funds
The Underlying Funds that invest primarily in equity securities—including the Nuveen Core Equity Fund, Nuveen Large Cap Growth Fund, Nuveen Large Cap Value Fund, Nuveen Quant Small Cap Equity Fund, Nuveen Quant Small/Mid Cap Equity Fund, Nuveen Emerging Markets Equity Fund, Nuveen International Equity Fund, Nuveen International Opportunities Fund, Nuveen Quant International Small Cap Equity Fund, Nuveen Dividend Growth Fund, Nuveen Dividend Value Fund and Nuveen ETF (collectively, the “Equity Funds”)—may also invest in short-term debt securities of the same type as those held by the Nuveen Money Market Fund and other kinds of short-term instruments. These short-term investments help the Equity Funds maintain liquidity, use cash balances effectively, and take advantage of attractive investment opportunities. Certain Equity Funds also may invest up to 20% of their assets in fixed-income securities (as defined for purposes of each Equity Fund’s investment strategies). Such Equity Funds may invest in fixed-income investments to obtain current income, to use cash balances effectively and in circumstances when Advisors or the Equity Fund’s other investment adviser or sub-adviser determines that the risk of loss from equity securities outweighs the potential for capital gains or higher income. For a general discussion of fixed-income investments, see “Investment policies—Debt instruments generally” in the Funds’ SAI. Certain Equity Funds may also manage cash by investing in money market funds or other short-term investment company securities.
Each Fund and/or certain Equity Funds may write (sell) call options, including covered call options, and purchase put options, to try to enhance income, reduce portfolio volatility and protect gains in its portfolio. Such options may include put and call options on securities of the types in which a Fund or an Equity Fund may
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invest and on securities indices composed of such securities. In writing (selling) call options, a Fund or an Equity Fund may give up the opportunity to profit on a security if the market price of the security rises and the option is exercised and, conversely, the premiums received from call options sold may not reduce the extent of a Fund’s or an Equity Fund’s losses during periods of market decline. In purchasing call and put options, a Fund or an Equity Fund may purchase a call or put option that expires with no value due to the market price of the security remaining below or above, as applicable, the strike price of the option. In such an event, a Fund or an Equity Fund would lose the value of the premium paid for the call or put option but would also receive no economic benefit from the purchase or sale, as applicable, of the security. The Funds and certain Equity Funds can also write (sell) put options. In writing put options, a Fund or an Equity Fund may experience losses on a security if the market price of the security declines and the option is exercised and, conversely, the premiums received from the put options sold may not reduce the extent of a Fund’s or an Equity Fund’s losses during periods of market decline.
In addition, each Fund and/or certain Equity Funds may buy and sell futures contracts on securities indices composed of securities of the types in which it may invest, and put and call options on such futures contracts. Each Fund and/or certain Equity Funds may use such futures contracts and options on futures contracts for hedging or cash management purposes, or to seek increased total return. Futures contracts permit a Fund and/or an Equity Fund to gain exposure to groups of securities and thereby have the potential to earn returns that are similar to those that would be earned by direct investments in those securities or instruments.
Where appropriate futures contracts do not exist, or if Advisors or the Equity Fund’s other investment adviser or sub-adviser deems advisable for other reasons, a Fund and/or certain Equity Funds may invest in investment company securities, such as ETFs. A Fund and/or certain Equity Funds may also invest in ETFs as well as ETNs for cash management purposes or other purposes, including to gain exposure to certain sectors or securities that are represented by ownership in ETFs. ETFs and ETNs will be subject to the risks associated with the types of asset classes, securities or sectors that they track, while ETNs, which are structured as fixed-income obligations, will also be subject to the general risks of fixed-income securities, including credit risk. When an Equity Fund or a Fund invests in Nuveen mutual funds, ETFs, ETNs or other Underlying Funds that are not offered by the Trust (“Non-Trust Underlying Funds”), it will bear a proportionate share of expenses charged by the investment company in which the Equity Fund or the Fund invests. An ETF may trade at a premium or discount to NAV. In seeking to manage currency exposure, the Funds and/or certain Equity Funds may also enter into forward currency contracts and currency swaps and may buy or sell put and call options and futures contracts on foreign currencies.
The Funds and certain Equity Funds can also invest in derivatives and other similar financial instruments, such as equity swaps (including contracts for
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difference, an arrangement where the return is linked to the price movement of an underlying security or a stock market index) and equity-linked fixed-income securities, so long as these derivatives and financial instruments are consistent with a particular Fund’s investment objective, restrictions and policies and current regulations.
Certain Equity Funds may invest in preferred securities. Preferred securities, which generally pay fixed or adjustable rate dividends or interest to investors, have preference over common stock in the payment of dividends or interest and the liquidation of a company’s assets, which means that a company typically must pay dividends or interest on its preferred securities before paying any dividends on its common stock. On the other hand, preferred securities are junior to most other forms of the company’s debt, including both senior and subordinated debt. Because of their subordinated position in the capital structure of an issuer, the ability to defer dividend or interest payments for extended periods of time without triggering an event of default for the issuer, and certain other features, preferred securities are often treated as equity-like instruments by both issuers and investors, as their quality and value are heavily dependent on the profitability and cash flows of the issuer rather than on any legal claims to specific assets.
The Fixed-Income Funds
The Underlying Funds of the Trust that invest primarily in fixed-income securities—including the Nuveen Core Bond Fund, Nuveen Core Plus Bond Fund, Nuveen Emerging Markets Debt Fund, Nuveen High Yield Fund, Nuveen Inflation Linked Bond, Nuveen International Bond Fund and Nuveen Short Term Bond Fund (collectively, the “Fixed-Income Funds”)—may make certain other investments, but not as principal strategies. For example, the Fixed-Income Funds may invest in interest-only and principal-only mortgage-backed securities. These instruments have unique characteristics and are more sensitive to prepayment risk and extension risk than traditional mortgage-backed securities. Similarly, the Fixed-Income Funds may also buy and sell put and call options, futures contracts, and options on futures. The Fixed-Income Funds intend to use options and futures primarily as a hedging technique or for cash management as well as risk management. In seeking to manage currency risk, the Fixed-Income Funds can also enter into forward currency contracts, and buy or sell options and futures on foreign currencies, or enter into foreign currency contracts. The Fixed-Income Funds can also buy and sell swaps and options on swaps, so long as these are consistent with each Fixed-Income Fund’s investment objective, restrictions and policies, as well as current regulations.
Certain instruments in which a Fund or a Fixed-Income Fund may invest are subject to rates that are tied to reference rates or benchmarks such as Secured Overnight Financing Rates (“SOFR”). As a result of benchmark reforms, publication of most LIBOR settings has ceased. Some U.S. dollar LIBOR settings continue to be published, but only on a temporary, synthetic and
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non-representative basis. It is expected that all synthetic U.S. dollar LIBOR settings will be discontinued at the end of September 2024. Many contracts have already transitioned away from LIBOR reference as a result of contractual fallback mechanics, negotiated amendments or as a result of statutory fallback mechanisms; some contracts continue to use synthetic U.S. dollar LIBOR and may continue to do so until synthetic LIBOR is discontinued. Instruments which transitioned from LIBOR to an alternative reference rate or which continue to use synthetic LIBOR may experience increased volatility and illiquidity or other adverse consequences, such as decreased yields and reduction in value for these instruments. This may adversely affect a Fund or an Underlying Fund and its investment in such instruments. Although some LIBOR-based or formerly LIBOR-based instruments may have contemplated a scenario where LIBOR is no longer available by providing for an alternative rate-setting methodology and/or increased costs for certain LIBOR-related instruments or financing transactions, others may not have had such provisions and there may be significant uncertainty regarding the effect of any such alternative methodologies. Instruments that included robust fallback provisions to facilitate the transition from LIBOR to an alternative reference rate may also have included adjustments that do not adequately compensate the holder for the different characteristics of the alternative reference rate. Such fallback provisions may have resulted in a value transfer from one party to the instrument to the counterparty. Additionally, because such provisions may differ across instruments (e.g., hedges versus cash positions hedged or investments in structured finance products transitioning to a different rate or at a different time as the assets underlying those structured finance products), the transition from LIBOR to differing alternative reference rates or using different adjustments may give rise to basis risk and render hedges less effective. Any such effects of the transition process, including unforeseen effects, could result in losses to a Fund or an Underlying Fund. In many cases, in the event that an instrument falls back to an alternative reference rate, including SOFR, the alternative reference rate will not perform the same as LIBOR because the alternative reference rate does not include a credit sensitive component in the calculation of the rate. These developments could negatively impact financial markets in general and present heightened risks, including with respect to a Fund’s or Underlying Fund’s investments.
Global economic risk
National and regional economies and financial markets are becoming increasingly interconnected, which increases the possibilities that conditions in one country, region or market might adversely impact issuers in a different country, region or market. Changes in legal, political, regulatory, tax and economic conditions may cause fluctuations in markets and securities prices around the world, which could negatively impact the value of a Fund’s or an Underlying Fund’s investments. Major economic or political disruptions, particularly in large economies, may have global negative economic and market
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repercussions. Additionally, events such as war, armed conflict, terrorism, the imposition of economic sanctions, natural and environmental disasters and the spread of infectious illnesses or other public health emergencies may adversely affect the global economy and the markets and issuers in which a Fund or an Underlying Fund invests. These events could reduce consumer demand or economic output, result in market closure, travel restrictions or quarantines, and generally have a significant impact on the economy. These events could also impair the information technology and other operational systems upon which a Fund’s or an Underlying Fund’s service providers, including the investment adviser, Advisors, rely, and could otherwise disrupt the ability of employees of a Fund’s or an Underlying Fund’s service providers to perform essential tasks on behalf of a Fund or an Underlying Fund. In addition, sanctions and other measures could limit or prevent a Fund or an Underlying Fund from buying and selling securities (in sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact liquidity and performance. Governmental and quasi-governmental authorities and regulators throughout the world have in the past responded to major economic disruptions with a variety of significant fiscal and monetary policy changes, including but not limited to, direct capital infusions into companies, new monetary programs and dramatically lower interest rates. An unexpected or quick reversal of these policies, or the ineffectiveness of these policies, could increase volatility in securities markets, which could adversely affect a Fund’s or an Underlying Fund’s investments.
A Fund’s or an Underlying Fund’s investments may be subject to inflation risk, which is the risk that the real value (i.e., nominal price of the asset adjusted for inflation), liquidity of assets or income from investments will be less in the future because inflation decreases the purchasing power and value of money (i.e., as inflation increases, the real value of a Fund’s or an Underlying Fund’s assets can decline as can the value of the Fund’s or the Underlying Fund’s distributions). Inflation rates may change frequently and significantly as a result of various factors, including unexpected shifts in the domestic or global economy, changes in monetary or economic policies (or expectations that these policies may change), public health policies, and other crises and responses by governments and companies to such crises. The market price of debt securities generally falls as inflation increases because the purchasing power of the future income and repaid principal is expected to be worth less when received by a Fund or an Underlying Fund. The risk of inflation is greater for debt instruments with longer maturities and especially those that pay a fixed rather than variable interest rate. In addition, this risk may be significantly elevated compared to normal conditions because of monetary policy measures and the current interest rate environment and level of government intervention and spending.
Nuveen Lifecycle Funds ■ Prospectus 239
Cybersecurity risk
The Funds and Underlying Funds and their service providers (including, but not limited to, the Funds’ and Underlying Funds’ administrator, custodian, transfer agent, distributor and their delegates) are susceptible to operational, information security and related risks through breaches in cybersecurity. In general, cybersecurity attacks can result from infection by computer viruses or other malicious software or from deliberate actions or unintentional events, including gaining unauthorized access through hacking or other means to digital systems, networks, or devices that are used to service the Funds’ and Underlying Funds’ operations in order to misappropriate assets or sensitive information, corrupt data, or cause operational disruption. Cybersecurity failures or breaches affecting the Funds and Underlying Funds and their service providers have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, interference with the Funds’ and Underlying Funds’ ability to calculate their NAV, impediments to trading, the inability of Fund and Underlying Fund shareholders to transact business, destruction to equipment and systems, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs and/or additional compliance costs. In addition, substantial costs may be incurred in order to prevent any cybersecurity breaches in the future.
Derivatives risks
The risks associated with investing in derivatives, including futures, options, swaps, forwards, and other fixed-income or equity derivative instruments, and other similar instruments (referred to collectively as “derivatives”) may be different and greater than the risks associated with directly investing in the underlying securities and other instruments, including leverage risk, market risk, counterparty risk, liquidity risk, operational risk and legal risk. Operational risk generally refers to risk related to potential operational issues, including documentation issues, settlement issues, systems failures, inadequate controls, and human error, and legal risk generally refers to insufficient documentation, insufficient capacity or authority of counterparty, or legality or enforceability of a contract. Derivatives such as swaps are particularly subject to risks such as liquidity risk, interest rate risk, market risk, legal risk and credit risk. These derivatives involve the risk of mispricing or improper valuation and the risk that the prices of certain options, futures, swaps (including credit default swaps), forwards and other types of derivative instruments may not correlate perfectly with the prices or performance of the underlying security, currency, rate, index or other asset. Certain derivatives present counterparty risk, or the risk of default by the other party to the contract, and some derivatives are, or may suddenly become, illiquid. Changes in the value of a derivative may also create margin delivery or settlement obligations for a Fund or an Underlying Fund. A Fund or an Underlying Fund may have to sell securities or other instruments at a time when it may be disadvantageous to do so to meet such payment requirements. Some
240 Prospectus ■ Nuveen Lifecycle Funds
of these risks exist for futures, options and swaps which may trade on established markets. Unanticipated changes in interest rates, securities prices or currency exchange rates may result in poorer overall performance of a Fund or an Underlying Fund than if it had not entered into derivatives transactions. The potential for loss as a result of investing in derivatives, and the speed at which such losses can be realized, may be greater than investing directly in the underlying security or other instrument. Derivatives can create leverage by magnifying investment losses or gains, and a Fund and an Underlying Fund could lose more than the amount invested.
Investments for temporary defensive purposes
Each Fund, as well as each Underlying Fund, may, for temporary defensive purposes, invest all of its assets in cash and money market instruments, including, for certain Underlying Funds, the Nuveen Money Market Fund. In doing so, the Fund and the Underlying Fund may be successful in reducing market losses but may otherwise fail to achieve their respective investment objectives. Cash assets are generally not income-generating and would impact a Fund’s or an Underlying Fund’s performance.
A description of the Funds’ policies and procedures with respect to the disclosure of their portfolio holdings is available in the Funds’ SAI.
While each Fund will normally seek to invest in Underlying Funds for the long term, it may frequently rebalance those holdings with the goal of staying close to its projected target allocations. Therefore, a Fund may sell shares of Underlying Funds regardless of how long they have been held. Although a Fund bears no brokerage commissions when it buys or sells shares of Underlying Funds of the Trust or other affiliated Underlying Funds, it may bear transaction costs, including brokerage commissions, when it transacts in shares of Non-Trust Underlying Funds. A “high portfolio turnover rate” for a Fund with respect to its holdings of Non-Trust Underlying Funds generally will result in greater transaction costs, including brokerage commissions or bid-ask spreads, borne by the Funds and, ultimately, by shareholders. The portfolio turnover rates of the Funds during recent fiscal periods are provided in the Financial highlights. The Funds are not subject to a specific limitation on portfolio turnover and are generally not managed to minimize tax burdens of shareholders.
An Underlying Fund that engages in active and frequent trading of portfolio securities will have a correspondingly higher portfolio turnover rate. A high portfolio turnover rate for an Underlying Fund generally will result in greater transaction costs, including brokerage commissions or bid-ask spreads, borne by the Underlying Fund and, ultimately, by Fund shareholders. Also, Underlying Funds with high portfolio turnover rates may be more likely to generate capital gains that
Nuveen Lifecycle Funds ■ Prospectus 241
must be distributed to the Funds, and ultimately to Fund shareholders, as taxable income. None of the Underlying Funds of the Trust are subject to a specific limitation on portfolio turnover, and securities of each Underlying Fund may be sold at any time such sale is deemed advisable for investment or operational reasons.
Each Fund may offer Class I, Premier Class, Class R6 and Retirement Class shares in this Prospectus. The Nuveen Lifecycle Retirement Income Fund also offers Class A shares. Each Fund’s investments are held by the Fund as a whole, not by a particular share class, so an investor’s money will be invested the same way no matter which class of shares is held. However, there are differences among the fees and expenses associated with each class and not everyone is eligible to buy every class. After determining which classes you are eligible to buy, decide which class best suits your needs. Please contact us if you have questions or would like assistance in determining which class is right for you.
Advisors manages the assets of the Trust, under the supervision of the Board of Trustees. Advisors is an indirect wholly owned subsidiary of TIAA. TIAA is a life insurance company founded in 1918 by the Carnegie Foundation for the Advancement of Teaching and is the companion organization of College Retirement Equities Fund (“CREF”), the first company in the United States to issue a variable annuity. Advisors is registered as an investment adviser with the SEC under the Investment Advisers Act of 1940. Advisors also manages the investments of TIAA Separate Account VA-1 and Nuveen Life Funds. Through an affiliated investment adviser, TIAA-CREF Investment Management, LLC (“TCIM”), certain personnel of Advisors also manage the investment accounts of CREF. As of June 30, 2024, Advisors and TCIM together had approximately $657.3 billion of assets under management. Advisors is located at 730 Third Avenue, New York, NY 10017-3206.
TIAA entities sponsor an array of financial products for retirement and other investment goals. For some of these products, for example, the investment accounts of CREF, TIAA or its subsidiaries perform services “at-cost.” The Funds offered in the Prospectus, however, pay the management fees and other expenses that are described in the tables of fees and expenses in this Prospectus. The management fees paid by the Funds to Advisors are intended to compensate Advisors for its services to the Funds and are not limited to the reimbursement of Advisors’ costs. Thus, under this arrangement, Advisors can earn a profit or incur a loss on the services which it renders to the Funds. The Funds also pay Advisors for certain administrative services that Advisors provides to the Funds on an at-cost basis.
242 Prospectus ■ Nuveen Lifecycle Funds
Advisors manages the assets of the Funds pursuant to an investment management agreement with the Trust (the “Management Agreement”). Advisors’ duties under the Management Agreement include, among other things, providing the Funds with investment research, advice and supervision; furnishing an investment program for the Funds; determining which securities or other investments to purchase, sell or exchange; and providing or obtaining any other necessary services to manage, acquire or dispose of securities, cash or other investments. Advisors also supervises and acts as liaison among the various service providers to the Funds, such as the custodian and transfer agent.
Under the terms of the Management Agreement, Advisors 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 (other than the Class W shares investment management fee waiver and/or reimbursement arrangement for the Underlying Funds of the Trust discussed below), 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. Advisors has contractually agreed to waive a portion of the Asset Allocation Fee Rate component and the Underlying Funds Fee Rate component of the Funds’ investment management fees equal to, on an annual basis, the following percentages of the average daily net assets of each Fund:
|
| Asset Allocation |
| Underlying Funds |
|
|
| Fee Rate waiver |
| Fee Rate waiver |
|
Nuveen Lifecycle Retirement Income Fund | 0.100% |
| 0.034% |
| |
Nuveen Lifecycle 2010 Fund | 0.100% |
| 0.018% |
| |
Nuveen Lifecycle 2015 Fund | 0.100% |
| 0.024% |
| |
Nuveen Lifecycle 2020 Fund | 0.100% |
| 0.028% |
| |
Nuveen Lifecycle 2025 Fund | 0.100% |
| 0.033% |
| |
Nuveen Lifecycle 2030 Fund | 0.100% |
| 0.048% |
| |
Nuveen Lifecycle 2035 Fund | 0.100% |
| 0.064% |
| |
Nuveen Lifecycle 2040 Fund | 0.100% |
| 0.080% |
| |
Nuveen Lifecycle 2045 Fund | 0.100% |
| 0.093% |
| |
Nuveen Lifecycle 2050 Fund | 0.100% |
| 0.094% |
| |
Nuveen Lifecycle 2055 Fund | 0.100% |
| 0.094% |
| |
Nuveen Lifecycle 2060 Fund | 0.100% |
| 0.094% |
| |
Nuveen Lifecycle 2065 Fund | 0.100% |
| 0.098% |
| |
Nuveen Lifecycle Funds ■ Prospectus 243
These waivers will remain in effect through at least September 30, 2027 with respect to the Asset Allocation Fee Rate waiver and September 30, 2025 with respect to the Underlying Funds Fee Rate waiver unless changed with approval of the Board of Trustees. Due to waivers that were in place prior to October 1, 2024, during the fiscal year ended May 31, 2024, Advisors received from the Funds the following effective annual fee rates as a percentage of average daily net assets of each Fund:
|
|
|
| Effective annual fee rate |
|
|
| (fiscal year ended May 31, 2024) |
| ||
Nuveen Lifecycle Retirement Income Fund |
|
| 0.290% |
| |
Nuveen Lifecycle 2010 Fund |
|
| 0.290% |
| |
Nuveen Lifecycle 2015 Fund |
|
| 0.290% |
| |
Nuveen Lifecycle 2020 Fund |
|
| 0.290% |
| |
Nuveen Lifecycle 2025 Fund |
|
| 0.300% |
| |
Nuveen Lifecycle 2030 Fund |
|
| 0.300% |
| |
Nuveen Lifecycle 2035 Fund |
|
| 0.310% |
| |
Nuveen Lifecycle 2040 Fund |
|
| 0.320% |
| |
Nuveen Lifecycle 2045 Fund |
|
| 0.320% |
| |
Nuveen Lifecycle 2050 Fund |
|
| 0.320% |
| |
Nuveen Lifecycle 2055 Fund |
|
| 0.320% |
| |
Nuveen Lifecycle 2060 Fund |
|
| 0.320% |
| |
Nuveen Lifecycle 2065 Fund |
|
| 0.320% |
| |
Advisors also receives investment management fees as the investment adviser to the Real Property Fund, and is entitled to receive investment management fees as the investment adviser to the Underlying Funds of the Trust. However, for the Class W shares of the Underlying Funds of the Trust, Advisors has contractually agreed to waive and/or reimburse Class W shares’ net investment management fees in their entirety so long as such fees are incurred by the Funds directly. Advisors expects this waiver and/or reimbursement arrangement to remain in effect indefinitely, unless changed or terminated with approval of the Board of Trustees. Each Fund directly bears a pro rata share of the investment management fees incurred by Class W shares of the Underlying Funds of the Trust in which the Fund invests through the Underlying Funds Fee Rate component of the Fund’s investment management fees, as discussed above, and such fees are reflected as part of “Management fees” in the “Fees and expenses” section of each Fund in this Prospectus. The Funds do not incur any fees or expenses of the Real Property Fund, the Nuveen Dividend Growth Fund, the Nuveen Dividend Value Fund, the Nuveen ETF or any other Non-Trust Underlying Funds directly, and any such fees and expenses are reflected as part of “Acquired fund fees and expenses” in the “Fees and expenses” section of each Fund in this Prospectus. Affiliates of Advisors receive investment management fees as the investment adviser or sub-adviser of the Nuveen Dividend Growth Fund, Nuveen Dividend Value Fund and Nuveen ETF.
244 Prospectus ■ Nuveen Lifecycle Funds
In addition, Advisors has contractually agreed to reimburse each Fund for any Total annual Fund operating expenses (excluding interest, taxes, brokerage commissions or other transactional expenses, Acquired fund fees and expenses, extraordinary expenses and any expenses originally attributable to Class W shares of the Underlying Funds of the Trust that were incurred directly by a Fund) that exceed certain amounts, as stated in the “Fees and expenses” section of each Fund in this Prospectus. These expense reimbursement arrangements will continue through at least September 30, 2025, unless changed with approval of the Board of Trustees. Each Fund also pays Advisors for certain administrative services Advisors provides to the Funds on an at-cost basis.
A discussion regarding the basis for the Board of Trustees’ most recent approval of each Fund’s Management Agreement is available in the Funds’ Form N-CSR for the fiscal year ended May 31, 2024. For a free copy of the Funds’ shareholder reports and Form N-CSR, please visit the Funds’ website at www.nuveen.com, visit the SEC’s website at www.sec.gov or call 800-257-8787.
The Funds are managed by a team of managers, whose members are responsible for the day-to-day management of the Funds, with expertise in the area applicable to the Funds’ investments. Certain team members are, for example, principally responsible for selecting appropriate investments for the Funds and others are principally responsible for asset allocation. The following is a list of members of the management team primarily responsible for managing each Fund’s investments, along with their relevant experience. The members of the management team may change from time to time.
Total Experience | |||||||
Name & Title | Portfolio Role | Experience
Over | At |
| On
| ||
NUVEEN LIFECYCLE FUNDS | |||||||
John
Cunniff, CFA | Portfolio Manager | Advisors, TCIM and other advisory affiliates—2006 to Present (oversight and management responsibility for asset allocation funds) | 2006 | 1992 | 2006 | ||
Steve
Sedmak, CFA | Portfolio Manager | Advisors, TCIM and other advisory affiliates—2016 to Present (strategic allocation research) | 2016 | 2001 | 2018 | ||
* Including tenure at affiliate or predecessor firms, as applicable.
The Funds’ SAI provides additional disclosure about the compensation structure for the Funds’ portfolio managers, the other accounts they manage, total assets in those accounts and potential conflicts of interest, as well as the portfolio managers’ ownership of shares of the Funds they manage.
Nuveen Lifecycle Funds ■ Prospectus 245
Under the terms of the Administrative Services Agreement with the Trust, responsibility for payment of expenses relating to oversight and performance of certain services, including transfer agency, dividend disbursing, accounting, administrative, compliance and shareholder services, is allocated directly either to the Funds or to Advisors.
For Advisors’ provision of such administrative, compliance and other services to the Funds under the Administrative Services Agreement, the Fund pays to Advisors at the end of each calendar month the allocated costs of such services as determined under the TIAA cost allocation methodology then in effect.
Advisors, in its capacity as administrator to the Funds and the Underlying Funds of the Trust, has contractually agreed to reimburse, for Class W shares of the Underlying Funds of the Trust, Class W share’s net other expenses (excluding interest, taxes, brokerage commissions or other transactional expenses, Acquired fund fees and expenses, Trustee expenses and extraordinary expenses) in their entirety so long as the Funds reimburse Advisors for such expenses, as described below. Advisors expects this expense reimbursement arrangement to remain in effect indefinitely, unless changed or terminated with approval of the Board of Trustees. As part of this contractual arrangement, each Fund has agreed to reimburse Advisors for the Fund’s pro rata share of the Class W shares other expenses of the Underlying Funds of the Trust in which the Fund invests that are reimbursed by Advisors pursuant to the arrangement. Therefore, these expenses are reflected as part of “Other expenses” in the “Fees and expenses” section of each Fund in this Prospectus. Any amounts excluded from Advisors’ reimbursement of the net other expenses allocable to Class W shares of the Underlying Funds of the Trust will be incurred indirectly by the Funds and reflected as “Acquired fund fees and expenses” in the “Fees and expenses” section of each Fund in this Prospectus, as applicable.
Distribution and service arrangements
Nuveen Securities, LLC (“Nuveen Securities”) distributes each class of Fund shares. Nuveen Securities may enter into agreements with other intermediaries, including its affiliated broker-dealer, TIAA-CREF Individual & Institutional Services, LLC (“Services”), to offer and sell shares of the Funds. For Class A and Premier Class shares, Nuveen Securities may utilize some or all of the Rule 12b-1 plan fees it receives from Class A and Premier Class shares to pay such other intermediaries for services provided in connection with the sale, promotion and/or servicing of Class A and Premier Class shares, respectively.
Additional information about payments to intermediaries appears in the Funds’ SAI.
246 Prospectus ■ Nuveen Lifecycle Funds
Please note that Nuveen Securities does not have a customer relationship with you solely by virtue of acting as distributor for the Funds. Nuveen Securities does not offer or provide investment monitoring, make investment decisions for you, or hold customer accounts or assets.
Class A
The Nuveen Lifecycle Retirement Income Fund has adopted a distribution plan under Rule 12b-1 with respect to Class A shares under which the Fund pays Nuveen Securities an annual fee as compensation for Nuveen Securities’ or other entities’ services related to the sale, promotion and/or servicing of Class A shares.
Under the plan, the Fund pays Nuveen Securities at the annual rate of up to 0.25% of average daily net assets attributable to Class A shares for distribution and promotion-related activities, as well as shareholder and account maintenance services, and Nuveen Securities may pay another entity for providing such services. Advisors, Nuveen Securities and their affiliates, at their own expense, may also pay for distribution, promotional and shareholder account maintenance expenses of Class A shares. Because Rule 12b-1 plan fees are paid out of Class A assets on an ongoing basis, over time they will increase the cost of your investment in Class A.
In addition to the fees the Fund pays under the plan and fees the Fund pays to its transfer agent, Nuveen Securities or Advisors, on behalf of Class A shares of the Fund, the Fund may enter into non-plan agreements with financial intermediaries pursuant to which the Fund will pay financial intermediaries for administrative, networking, recordkeeping, sub-transfer agency and shareholder services. These payments are generally based on either (1) a percentage of the average daily net assets of Fund shareholders serviced by a financial intermediary or (2) a fixed dollar amount for each account serviced by a financial intermediary. The aggregate amount of these payments may be substantial and may vary significantly among intermediaries.
More information about the Fund’s distribution and services arrangements for Class A shares appears in the Fund’s SAI.
Class I
In addition to the fees the Funds pay to their transfer agent, Nuveen Securities or Advisors, on behalf of Class I shares of the Funds, the Funds may enter into agreements with financial intermediaries pursuant to which the Funds will pay financial intermediaries for administrative, networking, recordkeeping, sub-transfer agency and shareholder services. These payments are generally based on either (1) a percentage of the average daily net assets of Fund shareholders serviced by a financial intermediary or (2) a fixed dollar amount for each account serviced by a financial intermediary. The aggregate amount of
Nuveen Lifecycle Funds ■ Prospectus 247
these payments may be substantial and may vary significantly among intermediaries.
More information about the Funds’ distribution and service arrangements for Class I shares appears in the Funds’ SAI.
Premier Class
The Funds have adopted a distribution plan under Rule 12b-1 with respect to Premier Class shares under which the Funds pay Nuveen Securities an annual fee as compensation for Nuveen Securities’ or other entities’ services related to the sale, promotion and/or servicing of Premier Class shares.
Under the plan, the Funds pay Nuveen Securities at the annual rate of up to 0.15% of average daily net assets attributable to Premier Class shares for distribution and promotion-related activities, as well as shareholder and account maintenance services, and Nuveen Securities may pay another entity for providing such services. Advisors, Nuveen Securities and their affiliates, at their own expense, may also pay for distribution, promotional and/or shareholder and account maintenance expenses of Premier Class shares. Because Rule 12b-1 plan fees are paid out of Premier Class assets on an ongoing basis, over time they will increase the cost of your investment in the Premier Class.
More information about the Funds’ distribution and services arrangements for Premier Class shares appears in the Funds’ SAI.
Class R6
More information about the Funds’ distribution and services arrangements for Class R6 shares appears in the Funds’ SAI.
Retirement Class
For Retirement Class shares of the Funds, the Funds have a separate service agreement with Advisors (the “Retirement Class Service Agreement”) pursuant to which Advisors provides or arranges for the provision of administrative and shareholder services for Retirement Class shares, including services associated with the maintenance of Retirement Class shares on retirement plan or other platforms. Under the Retirement Class Service Agreement, the Retirement Class of the Funds pays monthly a fee to Advisors at an annual rate of up to 0.25% of average daily net assets, which is reflected as part of “Other expenses” in the “Fees and expenses” sections of this Prospectus. Advisors may pay Services or other affiliated or unaffiliated persons an administrative charge at an annual rate of 0.25% of average daily net assets attributable to Retirement Class shares to assist it with fulfilling its obligations under the Retirement Class Service Agreement.
More information about the Funds’ distribution and services arrangements for Retirement Class shares appears in the Funds’ SAI.
248 Prospectus ■ Nuveen Lifecycle Funds
Other payments by Nuveen Securities, Advisors or their affiliates
In addition to the sales commissions described below and the payments from distribution and service fees made to financial intermediaries as previously described, Nuveen Securities, Advisors or their affiliates may from time to time make additional payments, out of their own resources, to certain financial intermediaries that sell shares of Nuveen mutual funds in order to promote the sales and retention of Fund shares by those firms and their customers. The amounts of these payments vary by financial intermediary and, with respect to a given firm, are typically calculated by reference to the amount of the firm’s recent gross sales of Nuveen mutual fund shares and/or total assets of Nuveen mutual funds held by the firm’s customers. The level of payments that Nuveen Securities, Advisors and/or their affiliates is willing to provide to a particular financial intermediary may be affected by, among other factors, the firm’s total assets held in and recent net investments into Nuveen mutual funds, the firm’s level of participation in Nuveen mutual fund sales and marketing programs, the firm’s compensation program for its registered representatives who sell Nuveen mutual fund shares and provide services to Nuveen mutual fund shareholders, and the asset class of the Nuveen mutual funds for which these payments are provided. The SAI contains additional information about these payments, including the names of the firms to which payments are made. Nuveen Securities may also make payments to financial intermediaries in connection with sales meetings, due diligence meetings, prospecting seminars and other meetings at which Nuveen Securities promotes its products and services. With respect to Class R6 shares, effective August 1, 2019, Nuveen Securities, Advisors or their affiliates have been permitted to make such payments pursuant to existing arrangements with financial intermediaries, but will not enter into new arrangements to make such payments with new third-party financial intermediaries.
In connection with the availability of Nuveen mutual funds within selected mutual fund no-transaction fee institutional platforms and fee-based wrap programs at certain financial intermediaries, Nuveen Securities, Advisors or their affiliates also make payments out of their own assets to those firms as compensation for certain recordkeeping, shareholder communications and other account administration services provided to Nuveen mutual fund shareholders who own their Fund shares through these platforms or programs. These payments are in addition to the service fee and any applicable sub-transfer agency or similar fees paid to these firms with respect to these services by the Nuveen mutual funds out of Fund assets.
The amounts of payments to a financial intermediary could be significant, and may create an incentive for the intermediary or its representatives to recommend or offer shares of the Funds to you. The intermediary may elevate the prominence or profile of the Funds within the intermediary’s organization by, for example, placing the Funds on a list of preferred or recommended funds and/or granting
Nuveen Lifecycle Funds ■ Prospectus 249
Nuveen Securities and/or its affiliates preferential or enhanced opportunities to promote the Funds in various ways within the intermediary’s organization.
Each Fund determines its NAV per share, or share price, on each Business Day. The NAV for each Fund is calculated each Business Day as of the latest close of the regular (or core) trading session of the NYSE, NYSE Arca Equities or NYSE American (collectively, the “NYSE Exchanges”) (normally 4:00 p.m. Eastern Time or such earlier time that is the latest close of a regular (or core) trading session of any of the NYSE Exchanges). The Funds do not price their shares on days that are not a Business Day. The NAV per share for each class is determined by dividing the value of the Fund’s assets attributable to such class, less all liabilities attributable to such class, by the total number of shares of the class outstanding. The assets of each Fund consist primarily of shares of Underlying Funds, which are valued at their respective NAVs in the case of mutual funds and at their market value per share in the case of ETFs. The values of any shares of Underlying Funds held by a Fund are based on the market value of the shares. Therefore, the share price of each of the Funds is determined based on the NAV per share or market value per share of each of its Underlying Funds (and the value of any other assets and liabilities of the Funds), subject to the fair value pricing procedures described below.
If a Fund invests in foreign securities that are primarily listed on foreign exchanges that trade on days when the Fund does not price its shares, the value of the foreign securities in the Fund’s portfolio may change on days when shareholders will not be able to purchase or redeem Fund shares. The value of the Fund’s investments denominated in foreign currencies is converted to U.S. dollars for purposes of determining the Fund’s NAV.
To value securities and other instruments held by the Underlying Funds (or the Fund, as applicable) of the Trust (other than for the Money Market Fund), such Underlying Funds (or Fund, as applicable) generally use market quotations or values obtained from independent pricing services to value such assets. If market quotations are not readily available or are not considered reliable, the Underlying Funds of the Trust will use a security’s “fair value,” as determined in good faith using procedures approved by the Board of Trustees. Such Underlying Funds also use fair value if events that have a significant effect on the value of an investment (as determined in Advisors’ sole discretion) occur between the time when its price is determined and the time a Fund’s NAV is calculated. For example, a Fund might use a domestic security’s fair value when the exchange on which the security is principally traded closes early or when trading in the security is halted and does not resume before the Fund’s NAV is calculated. Like the Funds, the Underlying Funds of the Trust do not price their shares on dates when the NYSE Exchanges are closed. This remains the case for Underlying Funds of the Trust that invest in foreign securities that are primarily listed on
250 Prospectus ■ Nuveen Lifecycle Funds
foreign exchanges that trade on days when such Underlying Funds do not price their shares, even though such securities may continue to trade and their values may fluctuate when the NYSE Exchanges are closed. The use of fair value pricing can involve reliance on quantitative models or individual judgment, and may result in changes to the prices of portfolio securities that are used to calculate the NAV of an Underlying Fund of the Trust. Although the Underlying Funds of the Trust fair value portfolio securities on a security-by-security basis, those that hold foreign portfolio securities may see their portfolio securities fair valued more frequently than other Underlying Funds that do not hold foreign securities.
Fair value pricing of equity securities most commonly occurs with securities that are primarily traded outside of the United States. This may have the effect of decreasing the ability of market timers to engage in “stale price arbitrage,” which takes advantage of the perceived difference in price from a foreign market closing price. For these foreign securities, an Underlying Fund of the Trust uses a fair value pricing service approved by Advisors, as the valuation designee. This pricing service employs quantitative models to value foreign equity securities in order to adjust for stale pricing, which may occur between the close of certain foreign exchanges and the close of the NYSE Exchanges. Fair value pricing is subjective in nature and the use of fair value pricing by an Underlying Fund of the Trust may cause the NAV of the Underlying Fund’s shares to differ significantly from the NAV that would have been calculated using market prices at the close of the foreign exchange on which a portfolio security is primarily traded.
While using a fair value price for foreign securities is intended to decrease the ability of market timers to make money by exchanging into or out of an affected Underlying Fund to the detriment of longer-term shareholders, it may reduce some of the certainty in pricing obtained by using actual market close prices.
Fixed-income securities held by an Underlying Fund of the Trust, including money market instruments (other than those held by a money market Underlying Fund of the Trust), are valued using market quotations, independent pricing sources or values derived from a pricing matrix that has various types of the applicable fixed-income instrument along one axis and various maturities along the other. The use of a price derived from a pricing matrix is a method of fair value pricing.
The Board of Trustees has designated Advisors as the valuation designee pursuant to Rule 2a-5 under the 1940 Act and delegated to Advisors the responsibility of making fair value determinations. A Fund will use fair value, as determined under its fair value procedures, to the extent that the value of any of its investments, including any Underlying Funds, is unavailable or not considered reliable.
Each Fund expects to declare and distribute to shareholders substantially all of its net investment income and net realized capital gains, if any. The amount
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distributed will vary according to the income received from investments held by a Fund and capital gains realized from the sale of investments. The Nuveen Lifecycle Retirement Income Fund plans to pay dividends on a quarterly basis. Each other Fund plans to pay dividends on an annual basis.
Each Fund intends to pay net capital gains, if any, annually. Dividends and capital gains can be paid in cash or reinvested. If you have elected to receive your distributions in cash and the distribution amount is less than $10, then the amount will be automatically reinvested in the Fund and no check will be issued. If the postal service is unable to deliver checks to your address of record, or the distribution check remains outstanding for six months or more, then the Funds reserve the right to reinvest the distribution check into your account using the Fund’s current NAV and to change your distribution option to reinvestment. No interest will accrue on amounts represented by uncashed distribution checks.
Dividends and capital gain distributions paid to shareholders who hold their shares through a TIAA-administered retirement plan or custody account will automatically be reinvested in additional shares of the same class of the particular Fund. All other shareholders may elect from the following distribution options (barring any restrictions from the intermediary or plan through which such shares are held):
1. Reinvestment option, same Fund. Your dividend and capital gain distributions are automatically reinvested in additional shares of the same share class of the Fund. Unless you elect otherwise, this will be your default distribution option.
2. Reinvestment option, different fund. Your dividend and capital gain distributions are automatically reinvested in additional shares of the same share class of another fund in which you already hold shares.
3. Income-earned option. Your long-term capital gain distributions are automatically reinvested, but you will be sent a check for each dividend and short-term capital gain distribution.
4. Capital gains option. Your dividend and short-term capital gain distributions are automatically reinvested, but you will be sent a check for each long-term capital gain distribution.
5. Cash option. A check will be sent for your dividend and each capital gain distribution.
On a Fund’s distribution date, the Fund makes distributions on a per share basis to the shareholders who hold and have paid for Fund shares on the record date. The Funds do this regardless of how long the shares have been held. This means that if you buy shares just before or on a record date, you will pay the full price for the shares and then you may receive a portion of the price back as a taxable distribution (see the discussion of “Buying a dividend” below under “Taxes”). Cash distribution checks will be mailed within seven days of the distribution date.
Shareholders who hold their shares through a variable insurance or annuity product, an employee benefit plan or through an intermediary may be subject to
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restrictions on their distribution payment options imposed by the product, plan or intermediary. Please contact the variable insurance or annuity product issuer or your plan sponsor or intermediary for more details.
As with any investment, you should consider how your investment in a Fund will be taxed.
Taxes on dividends and distributions. Unless you are tax-exempt or hold Fund shares in a tax-deferred account, you are subject to federal income tax on dividends and taxable distributions each year. Your dividends and taxable distributions generally are taxable when they are paid, whether you take them in cash or reinvest them. However, distributions declared in October, November or December of a year and paid in January of the following year are taxable as if they were paid on December 31 of the prior year.
For federal tax purposes, income and short-term capital gain distributions paid from a Fund are taxed as ordinary income, and long-term capital gain distributions are taxed as long-term capital gains. By February of each year, a statement showing the taxable distributions paid to you in the previous year from a Fund will be sent to you and the IRS (for taxable accounts only). Whether a capital gain distribution is considered long-term or short-term depends on how long the Fund held the securities the sale of which led to the gain.
A portion of ordinary income dividends paid by a Fund to individual investors may constitute “qualified dividend income” that is subject to the same maximum tax rates as long-term capital gains. The portion of a dividend that will qualify for this treatment will depend on the aggregated qualified dividend income received by a Fund. Notwithstanding this, certain holding period requirements with respect to a shareholder’s shares in a Fund may apply to prevent the shareholder from treating any portion of a dividend as “qualified dividend income.” Additional information about this can be found in the Funds’ SAI.
Taxes on transactions. Unless a transaction involves Fund shares held in a tax-deferred account, redemptions (sales), including exchanges to other funds, may also give rise to capital gains or losses. The amount of any capital gain or loss will be the difference, if any, between the adjusted cost basis of your shares and the price you receive when you sell or exchange them. In general, a capital gain or loss will be treated as a long-term capital gain or loss if you have held your shares for more than one year.
Each Fund is required to report to the IRS and furnish to certain Fund shareholders the cost basis information for sale transactions of shares purchased on or after January 1, 2012. Shareholders may elect to have one of several cost basis methods applied to their account when calculating the cost basis of shares sold, including average cost, “first-in, first-out” (“FIFO”), or some other specific identification method. Unless you instruct otherwise, each Fund will use average cost as its default cost basis method, and will treat sales as first
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coming from shares purchased prior to January 1, 2012. If average cost is used for a shareholder’s first sale of the Fund shares covered by these new rules, the shareholder may only use an alternative cost basis method for shares purchased prospectively. Fund shareholders should consult with their tax advisors to determine the best cost basis method for their tax situation.
For shares you sell that were purchased prior to January 1, 2012, you will be sent a statement showing how many shares you sold and at what price. However, the statement will not include cost basis information and will not be furnished to the IRS. You or your tax preparer must determine whether this sale resulted in a capital gain or loss and the amount of tax to be paid on any gain. Be sure to keep your regular account statements; the information they contain will be essential in calculating the amount of your capital gains or losses.
Backup withholding. If you fail to provide a correct taxpayer identification number or fail to certify that it is correct, the Funds are required by law to withhold 24% of all the distributions and redemption proceeds paid from your account. The Funds are also required to begin backup withholding if instructed by the IRS to do so.
Medicare tax. An additional 3.8% Medicare tax is imposed on certain net investment income (including ordinary dividends and capital gain distributions received from a Fund and net gains from redemptions or other taxable dispositions of Fund shares) of U.S. individuals, estates and trusts to the extent that such person’s “modified adjusted gross income” (in the case of an individual) or “adjusted gross income” (in the case of an estate or trust) exceeds certain threshold amounts.
Buying a dividend. If you buy shares just before a Fund deducts a distribution from its NAV, you will pay the full price for the shares and then receive a portion of the price back in the form of a taxable distribution. This is referred to as “buying a dividend.” For example, assume you bought shares of a Fund for $10.00 per share the day before the Fund paid a $0.25 dividend. After the dividend was paid, each share would be worth $9.75, and, unless you hold your shares through a tax-deferred arrangement such as a 401(a), 401(k) or 403(b) plan or an IRA, you will have to include the $0.25 dividend in your gross income for tax purposes.
Effect of foreign taxes. Foreign governments may impose taxes on a Fund and its Underlying Funds and their investments and these taxes generally will reduce the Fund’s distributions. If a Fund qualifies to pass through a credit for such taxes paid and elects to do so, an offsetting tax credit or deduction may be available to you if you maintain a taxable account. If so, your tax statement will show more taxable income than was actually distributed by the Fund, but will also show the amount of the available offsetting credit or deduction.
Other restrictions. There are tax requirements that all mutual funds must follow in order to avoid federal taxation. In its effort to adhere to these requirements, a Fund or an Underlying Fund may have to limit its investment in some types of instruments.
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Special considerations for certain institutional investors. If you are a corporate investor, a portion of the dividends from net investment income paid by a Fund may qualify for the corporate dividends-received deduction. The portion of the dividends that will qualify for this treatment will depend on the aggregate qualifying dividend income that the Fund receives from the Underlying Funds. Certain holding period and debt financing restrictions may apply to corporate investors seeking to claim the deduction.
Taxes related to employee benefit plans or IRAs. Generally, individuals are not subject to federal income tax in connection with shares held (or that are held on their behalf) in participant or custody accounts under the Internal Revenue Code of 1986, as amended (the “Code”) section 401(a) employee benefit plans (including 401(k) and Keogh plans), Code section 403(b) or 457 employee benefit plans, or IRAs. Distributions from such plan participant or custody accounts may, however, be subject to ordinary income taxation in the year of the distribution. For information about the tax aspects of your plan or IRA or Keogh account, please consult your plan administrator, TIAA or your tax advisor.
Other tax matters. Certain investments of a Fund, including certain debt instruments, foreign securities and shares of other investment funds, could affect the amount, timing and character of distributions you receive and could cause a Fund to recognize taxable income in excess of the cash generated by such investments (which may require a Fund to liquidate other investments in order to make required distributions).
This information is only a brief summary of certain federal income tax information about your investment in a Fund. The investment may have state, local or foreign tax consequences, and you should consult your tax advisor about the effect of your investment in a Fund in your particular situation. Additional tax information can be found in the Funds’ SAI.
How you can buy and sell shares
The Funds offer multiple classes of shares, each with a different combination of sales charges, fees, eligibility requirements and other features. Your financial advisor can help you determine which class is best for you. For further details, please see the SAI. Because the Prospectus and the SAI are available free of charge on the Funds’ website at www.nuveen.com, we do not disclose the following share class information separately on the website.
The different share classes offered by the Funds are described below. You will pay up-front or contingent deferred sales charges on some of these share classes. In addition, some share classes are subject to annual distribution and/or service fees in the amounts described above, which are paid out of a Fund’s assets. These fees are paid to Nuveen Securities or Advisors, and are used primarily for providing compensation to financial intermediaries in
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connection with the distribution of Fund shares and for providing ongoing account services to shareholders. Certain classes of the Funds have adopted a distribution plan under Rule 12b-1 under the 1940 Act or a service plan that allows each Fund to pay these distribution and/or service fees. More information on these plans can be found above under “Distribution and service arrangements.” Because fees paid under the plans are paid out of a Fund’s assets on an ongoing basis, over time these fees will increase the cost of your investment and may cost you more than paying other types of sales charges.
Overview
Each share class of a Fund has certain eligibility requirements that apply when purchasing Fund shares. Eligibility to purchase a certain class of shares is generally based on the type of account being opened in a Fund as well as certain account minimums. In order to better understand the eligibility requirements outlined below, the following defined terms shall apply when used throughout this Prospectus.
Definitions
Financial Intermediary Accounts: These include accounts held through platforms, programs, plans and other similar entities, as well as omnibus accounts, on behalf of other investors. Additionally, Financial Intermediary Accounts may include, but are not limited to, the following:
· Employee Benefit Plans (as defined below);
· Certain custody accounts sponsored or administered by TIAA, or by other entities not affiliated with TIAA, that are established by individuals as IRAs pursuant to section 408 of the Code; and
· Wrap accounts or other such arrangements as may be offered by a financial advisor or other intermediary.
Employee Benefit Plans: These include accounts sponsored or administered by either TIAA and its affiliates or by other entities not affiliated with TIAA and that are established by or on behalf of employers, or the trustees of plans sponsored by employers, in connection with certain Employee Benefit Plans. Such Employee Benefit Plans include those described in sections 401(a) (including 401(k) and Keogh plans), 403(a), 403(b) or 457 of the Code. Shareholders investing through such Employee Benefit Plans may have to pay additional expenses related to the administration of such plans. Class I is not available to SEPs, SAR-SEPs, SIMPLE IRAs and Keogh plans.
Eligible Investors: These include both Financial Intermediary Accounts and Employee Benefit Plans.
Direct Purchasers: These accounts are opened directly with the transfer agent for the Funds, SS&C GIDS, Inc., and include the following: individual, financial advisor, domestic trust and joint accounts; Traditional IRAs and Roth IRAs; corporate and institutional accounts; custodial accounts for a minor child under
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the Uniform Gift to Minors Act (“UGMA”) or Uniform Transfer to Minors Act (“UTMA”); and Coverdell education savings accounts.
Class A shares
You can purchase Class A shares at the offering price, which is the NAV per share plus an up-front sales charge. You may qualify for a reduced sales charge, or the sales charge may be waived, as described in “How to reduce your sales charge.” Class A shares are also subject to an annual distribution fee, as described above under “Distribution and service arrangements.” The up-front Class A sales charges for the Nuveen Lifecycle Retirement Income Fund is as follows:
Amount of Purchase | Sales Charge as | Sales Charge as | Maximum
Financial | |||
Less than $50,000 | 5.75 | % | 6.10 | % | 5.00 | % |
$50,000 but less than $100,000 | 4.50 | 4.71 | 4.00 | |||
$100,000 but less than $250,000 | 3.75 | 3.90 | 3.25 | |||
$250,000 but less than $500,000 | 2.75 | 2.83 | 2.50 | |||
$500,000 but less than $1,000,000 | 2.00 | 2.04 | 1.75 | |||
$1,000,000 and over* | — | — | 1.00 |
* You can purchase $1 million or more of Class A shares at net asset value without an up-front sales charge. Nuveen Securities, LLC (the “Distributor”) pays financial intermediaries of record at a rate of 1.00% of the first $2.5 million, plus 0.75% of the next $2.5 million, plus 0.50% of the amount over $5 million, which includes an advance of the first year’s Rule 12b-1 fee. Unless you are eligible for a waiver, you may be assessed a contingent deferred sales charge (“CDSC”) of 1.00% if you redeem any of your shares within 18 months of purchase. See “Contingent deferred sales charges” below for information concerning the CDSC and “How to reduce your sales charge—CDSC waivers and reductions” below for information concerning CDSC waivers and reductions.
Class A shares are available through certain financial intermediaries or by contacting the Fund directly. The minimum initial investment is $2,000 per Fund account for Traditional IRA, Roth IRA and Coverdell accounts, $250 for Fund accounts purchased through fee-based programs, no minimum for retirement plans, and $2,500 for all other account types. Subsequent investments for all account types must be at least $100. Provided they meet the minimum investment and other eligible requirements, investors that are eligible include:
· Direct Purchasers;
· Financial Intermediary Accounts;
· Other investment companies or pools;
· State-sponsored tuition savings plans (529) or health savings accounts (HSA);
· Insurance company separate accounts advised by or affiliated with Advisors, or other affiliates of TIAA; and
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· Other accounts, entities, programs, plans and categories of shareholders as may be approved by the Fund from time to time.
In addition, Class A shares may not be available through certain financial intermediaries. Please consult with your financial intermediary to determine whether their policies allow for an investment in Class A shares.
Class I shares
You can purchase Class I shares at the offering price, which is the NAV per share without any up-front sales charge. As Class I shares are not subject to sales charges or ongoing service or distribution fees, they have lower ongoing expenses than the other classes.
Class I shares are available for purchase by clients of financial intermediaries who charge such clients an ongoing fee for advisory, investment, consulting or related services. Such clients may include individuals, corporations, endowments and foundations. The minimum initial investment for such clients is $100,000, but this minimum will be lowered to $250 for clients of financial intermediaries that have accounts holding Class I shares with an aggregate value of at least $100,000. Nuveen Securities may also lower the minimum to $250 for clients of financial intermediaries anticipated to reach this Class I share holdings level.
Class I shares are also available for purchase by family offices and their clients. A family office is a company that provides certain financial and other services to a high net worth family or families. The minimum initial investment for family offices and their clients is $100,000, but this minimum will be lowered to $250 for clients of family offices that have accounts holding Class I shares with an aggregate value of at least $100,000. Nuveen Securities may also lower the minimum to $250 for clients of family offices anticipated to reach this Class I share holdings level. Class I shares are also available for purchase by Direct Purchasers (existing Direct Purchasers only).
Class I shares are also available for purchase, with no minimum initial investment, by the following categories of investors:
· Certain employer-sponsored retirement plans.
· Certain bank or broker-affiliated trust departments.
· Advisory accounts of Advisors and its affiliates.
· Investors purchasing through a brokerage platform of a financial intermediary that has an agreement with Nuveen Securities to offer such shares solely when acting as an agent for such investors. Investors transacting through a financial intermediary’s brokerage platform may be required to pay a commission directly to the intermediary.
· Current and former trustees/directors of any Nuveen Fund, and their immediate family members (as defined in the SAI).
· Officers of Nuveen, LLC and its affiliates, and their immediate family members.
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· Full-time and retired employees of Nuveen, LLC and its affiliates, and their immediate family members.
· Certain financial intermediary personnel, and their immediate family members.
· Certain other institutional investors described in the SAI.
· Other accounts, entities, programs, plans and categories of shareholders as may be approved by the Funds from time to time.
A financial intermediary through which you hold Class I shares may have the authority under its account agreement to exchange your Class I shares for another class of Fund shares having higher expenses than Class I shares if you withdraw from or are no longer eligible for the intermediary's fee-based program or under other circumstances. You may be subject to the sales charges and service and/or distribution fees applicable to the share class that you receive in such an exchange. You should contact your financial intermediary for more information about your eligibility to purchase Class I shares and the class of shares you would receive in an exchange if you no longer meet Class I eligibility requirements.
Premier Class and Retirement Class shares
You can purchase Premier Class and Retirement Class shares at the offering price, which is the NAV per share without any up-front sales charge. Premier Class shares are subject to an annual distribution fee, and Retirement Class shares are subject to an annual service fee, each as described above under “Distribution and service arrangements.” Premier Class and Retirement Class shares are generally available for purchase through employee benefit plans or other types of savings plans or accounts, which include:
· Financial Intermediary Accounts;
· Other investment companies or pools;
· State-sponsored tuition savings plans (529) or health savings accounts (HSA);
· Insurance company separate accounts advised by or affiliated with Advisors, or other affiliates of TIAA; and
· Other accounts, entities, programs, plans and categories of shareholders as may be approved by the Funds from time to time.
Class R6 shares
Eligible investors can purchase Class R6 shares at the offering price, which is the NAV per share without any up-front sales charge. As Class R6 shares are not subject to sales charges or ongoing service or distribution fees, they have lower ongoing expenses than the other classes.
Class R6 shares are available to certain qualified retirement plans and other investors. There is no minimum initial investment for qualified retirement plans, health savings accounts and 529 savings plans. Class R6 shares are also
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available for purchase by clients of financial intermediaries who charge such clients an ongoing fee for advisory, investment, consulting or related services. Such clients may include individuals, corporations, endowments and foundations. The minimum initial investment for such clients is $1,000. Nuveen Securities may also waive the minimum for clients of financial intermediaries anticipated to reach this Class R6 share holdings level. All other eligible investors must meet a minimum initial investment of at least $1,000,000 in a Fund. Such minimum investment requirement may be applied collectively to affiliated accounts, in the discretion of Nuveen Securities. Class R6 shares may be purchased through financial intermediaries only if such intermediaries have entered into an agreement with Nuveen Securities to offer Class R6 shares. Class R6 shares are only available in cases where neither the investor nor the intermediary will receive any commission payments, account servicing fees, recordkeeping fees, 12b-1 fees, sub-transfer agent fees, so called “finder’s fees,” administration fees or similar fees with respect to Class R6 shares. However, Nuveen Securities, Advisors or their affiliates are permitted to make certain payments pursuant to arrangements in place prior to August 1, 2019 with financial intermediaries, but will not enter into new arrangements to make such payments with new third-party financial intermediaries. Provided they meet the minimum investment and other eligibility requirements, eligible investors include:
· Financial Intermediary Accounts;
· Direct Purchasers;
· Qualified retirement plans held in plan-level or omnibus accounts;
· Foundations and endowment funds;
· Any state, county, or city, or its instrumentality, department, authority or agency;
· 457 plans, including 457(b) governmental entity plans and tax exempt plans;
· Omnibus or other pooled accounts registered to insurance companies, trust companies, bank trust departments, registered investment advisor firms and family offices;
· Investment companies;
· Corporations, including corporate non-qualified deferred compensation plans of such corporations;
· Collective investment trusts;
· State-sponsored tuition savings plans (529) or health savings accounts (HSA);
· Insurance company separate accounts advised by or affiliated with Advisors, or other affiliates of TIAA;
· Discretionary accounts managed by Advisors or its affiliates; and
· Other accounts, entities, programs, plans and categories of shareholders as may be approved by the Funds from time to time.
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Class R6 shares are also available for purchase, with no minimum initial investment, by the following categories of investors:
· Current and former trustees/directors of any Nuveen Fund, and their immediate family members (as defined in the SAI).
· Officers of Nuveen, LLC and its affiliates, and their immediate family members.
· Full-time and retired employees of Nuveen, LLC and its affiliates, and their immediate family members.
Class R6 shares are not available directly to traditional or Roth IRAs, Coverdell Savings Accounts, Keoghs, SEPs, SARSEPs, or SIMPLE IRAs.
Account minimums
The Funds have the discretion to waive or otherwise change the initial or subsequent minimum investment requirements described above at any time without any prior notice to shareholders. Financial intermediaries may enforce their own initial and subsequent investment minimums.
There are no minimum account requirements, including initial or subsequent minimum investment requirements, for Premier Class or Retirement Class shares.
All share classes
Each Fund reserves the right to determine in its sole discretion whether any potential investor is eligible to purchase Class A, Class I, Premier Class, Class R6 or Retirement Class shares. For more information with regard to Class I, Premier Class, Class R6 or Retirement Class shares, please contact your financial intermediary or you may call the Funds at 800-257-8787, Monday through Friday, from 8:00 a.m. to 10:00 p.m. Eastern Time. If you are a Direct Purchaser of Class R6 shares, please contact your assigned relationship manager (“Relationship Manager”), or please call the Funds at 800-257-8787, Monday through Friday, from 8:00 a.m. to 6:00 p.m. Eastern Time. For more information with regard to Class A shares, or if you are a Direct Purchaser of Class I shares, please call the Funds at 800-257-8787, Monday through Friday, from 8:00 a.m. to 6:00 p.m. Eastern Time.
Investors in all share classes should be aware that each Fund may from time to time, in its discretion, suspend, change or terminate the processes and procedures outlined below for purchasing, redeeming and exchanging shares.
The Funds are not responsible for any losses due to unauthorized or fraudulent instructions when purchasing, redeeming or exchanging shares as long as the Funds follow reasonable security procedures to verify your identity. It is your responsibility to review and verify the accuracy of your confirmation statements immediately after you receive them.
Please refer to the SAI for more information about Class A, Class I, Premier Class, Class R6 and Retirement Class shares, including more detailed program
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descriptions and eligibility requirements. Additional information is also available from your financial advisor, who can also help you prepare any necessary application forms.
Contingent deferred sales charge
If you redeem Class A shares that are subject to a CDSC, you may be assessed a CDSC upon redemption. When you redeem Class A shares subject to a CDSC, your Fund will first redeem any shares that are not subject to a CDSC, and then redeem the shares you have owned for the longest period of time, unless you ask the Fund to redeem your shares in a different order. No CDSC is imposed on shares you buy through the reinvestment of dividends and capital gains. The CDSC holding period is calculated on a monthly basis and begins on the first day of the month in which the purchase was made. When you redeem shares subject to a CDSC, the CDSC is calculated on the lower of your purchase price or redemption proceeds, deducted from your redemption proceeds, and paid to Nuveen Securities. The CDSC may be waived under certain special circumstances as described below under “How you can buy and sell shares—How to reduce your sales charge—CDSC waivers and reductions,” in the appendix to this Prospectus titled “Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries,” and in the SAI.
How to reduce your sales charge
The Nuveen Lifecycle Retirement Income Fund offers a number of ways to reduce or eliminate the up-front sales charge on Class A shares. In addition, under certain circumstances, the Fund will waive or reduce the CDSC imposed on redemptions of certain Class A shares purchased at NAV. The availability of the sales charge reductions and waivers discussed below will depend on the policies of the financial intermediary through which you purchase your shares. Information on intermediaries’ variations from the reductions and waivers discussed below are disclosed in the appendix to this Prospectus, “Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries.” In all instances, it is your responsibility to notify your financial intermediary at the time of purchase of any relationship or other facts qualifying you for sales charge waivers or discounts. In order to obtain waivers and discounts that are not available through your intermediary, you will have to purchase Fund shares through another intermediary.
Class A sales charge reductions
· Rights of Accumulation. In calculating the appropriate sales charge on a purchase of Class A shares of the Fund, you may be able to add the amount of your purchase to the value, based on the current NAV per share, of all of your prior purchases of any Nuveen mutual fund.
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· Letter of Intent. Subject to certain requirements, you may purchase Class A shares of the Fund at the sales charge rate applicable to the total amount of the purchases you intend to make over a 13-month period.
For purposes of calculating the appropriate sales charge as described under Rights of Accumulation and Letter of Intent above, you may include purchases by (i) you, (ii) your spouse or domestic partner and children under the age of 21 years, and (iii) a corporation, partnership or sole proprietorship that is 100% owned by any of the persons in (i) or (ii). In addition, a trustee or other fiduciary can count all shares purchased for a single trust, estate or other single fiduciary account that has multiple accounts (including one or more employee benefit plans of the same employer).
Class A sales charge waivers
Class A shares of the Fund may be purchased at NAV without a sales charge as follows:
· Purchases of $1,000,000 or more (although such purchases may be subject to a CDSC in certain circumstances, see “What share classes we offer—Contingent deferred sales charges” above).
· Shares purchased through the reinvestment of Nuveen mutual fund dividends and capital gain distributions.
· Shares purchased for accounts held directly with the Fund that do not have a financial intermediary of record.
· Shares of any Nuveen mutual fund purchased for accounts held directly with the Fund that held Class A shares of the Fund prior to May 6, 2024.
· Certain employer-sponsored retirement plans. Purchases by employer-sponsored retirement plans (“ESRPs”) as defined below, except that, in the case of ESRPs held through a brokerage account, Class A shares will be available at NAV without a sales charge only if the broker-dealer has entered into an agreement with Nuveen Securities that allows for such purchases. Intermediaries that have entered into such an agreement are listed in the appendix to this Prospectus, “Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries.”
For this purpose, ESRPs include, but are not limited to, 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans, health savings accounts, defined benefit plans, non-qualified deferred compensation plans, Roth 401(k) plans and Roth 403(b) plans, and do not include SEPs, SAR-SEPs, SIMPLE IRAs (other than SIMPLE IRAs opened before January 1, 2011 where Nuveen Securities is the broker of record), SIMPLE 401(k) plans, Solo 401(k) plans, KEOGH plans, non-qualified deferred compensation plans and single defined benefit plans.
· Employees of Nuveen, LLC and its affiliates. Purchases by current and retired employees of Nuveen, LLC and its affiliates and such employees’ immediate family members (as defined in the SAI).
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· Current and former trustees/directors of the Nuveen Funds.
· Financial intermediary personnel. Purchases by any person who, for at least the last 90 days, has been an officer, director, or employee of any financial intermediary or any such person’s immediate family member.
· Certain trust departments. Purchases by bank or broker-affiliated trust departments investing funds over which they exercise exclusive discretionary investment authority and that are held in a fiduciary, agency, advisory, custodial or similar capacity.
· Additional categories of investors. Purchases made (i) by investors purchasing on a periodic fee, asset-based fee or no transaction fee basis through a broker-dealer sponsored mutual fund purchase program; (ii) by clients of investment advisers, financial planners or other financial intermediaries that charge periodic or asset-based fees for their services; and (iii) through a financial intermediary that has entered into an agreement with Nuveen Securities to offer the Fund’s shares to self-directed investment brokerage accounts and that may or may not charge a transaction fee to its customers. Intermediaries that have entered into such an agreement are listed in the appendix to this Prospectus, “Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries.”
In order to obtain a sales charge reduction or waiver on Class A share purchases, it may be necessary at the time of purchase for you to inform the Fund or your financial advisor of the existence of other accounts in which there are holdings eligible to be aggregated for such purposes. You may need to provide the Fund or your financial advisor information or records, such as account statements, in order to verify your eligibility for a sales charge reduction or waiver. This may include account statements of family members and information regarding Nuveen mutual fund shares held in accounts with other financial advisors. You or your financial advisor must notify Nuveen Securities at the time of each purchase if you are eligible for any of these programs. The Fund may modify or discontinue these programs at any time.
CDSC waivers and reductions
The CDSC payable upon the redemption of Class A shares that were purchased at NAV without a sales charge because the purchase amount exceeded $1,000,000, may be waived or reduced under the following circumstances:
· In the event of total disability of the shareholder.
· In the event of death of the shareholder.
· For certain redemptions made pursuant to a systematic redemption plan.
· For redemptions in connection with a payment of account or plan fees.
· For redemptions of accounts not meeting required minimum balances.
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· For redemptions of Class A shares where Nuveen Securities did not pay a sales charge to the intermediary when the shares were purchased.
· For certain redemptions of shares held by an employer-sponsored qualified defined contribution plan.
· For certain redemptions of shares held in an IRA account, including redemptions to satisfy required minimum distributions from the account due to the shareholder reaching the qualified age based on applicable laws and regulations.
More information on these and other available CDSC waivers and reductions can be found in the appendix to this Prospectus, “Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries,” and in the SAI.
For Class A shares and for Direct Purchasers of Class I and Class R6 shares
How to open an account—Class A
Accounts can be opened via mail or in person. To open an account, send the Funds a completed application with your initial investment. To download an application to mail to the Funds, please visit www.nuveen.com. If you have any questions or need help obtaining or completing the application, call the Funds at 800-257-8787. If you currently hold or in the future intend to hold your Class A shares indirectly through a financial intermediary, please contact the intermediary about initiating or making additional purchases of Class A shares.
How to open an account—Class R6
Direct Purchasers interested in opening an account to hold Class R6 shares should request an application from their Relationship Manager, who can answer any questions or help complete the application. The application will need to be submitted directly either to a Relationship Manager or to the Funds via mail. Confirmation that the account has been established will be delivered to the applicant or can be obtained by calling the Funds.
Transaction methods for purchases
All Class A shareholders and Direct Purchasers of Class I and Class R6 shares automatically have the right to buy shares by telephone, and all Class A shareholders automatically have the right to buy shares through the TIAA Web Center, as long as bank account information and a voided check were provided at the time the account was established. If you do not want the telephone/web (as applicable) purchase option, you can indicate this on the application or call the Funds at 800-257-8787 any time after opening your account. You may add this privilege after the account has been established by completing an Account Services Form, which you can request by calling 800-257-8787, or you may download it from the Funds’ website. Class A, Class I and Class R6 impose a
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$100,000 per Fund account per day limit on telephone and web purchases, as applicable.
Over the Internet: Existing Direct Purchasers of Class A shares may process certain account transactions online. You may purchase additional shares or exchange shares between existing, identically registered direct accounts. You can also look up your account balance, history and dividend information, as well as order duplicate account statements and tax forms. To access your account, click on the “Online Account Access” link under the “Individual Investors—Mutual Fund Account Access” heading at www.nuveen.com/client-access. The system will walk you through the log-in process. To purchase shares online, you must have established transaction privileges on your account prior to the requested transaction. With TIAA’s Web Center, you can make electronic withdrawals from your designated bank account to buy additional Class A shares over the Internet. TIAA’s Web Center can be accessed through TIAA’s homepage at www.tiaa.org.
By telephone: You can request electronic withdrawals from your designated bank account to buy additional Class R6 shares by calling your Relationship Manager or by calling 800-257-8787. You can request electronic withdrawals from your designated bank account to buy additional Class A or Class I shares of the Funds by calling 800-257-8787.
Purchasing via mail: Send a check to either of the addresses listed below with an investment coupon from a previous confirmation statement. If you do not have an investment coupon, use a separate piece of paper including your name, address, Fund account number, the Fund and class you want to invest in and the amount to be invested in the Funds.
Make checks payable to “The Nuveen Funds.”
First-Class Mail:
Nuveen Funds
P.O. Box 219140
Kansas City, MO 64121-9140
Overnight Mail:
Nuveen Funds
801 Pennsylvania Avenue, STE 219140
Kansas City, MO 64105-1307
Purchasing via wire: See the section entitled “For Eligible Investors in Class I, Premier Class, Class R6 and Retirement Class shares and their clients—Transaction methods for purchases” below.
Purchasing via Automatic Investment Plan for Class A shares: You can make subsequent investments into Class A shares automatically by electing to utilize the Fund’s automatic investment plan (“Automatic Investment Plan”) on your initial application or later upon request. By electing this option you authorize the Fund to take regular, automatic withdrawals from your bank account. To begin
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this service, send the Fund a voided checking or savings account deposit slip. It will take the Fund up to 10 days from the time it is received to set up your Automatic Investment Plan. You can make automatic investments semi-monthly or monthly (on the 1st and 15th of each month or on the next Business Day if those days are not Business Days). Investments must be made for at least $100 per Fund account. You can change the date or amount of your investment, or terminate the Automatic Investment Plan, at any time by letter or by telephone or over the Internet. The change will take effect approximately five Business Days after the Fund receives your request. The Fund can suspend, change or terminate the Automatic Investment Plan option at any time, although the Fund will notify you if this occurs.
In-kind purchases of shares: Each Fund may allow the purchase of shares with investment securities (instead of cash), if it is determined that (i) the securities offered to the Fund are suitable for investment by the Fund and are appropriate, in type and amount, for investment by the Fund in light of its investment objective(s), policies and current holdings; (ii) the Fund expects to continue to hold the securities received in-kind, subject to subsequent changes in investment determinations regarding particular securities or as the need to raise cash by selling portfolio securities may arise; and (iii) the purchase in-kind is in the best interest of the Fund and its existing shareholders. If a Fund accepts the in-kind securities, the shareholder will receive Fund shares equal in NAV to the market value of the securities received. Shareholders investing through a Financial Intermediary Account or Employee Benefit Plan who are interested in making in-kind purchases should contact their Financial Intermediary Account or Employee Benefit Plan sponsor directly. Otherwise, shareholders interested in making in-kind purchases should contact either their Relationship Manager or the Funds directly.
Payment limitations: Generally, for Class A shareholders and for Direct Purchasers of Class I and Class R6 shares the Funds will not accept payment in the following forms (exceptions may apply):
· checks made out to you or other parties and signed over to the Funds;
· corporate checks for investment into non-corporate accounts;
· third-party checks except in limited circumstances (any check not made payable directly to Nuveen Funds will be considered a third-party check); or
· travelers’ checks, money orders, credit card convenience checks, cash, counter checks or starter checks or digital (including virtual or crypto) currencies (e.g., Bitcoin).
Stopped checks: If your purchase check does not clear or payment on it is stopped, or if the Funds do not receive good funds through wire transfer or electronic funds transfer (“EFT”), the Funds may treat this as a redemption of the shares purchased when your check or electronic funds were received. You will be responsible for any resulting loss incurred by any of the Funds or Advisors and you may be subject to investment losses and tax consequences on such a redemption. If you are already a shareholder, the Funds can redeem shares from
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any of your accounts as reimbursement for all losses. The Funds also reserve the right to restrict you from making future purchases in any of the Funds or any other series of the Trust. There is a $25 fee for all returned items, including checks and EFTs. Please note that there is a 10 calendar day hold on all purchases by check or through EFT.
For Eligible Investors in Class I, Premier Class, Class R6 and Retirement Class shares and their clients
For Participants in an Employee Benefit Plan or Financial Intermediary Account administered by TIAA
How to open an account
You should first contact your employer to learn important details necessary to facilitate enrollment in an Employee Benefit Plan. Your employer must notify TIAA that you are eligible to enroll. In many cases, you will be able to use the TIAA Web Center’s online enrollment feature at www.tiaa.org. Some plans allow submission of a hard-copy application for a new account; this form can be returned to your human resources (HR) office, a TIAA Relationship Manager or to either of the addresses below:
First-Class or Standard Mail:
TIAA
P.O. Box 1259
Charlotte, NC 28201
Overnight Mail:
TIAA
8500 Andrew Carnegie Blvd
Charlotte, NC 28262
You may allocate single or ongoing contributions by selecting a Fund and the amounts you wish to contribute to that Fund.
Subject to the terms of your plan, you may be eligible to roll over or transfer in balances from other eligible accounts as determined by the Code.
The Funds may suspend or terminate the offering of Class I, Premier Class, Class R6 and Retirement Class shares to your employer’s plan. You may be able to change your allocation for future contributions by:
· using the TIAA website’s account access feature at www.tiaa.org;
· calling our Automated Telephone Service (24 hours a day) at 800-842-2252; or
· writing to TIAA at P.O. Box 1259, Charlotte, NC 28201.
For Participants in an Employee Benefit Plan or Financial Intermediary Account not administered by TIAA
How to open an account
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Your Financial Intermediary Account or Employee Benefit Plan will have its own instructions and procedures for opening an account and establishing a position within the Funds. If you are enrolling in an Employee Benefit Plan, you should first contact your employer to learn important details necessary to facilitate enrollment into the plan. Financial advisors for a Financial Intermediary Account can help you review your financial needs and formulate long-term investment goals and objectives. In addition, financial advisors generally can help you develop a customized financial plan, select investments and monitor and review your portfolio on an ongoing basis to help assure your investments continue to meet your needs as circumstances change. Financial advisors (including brokers or agents) are paid for providing ongoing investment advice and services, either from Fund sales charges and fees or by charging you a separate fee in lieu of a sales charge.
Financial advisors or other dealer firms may charge their customers a processing or service fee in connection with the purchase or redemption of Fund shares. The amount and applicability of such a fee is determined and disclosed to customers by each individual dealer. Processing or service fees typically are fixed, nominal dollar amounts and are in addition to the sales and other charges described in this prospectus and the SAI. Your dealer will provide you with specific information about any processing or service fees you will be charged. Shares you purchase through your financial advisor or other intermediary will normally be held with that firm. For more information, please contact your financial advisor.
Other information for Employee Benefit Plans
As a participant in an Employee Benefit Plan, the Funds impose no minimum investment. The Funds do not currently restrict the frequency of investments made in the Funds by participants through Employee Benefit Plans, although the Funds reserve the right to impose such restrictions in the future. If you are investing in the Funds through an Employee Benefit Plan, your employer’s plan may limit the amount and available methods to invest in your account. Additionally, the Code limits total annual contributions to most types of Employee Benefit Plans.
Other information for Eligible Investors
An investor purchasing shares through Eligible Investors may purchase shares only in accordance with instructions and limitations pertaining to their account with the Eligible Investor. These Eligible Investors may set different minimum investment requirements for their customers’ investments. Please contact your Financial Intermediary Account or Employee Benefit Plan sponsor for more information.
Transaction methods for purchases
Purchasing via wire: You may remit initial or subsequent deposits into your account via wire. To open an account by wire please send a completed and
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signed application by mail as instructed above and then follow the wiring instructions below once you have confirmed the account is open and have the account number.
State Street Bank and Trust Company
One Congress Street, Suite 1
Boston, MA 02114-2016
ABA Number: 011000028
DDA Number: 99052771
Specify on the wire:
· “The Nuveen Funds—” and the “Share Class” being purchased. For example, a proper set of wire instructions for an initial or subsequent investment into Class R6 would read as follows: “The Nuveen Funds—Class R6”;
· Account registration (names of registered owners), address and Social Security number or taxpayer identification number;
· The Fund account number; and
· The Fund or Funds and amount per Fund to be invested.
Points to remember for all purchases
The Funds consider all purchase requests to be received when they are received in “good order” as determined by the Funds’ transfer agent (or other authorized Fund agent). (See the section entitled “Important transaction information—Good order” below.) Your investment must be for a specified dollar amount. The Funds cannot accept purchase requests specifying a certain price, date, or number of shares. These types of requests will be deemed to be not in “good order” and the money you sent will be returned to you. If you hold your shares through a Financial Intermediary Account, such intermediary may have its own independent “good order” and eligibility requirements.
Your ability to purchase shares may be restricted due to limitations on purchases or exchanges, including limitations described in the section entitled “Frequent trading—applicable to all investors” (see below). If you hold your shares through a Financial Intermediary Account, it may charge you additional fees. Contact your Financial Intermediary Account to find out if it imposes any other conditions on your transactions, such as a different minimum investment requirement.
Federal law requires the Funds to obtain, verify and record information that identifies each person who opens an account. Until the Funds receive such information, the Funds may not be able to open an account or effect transactions for you. Furthermore, if the Funds are unable to verify your identity, or that of another person authorized to act on your behalf, or if it is believed potential criminal activity has been identified, the Funds reserve the right to take such action as deemed appropriate, which may include closing your account.
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Before you can use TIAA’s Web Center, you must enter the last four digits of your Social Security number, date of birth and last name. You will then be given an opportunity to create a user name and password. TIAA’s Web Center will lead you through the transaction process, and the Funds will use reasonable procedures to confirm that the instructions given are genuine. All transactions over TIAA’s Web Center and the Automated Telephone Service are recorded electronically.
All purchases must be in U.S. dollars and all checks must be drawn on U.S. banks. The Funds generally will only accept accounts with a U.S. address of record, but the Funds have the discretion to accept accounts with a non-U.S. address of record. Non-U.S. investors should be aware that U.S. withholding and estate taxes and certain U.S. tax reporting requirements may apply to any investment in the Funds. The Funds generally will not accept a P.O. Box as the address of record. For payments made by check, the Funds can only accept payment to establish a new account if the check presented for deposit into the new account is drawn against an account registered in the same name as the prospective investor.
If your purchase check does not clear or payment on it is stopped, or if the Funds do not receive good funds through wire transfer or EFT, the Funds may treat this as a redemption of the shares purchased when your check or electronic funds were received. You will be responsible for any resulting loss incurred by the Funds or Advisors and you may be subject to investment losses and tax consequences on such a redemption. If you are already a shareholder, the Funds can redeem shares from any of your account(s) as reimbursement for all losses. There is a $25 fee for all returned items, including checks and EFTs. Please note that there is a 10 calendar day hold on all purchases by check, or through EFT.
There may be circumstances when the Funds will not accept new investments. The Funds reserve the right to suspend or terminate the offering of their shares at any time without prior notice. The Funds also reserve the right to restrict you from making future purchases in the Funds or any other series of the Trust. In addition, the Funds reserve the right to reject any application or investment or any other specific purchase request.
All share classes
You can redeem (sell) your shares on any Business Day. If you hold your Fund shares through a Financial Intermediary Account, please contact the intermediary to sell your shares. Your Financial Intermediary Account may have different requirements and restrictions on redemptions than the Funds. If you hold your Fund shares through an Employee Benefit Plan or Financial Intermediary Account administered by TIAA, the Employee Benefit Plan or Financial Intermediary Account may impose further restrictions on the sale of Fund shares.
You may be required to complete and return certain forms to effect your redemption. Before you complete your redemption request, please make sure
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you understand the possible federal and other income tax consequences of a redemption. Neither the Funds nor their transfer agent can process redemption requests that specify a certain price or date; these requests will be deemed not in “good order” and will be returned. (See the section entitled “Important transaction information—Good order” below.) The Funds will only process redemption requests received in “good order” as determined by the Funds’ transfer agent (or other authorized Fund agent).
For Direct Purchasers, the length of time that the Funds typically expect to pay redemption proceeds depends on whether payment is made by EFT or by check. The Funds typically expect to make payments of redemption proceeds by EFT on the next Business Day following receipt of the redemption request in good order. For payment by check, the Funds typically expect to mail the check on the next Business Day following receipt of the redemption request by the Funds in good order.
For Fund shares held through a Financial Intermediary Account, the length of time that the Funds typically expect to pay redemption proceeds may depend on your intermediary. For payments that are made to your intermediary for transmittal to you, the Funds expect to pay redemption proceeds to the intermediary the next Business Day following the Funds’ receipt of the redemption request received in good order from the intermediary. Please contact your intermediary for additional information.
Payment of redemption proceeds may take longer than the time a Fund typically expects. However, in certain circumstances, the payment of redemption proceeds may take up to seven days as permitted by applicable law. For example, the payment of redemption proceeds may be delayed up to seven days (i) during periods of market stress or volatility, (ii) during any period in which an emergency exists so that disposal of a Fund’s investments or determination of its NAV is not reasonably practicable or (iii) when a Fund seeks to satisfy especially large redemption requests.
If a redemption is requested after a recent purchase of shares, the Funds may delay payment of the redemption proceeds until the check or an EFT transaction clears. This can take up to 10 days. There is a 10 calendar day hold from the date of purchase to the first available redemption for all Direct Purchasers redeeming through www.nuveen.com or the TIAA Web Center.
If you request a redemption, the Funds will send the redemption proceeds by check to the address of record, or by EFT to the bank account on file. A letter of instruction with a bank Medallion Signature Guarantee of all owners exactly as registered on the account is required if the redemption proceeds are sent to (i) a bank account not on file, (ii) an address other than the address of record, or (iii) an address of record that has been changed within the last 30 calendar days. You may obtain a Medallion Signature Guarantee from some commercial or savings banks, credit unions, trust companies or member firms of a U.S. stock exchange. A notary public cannot provide a Medallion Signature Guarantee.
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The Funds can suspend the right of redemption of Fund shares or postpone payment beyond seven days if: (a) the NYSE is closed for other than usual holidays or weekends, or trading on the NYSE is restricted; (b) an emergency exists as defined by the SEC, or when the SEC requires that trading be restricted; or (c) the SEC permits a delay for the protection of investors.
The Funds’ transfer agent, acting on behalf of a Fund and acting in reliance on relief granted by the SEC staff, may place a temporary hold on the payment of redemption proceeds from the account of a Direct Purchaser if the transfer agent reasonably believes that financial exploitation of a Specified Adult (as defined below) has occurred, is occurring, has been attempted, or will be attempted. For purposes of this paragraph, the term “Specified Adult” refers to an individual who is a natural person (a) age 65 and older, or (b) age 18 and older and whom the Funds’ transfer agent reasonably believes has a mental or physical impairment that renders the individual unable to protect his or her own interests.
The Funds reserve the right to require a Medallion Signature Guarantee for a redemption of any class. The Funds can suspend or terminate your ability to transact by telephone, Internet, or fax at any time, for any reason. Also, telephone, Internet or fax transactions may not always be available.
Once mailed to the Funds, your redemption request is irrevocable and cannot be modified or canceled.
Each Fund typically will pay redemption proceeds using holdings of cash (including cash flows into the Funds) in the Fund’s portfolio, or using the proceeds from sales of portfolio securities. The Funds also may meet redemption requests through overdrafts at the Funds’ custodian, by borrowing under a credit agreement to which the Funds are parties or by borrowing from certain other registered investment companies advised by Advisors or TCIM, including the Funds, under an inter-fund lending program maintained by the Funds and such other registered investment companies pursuant to exemptive relief granted by the SEC. These methods listed in the foregoing sentence are more likely to be used to meet large redemption requests or in times of stressed market conditions. Each Fund also reserves the right to honor redemptions in liquid portfolio securities instead of cash when your redemptions over a 90-day period exceed $250,000 or 1% of a Fund’s assets, whichever is less. For additional information, please see the “In-kind redemptions of shares” section below.
For participants holding shares through an Employee Benefit Plan (Class I, Premier Class, Class R6 and Retirement Class shares)
A redemption can be part of an exchange into (1) another fund available through your Employee Benefit Plan or (2) another account or IRA.
If you are married, and all or part of your investment is attributable to purchases made under either (i) an employer plan subject to the Employee Retirement Income Security Act of 1974 (“ERISA”) or (ii) an employer plan that provides for spousal rights to benefits, then to the extent required by the Code or
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ERISA or the terms of your employer plan, your rights to make certain redemptions may be restricted by the rights of your spouse to such benefits.
For Direct Purchasers, Eligible Investors and their clients (Class A, Class I and Class R6 shares)
Requests must include: account number, transaction amount (in dollars or shares), signatures of all owners exactly as registered on the account, Medallion Signature Guarantees (if required), and any other required supporting legal documentation. All other requests, including those specifying a certain price or date, will not be deemed to be in “good order” and will be returned. (See the section entitled “Important transaction information—Good order” below.)
Transaction methods for redemptions
If your shares are held through a Financial Intermediary Account, please contact the intermediary for redemption requirements. Your intermediary may charge for this service.
Over the Internet: With TIAA’s Web Center, Class I, Premier Class, Class R6 and Retirement Class shares held through an Employee Benefit Plan or Financial Intermediary Account administered by TIAA can be redeemed over the Internet subject to any rules imposed by the Employee Benefit Plan or Financial Intermediary Account. Direct Purchasers of Class A shares can redeem their shares over the Internet although there is a limit on Internet redemptions. Investors in Class A shares are limited to Internet redemptions of up to $100,000 per Fund account per day. Internet redemptions are not available for self-directed IRA accounts and Coverdell education savings accounts held by Direct Purchasers. TIAA’s Web Center can be accessed through TIAA’s homepage at www.tiaa.org. Before you can use the Web Center, you must enter the last four digits of your Social Security number, date of birth and last name. The Funds will use reasonable procedures to confirm that the instructions given are genuine. All transactions over the Web Center are recorded electronically.
By telephone: Call the appropriate person or number provided in the section entitled “Purchasing shares” above. If you do not want to be able to redeem by telephone, contact either your TIAA Relationship Manager or Financial Intermediary Account.
· Participants holding Class I, Premier Class, Class R6 and Retirement Class shares through an Employee Benefit Plan or Financial Intermediary Account administered by TIAA can redeem up to $50,000 every seven calendar days or any greater amount as approved from time to time.
· Direct Purchasers of Class A, Class I and Class R6 shares can redeem amounts up to $100,000 per Fund account per day by phone.
By mail: Send your written request to the appropriate address as described in the section entitled “Purchasing shares” above.
By systematic redemption plan: For Class A shares, you can elect this feature only for accounts with balances of at least $5,000. The applicable Fund will
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automatically redeem the requested dollar amount or number of shares for Class I, Premier Class, Class R6 and Retirement Class held in an Employee Benefit Plan or Financial Intermediary Account administered by TIAA on any Business Day between the 1st and 28th of the month or for Class A each month or quarter on the 1st or 15th of the month. For all share classes, if the days selected are not Business Days, shares will be redeemed on the following Business Day. Redemptions will be made via check or electronic transfer to your bank. You should not establish systematic redemptions if you intend to make concurrent purchases of Class A because you may unnecessarily pay a sales charge or CDSC on these purchases.
If you are a Direct Purchaser of Class A shares in the Funds and want to set up a systematic redemption plan, contact the Funds and they will send the necessary forms to you or you may enroll online through www.nuveen.com or the TIAA Web Center. All owners of an account must sign the systematic redemption plan request. Similarly, all owners must sign any request to increase the amount or frequency of the systematic redemptions or a request for payments to be sent to an address other than the address of record. A Medallion Signature Guarantee is required for this address change. The Funds can suspend, change or terminate the systematic redemption plan option at any time, although the Funds will notify you if this occurs. You can terminate the plan or reduce the amount or frequency of the redemptions by writing or by calling the Funds or through www.nuveen.com or the TIAA Web Center. Requests to establish, terminate, or change the amount or frequency of redemptions will become effective within five days after the Funds receive your instructions.
In-kind redemptions of shares: Certain large redemptions of Fund shares may be detrimental to a Fund’s other shareholders because such redemptions can adversely affect a portfolio manager’s ability to implement the Fund’s investment strategy by causing premature sale of portfolio securities that would otherwise be held. Consequently, if, in any 90-day period, an investor redeems (sells) shares in an amount that exceeds the lesser of (i) $250,000 or (ii) 1% of a Fund’s assets, then the Fund, at its sole discretion, has the right (without prior notice) to satisfy the difference between the redemption amount and the lesser of the two previously mentioned figures with securities from the Fund’s or an Underlying Fund’s portfolio (which may consist of either Class W shares of one or more Underlying Funds of the Trust, shares of Non-Trust Underlying Funds or actual securities originally held by one or more Underlying Funds) instead of cash. This is referred to as a “distribution in-kind” redemption and the securities you receive in this manner represent a portion of the Fund’s or an Underlying Fund’s portfolio. The securities you receive will be selected by the Fund in its discretion. The investor receiving the securities will be responsible for disposing of the securities and bearing any associated costs. In addition, securities redeemed on an in-kind basis will be subject to market risk until sold and taxable gains or losses may be incurred when the securities are converted to cash.
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Reinstatement privilege: If you redeem Class A shares, you may reinvest all or part of your redemption proceeds up to one year later without incurring any additional charges. You may only reinvest into the same share class you redeemed. If you paid a CDSC, any shares purchased pursuant to the reinstatement privilege will not be subject to a CDSC. You may use this reinstatement privilege only once for any redemption.
Overview
An exchange is a simultaneous redemption of shares in a Fund and a purchase of shares of the same class of another Nuveen mutual fund available in your state. Investors can exchange shares on any Business Day subject to limitations (i) described in the section entitled “Frequent trading—applicable to all investors” below, (ii) imposed by your financial intermediary or (iii) any limitations under your employer’s Employee Benefit Plan. Shareholders who own shares through an Eligible Investor such as an Employee Benefit Plan or Financial Intermediary Account should contact the Eligible Investor for exchange requests.
You may be required to complete and return certain forms to effect your exchange. Exchanges between accounts can be made only if the accounts are registered in the same name(s), address and Social Security number or taxpayer identification number. Because restrictions may apply to certain accounts or plans, you should contact your Financial Intermediary Account or Employee Benefit Plan representative for further information. An exchange is considered a sale of securities and therefore may be a taxable event. You should consult your tax advisor about the tax consequences of exchanging your shares.
For Class A shareholders and Direct Purchasers of Class I or Class R6 shares, an exchange into a fund in which you already own shares must be for at least $50 for Class A and $1,000 for Class R6 and an exchange to a new fund account must meet the account minimums as stated by account type above. For Class I, Premier Class, Class R6 and Retirement Class shares held through an Employee Benefit Plan or Financial Intermediary Account administered by TIAA, exchanges must generally be for at least $1,000 (except for systematic exchanges, which must be for at least $100) or your entire balance, if it is less.
Make sure you understand the investment objective, policies, strategies and risks disclosed in the prospectus of the fund into which you exchange shares. The exchange option is not designed to allow you to time the market. It gives you a convenient way to adjust the balance of your account so that it more closely matches your overall investment objectives and risk tolerance level.
The Funds reserve the right to reject any exchange request and to modify or terminate the exchange option at any time without prior notice to shareholders. The Funds may do this, in particular, when your transaction activity is deemed to be harmful to the Funds, including if it is considered to be excessive trading or market timing activity.
Once made, an exchange request by mail cannot be modified or cancelled.
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Transaction methods for exchanges
Over the Internet: You can exchange shares using www.nuveen.com or TIAA’s Web Center, which can be accessed through TIAA’s homepage at www.tiaa.org.
By telephone: If you are a Direct Purchaser of Class R6 shares, please call your Relationship Manager or 800-257-8787. For Direct Purchasers of Class A or Class I shares, please call 800-257-8787. For share classes held under Employee Benefit Plans or Financial Intermediary Accounts administered by TIAA, please call 800-842-2252. For share classes held under Employee Benefit Plans or Financial Intermediary Accounts not administered by TIAA, please contact your plan or intermediary for exchange requirements.
By mail: Send your written request to the appropriate address as described in the section entitled “Purchasing shares” above. The letter must include your name, address, and the funds and accounts you want to exchange between.
By systematic exchange: Under this feature, TIAA automatically redeems shares in a Fund and purchases shares of the same class of another Nuveen mutual fund as specified by the applicable agreement. However, the Funds do not offer systematic exchanges for Direct Purchasers in the Class I or Class R6 shares. In addition, for Class A shares, you can only elect this feature if the balance of the Fund account from which you are transferring shares is at least $5,000. Class A systematic exchanges can occur on the 1st or 15th day of the month or on the following Business Day if those days are not Business Days. For all systematic exchanges, you must specify the dollar amount and the funds involved in the exchange. If you want to set up a systematic exchange, contact Nuveen. You can terminate the plan or change the amount or frequency of the exchanges by writing or calling the number identified in the section entitled “Purchasing shares” above. Requests to establish, terminate, or change the amount or frequency of exchanges will become effective within five days after the Funds receive your instructions. All account owners must sign the systematic exchange request. Similarly, all account owners must sign any request to increase the amount or frequency of systematic exchanges. The Funds can suspend, change or terminate the systematic exchange feature at any time, although the Funds will notify you if this occurs.
Conversion of shares—applicable to all investors
A share conversion is a transaction where shares of one class of a Fund are exchanged for shares of another class of the Fund. Share conversions can occur between each share class of a Fund, subject to the payment of any applicable CDSC. Generally, share conversions occur where a shareholder becomes eligible for another share class of a Fund or no longer meets the eligibility of the share class they own (and another class exists for which they would be eligible). Please note that a share conversion is generally a non-taxable event, but please consult with your personal tax advisor on your particular circumstances.
A request for a share conversion will not be processed until it is received in “good order” (as defined below) by the Funds’ transfer agent (or other authorized
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Fund agent). Conversion requests received in “good order” prior to the time as of which a Fund’s NAV is determined on any Business Day will receive the NAV of the new class calculated that day. Please note that, because the NAV of each class of a Fund will generally vary from the NAVs of the other classes due to differences in expenses, you will receive a different number of shares in the new class than you held in the old class, but the total value of your holdings will remain the same.
The Funds’ frequent trading policies will not be applicable to share conversions. If you hold your shares through an Eligible Investor like an intermediary or plan sponsor, please contact the Eligible Investor for more information on share conversions. Please note that certain intermediaries or plan sponsors may not permit all types of share conversions. The Funds reserve the right to terminate, suspend or modify the share conversion privilege for any shareholder or group of shareholders.
Voluntary conversions
If you believe that you are eligible to convert your Fund shares to another class, you may place an order for a share conversion by contacting your Relationship Manager. If you hold your Fund shares through an Eligible Investor like a plan or intermediary, please contact the Eligible Investor regarding conversions. Please be sure to read the applicable sections of the prospectus for the new class in which you wish to convert prior to such a conversion in order to learn more about its different features, performance and expenses. Neither the Funds nor Advisors has any responsibility for reviewing accounts and/or contacting shareholders to apprise them that they may qualify to request a voluntary conversion. Some Eligible Investors may not allow investors who own Fund shares through them to make share conversions.
Mandatory conversions
The Funds reserve the right to automatically convert shareholders from one class to another if they no longer qualify as eligible for their existing class or if they become eligible for another class. Such mandatory conversions may be as a result of a change in value of an account due to market movements, exchanges or redemptions. The Funds will notify affected shareholders in writing prior to any mandatory conversion.
In addition, shareholders investing through a Financial Intermediary Account should be aware that the financial intermediary through which you hold shares may have the authority under the financial intermediary’s account agreement or other agreement with you to exchange the class of shares of a Fund that you currently hold for another class of shares of the same Fund (for example, the financial intermediary may convert you from Class I shares to Class A shares of a Fund) under certain circumstances. Under these circumstances, neither the Funds, Advisors nor Nuveen Securities are responsible for any actions taken by
278 Prospectus ■ Nuveen Lifecycle Funds
such financial intermediary in this regard. The fees and expenses of the new share class may be higher than those of the previously held class.
Important transaction information
Good order. Purchase, redemption and exchange requests are not processed until received in good order by the Funds’ transfer agent at its processing center (or by another authorized Fund agent). “Good order” means actual receipt of the order along with all information and supporting legal documentation necessary to effect the transaction by the Funds’ transfer agent (or other authorized Fund agent). This information and documentation generally includes the Fund account number, the transaction amount (in dollars or shares), signatures of all account owners exactly as registered on the account and any other information or supporting documentation as the Funds, their transfer agent or other authorized Fund agent may require. With respect to purchase requests, “good order” also generally includes receipt of sufficient funds by the Funds’ transfer agent (or other authorized Fund agent) to effect the purchase. The Funds, their transfer agent or any other authorized Fund agent may, in their sole discretion, determine whether any particular transaction request is in good order and reserve the right to change or waive any good order requirement at any time.
Financial intermediaries or plan sponsors may have their own requirements for considering transaction requests to be in “good order.” If you hold your shares through a financial intermediary or plan sponsor, please contact them for their specific “good order” requirements.
Share price. If the Funds’ transfer agent (or other authorized Fund agent) receives an order to purchase, redeem or exchange shares that is in “good order” prior to the time as of which a Fund’s NAV is determined on any Business Day, the transaction price will be the NAV per share for that day. If the Funds’ transfer agent (or other authorized Fund agent) receives an order to purchase, redeem or exchange shares that is in “good order” any time after the time as of which a Fund’s NAV is determined on any Business Day, the transaction price will be the NAV per share calculated the next Business Day.
If you hold Class I, Premier Class, Class R6 or Retirement Class shares through an Eligible Investor, or if you hold Class A shares through a financial intermediary, the Eligible Investor or financial intermediary, as applicable, may require you to communicate to it any purchase, redemption or exchange request by a specified deadline earlier than the close of that Business Day in order to receive that day’s NAV per share as the transaction price.
Large redemptions—applicable to all investors. Please contact the Fund before attempting to redeem a large dollar amount of shares (including exchange requests since they include redemption transactions). Large redemptions of Fund shares may be detrimental to the Fund’s other shareholders because such transactions can adversely affect a portfolio manager’s ability to efficiently manage the Fund. By contacting the Fund before you attempt to redeem a large dollar amount, you may avoid in-kind payment of your request.
Nuveen Lifecycle Funds ■ Prospectus 279
Minimum account size.
· Class A. Due to the relatively high cost of maintaining smaller accounts, the Funds reserve the right to redeem shares in any account if the value of that account drops below $1,000. You will be allowed at least 60 days, after written notice, to make an additional investment to bring your account value up to at least the specified minimum before the redemption is processed. The Funds reserve the right to waive or reduce the minimum account size for a Fund’s account at any time. Additionally, the Funds may increase, terminate or revise the terms of the minimum account size requirements at any time without advance notice to shareholders.
· Class I, Premier Class and Retirement Class. There is currently no minimum account size for maintaining a Class I, Premier Class or Retirement Class account. The Funds reserve the right, without prior notice, to establish a minimum amount required to open, maintain or add to an account.
· Class R6. While there is currently no minimum account size for maintaining a Class R6 account, the Funds reserve the right, without prior notice, to establish a minimum amount required to maintain an account.
Annual Low Balance Account Fee—Class A. The Funds charge an Annual Low Balance Account Fee of $15.00 per Class A account (applicable to both retirement and non-retirement accounts) in order to allocate shareholder servicing costs equitably if your Fund balance falls below $1,000 (for any reason, including a decrease in market value) as of a particular date each year. Investors cannot pay this fee by any other means besides an automatic deduction of the fee from their account.
The Annual Low Balance Account Fee will not apply to the following types of Class A Fund accounts: accounts held through retirement or Employee Benefit Plans; accounts held through intermediaries and their supermarkets and platforms (i.e., omnibus accounts); accounts that are registered under a taxpayer identification number (or Social Security number) that have aggregated non-retirement or non-Employee Benefit Plan assets held in accounts for the Fund or other Nuveen mutual funds of $25,000 or more; accounts currently enrolled in the Fund’s Automatic Investment Plan; and accounts held through tuition (529) plan programs. However, the Annual Low Balance Account Fee will apply to IRAs and Coverdell education savings accounts. The Funds reserve the right to waive or reduce the Annual Low Balance Account Fee for any Fund account at any time. Additionally, the Funds may increase, terminate or revise the terms of the Annual Low Balance Account Fee at any time without advance notice to shareholders.
Taxpayer identification number. Regardless of whether you hold your Fund shares directly or through a Financial Intermediary Account, you must give the Funds your taxpayer identification number (which, for most individuals, is your Social Security number) and tell the Funds whether or not you are subject to backup withholding. If you do not furnish your taxpayer identification number, redemptions or exchanges of shares, as well as dividends and capital gains distributions, will be subject to backup tax withholding. In addition, if you hold
280 Prospectus ■ Nuveen Lifecycle Funds
Fund shares directly and do not furnish your taxpayer identification number, then your account application will be rejected and returned.
Changing your address.
· Class A. To change the address on your account, please call the Funds or send the Funds a written notification signed by all registered owners of your account. If you hold your shares through a financial intermediary, please contact the intermediary to change your address.
· Class I, Premier Class and Retirement Class. To change the address on an Eligible Investor account, please send the Funds a written notification.
· Class R6. To change the address on an account, please contact your Relationship Manager (for Direct Purchasers) or send the Funds a written notification.
Medallion Signature Guarantee. For some transaction requests (for example, when you are redeeming shares within 30 days (for direct investors) or 14 days (for participants holding shares through an Employee Benefit Plan or Financial Intermediary Account administered by TIAA) of changing your address, bank or bank account or adding certain new services to an existing account), the Funds may require a Medallion Signature Guarantee of each owner of record of an account. This requirement is designed to protect you and the Funds from fraud, and to comply with rules on stock transfers. A Medallion Signature Guarantee is a written endorsement from an eligible guarantor institution that the signature(s) on the written request is (are) valid. Certain commercial banks, trust companies, savings associations, credit unions and members of U.S. stock exchanges participate in the Medallion Signature Guarantee program. No other form of signature verification will be accepted. A notary public cannot provide a signature guarantee. For more information about when a Medallion Signature Guarantee may be required, please contact the Funds or your Relationship Manager (for Direct Purchasers).
Transferring shares. For certain share classes, you can transfer ownership of your account to another person or organization that also qualifies to own the class of shares or change the name on your account by sending the Funds written instructions. Generally, each registered owner of the account must sign the request and provide Medallion Signature Guarantees. When you change the name on an account, shares in that account are transferred to a new account.
Limitations. Federal laws designed to counter terrorism and prevent money laundering might, in certain circumstances, require the Funds to block an account owner’s ability to make certain transactions and thereby refuse to accept a purchase order or any request for transfers or withdrawals, until instructions are received from the appropriate regulator. The Funds may also be required to provide additional information about you and your account to government regulators.
Advice about your account—Direct Purchasers only. Neither the Funds nor any affiliate of Advisors nor any service provider to the Funds has provided advice, recommendations or suggestions as to any specific investment decision in the Funds. Shareholders are urged to consult their own advisors before making
Nuveen Lifecycle Funds ■ Prospectus 281
investment-related decisions, including but not limited to those related to transfers or rollovers from retirement plans, purchases or sales of investments, selection or retention of investment managers, or selection of account beneficiaries.
Customer complaints. Customer complaints may be directed to Nuveen Funds, 730 Third Avenue, New York, NY 10017-3206, Attention: Shareholder Services.
Transfer On Death—Class A. If you live in certain states and hold Class A shares, you can designate one or more persons (“beneficiaries”) to whom your Fund shares can be transferred upon death. You can set up your account with a Transfer On Death (“TOD”) registration upon request. (Call us to get the necessary forms.) A TOD registration avoids probate if the beneficiary(ies) survives all shareholders. You maintain total control over your account during your lifetime.
Internet and telephone transactions. The Funds are not liable for losses from unauthorized www.nuveen.com, TIAA Web Center and telephone transactions so long as reasonable procedures designed to verify the identity of the person effecting the transaction are followed. The Funds require the use of personal identification numbers, codes and other procedures designed to reasonably confirm that instructions given through www.nuveen.com, TIAA’s Web Center or by telephone are genuine. The Funds also record telephone instructions and provide written confirmations of such instructions. The Funds accept all telephone instructions that are reasonably believed to be genuine and accurate. However, you should verify the accuracy of your confirmation statements immediately after you receive them. The Funds may suspend or terminate Internet or telephone transaction facilities at any time, for any reason. If you do not want to be able to effect transactions over the telephone, call the Funds for instructions.
Frequent trading—applicable to all investors
The Funds are intended for long-term investment and should not be used for excessive trading. Excessive trading in the Funds’ shares can disrupt portfolio management, lead to higher operating costs, and cause other operating inefficiencies for the Funds. However, the Funds are also mindful that shareholders may have valid reasons for periodically purchasing and redeeming Fund shares.
Accordingly, the Funds have adopted a Frequent Trading Policy that seeks to balance the Funds’ need to prevent excessive trading in Fund shares while offering investors the flexibility in managing their financial affairs to make periodic purchases and redemptions of Fund shares.
The Funds’ Frequent Trading Policy generally limits an investor to two “round trip” trades in a 60-day period. A “round trip” is the purchase and subsequent redemption of Fund shares, including exchange transactions, or a redemption and then subsequent purchase of Fund shares, including exchange transactions.
282 Prospectus ■ Nuveen Lifecycle Funds
Upon completion of a second round trip, the account will not be permitted to exchange in or purchase additional shares for a period of 90 days.
The Funds receive certain share purchase and redemption orders through third-party financial intermediaries, some of whom rely on the use of omnibus accounts. An omnibus account typically includes multiple investors and provides the Funds only with a net purchase or redemption amount on any given day where multiple purchases, redemptions and exchanges of shares occur in the account. The identity of individual purchasers, redeemers and exchangers whose orders are aggregated in omnibus accounts, and the size of their orders, will generally not be known by the Funds. Despite the Funds’ efforts to detect and prevent frequent trading, the Funds may be unable to identify frequent trading because the netting effect in omnibus accounts often makes it more difficult to identify frequent traders. Nuveen Securities has entered into agreements with financial intermediaries that maintain omnibus accounts with the Funds’ transfer agent. Under the terms of these agreements, the financial intermediaries undertake to cooperate with Nuveen Securities in monitoring purchase, exchange and redemption orders by their customers in order to detect and prevent frequent trading in the Funds through such accounts. Pursuant to these agreements, financial intermediaries may disclose to a Fund an investor’s taxpayer identification number and a record of the investor’s transactions at the request of the Fund. Technical limitations in operational systems at such intermediaries or at Nuveen Securities may also limit the Funds’ ability to detect and prevent frequent trading. In addition, the Funds may permit certain financial intermediaries, including broker-dealer and retirement plan administrators, among others, to enforce their own internal policies and procedures concerning frequent trading. Such policies may differ from the Funds’ Frequent Trading Policy and may be approved for use in instances where the Funds reasonably believe that the intermediary’s policies and procedures effectively discourage inappropriate trading activity. Shareholders holding their accounts with such intermediaries may wish to contact the intermediary for information regarding its frequent trading policy. Although the Funds do not knowingly permit frequent trading, they cannot guarantee that they will be able to identify and restrict all frequent trading activity.
The Funds reserve the right in their sole discretion to waive unintentional or minor violations (including transactions below certain dollar thresholds) if they determine that doing so would not harm the interests of Fund shareholders. In addition, certain categories of redemptions may be excluded from the application of the Frequent Trading Policy, as described in more detail in the SAI. These include, among others, redemptions pursuant to systematic withdrawal plans, redemptions in connection with the total disability or death of the investor, involuntary redemptions by operation of law, redemptions in payment of account or plan fees, and certain redemptions by retirement plans, including redemptions in connection with qualifying loans or hardship withdrawals, termination of plan participation, return of excess contributions, and required minimum distributions.
Nuveen Lifecycle Funds ■ Prospectus 283
The Funds may also modify or suspend the Frequent Trading Policy without notice during periods of market stress or other unusual circumstances.
The Funds reserve the right to impose restrictions on purchases or exchanges that are more restrictive than those stated above if they determine, in their sole discretion, that a transaction or a series of transactions involves market timing or excessive trading that may be detrimental to Fund shareholders. The Funds also reserve the right to reject any purchase order, including exchange purchases, for any reason. For example, a Fund may refuse purchase orders if the Fund would be unable to invest the proceeds from the purchase order in accordance with the Fund’s investment policies and/or objective, or if the Fund would be adversely affected by the size of the transaction, the frequency of trading in the account or various other factors. For more information about the Funds’ Frequent Trading Policy and its enforcement, see “About the Trust and the shares—Frequent Trading Policy” in the SAI.
If you received this Prospectus electronically and would like a paper copy, please contact the Funds and one will be sent to you.
Additional information about index providers
Russell indices
Source: London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®,” “Russell®” and “FTSE Russell®” are trademarks of the relevant LSE Group companies and are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
MSCI indices
Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and
284 Prospectus ■ Nuveen Lifecycle Funds
the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)
Bloomberg indices
Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). Bloomberg or Bloomberg’s licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall not have any liability or responsibility for injury or damages arising in connection therewith.
Standard & Poor’s indices
The Indexes in the S&P Target Date Index Series are products of S&P Dow Jones Indices LLC, a division of S&P Global, or its affiliates (“SPDJI”), and have been licensed for use by the Funds. Standard & Poor’s®and S&P®are registered trademarks of Standard & Poor’s Financial Services LLC, a division of S&P Global (“S&P”); Dow Jones®is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”). It is not possible to invest directly in an index. The Funds are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, any of their respective affiliates (collectively, “S&P Dow Jones Indices”). S&P Dow Jones Indices does not make any representation or warranty, express or implied, to the owners of the Funds or any member of the public regarding the advisability of investing in securities generally or in the Funds particularly or the ability of the S&P Target Date Index Series to track general market performance. Past performance of an index is not an indication or guarantee of future results. S&P Dow Jones Indices’ only relationship to the Funds with respect to the S&P Target Date Index Series is the licensing of the Indexes and certain trademarks, service marks and/or trade names of S&P Dow Jones Indices and/or its licensors. The Indexes in the S&P Target Date Index Series are determined, composed and calculated by S&P Dow Jones Indices without regard to the Funds. S&P Dow Jones Indices has no obligation to take the needs of the Funds or the owners of the Funds into consideration in determining, composing or calculating the S&P Target Date Index Series. S&P Dow Jones Indices is not responsible for and has not participated in the determination of the prices, and amount of the Funds or
Nuveen Lifecycle Funds ■ Prospectus 285
the timing of the issuance or sale of Fund shares or in the determination or calculation of the equation by which Fund shares are to be converted into cash, surrendered or redeemed, as the case may be. S&P Dow Jones Indices has no obligation or liability in connection with the administration, marketing or trading of the Funds. There is no assurance that investment products based on the S&P Target Date Index Series will accurately track index performance or provide positive investment returns. S&P Dow Jones Indices LLC is not an investment or tax advisor. A tax advisor should be consulted to evaluate the impact of any tax-exempt securities on portfolios and the tax consequences of making any particular investment decision. Inclusion of a security within an index is not a recommendation by S&P Dow Jones Indices to buy, sell, or hold such security, nor is it considered to be investment advice.
s&p dow jones indices does not guarantee the adequacy, accuracy, timeliness and/or the completeness of the s&p target date index series or any data related thereto or any communication, including but not limited to, oral or written communication (including electronic communications) with respect thereto. s&p dow jones indices shall not be subject to any damages or liability for any errors, omissions, or delays therein. s&p dow jones indices makes no express or implied warranties, and expressly disclaims all warranties, of merchantability or fitness for a particular purpose or use or as to results to be obtained by the funds, owners of the funds, or any other person or entity from the use of the s&p target date index series or with respect to any data related thereto. without limiting any of the foregoing, in no event whatsoever shall s&p dow jones indices be liable for any indirect, special, incidental, punitive, or consequential damages including but not limited to, loss of profits, trading losses, lost time or goodwill, even if they have been advised of the possibility of such damages, whether in contract, tort, strict liability, or otherwise. there are no third party beneficiaries of any agreements or arrangements between s&p dow jones indices and the funds, other than the licensors of s&p dow jones indices.
Additional information about the Trust and the Board of Trustees
A trustee of the Trust (a “Trustee”) who is not an “interested person” of the Trust for purposes of the 1940 Act is deemed to be independent and disinterested when taking action as a Trustee. The Trustees oversee the management of the Trust and each of the Funds on behalf of the Trust, and not on behalf of individual owners of shares of beneficial interest in the Trust. The Trustees, on behalf of the Trust, approve certain service agreements with Advisors and certain other service providers in order to procure necessary or desirable services on behalf of the Trust and the Funds. Shareholders are not third-party beneficiaries of such service agreements. Neither this Prospectus nor any other communication from or on behalf of the Trust creates a contract between a shareholder of a Fund and the Trust, a Fund and/or the Trustees. The
286 Prospectus ■ Nuveen Lifecycle Funds
Trustees and Trust management may amend this Prospectus and interpret the investment objective, policies and restrictions applicable to any Fund without shareholder input or approval, except as otherwise provided by law or as disclosed by the Trust.
Code: The Internal Revenue Code of 1986, as amended, including any applicable regulations and Revenue Rulings.
Duration: Duration is a measure of volatility in the price of a bond in response to a change in prevailing interest rates, with a longer duration indicating more volatility. It can be understood as the weighted average of the time to each coupon and principal payment of such a security. For an investment portfolio of fixed-income securities, duration is the weighted average of each security’s duration. For example, the price of a bond with a duration of two years will rise (fall) two percent for every one percent decrease (increase) in its interest rate.
Equity Investments: Primarily, common stock, preferred stock and securities convertible or exchangeable into common stock, including convertible debt securities, convertible preferred stock and warrants or rights to acquire common stock, and depositary receipts.
Fixed-Income or Fixed-Income Investments: Primarily, bonds and notes (such as corporate and government debt obligations), mortgage-backed securities, asset-backed securities, and structured securities that generally pay fixed or variable rates of interest; debt obligations issued at a discount from face value (i.e., that have an imputed rate of interest); non-interest-bearing debt securities (i.e., zero coupon bonds); and other non-equity securities that pay dividends.
Foreign Investments: Foreign investments may include securities of foreign issuers, securities or contracts traded or acquired in non-U.S. markets or on non-U.S. exchanges, or securities or contracts payable or denominated in non-U.S. currencies. Obligations issued by U.S. companies in non-U.S. currencies are not considered to be foreign investments.
Foreign Issuers: Foreign issuers generally include (1) companies whose securities
are principally traded outside of the United States, (2) companies having their principal business operations
outside of the United States,
(3) companies organized outside the United States, and (4)
foreign governments and agencies or instrumentalities of foreign governments.
High-Yield Bond: Usually called a “junk bond,” a bond that has been rated lower than investment-grade by rating agencies or is deemed as such by Advisors and that generally pays a higher yield to compensate for its greater risk of default than an investment-grade bond.
Investment Glidepath: The general movement of the target allocations of the Funds (other than the Lifecycle Retirement Income Fund) from Underlying
Nuveen Lifecycle Funds ■ Prospectus 287
Funds that invest in equity securities and direct real estate to Underlying Funds that invest in fixed-income securities as a Fund’s target retirement year approaches, as well as after that target retirement year is reached.
Investment-Grade: A fixed-income security is investment-grade if it is rated in the four highest categories by a nationally recognized statistical rating organization (“NRSRO”) or an unrated security that Advisors determines is of comparable quality.
Short-Term Fixed-Income: Fixed-income securities with maturities from less than one year to five years.
U.S. Government Securities: Securities issued or guaranteed by the U.S. Government or its agencies or instrumentalities.
288 Prospectus ■ Nuveen Lifecycle Funds
The Financial highlights tables are intended to help you understand the financial performance of each class of shares of the Funds for the past five years (or, if the class has not been in operation for five years, since commencement of operations of that class). Certain information reflects financial results for a single share of the Fund. The total returns in the table show the rates that an investor would have earned or lost on an investment in the Fund (assuming reinvestment of all dividends and distributions).
PricewaterhouseCoopers LLP serves as the Funds’ independent registered public accounting firm and has audited the financial statements of each of the Funds for each of the periods presented. Its report appears in the Funds’ Annual Report, which is available without charge upon request by visiting the Funds’ website at www.nuveen.com, by visiting the SEC’s website at www.sec.gov or by calling 800-257-8787.
Nuveen Lifecycle Funds ■ Prospectus 289
Financial highlights
Nuveen Lifecycle Retirement Income Fund
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the |
| Net asset
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Class A |
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| 5/31/24 |
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| $ 10.42 |
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| $ 0.32 |
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| $ 0.72 |
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| $ 1.04 |
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| $ (0.35 | ) |
| $ — |
| ||
| 5/31/23 |
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| 11.12 |
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| 0.36 |
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| (0.46 | ) |
| (0.10 | ) |
| (0.28 | ) |
| (0.32 | ) | ||
| 5/31/22 |
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| 12.79 |
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| 0.26 |
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| (1.02 | ) |
| (0.76 | ) |
| (0.35 | ) |
| (0.56 | ) | ||
| 5/31/21 |
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| 11.51 |
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| 0.20 |
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| 1.75 |
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| 1.95 |
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| (0.28 | ) |
| (0.39 | ) | ||
| 5/31/20 |
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| 11.27 |
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| 0.30 |
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| 0.37 |
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| 0.67 |
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| (0.26 | ) |
| (0.17 | ) | ||
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Class I |
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| 5/31/24 |
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| 10.44 |
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| 0.34 |
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| 0.72 |
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| 1.06 |
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| (0.37 | ) |
| — |
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| 5/31/23 |
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| 11.14 |
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| 0.41 |
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| (0.49 | ) |
| (0.08 | ) |
| (0.30 | ) |
| (0.32 | ) | ||
| 5/31/22 |
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| 12.81 |
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| 0.30 |
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| (1.04 | ) |
| (0.74 | ) |
| (0.37 | ) |
| (0.56 | ) | ||
| 5/31/21 |
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| 11.52 |
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| 0.20 |
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| 1.78 |
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| 1.98 |
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| (0.30 | ) |
| (0.39 | ) | ||
| 5/31/20 |
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| 11.29 |
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| 0.32 |
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| 0.36 |
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| 0.68 |
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| (0.28 | ) |
| (0.17 | ) | ||
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Premier Class |
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| 5/31/24 |
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| 10.43 |
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| 0.33 |
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| 0.72 |
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| 1.05 |
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| (0.36 | ) |
| — |
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| 5/31/23 |
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| 11.13 |
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| 0.37 |
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| (0.46 | ) |
| (0.09 | ) |
| (0.29 | ) |
| (0.32 | ) | ||
| 5/31/22 |
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| 12.80 |
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| 0.27 |
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| (1.01 | ) |
| (0.74 | ) |
| (0.37 | ) |
| (0.56 | ) | ||
| 5/31/21 |
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| 11.51 |
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| 0.21 |
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| 1.76 |
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| 1.97 |
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| (0.29 | ) |
| (0.39 | ) | ||
| 5/31/20 |
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| 11.28 |
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| 0.31 |
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| 0.36 |
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| 0.67 |
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| (0.27 | ) |
| (0.17 | ) | ||
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Class R6 |
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| 5/31/24 |
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| 10.44 |
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| 0.35 |
|
| 0.72 |
|
| 1.07 |
|
| (0.38 | ) |
| — |
| ||
| 5/31/23 |
|
| 11.14 |
|
| 0.39 |
|
| (0.46 | ) |
| (0.07 | ) |
| (0.31 | ) |
| (0.32 | ) | ||
| 5/31/22 |
|
| 12.81 |
|
| 0.29 |
|
| (1.02 | ) |
| (0.73 | ) |
| (0.38 | ) |
| (0.56 | ) | ||
| 5/31/21 |
|
| 11.52 |
|
| 0.23 |
|
| 1.76 |
|
| 1.99 |
|
| (0.31 | ) |
| (0.39 | ) | ||
| 5/31/20 |
|
| 11.29 |
|
| 0.33 |
|
| 0.36 |
|
| 0.69 |
|
| (0.29 | ) |
| (0.17 | ) | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retirement Class |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
| 5/31/24 |
|
| 10.41 |
|
| 0.32 |
|
| 0.72 |
|
| 1.04 |
|
| (0.35 | ) |
| — |
| ||
| 5/31/23 |
|
| 11.11 |
|
| 0.36 |
|
| (0.46 | ) |
| (0.10 | ) |
| (0.28 | ) |
| (0.32 | ) | ||
| 5/31/22 |
|
| 12.78 |
|
| 0.26 |
|
| (1.02 | ) |
| (0.76 | ) |
| (0.35 | ) |
| (0.56 | ) | ||
| 5/31/21 |
|
| 11.49 |
|
| 0.20 |
|
| 1.76 |
|
| 1.96 |
|
| (0.28 | ) |
| (0.39 | ) | ||
| 5/31/20 |
|
| 11.26 |
|
| 0.30 |
|
| 0.36 |
|
| 0.66 |
|
| (0.26 | ) |
| (0.17 | ) | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
a | Based on average shares outstanding. | |||||||||||||||||||||
b | Total returns are at NAV and do not include any sales charge. Total returns are not annualized. | |||||||||||||||||||||
g | The Fund’s expenses include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the TIAA-CREF Real Property Fund LP. | |||||||||||||||||||||
j | 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. | |||||||||||||||||||||
290 Prospectus ■ Nuveen Lifecycle Funds
(continued)
|
|
|
|
|
|
|
|
|
| Ratios and supplemental data | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
| Ratios to average net assets |
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
| Net asset
|
| Total
| b |
|
| Gross
| g | Net
| g |
|
| Portfolio
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| $ (0.35 | ) |
| $ 11.11 |
|
| 10.19 | % | $124,235 |
|
| 0.74 | % |
| 0.53 | % |
| 3.00 | % | 12 | % | ||
| (0.60 | ) |
| 10.42 |
|
| (0.69 | ) |
| 123,946 |
|
| 0.72 |
|
| 0.52 |
|
| 3.43 |
|
| 19 |
|
| (0.91 | ) |
| 11.12 |
|
| (6.49 | ) |
| 131,167 |
|
| 0.70 |
|
| 0.51 |
|
| 2.10 |
|
| 28 |
|
| (0.67 | ) |
| 12.79 |
|
| 17.31 |
|
| 144,030 |
|
| 0.71 |
|
| 0.54 |
|
| 1.62 |
|
| 41 |
|
| (0.43 | ) |
| 11.51 |
|
| 5.97 |
|
| 122,730 |
|
| 0.75 |
|
| 0.58 |
|
| 2.58 |
|
| 30 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (0.37 | ) |
| 11.13 |
|
| 10.36 |
|
| $337 |
|
| 0.54 |
|
| 0.36 |
|
| 3.16 |
|
| 12 |
|
| (0.62 | ) |
| 10.44 |
|
| (0.50 | ) |
| 317 |
|
| 0.52 |
|
| 0.35 |
|
| 3.86 |
|
| 19 |
|
| (0.93 | ) |
| 11.14 |
|
| (6.33 | ) |
| 609 |
|
| 0.50 |
|
| 0.34 |
|
| 2.44 |
|
| 28 |
|
| (0.69 | ) |
| 12.81 |
|
| 17.57 |
|
| 596 |
|
| 0.52 |
|
| 0.38 |
|
| 1.63 |
|
| 41 |
|
| (0.45 | ) |
| 11.52 |
|
| 6.04 |
|
| 310 |
|
| 0.57 |
|
| 0.42 |
|
| 2.74 |
|
| 30 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (0.36 | ) |
| 11.12 |
|
| 10.29 |
|
| 9,940 |
|
| 0.61 |
|
| 0.43 |
|
| 3.09 |
|
| 12 |
|
| (0.61 | ) |
| 10.43 |
|
| (0.58 | ) |
| 15,207 |
|
| 0.59 |
|
| 0.42 |
|
| 3.55 |
|
| 19 |
|
| (0.93 | ) |
| 11.13 |
|
| (6.40 | ) |
| 17,624 |
|
| 0.58 |
|
| 0.41 |
|
| 2.17 |
|
| 28 |
|
| (0.68 | ) |
| 12.80 |
|
| 17.51 |
|
| 19,161 |
|
| 0.58 |
|
| 0.44 |
|
| 1.71 |
|
| 41 |
|
| (0.44 | ) |
| 11.51 |
|
| 5.97 |
|
| 17,410 |
|
| 0.63 |
|
| 0.48 |
|
| 2.69 |
|
| 30 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (0.38 | ) |
| 11.13 |
|
| 10.45 |
|
| 156,206 |
|
| 0.46 |
|
| 0.28 |
|
| 3.25 |
|
| 12 |
|
| (0.63 | ) |
| 10.44 |
|
| (0.42 | ) |
| 171,457 |
|
| 0.44 |
|
| 0.27 |
|
| 3.72 |
|
| 19 |
|
| (0.94 | ) |
| 11.14 |
|
| (6.25 | ) |
| 222,227 |
|
| 0.43 |
|
| 0.26 |
|
| 2.37 |
|
| 28 |
|
| (0.70 | ) |
| 12.81 |
|
| 17.67 |
|
| 244,923 |
|
| 0.43 |
|
| 0.29 |
|
| 1.87 |
|
| 41 |
|
| (0.46 | ) |
| 11.52 |
|
| 6.14 |
|
| 219,016 |
|
| 0.48 |
|
| 0.33 |
|
| 2.84 |
|
| 30 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (0.35 | ) |
| 11.10 |
|
| 10.20 |
|
| 127,984 |
|
| 0.71 |
|
| 0.53 |
|
| 3.00 |
|
| 12 |
|
| (0.60 | ) |
| 10.41 |
|
| (0.68 | ) |
| 133,676 |
|
| 0.69 |
|
| 0.52 |
|
| 3.45 |
|
| 19 |
|
| (0.91 | ) |
| 11.11 |
|
| (6.49 | ) |
| 157,609 |
|
| 0.68 |
|
| 0.50 |
|
| 2.11 |
|
| 28 |
|
| (0.67 | ) |
| 12.78 |
|
| 17.43 |
|
| 200,300 |
|
| 0.68 |
|
| 0.54 |
|
| 1.61 |
|
| 41 |
|
| (0.43 | ) |
| 11.49 |
|
| 5.88 |
|
| 179,106 |
|
| 0.73 |
|
| 0.58 |
|
| 2.59 |
|
| 30 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuveen Lifecycle Funds ■ Prospectus 291
Financial highlights
Nuveen Lifecycle 2010 Fund
|
|
|
|
| Selected per share data | |||||||||||||||||
|
|
|
|
|
|
|
| Gain (loss) from investment operations |
|
|
|
|
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Less distributions from | |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| For
the |
| Net asset
|
|
| a |
| j | Total gain
|
| Net
|
| Net
|
| ||||||
Class I |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
| 5/31/24 |
|
| $ 9.55 |
|
| $ 0.32 |
|
| $ 0.65 |
|
| $ 0.97 |
|
| $ (0.39 | ) |
| $ — |
| ||
| 5/31/23 |
|
| 10.32 |
|
| 0.36 |
|
| (0.42 | ) |
| (0.06 | ) |
| (0.36 | ) |
| (0.35 | ) | ||
| 5/31/22 |
|
| 12.22 |
|
| 0.26 |
|
| (0.93 | ) |
| (0.67 | ) |
| (0.40 | ) |
| (0.83 | ) | ||
| 5/31/21 |
|
| 11.30 |
|
| 0.22 |
|
| 1.71 |
|
| 1.93 |
|
| (0.33 | ) |
| (0.68 | ) | ||
| 5/31/20 |
|
| 11.15 |
|
| 0.19 |
|
| 0.53 |
|
| 0.72 |
|
| (0.30 | ) |
| (0.27 | ) | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Premier Class |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
| 5/31/24 |
|
| 9.50 |
|
| 0.31 |
|
| 0.65 |
|
| 0.96 |
|
| (0.38 | ) |
| — |
| ||
| 5/31/23 |
|
| 10.27 |
|
| 0.34 |
|
| (0.41 | ) |
| (0.07 | ) |
| (0.35 | ) |
| (0.35 | ) | ||
| 5/31/22 |
|
| 12.17 |
|
| 0.25 |
|
| (0.94 | ) |
| (0.69 | ) |
| (0.38 | ) |
| (0.83 | ) | ||
| 5/31/21 |
|
| 11.24 |
|
| 0.20 |
|
| 1.73 |
|
| 1.93 |
|
| (0.32 | ) |
| (0.68 | ) | ||
| 5/31/20 |
|
| 11.11 |
|
| 0.31 |
|
| 0.37 |
|
| 0.68 |
|
| (0.28 | ) |
| (0.27 | ) | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class R6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
| 5/31/24 |
|
| 9.53 |
|
| 0.32 |
|
| 0.65 |
|
| 0.97 |
|
| (0.40 | ) |
| — |
| ||
| 5/31/23 |
|
| 10.29 |
|
| 0.36 |
|
| (0.41 | ) |
| (0.05 | ) |
| (0.36 | ) |
| (0.35 | ) | ||
| 5/31/22 |
|
| 12.20 |
|
| 0.27 |
|
| (0.94 | ) |
| (0.67 | ) |
| (0.41 | ) |
| (0.83 | ) | ||
| 5/31/21 |
|
| 11.27 |
|
| 0.22 |
|
| 1.73 |
|
| 1.95 |
|
| (0.34 | ) |
| (0.68 | ) | ||
| 5/31/20 |
|
| 11.14 |
|
| 0.32 |
|
| 0.38 |
|
| 0.70 |
|
| (0.30 | ) |
| (0.27 | ) | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retirement Class |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
| 5/31/24 |
|
| 11.96 |
|
| 0.38 |
|
| 0.82 |
|
| 1.20 |
|
| (0.37 | ) |
| — |
| ||
| 5/31/23 |
|
| 12.73 |
|
| 0.41 |
|
| (0.50 | ) |
| (0.09 | ) |
| (0.33 | ) |
| (0.35 | ) | ||
| 5/31/22 |
|
| 14.80 |
|
| 0.30 |
|
| (1.17 | ) |
| (0.87 | ) |
| (0.37 | ) |
| (0.83 | ) | ||
| 5/31/21 |
|
| 13.48 |
|
| 0.23 |
|
| 2.07 |
|
| 2.30 |
|
| (0.30 | ) |
| (0.68 | ) | ||
| 5/31/20 |
|
| 13.22 |
|
| 0.35 |
|
| 0.45 |
|
| 0.80 |
|
| (0.27 | ) |
| (0.27 | ) | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
a | Based on average shares outstanding. | |||||||||||||||||||||
b | Total returns are not annualized. | |||||||||||||||||||||
g | The Fund’s expenses include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the TIAA-CREF Real Property Fund LP. | |||||||||||||||||||||
j | 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. | |||||||||||||||||||||
292 Prospectus ■ Nuveen Lifecycle Funds
(continued)
|
|
|
|
|
|
|
|
|
| Ratios and supplemental data | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
| Ratios to average net assets |
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
| Net asset
|
| Total
| b |
|
| Gross
| g | Net
| g |
|
| Portfolio
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| $ (0.39 | ) |
| $ 10.13 |
|
| 10.33 | % | $157 |
|
| 0.50 | % |
| 0.32 | % |
| 3.25 | % | 14 | % | ||
| (0.71 | ) |
| 9.55 |
|
| (0.42 | ) |
| 146 |
|
| 0.50 |
|
| 0.32 |
|
| 3.69 |
|
| 18 |
|
| (1.23 | ) |
| 10.32 |
|
| (6.32 | ) |
| 177 |
|
| 0.48 |
|
| 0.33 |
|
| 2.29 |
|
| 21 |
|
| (1.01 | ) |
| 12.22 |
|
| 17.57 |
|
| 164 |
|
| 0.49 |
|
| 0.36 |
|
| 1.81 |
|
| 38 |
|
| (0.57 | ) |
| 11.30 |
|
| 6.45 |
|
| 144 |
|
| 0.56 |
|
| 0.37 |
|
| 1.67 |
|
| 28 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (0.38 | ) |
| 10.08 |
|
| 10.27 |
|
| 34,029 |
|
| 0.59 |
|
| 0.41 |
|
| 3.17 |
|
| 14 |
|
| (0.70 | ) |
| 9.50 |
|
| (0.50 | ) |
| 40,794 |
|
| 0.57 |
|
| 0.39 |
|
| 3.53 |
|
| 18 |
|
| (1.21 | ) |
| 10.27 |
|
| (6.45 | ) |
| 50,141 |
|
| 0.56 |
|
| 0.41 |
|
| 2.16 |
|
| 21 |
|
| (1.00 | ) |
| 12.17 |
|
| 17.62 |
|
| 77,845 |
|
| 0.57 |
|
| 0.44 |
|
| 1.70 |
|
| 38 |
|
| (0.55 | ) |
| 11.24 |
|
| 6.10 |
|
| 73,048 |
|
| 0.61 |
|
| 0.48 |
|
| 2.68 |
|
| 28 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (0.40 | ) |
| 10.10 |
|
| 10.31 |
|
| 534,127 |
|
| 0.44 |
|
| 0.26 |
|
| 3.30 |
|
| 14 |
|
| (0.71 | ) |
| 9.53 |
|
| (0.23 | ) |
| 570,203 |
|
| 0.42 |
|
| 0.24 |
|
| 3.66 |
|
| 18 |
|
| (1.24 | ) |
| 10.29 |
|
| (6.34 | ) |
| 700,875 |
|
| 0.41 |
|
| 0.26 |
|
| 2.34 |
|
| 21 |
|
| (1.02 | ) |
| 12.20 |
|
| 17.75 |
|
| 836,684 |
|
| 0.42 |
|
| 0.29 |
|
| 1.84 |
|
| 38 |
|
| (0.57 | ) |
| 11.27 |
|
| 6.29 |
|
| 720,990 |
|
| 0.46 |
|
| 0.33 |
|
| 2.85 |
|
| 28 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (0.37 | ) |
| 12.79 |
|
| 10.11 |
|
| 236,153 |
|
| 0.69 |
|
| 0.51 |
|
| 3.05 |
|
| 14 |
|
| (0.68 | ) |
| 11.96 |
|
| (0.54 | ) |
| 245,451 |
|
| 0.67 |
|
| 0.49 |
|
| 3.42 |
|
| 18 |
|
| (1.20 | ) |
| 12.73 |
|
| (6.56 | ) |
| 290,686 |
|
| 0.66 |
|
| 0.51 |
|
| 2.09 |
|
| 21 |
|
| (0.98 | ) |
| 14.80 |
|
| 17.45 |
|
| 368,266 |
|
| 0.67 |
|
| 0.54 |
|
| 1.62 |
|
| 38 |
|
| (0.54 | ) |
| 13.48 |
|
| 6.02 |
|
| 353,355 |
|
| 0.71 |
|
| 0.58 |
|
| 2.58 |
|
| 28 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuveen Lifecycle Funds ■ Prospectus 293
Financial highlights
Nuveen Lifecycle 2015 Fund
|
|
|
|
| Selected per share data | |||||||||||||||||
|
|
|
|
|
|
|
| Gain (loss) from investment operations |
|
|
|
|
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Less distributions from | |||||
|
|
|
|
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|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| For
the |
| Net asset
|
|
| a |
| j | Total gain
|
| Net
|
| Net
|
| ||||||
Class I |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
| 5/31/24 |
|
| $ 8.49 |
|
| $ 0.29 |
|
| $ 0.61 |
|
| $ 0.90 |
|
| $ (0.33 | ) |
| $ — |
| ||
| 5/31/23 |
|
| 9.17 |
|
| 0.30 |
|
| (0.37 | ) |
| (0.07 | ) |
| (0.27 | ) |
| (0.34 | ) | ||
| 5/31/22 |
|
| 10.81 |
|
| 0.22 |
|
| (0.86 | ) |
| (0.64 | ) |
| (0.35 | ) |
| (0.65 | ) | ||
| 5/31/21 |
|
| 9.61 |
|
| 0.18 |
|
| 1.67 |
|
| 1.85 |
|
| (0.29 | ) |
| (0.36 | ) | ||
| 5/31/20 |
|
| 9.45 |
|
| 0.26 |
|
| 0.34 |
|
| 0.60 |
|
| (0.26 | ) |
| (0.18 | ) | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Premier Class |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
| 5/31/24 |
|
| 8.46 |
|
| 0.27 |
|
| 0.61 |
|
| 0.88 |
|
| (0.32 | ) |
| — |
| ||
| 5/31/23 |
|
| 9.14 |
|
| 0.30 |
|
| (0.37 | ) |
| (0.07 | ) |
| (0.27 | ) |
| (0.34 | ) | ||
| 5/31/22 |
|
| 10.76 |
|
| 0.21 |
|
| (0.84 | ) |
| (0.63 | ) |
| (0.34 | ) |
| (0.65 | ) | ||
| 5/31/21 |
|
| 9.57 |
|
| 0.17 |
|
| 1.66 |
|
| 1.83 |
|
| (0.28 | ) |
| (0.36 | ) | ||
| 5/31/20 |
|
| 9.41 |
|
| 0.25 |
|
| 0.33 |
|
| 0.58 |
|
| (0.24 | ) |
| (0.18 | ) | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class R6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
| 5/31/24 |
|
| 8.50 |
|
| 0.28 |
|
| 0.62 |
|
| 0.90 |
|
| (0.33 | ) |
| — |
| ||
| 5/31/23 |
|
| 9.18 |
|
| 0.31 |
|
| (0.37 | ) |
| (0.06 | ) |
| (0.28 | ) |
| (0.34 | ) | ||
| 5/31/22 |
|
| 10.81 |
|
| 0.23 |
|
| (0.85 | ) |
| (0.62 | ) |
| (0.36 | ) |
| (0.65 | ) | ||
| 5/31/21 |
|
| 9.62 |
|
| 0.19 |
|
| 1.66 |
|
| 1.85 |
|
| (0.30 | ) |
| (0.36 | ) | ||
| 5/31/20 |
|
| 9.45 |
|
| 0.27 |
|
| 0.34 |
|
| 0.61 |
|
| (0.26 | ) |
| (0.18 | ) | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retirement Class |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
| 5/31/24 |
|
| 11.30 |
|
| 0.35 |
|
| 0.83 |
|
| 1.18 |
|
| (0.31 | ) |
| — |
| ||
| 5/31/23 |
|
| 11.99 |
|
| 0.38 |
|
| (0.48 | ) |
| (0.10 | ) |
| (0.25 | ) |
| (0.34 | ) | ||
| 5/31/22 |
|
| 13.82 |
|
| 0.27 |
|
| (1.12 | ) |
| (0.85 | ) |
| (0.33 | ) |
| (0.65 | ) | ||
| 5/31/21 |
|
| 12.13 |
|
| 0.21 |
|
| 2.11 |
|
| 2.32 |
|
| (0.27 | ) |
| (0.36 | ) | ||
| 5/31/20 |
|
| 11.82 |
|
| 0.31 |
|
| 0.41 |
|
| 0.72 |
|
| (0.23 | ) |
| (0.18 | ) | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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|
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|
|
|
|
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|
|
|
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|
|
|
|
a | Based on average shares outstanding. | |||||||||||||||||||||
b | Total returns are not annualized. | |||||||||||||||||||||
g | The Fund’s expenses include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the TIAA-CREF Real Property Fund LP. | |||||||||||||||||||||
j | 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. | |||||||||||||||||||||
294 Prospectus ■ Nuveen Lifecycle Funds
(continued)
|
|
|
|
|
|
|
|
|
| Ratios and supplemental data | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
| Ratios to average net assets |
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
| Net asset
|
| Total
| b |
|
| Gross
| g | Net
| g |
|
| Portfolio
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| $ (0.33 | ) |
| $ 9.06 |
|
| 10.74 | % | $355 |
|
| 0.47 | % |
| 0.28 | % |
| 3.26 | % | 13 | % | ||
| (0.61 | ) |
| 8.49 |
|
| (0.52 | ) |
| 381 |
|
| 0.53 |
|
| 0.38 |
|
| 3.49 |
|
| 18 |
|
| (1.00 | ) |
| 9.17 |
|
| (6.61 | ) |
| 390 |
|
| 0.52 |
|
| 0.38 |
|
| 2.15 |
|
| 20 |
|
| (0.65 | ) |
| 10.81 |
|
| 19.60 |
|
| 255 |
|
| 0.52 |
|
| 0.39 |
|
| 1.75 |
|
| 36 |
|
| (0.44 | ) |
| 9.61 |
|
| 6.29 |
|
| 185 |
|
| 0.55 |
|
| 0.39 |
|
| 2.66 |
|
| 26 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (0.32 | ) |
| 9.02 |
|
| 10.56 |
|
| 42,131 |
|
| 0.58 |
|
| 0.39 |
|
| 3.11 |
|
| 13 |
|
| (0.61 | ) |
| 8.46 |
|
| (0.57 | ) |
| 56,724 |
|
| 0.57 |
|
| 0.42 |
|
| 3.48 |
|
| 18 |
|
| (0.99 | ) |
| 9.14 |
|
| (6.54 | ) |
| 71,144 |
|
| 0.56 |
|
| 0.42 |
|
| 2.06 |
|
| 20 |
|
| (0.64 | ) |
| 10.76 |
|
| 19.47 |
|
| 116,117 |
|
| 0.57 |
|
| 0.44 |
|
| 1.67 |
|
| 36 |
|
| (0.42 | ) |
| 9.57 |
|
| 6.14 |
|
| 107,025 |
|
| 0.61 |
|
| 0.49 |
|
| 2.61 |
|
| 26 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (0.33 | ) |
| 9.07 |
|
| 10.82 |
|
| 782,265 |
|
| 0.43 |
|
| 0.24 |
|
| 3.25 |
|
| 13 |
|
| (0.62 | ) |
| 8.50 |
|
| (0.39 | ) |
| 831,507 |
|
| 0.42 |
|
| 0.27 |
|
| 3.61 |
|
| 18 |
|
| (1.01 | ) |
| 9.18 |
|
| (6.43 | ) |
| 1,005,382 |
|
| 0.41 |
|
| 0.27 |
|
| 2.25 |
|
| 20 |
|
| (0.66 | ) |
| 10.81 |
|
| 19.56 |
|
| 1,217,691 |
|
| 0.42 |
|
| 0.29 |
|
| 1.83 |
|
| 36 |
|
| (0.44 | ) |
| 9.62 |
|
| 6.43 |
|
| 1,088,594 |
|
| 0.46 |
|
| 0.34 |
|
| 2.80 |
|
| 26 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (0.31 | ) |
| 12.17 |
|
| 10.52 |
|
| 333,364 |
|
| 0.68 |
|
| 0.49 |
|
| 2.99 |
|
| 13 |
|
| (0.59 | ) |
| 11.30 |
|
| (0.66 | ) |
| 339,003 |
|
| 0.67 |
|
| 0.52 |
|
| 3.36 |
|
| 18 |
|
| (0.98 | ) |
| 11.99 |
|
| (6.73 | ) |
| 393,955 |
|
| 0.66 |
|
| 0.52 |
|
| 2.01 |
|
| 20 |
|
| (0.63 | ) |
| 13.82 |
|
| 19.34 |
|
| 500,838 |
|
| 0.67 |
|
| 0.54 |
|
| 1.60 |
|
| 36 |
|
| (0.41 | ) |
| 12.13 |
|
| 6.06 |
|
| 492,656 |
|
| 0.71 |
|
| 0.59 |
|
| 2.54 |
|
| 26 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuveen Lifecycle Funds ■ Prospectus 295
Financial highlights
Nuveen Lifecycle 2020 Fund
|
|
|
|
| Selected per share data | |||||||||||||||||
|
|
|
|
|
|
|
| Gain (loss) from investment operations |
|
|
|
|
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Less distributions from | |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| For
the |
| Net asset
|
|
| a |
| j | Total gain
|
| Net
|
| Net
|
| ||||||
Class I |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
| 5/31/24 |
|
| $ 8.77 |
|
| $ 0.28 |
|
| $ 0.73 |
|
| $ 1.01 |
|
| $ (0.33 | ) |
| $ — |
| ||
| 5/31/23 |
|
| 9.47 |
|
| 0.30 |
|
| (0.35 | ) |
| (0.05 | ) |
| (0.27 | ) |
| (0.38 | ) | ||
| 5/31/22 |
|
| 11.25 |
|
| 0.21 |
|
| (0.90 | ) |
| (0.69 | ) |
| (0.37 | ) |
| (0.72 | ) | ||
| 5/31/21 |
|
| 9.89 |
|
| 0.14 |
|
| 1.94 |
|
| 2.08 |
|
| (0.31 | ) |
| (0.41 | ) | ||
| 5/31/20 |
|
| 9.73 |
|
| 0.26 |
|
| 0.38 |
|
| 0.64 |
|
| (0.25 | ) |
| (0.23 | ) | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Premier Class |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
| 5/31/24 |
|
| 8.75 |
|
| 0.27 |
|
| 0.74 |
|
| 1.01 |
|
| (0.32 | ) |
| — |
| ||
| 5/31/23 |
|
| 9.45 |
|
| 0.29 |
|
| (0.35 | ) |
| (0.06 | ) |
| (0.26 | ) |
| (0.38 | ) | ||
| 5/31/22 |
|
| 11.23 |
|
| 0.21 |
|
| (0.92 | ) |
| (0.71 | ) |
| (0.35 | ) |
| (0.72 | ) | ||
| 5/31/21 |
|
| 9.87 |
|
| 0.18 |
|
| 1.89 |
|
| 2.07 |
|
| (0.30 | ) |
| (0.41 | ) | ||
| 5/31/20 |
|
| 9.70 |
|
| 0.25 |
|
| 0.38 |
|
| 0.63 |
|
| (0.23 | ) |
| (0.23 | ) | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class R6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
| 5/31/24 |
|
| 8.77 |
|
| 0.28 |
|
| 0.74 |
|
| 1.02 |
|
| (0.33 | ) |
| — |
| ||
| 5/31/23 |
|
| 9.48 |
|
| 0.31 |
|
| (0.37 | ) |
| (0.06 | ) |
| (0.27 | ) |
| (0.38 | ) | ||
| 5/31/22 |
|
| 11.26 |
|
| 0.23 |
|
| (0.91 | ) |
| (0.68 | ) |
| (0.38 | ) |
| (0.72 | ) | ||
| 5/31/21 |
|
| 9.89 |
|
| 0.20 |
|
| 1.90 |
|
| 2.10 |
|
| (0.32 | ) |
| (0.41 | ) | ||
| 5/31/20 |
|
| 9.73 |
|
| 0.27 |
|
| 0.37 |
|
| 0.64 |
|
| (0.25 | ) |
| (0.23 | ) | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retirement Class |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
| 5/31/24 |
|
| 12.05 |
|
| 0.36 |
|
| 1.01 |
|
| 1.37 |
|
| (0.30 | ) |
| — |
| ||
| 5/31/23 |
|
| 12.75 |
|
| 0.39 |
|
| (0.47 | ) |
| (0.08 | ) |
| (0.24 | ) |
| (0.38 | ) | ||
| 5/31/22 |
|
| 14.78 |
|
| 0.27 |
|
| (1.24 | ) |
| (0.97 | ) |
| (0.34 | ) |
| (0.72 | ) | ||
| 5/31/21 |
|
| 12.79 |
|
| 0.22 |
|
| 2.46 |
|
| 2.68 |
|
| (0.28 | ) |
| (0.41 | ) | ||
| 5/31/20 |
|
| 12.45 |
|
| 0.32 |
|
| 0.47 |
|
| 0.79 |
|
| (0.22 | ) |
| (0.23 | ) | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
a | Based on average shares outstanding. | |||||||||||||||||||||
b | Total returns are not annualized. | |||||||||||||||||||||
g | The Fund’s expenses include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the TIAA-CREF Real Property Fund LP. | |||||||||||||||||||||
j | 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. | |||||||||||||||||||||
296 Prospectus ■ Nuveen Lifecycle Funds
(continued)
|
|
|
|
|
|
|
|
|
| Ratios and supplemental data | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
| Ratios to average net assets |
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
| Net asset
|
| Total
| b |
|
| Gross
| g | Net
| g |
|
| Portfolio
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| $ (0.33 | ) |
| $ 9.45 |
|
| 11.65 | % | $520 |
|
| 0.51 | % |
| 0.35 | % |
| 3.10 | % | 12 | % | ||
| (0.65 | ) |
| 8.77 |
|
| (0.32 | ) |
| 695 |
|
| 0.50 |
|
| 0.36 |
|
| 3.33 |
|
| 18 |
|
| (1.09 | ) |
| 9.47 |
|
| (6.93 | ) |
| 498 |
|
| 0.46 |
|
| 0.32 |
|
| 1.91 |
|
| 22 |
|
| (0.72 | ) |
| 11.25 |
|
| 21.43 |
|
| 726 |
|
| 0.48 |
|
| 0.35 |
|
| 1.26 |
|
| 38 |
|
| (0.48 | ) |
| 9.89 |
|
| 6.42 |
|
| 352 |
|
| 0.51 |
|
| 0.39 |
|
| 2.61 |
|
| 26 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (0.32 | ) |
| 9.44 |
|
| 11.68 |
|
| 93,230 |
|
| 0.58 |
|
| 0.41 |
|
| 2.97 |
|
| 12 |
|
| (0.64 | ) |
| 8.75 |
|
| (0.42 | ) |
| 141,676 |
|
| 0.57 |
|
| 0.42 |
|
| 3.31 |
|
| 18 |
|
| (1.07 | ) |
| 9.45 |
|
| (7.06 | ) |
| 165,761 |
|
| 0.55 |
|
| 0.42 |
|
| 1.96 |
|
| 22 |
|
| (0.71 | ) |
| 11.23 |
|
| 21.37 |
|
| 252,876 |
|
| 0.57 |
|
| 0.45 |
|
| 1.66 |
|
| 38 |
|
| (0.46 | ) |
| 9.87 |
|
| 6.35 |
|
| 249,364 |
|
| 0.62 |
|
| 0.50 |
|
| 2.53 |
|
| 26 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (0.33 | ) |
| 9.46 |
|
| 11.86 |
|
| 1,821,625 |
|
| 0.43 |
|
| 0.26 |
|
| 3.11 |
|
| 12 |
|
| (0.65 | ) |
| 8.77 |
|
| (0.36 | ) |
| 1,921,359 |
|
| 0.41 |
|
| 0.27 |
|
| 3.45 |
|
| 18 |
|
| (1.10 | ) |
| 9.48 |
|
| (6.86 | ) |
| 2,303,415 |
|
| 0.40 |
|
| 0.27 |
|
| 2.15 |
|
| 22 |
|
| (0.73 | ) |
| 11.26 |
|
| 21.61 |
|
| 2,712,681 |
|
| 0.42 |
|
| 0.29 |
|
| 1.82 |
|
| 38 |
|
| (0.48 | ) |
| 9.89 |
|
| 6.43 |
|
| 2,374,405 |
|
| 0.47 |
|
| 0.35 |
|
| 2.75 |
|
| 26 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (0.30 | ) |
| 13.12 |
|
| 11.50 |
|
| 599,239 |
|
| 0.68 |
|
| 0.51 |
|
| 2.86 |
|
| 12 |
|
| (0.62 | ) |
| 12.05 |
|
| (0.47 | ) |
| 642,436 |
|
| 0.67 |
|
| 0.52 |
|
| 3.21 |
|
| 18 |
|
| (1.06 | ) |
| 12.75 |
|
| (7.17 | ) |
| 764,245 |
|
| 0.65 |
|
| 0.52 |
|
| 1.89 |
|
| 22 |
|
| (0.69 | ) |
| 14.78 |
|
| 21.27 |
|
| 993,670 |
|
| 0.67 |
|
| 0.55 |
|
| 1.59 |
|
| 38 |
|
| (0.45 | ) |
| 12.79 |
|
| 6.21 |
|
| 947,495 |
|
| 0.72 |
|
| 0.60 |
|
| 2.50 |
|
| 26 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuveen Lifecycle Funds ■ Prospectus 297
Financial highlights
Nuveen Lifecycle 2025 Fund
|
|
|
|
| Selected per share data | |||||||||||||||||
|
|
|
|
|
|
|
| Gain (loss) from investment operations |
|
|
|
|
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Less distributions from | |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| For
the |
| Net asset
|
|
| a |
| j | Total gain
|
| Net
|
| Net
|
| ||||||
Class I |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
| 5/31/24 |
|
| $ 9.09 |
|
| $ 0.28 |
|
| $ 0.88 |
|
| $ 1.16 |
|
| $ (0.31 | ) |
| $ — |
| ||
| 5/31/23 |
|
| 9.85 |
|
| 0.27 |
|
| (0.31 | ) |
| (0.04 | ) |
| (0.26 | ) |
| (0.46 | ) | ||
| 5/31/22 |
|
| 11.75 |
|
| 0.22 |
|
| (0.98 | ) |
| (0.76 | ) |
| (0.38 | ) |
| (0.76 | ) | ||
| 5/31/21 |
|
| 10.03 |
|
| 0.15 |
|
| 2.31 |
|
| 2.46 |
|
| (0.31 | ) |
| (0.43 | ) | ||
| 5/31/20 |
|
| 9.88 |
|
| 0.27 |
|
| 0.39 |
|
| 0.66 |
|
| (0.24 | ) |
| (0.27 | ) | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Premier Class |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
| 5/31/24 |
|
| 9.05 |
|
| 0.26 |
|
| 0.89 |
|
| 1.15 |
|
| (0.31 | ) |
| — |
| ||
| 5/31/23 |
|
| 9.80 |
|
| 0.28 |
|
| (0.32 | ) |
| (0.04 | ) |
| (0.25 | ) |
| (0.46 | ) | ||
| 5/31/22 |
|
| 11.70 |
|
| 0.21 |
|
| (0.98 | ) |
| (0.77 | ) |
| (0.37 | ) |
| (0.76 | ) | ||
| 5/31/21 |
|
| 9.99 |
|
| 0.18 |
|
| 2.25 |
|
| 2.43 |
|
| (0.29 | ) |
| (0.43 | ) | ||
| 5/31/20 |
|
| 9.84 |
|
| 0.24 |
|
| 0.40 |
|
| 0.64 |
|
| (0.22 | ) |
| (0.27 | ) | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class R6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
| 5/31/24 |
|
| 9.09 |
|
| 0.28 |
|
| 0.90 |
|
| 1.18 |
|
| (0.32 | ) |
| — |
| ||
| 5/31/23 |
|
| 9.85 |
|
| 0.30 |
|
| (0.34 | ) |
| (0.04 | ) |
| (0.26 | ) |
| (0.46 | ) | ||
| 5/31/22 |
|
| 11.76 |
|
| 0.23 |
|
| (0.99 | ) |
| (0.76 | ) |
| (0.39 | ) |
| (0.76 | ) | ||
| 5/31/21 |
|
| 10.04 |
|
| 0.19 |
|
| 2.27 |
|
| 2.46 |
|
| (0.31 | ) |
| (0.43 | ) | ||
| 5/31/20 |
|
| 9.89 |
|
| 0.27 |
|
| 0.40 |
|
| 0.67 |
|
| (0.25 | ) |
| (0.27 | ) | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retirement Class |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
| 5/31/24 |
|
| 12.69 |
|
| 0.36 |
|
| 1.25 |
|
| 1.61 |
|
| (0.29 | ) |
| — |
| ||
| 5/31/23 |
|
| 13.44 |
|
| 0.38 |
|
| (0.44 | ) |
| (0.06 | ) |
| (0.23 | ) |
| (0.46 | ) | ||
| 5/31/22 |
|
| 15.63 |
|
| 0.26 |
|
| (1.35 | ) |
| (1.09 | ) |
| (0.34 | ) |
| (0.76 | ) | ||
| 5/31/21 |
|
| 13.14 |
|
| 0.22 |
|
| 2.97 |
|
| 3.19 |
|
| (0.27 | ) |
| (0.43 | ) | ||
| 5/31/20 |
|
| 12.79 |
|
| 0.32 |
|
| 0.51 |
|
| 0.83 |
|
| (0.21 | ) |
| (0.27 | ) | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
a | Based on average shares outstanding. | |||||||||||||||||||||
b | Total returns are not annualized. | |||||||||||||||||||||
g | The Fund’s expenses include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the TIAA-CREF Real Property Fund LP. | |||||||||||||||||||||
j | 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. | |||||||||||||||||||||
298 Prospectus ■ Nuveen Lifecycle Funds
(continued)
|
|
|
|
|
|
|
|
|
| Ratios and supplemental data | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
| Ratios to average net assets |
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
| Net asset
|
| Total
| b |
|
| Gross
| g | Net
| g |
|
| Portfolio
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| $ (0.31 | ) |
| $ 9.94 |
|
| 13.00 | % | $773 |
|
| 0.50 | % |
| 0.35 | % |
| 2.92 | % | 13 | % | ||
| (0.72 | ) |
| 9.09 |
|
| (0.21 | ) |
| 855 |
|
| 0.51 |
|
| 0.36 |
|
| 2.99 |
|
| 20 |
|
| (1.14 | ) |
| 9.85 |
|
| (7.32 | ) |
| 391 |
|
| 0.48 |
|
| 0.34 |
|
| 1.93 |
|
| 25 |
|
| (0.74 | ) |
| 11.75 |
|
| 24.93 |
|
| 553 |
|
| 0.49 |
|
| 0.36 |
|
| 1.35 |
|
| 40 |
|
| (0.51 | ) |
| 10.03 |
|
| 6.55 |
|
| 133 |
|
| 0.54 |
|
| 0.42 |
|
| 2.66 |
|
| 28 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (0.31 | ) |
| 9.89 |
|
| 12.84 |
|
| 161,319 |
|
| 0.58 |
|
| 0.43 |
|
| 2.80 |
|
| 13 |
|
| (0.71 | ) |
| 9.05 |
|
| (0.20 | ) |
| 221,273 |
|
| 0.57 |
|
| 0.42 |
|
| 3.09 |
|
| 20 |
|
| (1.13 | ) |
| 9.80 |
|
| (7.44 | ) |
| 236,147 |
|
| 0.55 |
|
| 0.42 |
|
| 1.83 |
|
| 25 |
|
| (0.72 | ) |
| 11.70 |
|
| 24.80 |
|
| 336,773 |
|
| 0.58 |
|
| 0.45 |
|
| 1.59 |
|
| 40 |
|
| (0.49 | ) |
| 9.99 |
|
| 6.41 |
|
| 295,668 |
|
| 0.63 |
|
| 0.51 |
|
| 2.39 |
|
| 28 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (0.32 | ) |
| 9.95 |
|
| 13.20 |
|
| 2,940,148 |
|
| 0.43 |
|
| 0.28 |
|
| 2.94 |
|
| 13 |
|
| (0.72 | ) |
| 9.09 |
|
| (0.14 | ) |
| 2,939,672 |
|
| 0.42 |
|
| 0.27 |
|
| 3.23 |
|
| 20 |
|
| (1.15 | ) |
| 9.85 |
|
| (7.33 | ) |
| 3,488,042 |
|
| 0.40 |
|
| 0.27 |
|
| 2.01 |
|
| 25 |
|
| (0.74 | ) |
| 11.76 |
|
| 24.96 |
|
| 3,909,833 |
|
| 0.43 |
|
| 0.30 |
|
| 1.76 |
|
| 40 |
|
| (0.52 | ) |
| 10.04 |
|
| 6.59 |
|
| 3,142,487 |
|
| 0.48 |
|
| 0.36 |
|
| 2.66 |
|
| 28 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (0.29 | ) |
| 14.01 |
|
| 12.79 |
|
| 813,651 |
|
| 0.68 |
|
| 0.53 |
|
| 2.69 |
|
| 13 |
|
| (0.69 | ) |
| 12.69 |
|
| (0.30 | ) |
| 845,520 |
|
| 0.67 |
|
| 0.52 |
|
| 3.00 |
|
| 20 |
|
| (1.10 | ) |
| 13.44 |
|
| (7.55 | ) |
| 973,393 |
|
| 0.65 |
|
| 0.52 |
|
| 1.75 |
|
| 25 |
|
| (0.70 | ) |
| 15.63 |
|
| 24.64 |
|
| 1,217,409 |
|
| 0.68 |
|
| 0.55 |
|
| 1.52 |
|
| 40 |
|
| (0.48 | ) |
| 13.14 |
|
| 6.40 |
|
| 1,103,642 |
|
| 0.73 |
|
| 0.61 |
|
| 2.39 |
|
| 28 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuveen Lifecycle Funds ■ Prospectus 299
Financial highlights
Nuveen Lifecycle 2030 Fund
|
|
|
|
| Selected per share data | |||||||||||||||||
|
|
|
|
|
|
|
| Gain (loss) from investment operations |
|
|
|
|
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Less distributions from | |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| For
the |
| Net asset
|
|
| a |
| j | Total gain
|
| Net
|
| Net
|
| ||||||
Class I |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
| 5/31/24 |
|
| $ 9.20 |
|
| $ 0.25 |
|
| $ 1.09 |
|
| $ 1.34 |
|
| $ (0.29 | ) |
| $ — |
| ||
| 5/31/23 |
|
| 9.97 |
|
| 0.26 |
|
| (0.29 | ) |
| (0.03 | ) |
| (0.23 | ) |
| (0.51 | ) | ||
| 5/31/22 |
|
| 12.01 |
|
| 0.21 |
|
| (1.03 | ) |
| (0.82 | ) |
| (0.39 | ) |
| (0.83 | ) | ||
| 5/31/21 |
|
| 10.01 |
|
| 0.18 |
|
| 2.60 |
|
| 2.78 |
|
| (0.31 | ) |
| (0.47 | ) | ||
| 5/31/20 |
|
| 9.87 |
|
| 0.20 |
|
| 0.47 |
|
| 0.67 |
|
| (0.22 | ) |
| (0.31 | ) | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Premier Class |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
| 5/31/24 |
|
| 9.14 |
|
| 0.25 |
|
| 1.08 |
|
| 1.33 |
|
| (0.28 | ) |
| — |
| ||
| 5/31/23 |
|
| 9.91 |
|
| 0.26 |
|
| (0.30 | ) |
| (0.04 | ) |
| (0.22 | ) |
| (0.51 | ) | ||
| 5/31/22 |
|
| 11.95 |
|
| 0.19 |
|
| (1.02 | ) |
| (0.83 | ) |
| (0.38 | ) |
| (0.83 | ) | ||
| 5/31/21 |
|
| 9.96 |
|
| 0.17 |
|
| 2.59 |
|
| 2.76 |
|
| (0.30 | ) |
| (0.47 | ) | ||
| 5/31/20 |
|
| 9.82 |
|
| 0.23 |
|
| 0.42 |
|
| 0.65 |
|
| (0.20 | ) |
| (0.31 | ) | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class R6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
| 5/31/24 |
|
| 9.20 |
|
| 0.26 |
|
| 1.10 |
|
| 1.36 |
|
| (0.30 | ) |
| — |
| ||
| 5/31/23 |
|
| 9.97 |
|
| 0.28 |
|
| (0.30 | ) |
| (0.02 | ) |
| (0.24 | ) |
| (0.51 | ) | ||
| 5/31/22 |
|
| 12.01 |
|
| 0.21 |
|
| (1.02 | ) |
| (0.81 | ) |
| (0.40 | ) |
| (0.83 | ) | ||
| 5/31/21 |
|
| 10.01 |
|
| 0.19 |
|
| 2.60 |
|
| 2.79 |
|
| (0.32 | ) |
| (0.47 | ) | ||
| 5/31/20 |
|
| 9.87 |
|
| 0.26 |
|
| 0.42 |
|
| 0.68 |
|
| (0.23 | ) |
| (0.31 | ) | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retirement Class |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
| 5/31/24 |
|
| 13.22 |
|
| 0.34 |
|
| 1.58 |
|
| 1.92 |
|
| (0.26 | ) |
| — |
| ||
| 5/31/23 |
|
| 13.98 |
|
| 0.36 |
|
| (0.41 | ) |
| (0.05 | ) |
| (0.20 | ) |
| (0.51 | ) | ||
| 5/31/22 |
|
| 16.36 |
|
| 0.25 |
|
| (1.44 | ) |
| (1.19 | ) |
| (0.36 | ) |
| (0.83 | ) | ||
| 5/31/21 |
|
| 13.39 |
|
| 0.22 |
|
| 3.51 |
|
| 3.73 |
|
| (0.29 | ) |
| (0.47 | ) | ||
| 5/31/20 |
|
| 13.04 |
|
| 0.31 |
|
| 0.54 |
|
| 0.85 |
|
| (0.19 | ) |
| (0.31 | ) | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
a | Based on average shares outstanding. | |||||||||||||||||||||
b | Total returns are not annualized. | |||||||||||||||||||||
g | The Fund’s expenses include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the TIAA-CREF Real Property Fund LP. | |||||||||||||||||||||
j | 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. | |||||||||||||||||||||
300 Prospectus ■ Nuveen Lifecycle Funds
(continued)
|
|
|
|
|
|
|
|
|
| Ratios and supplemental data | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
| Ratios to average net assets |
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
| Net asset
|
| Total
| b |
|
| Gross
| g | Net
| g |
|
| Portfolio
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| $ (0.29 | ) |
| $ 10.25 |
|
| 14.76 | % | $853 |
|
| 0.51 | % |
| 0.37 | % |
| 2.57 | % | 14 | % | ||
| (0.74 | ) |
| 9.20 |
|
| 0.09 |
|
| 597 |
|
| 0.50 |
|
| 0.34 |
|
| 2.77 |
|
| 22 |
|
| (1.22 | ) |
| 9.97 |
|
| (7.71 | ) |
| 497 |
|
| 0.46 |
|
| 0.31 |
|
| 1.88 |
|
| 26 |
|
| (0.78 | ) |
| 12.01 |
|
| 28.41 |
|
| 520 |
|
| 0.50 |
|
| 0.37 |
|
| 1.65 |
|
| 41 |
|
| (0.53 | ) |
| 10.01 |
|
| 6.65 |
|
| 317 |
|
| 0.56 |
|
| 0.44 |
|
| 2.02 |
|
| 26 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (0.28 | ) |
| 10.19 |
|
| 14.75 |
|
| 199,927 |
|
| 0.58 |
|
| 0.44 |
|
| 2.56 |
|
| 14 |
|
| (0.73 | ) |
| 9.14 |
|
| (0.01 | ) |
| 246,776 |
|
| 0.57 |
|
| 0.42 |
|
| 2.84 |
|
| 22 |
|
| (1.21 | ) |
| 9.91 |
|
| (7.87 | ) |
| 265,245 |
|
| 0.56 |
|
| 0.41 |
|
| 1.66 |
|
| 26 |
|
| (0.77 | ) |
| 11.95 |
|
| 28.35 |
|
| 369,690 |
|
| 0.58 |
|
| 0.45 |
|
| 1.52 |
|
| 41 |
|
| (0.51 | ) |
| 9.96 |
|
| 6.52 |
|
| 310,511 |
|
| 0.64 |
|
| 0.52 |
|
| 2.26 |
|
| 26 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (0.30 | ) |
| 10.26 |
|
| 14.95 |
|
| 3,630,602 |
|
| 0.43 |
|
| 0.29 |
|
| 2.70 |
|
| 14 |
|
| (0.75 | ) |
| 9.20 |
|
| 0.15 |
|
| 3,405,403 |
|
| 0.42 |
|
| 0.27 |
|
| 2.97 |
|
| 22 |
|
| (1.23 | ) |
| 9.97 |
|
| (7.66 | ) |
| 3,872,654 |
|
| 0.41 |
|
| 0.26 |
|
| 1.86 |
|
| 26 |
|
| (0.79 | ) |
| 12.01 |
|
| 28.49 |
|
| 4,216,718 |
|
| 0.43 |
|
| 0.30 |
|
| 1.69 |
|
| 41 |
|
| (0.54 | ) |
| 10.01 |
|
| 6.69 |
|
| 3,244,106 |
|
| 0.49 |
|
| 0.37 |
|
| 2.57 |
|
| 26 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (0.26 | ) |
| 14.88 |
|
| 14.66 |
|
| 921,422 |
|
| 0.68 |
|
| 0.54 |
|
| 2.45 |
|
| 14 |
|
| (0.71 | ) |
| 13.22 |
|
| (0.10 | ) |
| 899,081 |
|
| 0.67 |
|
| 0.52 |
|
| 2.74 |
|
| 22 |
|
| (1.19 | ) |
| 13.98 |
|
| (7.94 | ) |
| 1,008,369 |
|
| 0.66 |
|
| 0.51 |
|
| 1.60 |
|
| 26 |
|
| (0.76 | ) |
| 16.36 |
|
| 28.25 |
|
| 1,254,456 |
|
| 0.68 |
|
| 0.55 |
|
| 1.46 |
|
| 41 |
|
| (0.50 | ) |
| 13.39 |
|
| 6.42 |
|
| 1,064,906 |
|
| 0.74 |
|
| 0.62 |
|
| 2.29 |
|
| 26 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuveen Lifecycle Funds ■ Prospectus 301
Financial highlights
Nuveen Lifecycle 2035 Fund
|
|
|
|
| Selected per share data | |||||||||||||||||
|
|
|
|
|
|
|
| Gain (loss) from investment operations |
|
|
|
|
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Less distributions from | |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| For
the |
| Net asset
|
|
| a |
| j | Total gain
|
| Net
|
| Net
|
| ||||||
Class I |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
| 5/31/24 |
|
| $ 9.33 |
|
| $ 0.23 |
|
| $ 1.34 |
|
| $ 1.57 |
|
| $ (0.27 | ) |
| $ — |
| ||
| 5/31/23 |
|
| 10.12 |
|
| 0.24 |
|
| (0.23 | ) |
| 0.01 |
|
| (0.21 | ) |
| (0.59 | ) | ||
| 5/31/22 |
|
| 12.35 |
|
| 0.19 |
|
| (1.07 | ) |
| (0.88 | ) |
| (0.41 | ) |
| (0.94 | ) | ||
| 5/31/21 |
|
| 10.06 |
|
| 0.18 |
|
| 2.96 |
|
| 3.14 |
|
| (0.31 | ) |
| (0.54 | ) | ||
| 5/31/20 |
|
| 9.96 |
|
| 0.28 |
|
| 0.40 |
|
| 0.68 |
|
| (0.22 | ) |
| (0.36 | ) | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Premier Class |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
| 5/31/24 |
|
| 9.31 |
|
| 0.23 |
|
| 1.33 |
|
| 1.56 |
|
| (0.26 | ) |
| — |
| ||
| 5/31/23 |
|
| 10.10 |
|
| 0.24 |
|
| (0.24 | ) |
| — |
|
| (0.20 | ) |
| (0.59 | ) | ||
| 5/31/22 |
|
| 12.33 |
|
| 0.18 |
|
| (1.07 | ) |
| (0.89 | ) |
| (0.40 | ) |
| (0.94 | ) | ||
| 5/31/21 |
|
| 10.04 |
|
| 0.17 |
|
| 2.96 |
|
| 3.13 |
|
| (0.30 | ) |
| (0.54 | ) | ||
| 5/31/20 |
|
| 9.93 |
|
| 0.22 |
|
| 0.45 |
|
| 0.67 |
|
| (0.20 | ) |
| (0.36 | ) | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class R6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
| 5/31/24 |
|
| 9.35 |
|
| 0.24 |
|
| 1.34 |
|
| 1.58 |
|
| (0.28 | ) |
| — |
| ||
| 5/31/23 |
|
| 10.13 |
|
| 0.25 |
|
| (0.22 | ) |
| 0.03 |
|
| (0.22 | ) |
| (0.59 | ) | ||
| 5/31/22 |
|
| 12.37 |
|
| 0.20 |
|
| (1.08 | ) |
| (0.88 | ) |
| (0.42 | ) |
| (0.94 | ) | ||
| 5/31/21 |
|
| 10.07 |
|
| 0.19 |
|
| 2.97 |
|
| 3.16 |
|
| (0.32 | ) |
| (0.54 | ) | ||
| 5/31/20 |
|
| 9.97 |
|
| 0.25 |
|
| 0.44 |
|
| 0.69 |
|
| (0.23 | ) |
| (0.36 | ) | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retirement Class |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
| 5/31/24 |
|
| 13.88 |
|
| 0.33 |
|
| 1.98 |
|
| 2.31 |
|
| (0.24 | ) |
| — |
| ||
| 5/31/23 |
|
| 14.63 |
|
| 0.34 |
|
| (0.32 | ) |
| 0.02 |
|
| (0.18 | ) |
| (0.59 | ) | ||
| 5/31/22 |
|
| 17.27 |
|
| 0.24 |
|
| (1.56 | ) |
| (1.32 | ) |
| (0.38 | ) |
| (0.94 | ) | ||
| 5/31/21 |
|
| 13.78 |
|
| 0.22 |
|
| 4.09 |
|
| 4.31 |
|
| (0.28 | ) |
| (0.54 | ) | ||
| 5/31/20 |
|
| 13.44 |
|
| 0.31 |
|
| 0.58 |
|
| 0.89 |
|
| (0.19 | ) |
| (0.36 | ) | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
a | Based on average shares outstanding. | |||||||||||||||||||||
b | Total returns are not annualized. | |||||||||||||||||||||
g | The Fund’s expenses include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the TIAA-CREF Real Property Fund LP. | |||||||||||||||||||||
j | 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. | |||||||||||||||||||||
302 Prospectus ■ Nuveen Lifecycle Funds
(continued)
|
|
|
|
|
|
|
|
|
| Ratios and supplemental data | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
| Ratios to average net assets |
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
| Net asset
|
| Total
| b |
|
| Gross
| g | Net
| g |
|
| Portfolio
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| $ (0.27 | ) |
| $ 10.63 |
|
| 17.03 | % | $918 |
|
| 0.54 | % |
| 0.38 | % |
| 2.35 | % | 14 | % | ||
| (0.80 | ) |
| 9.33 |
|
| 0.46 |
|
| 597 |
|
| 0.52 |
|
| 0.36 |
|
| 2.58 |
|
| 25 |
|
| (1.35 | ) |
| 10.12 |
|
| (8.20 | ) |
| 447 |
|
| 0.49 |
|
| 0.34 |
|
| 1.64 |
|
| 27 |
|
| (0.85 | ) |
| 12.35 |
|
| 32.02 |
|
| 472 |
|
| 0.52 |
|
| 0.39 |
|
| 1.56 |
|
| 44 |
|
| (0.58 | ) |
| 10.06 |
|
| 6.64 |
|
| 363 |
|
| 0.58 |
|
| 0.46 |
|
| 2.74 |
|
| 23 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (0.26 | ) |
| 10.61 |
|
| 16.98 |
|
| 215,181 |
|
| 0.59 |
|
| 0.43 |
|
| 2.29 |
|
| 14 |
|
| (0.79 | ) |
| 9.31 |
|
| 0.39 |
|
| 264,692 |
|
| 0.58 |
|
| 0.41 |
|
| 2.55 |
|
| 25 |
|
| (1.34 | ) |
| 10.10 |
|
| (8.29 | ) |
| 277,894 |
|
| 0.56 |
|
| 0.40 |
|
| 1.52 |
|
| 27 |
|
| (0.84 | ) |
| 12.33 |
|
| 31.99 |
|
| 396,128 |
|
| 0.59 |
|
| 0.45 |
|
| 1.46 |
|
| 44 |
|
| (0.56 | ) |
| 10.04 |
|
| 6.59 |
|
| 324,978 |
|
| 0.65 |
|
| 0.53 |
|
| 2.14 |
|
| 23 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (0.28 | ) |
| 10.65 |
|
| 17.10 |
|
| 3,987,848 |
|
| 0.44 |
|
| 0.28 |
|
| 2.46 |
|
| 14 |
|
| (0.81 | ) |
| 9.35 |
|
| 0.66 |
|
| 3,634,034 |
|
| 0.43 |
|
| 0.26 |
|
| 2.68 |
|
| 25 |
|
| (1.36 | ) |
| 10.13 |
|
| (8.19 | ) |
| 4,103,430 |
|
| 0.41 |
|
| 0.25 |
|
| 1.72 |
|
| 27 |
|
| (0.86 | ) |
| 12.37 |
|
| 32.19 |
|
| 4,468,950 |
|
| 0.44 |
|
| 0.30 |
|
| 1.63 |
|
| 44 |
|
| (0.59 | ) |
| 10.07 |
|
| 6.67 |
|
| 3,369,098 |
|
| 0.50 |
|
| 0.38 |
|
| 2.48 |
|
| 23 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (0.24 | ) |
| 15.95 |
|
| 16.78 |
|
| 910,652 |
|
| 0.69 |
|
| 0.53 |
|
| 2.19 |
|
| 14 |
|
| (0.77 | ) |
| 13.88 |
|
| 0.38 |
|
| 853,592 |
|
| 0.68 |
|
| 0.51 |
|
| 2.46 |
|
| 25 |
|
| (1.32 | ) |
| 14.63 |
|
| (8.42 | ) |
| 923,818 |
|
| 0.66 |
|
| 0.50 |
|
| 1.46 |
|
| 27 |
|
| (0.82 | ) |
| 17.27 |
|
| 31.86 |
|
| 1,157,175 |
|
| 0.69 |
|
| 0.55 |
|
| 1.40 |
|
| 44 |
|
| (0.55 | ) |
| 13.78 |
|
| 6.48 |
|
| 978,160 |
|
| 0.75 |
|
| 0.63 |
|
| 2.21 |
|
| 23 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuveen Lifecycle Funds ■ Prospectus 303
Financial highlights
Nuveen Lifecycle 2040 Fund
|
|
|
|
| Selected per share data | |||||||||||||||||
|
|
|
|
|
|
|
| Gain (loss) from investment operations |
|
|
|
|
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Less distributions from | |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| For
the |
| Net asset
|
|
| a |
| j | Total gain
|
| Net
|
| Net
|
| ||||||
Class I |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
| 5/31/24 |
|
| $ 9.34 |
|
| $ 0.21 |
|
| $ 1.59 |
|
| $ 1.80 |
|
| $ (0.25 | ) |
| $ — |
| ||
| 5/31/23 |
|
| 10.11 |
|
| 0.21 |
|
| (0.15 | ) |
| 0.06 |
|
| (0.18 | ) |
| (0.65 | ) | ||
| 5/31/22 |
|
| 12.51 |
|
| 0.18 |
|
| (1.10 | ) |
| (0.92 | ) |
| (0.43 | ) |
| (1.05 | ) | ||
| 5/31/21 |
|
| 9.98 |
|
| 0.17 |
|
| 3.30 |
|
| 3.47 |
|
| (0.32 | ) |
| (0.62 | ) | ||
| 5/31/20 |
|
| 9.90 |
|
| 0.23 |
|
| 0.47 |
|
| 0.70 |
|
| (0.20 | ) |
| (0.42 | ) | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Premier Class |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
| 5/31/24 |
|
| 9.32 |
|
| 0.20 |
|
| 1.58 |
|
| 1.78 |
|
| (0.24 | ) |
| — |
| ||
| 5/31/23 |
|
| 10.09 |
|
| 0.21 |
|
| (0.16 | ) |
| 0.05 |
|
| (0.17 | ) |
| (0.65 | ) | ||
| 5/31/22 |
|
| 12.48 |
|
| 0.17 |
|
| (1.09 | ) |
| (0.92 | ) |
| (0.42 | ) |
| (1.05 | ) | ||
| 5/31/21 |
|
| 9.95 |
|
| 0.15 |
|
| 3.31 |
|
| 3.46 |
|
| (0.31 | ) |
| (0.62 | ) | ||
| 5/31/20 |
|
| 9.87 |
|
| 0.20 |
|
| 0.48 |
|
| 0.68 |
|
| (0.18 | ) |
| (0.42 | ) | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class R6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
| 5/31/24 |
|
| 9.35 |
|
| 0.22 |
|
| 1.59 |
|
| 1.81 |
|
| (0.26 | ) |
| — |
| ||
| 5/31/23 |
|
| 10.12 |
|
| 0.23 |
|
| (0.17 | ) |
| 0.06 |
|
| (0.18 | ) |
| (0.65 | ) | ||
| 5/31/22 |
|
| 12.52 |
|
| 0.19 |
|
| (1.10 | ) |
| (0.91 | ) |
| (0.44 | ) |
| (1.05 | ) | ||
| 5/31/21 |
|
| 9.99 |
|
| 0.18 |
|
| 3.30 |
|
| 3.48 |
|
| (0.33 | ) |
| (0.62 | ) | ||
| 5/31/20 |
|
| 9.91 |
|
| 0.24 |
|
| 0.46 |
|
| 0.70 |
|
| (0.20 | ) |
| (0.42 | ) | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retirement Class |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
| 5/31/24 |
|
| 14.46 |
|
| 0.30 |
|
| 2.47 |
|
| 2.77 |
|
| (0.22 | ) |
| — |
| ||
| 5/31/23 |
|
| 15.18 |
|
| 0.32 |
|
| (0.25 | ) |
| 0.07 |
|
| (0.14 | ) |
| (0.65 | ) | ||
| 5/31/22 |
|
| 18.04 |
|
| 0.24 |
|
| (1.66 | ) |
| (1.42 | ) |
| (0.39 | ) |
| (1.05 | ) | ||
| 5/31/21 |
|
| 14.05 |
|
| 0.21 |
|
| 4.69 |
|
| 4.90 |
|
| (0.29 | ) |
| (0.62 | ) | ||
| 5/31/20 |
|
| 13.71 |
|
| 0.30 |
|
| 0.62 |
|
| 0.92 |
|
| (0.16 | ) |
| (0.42 | ) | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
a | Based on average shares outstanding. | |||||||||||||||||||||
b | Total returns are not annualized. | |||||||||||||||||||||
g | The Fund’s expenses include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the TIAA-CREF Real Property Fund LP. | |||||||||||||||||||||
j | 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. | |||||||||||||||||||||
304 Prospectus ■ Nuveen Lifecycle Funds
(continued)
|
|
|
|
|
|
|
|
|
| Ratios and supplemental data | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
| Ratios to average net assets |
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
| Net asset
|
| Total
| b |
|
| Gross
| g | Net
| g |
|
| Portfolio
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| $ (0.25 | ) |
| $ 10.89 |
|
| 19.49 | % | $591 |
|
| 0.54 | % |
| 0.36 | % |
| 2.07 | % | 13 | % | ||
| (0.83 | ) |
| 9.34 |
|
| 1.04 |
|
| 367 |
|
| 0.52 |
|
| 0.33 |
|
| 2.27 |
|
| 26 |
|
| (1.48 | ) |
| 10.11 |
|
| (8.55 | ) |
| 239 |
|
| 0.48 |
|
| 0.31 |
|
| 1.53 |
|
| 29 |
|
| (0.94 | ) |
| 12.51 |
|
| 35.84 |
|
| 305 |
|
| 0.51 |
|
| 0.37 |
|
| 1.48 |
|
| 46 |
|
| (0.62 | ) |
| 9.98 |
|
| 6.70 |
|
| 204 |
|
| 0.57 |
|
| 0.45 |
|
| 2.27 |
|
| 23 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (0.24 | ) |
| 10.86 |
|
| 19.32 |
|
| 249,804 |
|
| 0.59 |
|
| 0.42 |
|
| 2.00 |
|
| 13 |
|
| (0.82 | ) |
| 9.32 |
|
| 0.94 |
|
| 305,164 |
|
| 0.58 |
|
| 0.40 |
|
| 2.28 |
|
| 26 |
|
| (1.47 | ) |
| 10.09 |
|
| (8.57 | ) |
| 314,758 |
|
| 0.56 |
|
| 0.39 |
|
| 1.44 |
|
| 29 |
|
| (0.93 | ) |
| 12.48 |
|
| 35.81 |
|
| 441,951 |
|
| 0.59 |
|
| 0.45 |
|
| 1.36 |
|
| 46 |
|
| (0.60 | ) |
| 9.95 |
|
| 6.55 |
|
| 372,625 |
|
| 0.66 |
|
| 0.54 |
|
| 1.97 |
|
| 23 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (0.26 | ) |
| 10.90 |
|
| 19.56 |
|
| 4,859,805 |
|
| 0.44 |
|
| 0.27 |
|
| 2.17 |
|
| 13 |
|
| (0.83 | ) |
| 9.35 |
|
| 1.11 |
|
| 4,401,861 |
|
| 0.43 |
|
| 0.25 |
|
| 2.42 |
|
| 26 |
|
| (1.49 | ) |
| 10.12 |
|
| (8.47 | ) |
| 4,851,096 |
|
| 0.41 |
|
| 0.24 |
|
| 1.61 |
|
| 29 |
|
| (0.95 | ) |
| 12.52 |
|
| 35.87 |
|
| 5,311,332 |
|
| 0.44 |
|
| 0.29 |
|
| 1.54 |
|
| 46 |
|
| (0.62 | ) |
| 9.99 |
|
| 6.74 |
|
| 3,930,425 |
|
| 0.51 |
|
| 0.39 |
|
| 2.36 |
|
| 23 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (0.22 | ) |
| 17.01 |
|
| 19.27 |
|
| 1,057,099 |
|
| 0.69 |
|
| 0.52 |
|
| 1.90 |
|
| 13 |
|
| (0.79 | ) |
| 14.46 |
|
| 0.79 |
|
| 991,507 |
|
| 0.68 |
|
| 0.50 |
|
| 2.20 |
|
| 26 |
|
| (1.44 | ) |
| 15.18 |
|
| (8.67 | ) |
| 1,085,996 |
|
| 0.66 |
|
| 0.49 |
|
| 1.36 |
|
| 29 |
|
| (0.91 | ) |
| 18.04 |
|
| 35.59 |
|
| 1,391,417 |
|
| 0.69 |
|
| 0.55 |
|
| 1.31 |
|
| 46 |
|
| (0.58 | ) |
| 14.05 |
|
| 6.51 |
|
| 1,161,770 |
|
| 0.76 |
|
| 0.64 |
|
| 2.08 |
|
| 23 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuveen Lifecycle Funds ■ Prospectus 305
Financial highlights
Nuveen Lifecycle 2045 Fund
|
|
|
|
| Selected per share data | |||||||||||||||||
|
|
|
|
|
|
|
| Gain (loss) from investment operations |
|
|
|
|
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Less distributions from | |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| For
the |
| Net asset
|
|
| a |
| j | Total gain
|
| Net
|
| Net
|
| ||||||
Class I |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
| 5/31/24 |
|
| $ 11.69 |
|
| $ 0.24 |
|
| $ 2.19 |
|
| $ 2.43 |
|
| $ (0.26 | ) |
| $ — |
| ||
| 5/31/23 |
|
| 12.61 |
|
| 0.19 |
|
| (0.12 | ) |
| 0.07 |
|
| (0.19 | ) |
| (0.80 | ) | ||
| 5/31/22 |
|
| 15.57 |
|
| 0.23 |
|
| (1.40 | ) |
| (1.17 | ) |
| (0.52 | ) |
| (1.27 | ) | ||
| 5/31/21 |
|
| 11.99 |
|
| 0.22 |
|
| 4.41 |
|
| 4.63 |
|
| (0.35 | ) |
| (0.70 | ) | ||
| 5/31/20 |
|
| 11.89 |
|
| 0.27 |
|
| 0.57 |
|
| 0.84 |
|
| (0.22 | ) |
| (0.52 | ) | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Premier Class |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
| 5/31/24 |
|
| 11.62 |
|
| 0.23 |
|
| 2.19 |
|
| 2.42 |
|
| (0.25 | ) |
| — |
| ||
| 5/31/23 |
|
| 12.54 |
|
| 0.24 |
|
| (0.18 | ) |
| 0.06 |
|
| (0.18 | ) |
| (0.80 | ) | ||
| 5/31/22 |
|
| 15.49 |
|
| 0.20 |
|
| (1.38 | ) |
| (1.18 | ) |
| (0.50 | ) |
| (1.27 | ) | ||
| 5/31/21 |
|
| 11.93 |
|
| 0.18 |
|
| 4.42 |
|
| 4.60 |
|
| (0.34 | ) |
| (0.70 | ) | ||
| 5/31/20 |
|
| 11.83 |
|
| 0.22 |
|
| 0.59 |
|
| 0.81 |
|
| (0.19 | ) |
| (0.52 | ) | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class R6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
| 5/31/24 |
|
| 11.69 |
|
| 0.25 |
|
| 2.20 |
|
| 2.45 |
|
| (0.27 | ) |
| — |
| ||
| 5/31/23 |
|
| 12.61 |
|
| 0.26 |
|
| (0.18 | ) |
| 0.08 |
|
| (0.20 | ) |
| (0.80 | ) | ||
| 5/31/22 |
|
| 15.57 |
|
| 0.22 |
|
| (1.38 | ) |
| (1.16 | ) |
| (0.53 | ) |
| (1.27 | ) | ||
| 5/31/21 |
|
| 11.98 |
|
| 0.20 |
|
| 4.45 |
|
| 4.65 |
|
| (0.36 | ) |
| (0.70 | ) | ||
| 5/31/20 |
|
| 11.89 |
|
| 0.28 |
|
| 0.55 |
|
| 0.83 |
|
| (0.22 | ) |
| (0.52 | ) | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retirement Class |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
| 5/31/24 |
|
| 11.57 |
|
| 0.21 |
|
| 2.18 |
|
| 2.39 |
|
| (0.24 | ) |
| — |
| ||
| 5/31/23 |
|
| 12.48 |
|
| 0.23 |
|
| (0.18 | ) |
| 0.05 |
|
| (0.16 | ) |
| (0.80 | ) | ||
| 5/31/22 |
|
| 15.43 |
|
| 0.18 |
|
| (1.37 | ) |
| (1.19 | ) |
| (0.49 | ) |
| (1.27 | ) | ||
| 5/31/21 |
|
| 11.89 |
|
| 0.17 |
|
| 4.39 |
|
| 4.56 |
|
| (0.32 | ) |
| (0.70 | ) | ||
| 5/31/20 |
|
| 11.80 |
|
| 0.24 |
|
| 0.56 |
|
| 0.80 |
|
| (0.19 | ) |
| (0.52 | ) | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
a | Based on average shares outstanding. | |||||||||||||||||||||
b | Total returns are not annualized. | |||||||||||||||||||||
g | The Fund’s expenses include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the TIAA-CREF Real Property Fund LP. | |||||||||||||||||||||
j | 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. | |||||||||||||||||||||
306 Prospectus ■ Nuveen Lifecycle Funds
(continued)
|
|
|
|
|
|
|
|
|
| Ratios and supplemental data | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
| Ratios to average net assets |
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
| Net asset
|
| Total
| b |
|
| Gross
| g | Net
| g |
|
| Portfolio
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| $ (0.26 | ) |
| $ 13.86 |
|
| 21.04 | % | $838 |
|
| 0.54 | % |
| 0.36 | % |
| 1.86 | % | 14 | % | ||
| (0.99 | ) |
| 11.69 |
|
| 1.03 |
|
| 565 |
|
| 0.52 |
|
| 0.33 |
|
| 1.67 |
|
| 27 |
|
| (1.79 | ) |
| 12.61 |
|
| (8.67 | ) |
| 168 |
|
| 0.45 |
|
| 0.27 |
|
| 1.55 |
|
| 29 |
|
| (1.05 | ) |
| 15.57 |
|
| 39.64 |
|
| 153 |
|
| 0.50 |
|
| 0.35 |
|
| 1.57 |
|
| 46 |
|
| (0.74 | ) |
| 11.99 |
|
| 6.66 |
|
| 155 |
|
| 0.56 |
|
| 0.44 |
|
| 2.23 |
|
| 19 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (0.25 | ) |
| 13.79 |
|
| 21.06 |
|
| 186,993 |
|
| 0.60 |
|
| 0.42 |
|
| 1.78 |
|
| 14 |
|
| (0.98 | ) |
| 11.62 |
|
| 0.92 |
|
| 225,586 |
|
| 0.58 |
|
| 0.40 |
|
| 2.06 |
|
| 27 |
|
| (1.77 | ) |
| 12.54 |
|
| (8.77 | ) |
| 224,448 |
|
| 0.56 |
|
| 0.38 |
|
| 1.34 |
|
| 29 |
|
| (1.04 | ) |
| 15.49 |
|
| 39.52 |
|
| 309,234 |
|
| 0.59 |
|
| 0.45 |
|
| 1.26 |
|
| 46 |
|
| (0.71 | ) |
| 11.93 |
|
| 6.50 |
|
| 234,573 |
|
| 0.67 |
|
| 0.55 |
|
| 1.81 |
|
| 19 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (0.27 | ) |
| 13.87 |
|
| 21.22 |
|
| 3,613,760 |
|
| 0.45 |
|
| 0.27 |
|
| 1.96 |
|
| 14 |
|
| (1.00 | ) |
| 11.69 |
|
| 1.08 |
|
| 3,141,514 |
|
| 0.43 |
|
| 0.25 |
|
| 2.19 |
|
| 27 |
|
| (1.80 | ) |
| 12.61 |
|
| (8.63 | ) |
| 3,351,968 |
|
| 0.41 |
|
| 0.23 |
|
| 1.52 |
|
| 29 |
|
| (1.06 | ) |
| 15.57 |
|
| 39.80 |
|
| 3,557,269 |
|
| 0.44 |
|
| 0.30 |
|
| 1.44 |
|
| 46 |
|
| (0.74 | ) |
| 11.98 |
|
| 6.60 |
|
| 2,441,105 |
|
| 0.52 |
|
| 0.40 |
|
| 2.25 |
|
| 19 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (0.24 | ) |
| 13.72 |
|
| 20.88 |
|
| 645,652 |
|
| 0.70 |
|
| 0.52 |
|
| 1.69 |
|
| 14 |
|
| (0.96 | ) |
| 11.57 |
|
| 0.90 |
|
| 581,879 |
|
| 0.68 |
|
| 0.50 |
|
| 1.97 |
|
| 27 |
|
| (1.76 | ) |
| 12.48 |
|
| (8.89 | ) |
| 613,731 |
|
| 0.66 |
|
| 0.48 |
|
| 1.26 |
|
| 29 |
|
| (1.02 | ) |
| 15.43 |
|
| 39.38 |
|
| 779,894 |
|
| 0.69 |
|
| 0.55 |
|
| 1.21 |
|
| 46 |
|
| (0.71 | ) |
| 11.89 |
|
| 6.40 |
|
| 621,730 |
|
| 0.77 |
|
| 0.65 |
|
| 1.98 |
|
| 19 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuveen Lifecycle Funds ■ Prospectus 307
Financial highlights
Nuveen Lifecycle 2050 Fund
|
|
|
|
| Selected per share data | |||||||||||||||||
|
|
|
|
|
|
|
| Gain (loss) from investment operations |
|
|
|
|
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Less distributions from | |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| For
the |
| Net asset
|
|
| a |
| j | Total gain
|
| Net
|
| Net
|
| ||||||
Class I |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
| 5/31/24 |
|
| $ 11.98 |
|
| $ 0.24 |
|
| $ 2.36 |
|
| $ 2.60 |
|
| $ (0.26 | ) |
| $ — |
| ||
| 5/31/23 |
|
| 12.89 |
|
| 0.23 |
|
| (0.16 | ) |
| 0.07 |
|
| (0.18 | ) |
| (0.80 | ) | ||
| 5/31/22 |
|
| 15.82 |
|
| 0.13 |
|
| (1.34 | ) |
| (1.21 | ) |
| (0.53 | ) |
| (1.19 | ) | ||
| 5/31/21 |
|
| 12.04 |
|
| 0.14 |
|
| 4.63 |
|
| 4.77 |
|
| (0.36 | ) |
| (0.63 | ) | ||
| 5/31/20 |
|
| 11.95 |
|
| 0.28 |
|
| 0.54 |
|
| 0.82 |
|
| (0.22 | ) |
| (0.51 | ) | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Premier Class |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
| 5/31/24 |
|
| 11.91 |
|
| 0.22 |
|
| 2.36 |
|
| 2.58 |
|
| (0.24 | ) |
| — |
| ||
| 5/31/23 |
|
| 12.83 |
|
| 0.23 |
|
| (0.18 | ) |
| 0.05 |
|
| (0.17 | ) |
| (0.80 | ) | ||
| 5/31/22 |
|
| 15.76 |
|
| 0.20 |
|
| (1.42 | ) |
| (1.22 | ) |
| (0.52 | ) |
| (1.19 | ) | ||
| 5/31/21 |
|
| 12.00 |
|
| 0.18 |
|
| 4.55 |
|
| 4.73 |
|
| (0.34 | ) |
| (0.63 | ) | ||
| 5/31/20 |
|
| 11.89 |
|
| 0.22 |
|
| 0.59 |
|
| 0.81 |
|
| (0.19 | ) |
| (0.51 | ) | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class R6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
| 5/31/24 |
|
| 11.97 |
|
| 0.24 |
|
| 2.37 |
|
| 2.61 |
|
| (0.27 | ) |
| — |
| ||
| 5/31/23 |
|
| 12.89 |
|
| 0.25 |
|
| (0.18 | ) |
| 0.07 |
|
| (0.19 | ) |
| (0.80 | ) | ||
| 5/31/22 |
|
| 15.83 |
|
| 0.22 |
|
| (1.42 | ) |
| (1.20 | ) |
| (0.55 | ) |
| (1.19 | ) | ||
| 5/31/21 |
|
| 12.05 |
|
| 0.20 |
|
| 4.57 |
|
| 4.77 |
|
| (0.36 | ) |
| (0.63 | ) | ||
| 5/31/20 |
|
| 11.94 |
|
| 0.28 |
|
| 0.56 |
|
| 0.84 |
|
| (0.22 | ) |
| (0.51 | ) | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retirement Class |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
| 5/31/24 |
|
| 11.84 |
|
| 0.21 |
|
| 2.34 |
|
| 2.55 |
|
| (0.23 | ) |
| — |
| ||
| 5/31/23 |
|
| 12.76 |
|
| 0.22 |
|
| (0.18 | ) |
| 0.04 |
|
| (0.16 | ) |
| (0.80 | ) | ||
| 5/31/22 |
|
| 15.68 |
|
| 0.18 |
|
| (1.40 | ) |
| (1.22 | ) |
| (0.51 | ) |
| (1.19 | ) | ||
| 5/31/21 |
|
| 11.94 |
|
| 0.17 |
|
| 4.53 |
|
| 4.70 |
|
| (0.33 | ) |
| (0.63 | ) | ||
| 5/31/20 |
|
| 11.85 |
|
| 0.24 |
|
| 0.55 |
|
| 0.79 |
|
| (0.19 | ) |
| (0.51 | ) | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
a | Based on average shares outstanding. | |||||||||||||||||||||
b | Total returns are not annualized. | |||||||||||||||||||||
g | The Fund’s expenses include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the TIAA-CREF Real Property Fund LP. | |||||||||||||||||||||
j | 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. | |||||||||||||||||||||
308 Prospectus ■ Nuveen Lifecycle Funds
(continued)
|
|
|
|
|
|
|
|
|
| Ratios and supplemental data | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
| Ratios to average net assets |
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
| Net asset
|
| Total
| b |
|
| Gross
| g | Net
| g |
|
| Portfolio
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| $ (0.26 | ) |
| $ 14.32 |
|
| 21.89 | % | $458 |
|
| 0.52 | % |
| 0.33 | % |
| 1.82 | % | 15 | % | ||
| (0.98 | ) |
| 11.98 |
|
| 1.00 |
|
| 331 |
|
| 0.50 |
|
| 0.31 |
|
| 1.90 |
|
| 26 |
|
| (1.72 | ) |
| 12.89 |
|
| (8.75 | ) |
| 580 |
|
| 0.49 |
|
| 0.30 |
|
| 0.93 |
|
| 27 |
|
| (0.99 | ) |
| 15.82 |
|
| 40.56 |
|
| 395 |
|
| 0.49 |
|
| 0.33 |
|
| 0.96 |
|
| 43 |
|
| (0.73 | ) |
| 12.04 |
|
| 6.51 |
|
| 118 |
|
| 0.55 |
|
| 0.42 |
|
| 2.22 |
|
| 18 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (0.24 | ) |
| 14.25 |
|
| 21.90 |
|
| 137,821 |
|
| 0.60 |
|
| 0.41 |
|
| 1.69 |
|
| 15 |
|
| (0.97 | ) |
| 11.91 |
|
| 0.89 |
|
| 163,684 |
|
| 0.59 |
|
| 0.39 |
|
| 1.97 |
|
| 26 |
|
| (1.71 | ) |
| 12.83 |
|
| (8.86 | ) |
| 159,978 |
|
| 0.56 |
|
| 0.37 |
|
| 1.34 |
|
| 27 |
|
| (0.97 | ) |
| 15.76 |
|
| 40.35 |
|
| 205,713 |
|
| 0.60 |
|
| 0.44 |
|
| 1.25 |
|
| 43 |
|
| (0.70 | ) |
| 12.00 |
|
| 6.50 |
|
| 152,698 |
|
| 0.67 |
|
| 0.55 |
|
| 1.74 |
|
| 18 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (0.27 | ) |
| 14.31 |
|
| 21.99 |
|
| 2,901,702 |
|
| 0.45 |
|
| 0.26 |
|
| 1.87 |
|
| 15 |
|
| (0.99 | ) |
| 11.97 |
|
| 1.06 |
|
| 2,485,183 |
|
| 0.44 |
|
| 0.24 |
|
| 2.09 |
|
| 26 |
|
| (1.74 | ) |
| 12.89 |
|
| (8.73 | ) |
| 2,529,399 |
|
| 0.41 |
|
| 0.22 |
|
| 1.49 |
|
| 27 |
|
| (0.99 | ) |
| 15.83 |
|
| 40.55 |
|
| 2,626,383 |
|
| 0.45 |
|
| 0.29 |
|
| 1.43 |
|
| 43 |
|
| (0.73 | ) |
| 12.05 |
|
| 6.70 |
|
| 1,730,080 |
|
| 0.52 |
|
| 0.40 |
|
| 2.24 |
|
| 18 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (0.23 | ) |
| 14.16 |
|
| 21.76 |
|
| 465,853 |
|
| 0.70 |
|
| 0.51 |
|
| 1.60 |
|
| 15 |
|
| (0.96 | ) |
| 11.84 |
|
| 0.79 |
|
| 416,557 |
|
| 0.69 |
|
| 0.49 |
|
| 1.88 |
|
| 26 |
|
| (1.70 | ) |
| 12.76 |
|
| (8.93 | ) |
| 439,910 |
|
| 0.66 |
|
| 0.47 |
|
| 1.22 |
|
| 27 |
|
| (0.96 | ) |
| 15.68 |
|
| 40.27 |
|
| 549,874 |
|
| 0.70 |
|
| 0.54 |
|
| 1.19 |
|
| 43 |
|
| (0.70 | ) |
| 11.94 |
|
| 6.33 |
|
| 424,505 |
|
| 0.77 |
|
| 0.65 |
|
| 1.95 |
|
| 18 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Nuveen Lifecycle Funds ■ Prospectus 309
Financial highlights
Nuveen Lifecycle 2055 Fund
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| Selected per share data | |||||||||||||||||
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| Gain (loss) from investment operations |
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| Less distributions from | |||||
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| For
the |
| Net asset
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| a |
| j | Total gain
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| Net
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| Net
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Class I |
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| 5/31/24 |
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| $ 14.17 |
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| $ 0.27 |
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| $ 2.83 |
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| $ 3.10 |
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| $ (0.28 | ) |
| $ — |
| ||
| 5/31/23 |
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| 15.17 |
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| 0.25 |
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| (0.16 | ) |
| 0.09 |
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| (0.22 | ) |
| (0.87 | ) | ||
| 5/31/22 |
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| 18.37 |
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| 0.26 |
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| (1.69 | ) |
| (1.43 | ) |
| (0.62 | ) |
| (1.15 | ) | ||
| 5/31/21 |
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| 13.77 |
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| 0.23 |
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| 5.30 |
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| 5.53 |
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| (0.40 | ) |
| (0.53 | ) | ||
| 5/31/20 |
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| 13.61 |
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| 0.31 |
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| 0.63 |
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| 0.94 |
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| (0.25 | ) |
| (0.53 | ) | ||
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Premier Class |
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| 5/31/24 |
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| 14.11 |
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| 0.26 |
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| 2.82 |
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| 3.08 |
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| (0.27 | ) |
| — |
| ||
| 5/31/23 |
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| 15.11 |
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| 0.27 |
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| (0.20 | ) |
| 0.07 |
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| (0.20 | ) |
| (0.87 | ) | ||
| 5/31/22 |
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| 18.30 |
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| 0.23 |
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| (1.67 | ) |
| (1.44 | ) |
| (0.60 | ) |
| (1.15 | ) | ||
| 5/31/21 |
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| 13.72 |
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| 0.20 |
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| 5.29 |
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| 5.49 |
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| (0.38 | ) |
| (0.53 | ) | ||
| 5/31/20 |
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| 13.56 |
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| 0.24 |
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| 0.67 |
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| 0.91 |
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| (0.22 | ) |
| (0.53 | ) | ||
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Class R6 |
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| 5/31/24 |
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| 14.17 |
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| 0.29 |
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| 2.83 |
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| 3.12 |
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| (0.29 | ) |
| — |
| ||
| 5/31/23 |
|
| 15.18 |
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| 0.29 |
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| (0.21 | ) |
| 0.08 |
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| (0.22 | ) |
| (0.87 | ) | ||
| 5/31/22 |
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| 18.38 |
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| 0.26 |
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| (1.68 | ) |
| (1.42 | ) |
| (0.63 | ) |
| (1.15 | ) | ||
| 5/31/21 |
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| 13.77 |
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| 0.23 |
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| 5.32 |
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| 5.55 |
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| (0.41 | ) |
| (0.53 | ) | ||
| 5/31/20 |
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| 13.61 |
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| 0.31 |
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| 0.63 |
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| 0.94 |
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| (0.25 | ) |
| (0.53 | ) | ||
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Retirement Class |
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| 5/31/24 |
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| 14.09 |
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| 0.24 |
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| 2.84 |
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| 3.08 |
|
| (0.26 | ) |
| — |
| ||
| 5/31/23 |
|
| 15.10 |
|
| 0.26 |
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| (0.21 | ) |
| 0.05 |
|
| (0.19 | ) |
| (0.87 | ) | ||
| 5/31/22 |
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| 18.29 |
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| 0.21 |
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| (1.67 | ) |
| (1.46 | ) |
| (0.58 | ) |
| (1.15 | ) | ||
| 5/31/21 |
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| 13.71 |
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| 0.19 |
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| 5.29 |
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| 5.48 |
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| (0.37 | ) |
| (0.53 | ) | ||
| 5/31/20 |
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| 13.56 |
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| 0.27 |
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| 0.63 |
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| 0.90 |
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| (0.22 | ) |
| (0.53 | ) | ||
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a | Based on average shares outstanding. | |||||||||||||||||||||
b | Total returns are not annualized. | |||||||||||||||||||||
g | The Fund’s expenses include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the TIAA-CREF Real Property Fund LP. | |||||||||||||||||||||
j | 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. | |||||||||||||||||||||
310 Prospectus ■ Nuveen Lifecycle Funds
(continued)
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| Ratios and supplemental data | |||||||||||||
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| Ratios to average net assets |
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Total
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| Net asset
|
| Total
| b |
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| Gross
| g | Net
| g |
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| Portfolio
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| $ (0.28 | ) |
| $ 16.99 |
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| 22.11 | % | $542 |
|
| 0.54 | % |
| 0.34 | % |
| 1.74 | % | 16 | % | ||
| (1.09 | ) |
| 14.17 |
|
| 1.11 |
|
| 334 |
|
| 0.51 |
|
| 0.31 |
|
| 1.79 |
|
| 25 |
|
| (1.77 | ) |
| 15.17 |
|
| (8.78 | ) |
| 155 |
|
| 0.45 |
|
| 0.26 |
|
| 1.49 |
|
| 26 |
|
| (0.93 | ) |
| 18.37 |
|
| 41.04 |
|
| 162 |
|
| 0.50 |
|
| 0.33 |
|
| 1.40 |
|
| 41 |
|
| (0.78 | ) |
| 13.77 |
|
| 6.56 |
|
| 121 |
|
| 0.56 |
|
| 0.41 |
|
| 2.20 |
|
| 18 |
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|
|
|
| (0.27 | ) |
| 16.92 |
|
| 22.02 |
|
| 71,798 |
|
| 0.61 |
|
| 0.41 |
|
| 1.69 |
|
| 16 |
|
| (1.07 | ) |
| 14.11 |
|
| 0.99 |
|
| 81,671 |
|
| 0.59 |
|
| 0.39 |
|
| 1.93 |
|
| 25 |
|
| (1.75 | ) |
| 15.11 |
|
| (8.86 | ) |
| 76,685 |
|
| 0.57 |
|
| 0.37 |
|
| 1.33 |
|
| 26 |
|
| (0.91 | ) |
| 18.30 |
|
| 40.88 |
|
| 93,442 |
|
| 0.60 |
|
| 0.44 |
|
| 1.24 |
|
| 41 |
|
| (0.75 | ) |
| 13.72 |
|
| 6.37 |
|
| 62,637 |
|
| 0.69 |
|
| 0.55 |
|
| 1.68 |
|
| 18 |
|
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| (0.29 | ) |
| 17.00 |
|
| 22.26 |
|
| 1,472,020 |
|
| 0.46 |
|
| 0.26 |
|
| 1.84 |
|
| 16 |
|
| (1.09 | ) |
| 14.17 |
|
| 1.08 |
|
| 1,189,521 |
|
| 0.44 |
|
| 0.24 |
|
| 2.05 |
|
| 25 |
|
| (1.78 | ) |
| 15.18 |
|
| (8.73 | ) |
| 1,127,411 |
|
| 0.42 |
|
| 0.22 |
|
| 1.47 |
|
| 26 |
|
| (0.94 | ) |
| 18.38 |
|
| 41.14 |
|
| 1,092,033 |
|
| 0.47 |
|
| 0.29 |
|
| 1.41 |
|
| 41 |
|
| (0.78 | ) |
| 13.77 |
|
| 6.56 |
|
| 653,177 |
|
| 0.54 |
|
| 0.40 |
|
| 2.24 |
|
| 18 |
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|
| (0.26 | ) |
| 16.91 |
|
| 22.02 |
|
| 221,889 |
|
| 0.71 |
|
| 0.51 |
|
| 1.56 |
|
| 16 |
|
| (1.06 | ) |
| 14.09 |
|
| 0.82 |
|
| 194,120 |
|
| 0.69 |
|
| 0.49 |
|
| 1.85 |
|
| 25 |
|
| (1.73 | ) |
| 15.10 |
|
| (8.97 | ) |
| 195,461 |
|
| 0.67 |
|
| 0.47 |
|
| 1.21 |
|
| 26 |
|
| (0.90 | ) |
| 18.29 |
|
| 40.80 |
|
| 237,666 |
|
| 0.71 |
|
| 0.54 |
|
| 1.18 |
|
| 41 |
|
| (0.75 | ) |
| 13.71 |
|
| 6.28 |
|
| 181,024 |
|
| 0.79 |
|
| 0.65 |
|
| 1.95 |
|
| 18 |
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|
Nuveen Lifecycle Funds ■ Prospectus 311
Financial highlights
Nuveen Lifecycle 2060 Fund
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|
|
|
| Selected per share data | |||||||||||||||||
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|
|
|
|
|
|
| Gain (loss) from investment operations |
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| ||||||||
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| Less distributions from | |||||
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| For
the |
| Net asset
|
|
| a |
| j | Total gain
|
| Net
|
| Net
|
| ||||||
Class I |
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|
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| ||||||
| 5/31/24 |
|
| $ 12.21 |
|
| $ 0.23 |
|
| $ 2.49 |
|
| $ 2.72 |
|
| $ (0.22 | ) |
| $ (0.00 | )d | ||
| 5/31/23 |
|
| 12.95 |
|
| 0.22 |
|
| (0.15 | ) |
| 0.07 |
|
| (0.18 | ) |
| (0.63 | ) | ||
| 5/31/22 |
|
| 15.35 |
|
| 0.22 |
|
| (1.44 | ) |
| (1.22 | ) |
| (0.52 | ) |
| (0.66 | ) | ||
| 5/31/21 |
|
| 11.35 |
|
| 0.17 |
|
| 4.46 |
|
| 4.63 |
|
| (0.32 | ) |
| (0.31 | ) | ||
| 5/31/20 |
|
| 11.13 |
|
| 0.25 |
|
| 0.51 |
|
| 0.76 |
|
| (0.20 | ) |
| (0.34 | ) | ||
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Premier Class |
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| |||||||
| 5/31/24 |
|
| 12.19 |
|
| 0.23 |
|
| 2.47 |
|
| 2.70 |
|
| (0.21 | ) |
| (0.00 | )d | ||
| 5/31/23 |
|
| 12.92 |
|
| 0.23 |
|
| (0.16 | ) |
| 0.07 |
|
| (0.17 | ) |
| (0.63 | ) | ||
| 5/31/22 |
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| 15.33 |
|
| 0.20 |
|
| (1.44 | ) |
| (1.24 | ) |
| (0.51 | ) |
| (0.66 | ) | ||
| 5/31/21 |
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| 11.33 |
|
| 0.17 |
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| 4.44 |
|
| 4.61 |
|
| (0.30 | ) |
| (0.31 | ) | ||
| 5/31/20 |
|
| 11.11 |
|
| 0.19 |
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| 0.56 |
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| 0.75 |
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| (0.19 | ) |
| (0.34 | ) | ||
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Class R6 |
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| 5/31/24 |
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| 12.23 |
|
| 0.24 |
|
| 2.49 |
|
| 2.73 |
|
| (0.23 | ) |
| (0.00 | )d | ||
| 5/31/23 |
|
| 12.96 |
|
| 0.24 |
|
| (0.15 | ) |
| 0.09 |
|
| (0.19 | ) |
| (0.63 | ) | ||
| 5/31/22 |
|
| 15.36 |
|
| 0.22 |
|
| (1.43 | ) |
| (1.21 | ) |
| (0.53 | ) |
| (0.66 | ) | ||
| 5/31/21 |
|
| 11.35 |
|
| 0.19 |
|
| 4.45 |
|
| 4.64 |
|
| (0.32 | ) |
| (0.31 | ) | ||
| 5/31/20 |
|
| 11.13 |
|
| 0.25 |
|
| 0.52 |
|
| 0.77 |
|
| (0.21 | ) |
| (0.34 | ) | ||
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|
Retirement Class |
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| |||||||
| 5/31/24 |
|
| 12.17 |
|
| 0.20 |
|
| 2.48 |
|
| 2.68 |
|
| (0.20 | ) |
| (0.00 | )d | ||
| 5/31/23 |
|
| 12.90 |
|
| 0.21 |
|
| (0.15 | ) |
| 0.06 |
|
| (0.16 | ) |
| (0.63 | ) | ||
| 5/31/22 |
|
| 15.30 |
|
| 0.18 |
|
| (1.43 | ) |
| (1.25 | ) |
| (0.49 | ) |
| (0.66 | ) | ||
| 5/31/21 |
|
| 11.31 |
|
| 0.16 |
|
| 4.43 |
|
| 4.59 |
|
| (0.29 | ) |
| (0.31 | ) | ||
| 5/31/20 |
|
| 11.10 |
|
| 0.22 |
|
| 0.51 |
|
| 0.73 |
|
| (0.18 | ) |
| (0.34 | ) | ||
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a | Based on average shares outstanding. | |||||||||||||||||||||
b | Total returns are not annualized. | |||||||||||||||||||||
d | Value rounded to zero. | |||||||||||||||||||||
g | The Fund’s expenses include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the TIAA-CREF Real Property Fund LP. | |||||||||||||||||||||
j | 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. | |||||||||||||||||||||
312 Prospectus ■ Nuveen Lifecycle Funds
(continued)
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| Ratios and supplemental data | |||||||||||||
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| Ratios to average net assets |
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Total
|
| Net asset
|
| Total
| b |
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| Gross
| g | Net
| g |
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| Portfolio
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|
| $ (0.22 | ) |
| $ 14.71 |
|
| 22.46 | % | $530 |
|
| 0.56 | % |
| 0.35 | % |
| 1.75 | % | 15 | % | ||
| (0.81 | ) |
| 12.21 |
|
| 1.02 |
|
| 397 |
|
| 0.55 |
|
| 0.31 |
|
| 1.85 |
|
| 24 |
|
| (1.18 | ) |
| 12.95 |
|
| (8.77 | ) |
| 208 |
|
| 0.51 |
|
| 0.28 |
|
| 1.48 |
|
| 26 |
|
| (0.63 | ) |
| 15.35 |
|
| 41.50 |
|
| 241 |
|
| 0.54 |
|
| 0.34 |
|
| 1.25 |
|
| 40 |
|
| (0.54 | ) |
| 11.35 |
|
| 6.60 |
|
| 117 |
|
| 0.66 |
|
| 0.44 |
|
| 2.16 |
|
| 22 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (0.21 | ) |
| 14.68 |
|
| 22.33 |
|
| 26,358 |
|
| 0.63 |
|
| 0.41 |
|
| 1.70 |
|
| 15 |
|
| (0.80 | ) |
| 12.19 |
|
| 1.01 |
|
| 23,600 |
|
| 0.62 |
|
| 0.39 |
|
| 1.90 |
|
| 24 |
|
| (1.17 | ) |
| 12.92 |
|
| (8.92 | ) |
| 19,013 |
|
| 0.60 |
|
| 0.37 |
|
| 1.39 |
|
| 26 |
|
| (0.61 | ) |
| 15.33 |
|
| 41.44 |
|
| 18,792 |
|
| 0.64 |
|
| 0.44 |
|
| 1.25 |
|
| 40 |
|
| (0.53 | ) |
| 11.33 |
|
| 6.48 |
|
| 10,846 |
|
| 0.77 |
|
| 0.55 |
|
| 1.68 |
|
| 22 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (0.23 | ) |
| 14.73 |
|
| 22.51 |
|
| 620,377 |
|
| 0.48 |
|
| 0.26 |
|
| 1.80 |
|
| 15 |
|
| (0.82 | ) |
| 12.23 |
|
| 1.16 |
|
| 436,209 |
|
| 0.47 |
|
| 0.24 |
|
| 2.00 |
|
| 24 |
|
| (1.19 | ) |
| 12.96 |
|
| (8.71 | ) |
| 364,640 |
|
| 0.45 |
|
| 0.22 |
|
| 1.48 |
|
| 26 |
|
| (0.63 | ) |
| 15.36 |
|
| 41.61 |
|
| 313,864 |
|
| 0.49 |
|
| 0.29 |
|
| 1.39 |
|
| 40 |
|
| (0.55 | ) |
| 11.35 |
|
| 6.60 |
|
| 155,744 |
|
| 0.62 |
|
| 0.39 |
|
| 2.18 |
|
| 22 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (0.20 | ) |
| 14.65 |
|
| 22.17 |
|
| 87,446 |
|
| 0.73 |
|
| 0.51 |
|
| 1.51 |
|
| 15 |
|
| (0.79 | ) |
| 12.17 |
|
| 0.90 |
|
| 67,883 |
|
| 0.72 |
|
| 0.49 |
|
| 1.78 |
|
| 24 |
|
| (1.15 | ) |
| 12.90 |
|
| (8.97 | ) |
| 60,036 |
|
| 0.70 |
|
| 0.47 |
|
| 1.22 |
|
| 26 |
|
| (0.60 | ) |
| 15.30 |
|
| 41.31 |
|
| 63,880 |
|
| 0.74 |
|
| 0.54 |
|
| 1.16 |
|
| 40 |
|
| (0.52 | ) |
| 11.31 |
|
| 6.32 |
|
| 38,705 |
|
| 0.87 |
|
| 0.65 |
|
| 1.91 |
|
| 22 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
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|
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|
Nuveen Lifecycle Funds ■ Prospectus 313
Financial highlights
Nuveen Lifecycle 2065 Fund
|
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|
| Selected per share data | |||||||||||||||||
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| Gain (loss) from investment operations |
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| Less distributions from | |||||
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| For
the |
| Net asset
|
|
| a |
| j | Total gain
|
| Net
|
| Net
|
| ||||||
Class I |
|
|
|
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| ||||||
| 5/31/24 |
|
| $ 10.34 |
|
| $ 0.20 |
|
| $ 2.14 |
|
| $ 2.34 |
|
| $ (0.18 | ) |
| $ (0.01 | ) | ||
| 5/31/23 |
|
| 10.55 |
|
| 0.20 |
|
| (0.11 | ) |
| 0.09 |
|
| (0.15 | ) |
| (0.15 | ) | ||
| 5/31/22 |
|
| 12.44 |
|
| 0.19 |
|
| (1.21 | ) |
| (1.02 | ) |
| (0.55 | ) |
| (0.32 | ) | ||
| 5/31/21 | † |
| 10.00 |
|
| 0.13 |
|
| 2.60 |
|
| 2.73 |
|
| (0.26 | ) |
| (0.03 | ) | ||
|
|
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Premier Class |
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|
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|
|
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| |||||||
| 5/31/24 |
|
| 10.39 |
|
| 0.19 |
|
| 2.15 |
|
| 2.34 |
|
| (0.17 | ) |
| (0.01 | ) | ||
| 5/31/23 |
|
| 10.59 |
|
| 0.18 |
|
| (0.10 | ) |
| 0.08 |
|
| (0.13 | ) |
| (0.15 | ) | ||
| 5/31/22 |
|
| 12.43 |
|
| 0.13 |
|
| (1.13 | ) |
| (1.00 | ) |
| (0.52 | ) |
| (0.32 | ) | ||
| 5/31/21 | † |
| 10.00 |
|
| 0.12 |
|
| 2.60 |
|
| 2.72 |
|
| (0.26 | ) |
| (0.03 | ) | ||
|
|
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Class R6 |
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| |||||||
| 5/31/24 |
|
| 10.53 |
|
| 0.20 |
|
| 2.20 |
|
| 2.40 |
|
| (0.18 | ) |
| (0.01 | ) | ||
| 5/31/23 |
|
| 10.74 |
|
| 0.19 |
|
| (0.09 | ) |
| 0.10 |
|
| (0.16 | ) |
| (0.15 | ) | ||
| 5/31/22 |
|
| 12.45 |
|
| 0.17 |
|
| (1.15 | ) |
| (0.98 | ) |
| (0.41 | ) |
| (0.32 | ) | ||
| 5/31/21 | † |
| 10.00 |
|
| 0.14 |
|
| 2.60 |
|
| 2.74 |
|
| (0.26 | ) |
| (0.03 | ) | ||
|
|
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Retirement Class |
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| |||||||
| 5/31/24 |
|
| 10.53 |
|
| 0.18 |
|
| 2.18 |
|
| 2.36 |
|
| (0.16 | ) |
| (0.01 | ) | ||
| 5/31/23 |
|
| 10.73 |
|
| 0.17 |
|
| (0.09 | ) |
| 0.08 |
|
| (0.13 | ) |
| (0.15 | ) | ||
| 5/31/22 |
|
| 12.42 |
|
| 0.10 |
|
| (1.07 | ) |
| (0.97 | ) |
| (0.40 | ) |
| (0.32 | ) | ||
| 5/31/21 | † |
| 10.00 |
|
| 0.12 |
|
| 2.58 |
|
| 2.70 |
|
| (0.25 | ) |
| (0.03 | ) | ||
|
|
|
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a | Based on average shares outstanding. | |||||||||||||||||||||
b | Total returns are not annualized. | |||||||||||||||||||||
c | Percentage is annualized. | |||||||||||||||||||||
g | The Fund’s expenses include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the TIAA-CREF Real Property Fund LP. | |||||||||||||||||||||
j | 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. | |||||||||||||||||||||
† | The Fund commenced operations on September 30, 2020. | |||||||||||||||||||||
314 Prospectus ■ Nuveen Lifecycle Funds
(concluded)
|
|
|
|
|
|
|
|
|
| Ratios and supplemental data | |||||||||||||
|
|
|
|
|
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|
|
|
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|
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| ||||||
|
|
|
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|
|
|
|
|
| Ratios to average net assets |
|
|
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| |||||||
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
| Net asset
|
| Total
| b |
|
| Gross
| g | Net
| g |
|
| Portfolio
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| $ (0.19 | ) |
| $ 12.49 |
|
| 22.77 | % | $687 |
|
| 0.76 | % |
| 0.26 | % |
| 1.79 | % | 34 | % | ||
| (0.30 | ) |
| 10.34 |
|
| 1.05 |
|
| 541 |
|
| 0.96 |
|
| 0.24 |
|
| 2.04 |
|
| 55 |
|
| (0.87 | ) |
| 10.55 |
|
| (8.96 | ) |
| 527 |
|
| 1.81 |
|
| 0.23 |
|
| 1.55 |
|
| 109 |
|
| (0.29 | ) |
| 12.44 |
|
| 27.62 |
|
| 622 |
|
| 5.07 | c |
| 0.41 | c |
| 1.70 | c |
| 49 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (0.18 | ) |
| 12.55 |
|
| 22.58 |
|
| 4,320 |
|
| 0.90 |
|
| 0.40 |
|
| 1.68 |
|
| 34 |
|
| (0.28 | ) |
| 10.39 |
|
| 0.94 |
|
| 2,922 |
|
| 1.10 |
|
| 0.38 |
|
| 1.84 |
|
| 55 |
|
| (0.84 | ) |
| 10.59 |
|
| (8.78 | ) |
| 1,784 |
|
| 1.96 |
|
| 0.36 |
|
| 1.11 |
|
| 109 |
|
| (0.29 | ) |
| 12.43 |
|
| 27.51 |
|
| 726 |
|
| 5.20 | c |
| 0.41 | c |
| 1.60 | c |
| 49 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (0.19 | ) |
| 12.74 |
|
| 22.85 |
|
| 71,437 |
|
| 0.75 |
|
| 0.25 |
|
| 1.75 |
|
| 34 |
|
| (0.31 | ) |
| 10.53 |
|
| 1.07 |
|
| 31,199 |
|
| 0.95 |
|
| 0.23 |
|
| 1.85 |
|
| 55 |
|
| (0.73 | ) |
| 10.74 |
|
| (8.52 | ) |
| 17,581 |
|
| 1.80 |
|
| 0.21 |
|
| 1.44 |
|
| 109 |
|
| (0.29 | ) |
| 12.45 |
|
| 27.76 |
|
| 4,818 |
|
| 4.73 | c |
| 0.26 | c |
| 1.81 | c |
| 49 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (0.17 | ) |
| 12.72 |
|
| 22.46 |
|
| 14,493 |
|
| 1.00 |
|
| 0.50 |
|
| 1.51 |
|
| 34 |
|
| (0.28 | ) |
| 10.53 |
|
| 0.88 |
|
| 7,460 |
|
| 1.20 |
|
| 0.48 |
|
| 1.71 |
|
| 55 |
|
| (0.72 | ) |
| 10.73 |
|
| (8.46 | ) |
| 3,862 |
|
| 2.06 |
|
| 0.46 |
|
| 0.91 |
|
| 109 |
|
| (0.28 | ) |
| 12.42 |
|
| 27.38 |
|
| 802 |
|
| 5.33 | c |
| 0.51 | c |
| 1.54 | c |
| 49 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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|
|
|
|
|
Nuveen Lifecycle Funds ■ Prospectus 315
Appendix to the Prospectus
VARIATIONS
IN SALES CHARGE REDUCTIONS AND WAIVERS
AVAILABLE THROUGH CERTAIN INTERMEDIARIES
316 Prospectus ■ Nuveen Lifecycle Funds
The availability of certain sales charge variations, waivers and discounts will depend on whether you purchase your shares directly from a Fund or through a financial intermediary. Financial intermediaries may impose different sales charges and have unique policies and procedures regarding the availability of sales charge waivers and/or discounts (including based on account type), which differ from those described in the prospectus and are disclosed below. All sales charges and sales charge variations, waivers and discounts available to investors, other than those set forth below, are described in the prospectus. To the extent a financial intermediary notifies Nuveen Fund Advisors, LLC (“Nuveen Fund Advisors”), Teachers Advisors, LLC (“TAL” or collectively with Nuveen Fund Advisors, the “Advisers”) or Nuveen Securities, LLC (“Nuveen Securities”) of its intention to impose sales charges or have sales charge waivers and/or discounts that differ from those described in the prospectus, such information provided by that intermediary will be disclosed in this Appendix.
In all instances, it is your responsibility to notify your financial intermediary at the time of purchase of any relationship or other facts qualifying you for sales charge waivers or discounts. Please contact your financial intermediary with questions regarding your eligibility for applicable sales charge variations, waivers and discounts or for additional information regarding your intermediary’s policies for implementing particular sales charge variations, waivers and discounts. For waivers and discounts not available through a particular financial intermediary, shareholders will have to purchase shares directly from a Fund or through another intermediary to receive these waivers or discounts.
The information provided below for a particular financial intermediary is reproduced based on information provided by that intermediary. A financial intermediary’s administration and implementation of its particular policies with respect to any variations, waivers and/or discounts is neither supervised nor verified by the Funds, the Advisers or Nuveen Securities.
As used below, the phrase “Nuveen-sponsored mutual fund(s)” means any mutual fund for which Nuveen Fund Advisors or TAL serves as the investment adviser.
AMERIPRISE FINANCIAL
Front-end sales charge reductions on Class A shares purchased through Ameriprise Financial
Shareholders purchasing Class A shares of a Fund through an Ameriprise Financial platform or account are eligible only for the following sales charge reductions, which may differ from those disclosed elsewhere in this prospectus or the SAI. Such shareholders can reduce their initial sales charge on the purchase of Class A shares as follows:
· Transaction size breakpoints, as described in this prospectus or the SAI.
· Rights of accumulation (ROA), as described in this prospectus or the SAI.
Nuveen Lifecycle Funds ■ Prospectus 317
· Letter of intent, as described in this prospectus or the SAI.
Front-end sales charge waivers on Class A shares purchased through Ameriprise Financial
Shareholders purchasing Class A shares of a Fund through an Ameriprise Financial brokerage account are eligible only for the following sales charge waivers, which may differ from those disclosed elsewhere in this prospectus or the SAI. Such shareholders may purchase Class A shares at NAV without payment of a sales charge as follows:
· shares purchased by employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs or SAR-SEPs.
· shares purchased through reinvestment of capital gains and dividend reinvestment when purchasing shares of the same fund (but not any other Nuveen-sponsored mutual fund).
· shares purchased by employees and registered representatives of Ameriprise Financial or its affiliates and their immediate family members.
· shares purchased by or through qualified accounts (including IRAs, Coverdell Education Savings Accounts, 401(k)s, 403(b) tax sheltered custodial accounts subject to ERISA, and defined benefit plans) that are held by a covered family member, defined as an Ameriprise Financial advisor and/or the advisor’s spouse, advisor’s lineal ascendant (mother, father, grandmother, grandfather, great-grandmother, great-grandfather), advisor’s lineal descendant (son, step-son, daughter, step-daughter, grandson, granddaughter, great grandson, great granddaughter) or any spouse of a covered family member who is a lineal descendant.
· shares purchased from the proceeds of redemptions of a Nuveen-sponsored mutual fund, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (i.e., Rights of Reinstatement).
CDSC waivers on Class A shares purchased through Ameriprise Financial
Fund shares purchased through an Ameriprise Financial platform or account are eligible only for the following CDSC waivers, which may differ from those disclosed elsewhere in this prospectus or the SAI:
· redemptions due to death or disability of the shareholder;
· shares sold as part of a systematic withdrawal plan as described in this prospectus or the SAI;
318 Prospectus ■ Nuveen Lifecycle Funds
· redemptions made in connection with a return of excess contributions from an IRA account;
· shares purchased through a Right of Reinstatement (as defined above); and
· redemptions made as part of a required minimum distribution for IRA and retirement accounts pursuant to the Internal Revenue Code.
SALES WAIVERS AND REDUCTIONS IN SALES CHARGES AVAILABLE AT ROBERT W. BAIRD & CO. (“BAIRD”)
Shareholders purchasing fund shares through a Baird platform or account will only be eligible for the following sales charge waivers (front-end sales charge waivers and CDSC waivers) and discounts, which may differ from those disclosed elsewhere in this prospectus or the SAI.
Front-End Sales Charge Waivers on Class A Shares Available at Baird
· Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund
· Shares purchased by employees and registered representatives of Baird or its affiliate and their family members as designated by Baird
· Shares purchased from the proceeds of redemptions from another Nuveen-sponsored mutual fund, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same accounts, and (3) redeemed shares were subject to a front-end or deferred sales charge (known as rights of reinstatement)
· Employer-sponsored retirement plans or charitable accounts in a transactional brokerage account at Baird, including 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans. For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs or SAR-SEPs
CDSC Waivers on Class A Shares Available at Baird
· Shares sold due to death or disability of the shareholder
· Shares sold as part of a systematic withdrawal plan as described in this prospectus
· Shares bought due to returns of excess contributions from an IRA account
· Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching the qualified age based on applicable IRS regulations.
Nuveen Lifecycle Funds ■ Prospectus 319
· Shares sold to pay Baird fees but only if the transaction is initiated by Baird
· Shares acquired through a right of reinstatement
Front-End Sales Charge Discounts Available at Baird: Breakpoints and/or Rights of Accumulation
· Breakpoints as described in this prospectus
· Rights of accumulation, which entitles shareholders to breakpoint discounts, will be automatically calculated based on the aggregated holding of all Nuveen-sponsored mutual fund assets held by accounts within the purchaser’s household at Baird. Eligible Nuveen-sponsored mutual fund assets not held at Baird may be included in the rights of accumulation calculation only if the shareholder notifies his or her financial advisor about such assets
· Letters of intent, which allow for breakpoint discounts based on anticipated purchases of Nuveen-sponsored mutual funds through Baird over a 13-month period of time
EDWARD D. JONES & CO., L.P. (“EDWARD JONES”)
Policies Regarding Transactions Through Edward Jones
The following information has been provided by Edward Jones:
Effective on or after October 1, 2024, the following information supersedes prior information with respect to transactions and positions held in fund shares through an Edward Jones system. Clients of Edward Jones (also referred to as "shareholders") purchasing fund shares on the Edward Jones commission and fee-based platforms are eligible only for the following sales charge discounts (also referred to as "breakpoints") and waivers, which can differ from discounts and waivers described elsewhere in the mutual fund prospectus or statement of additional information (“SAI”) or through another broker-dealer. In all instances, it is the shareholder's responsibility to inform Edward Jones at the time of purchase of any relationship, holdings of Nuveen-sponsored mutual funds, or other facts qualifying the purchaser for discounts or waivers. Edward Jones can ask for documentation of such circumstance. Shareholders should contact Edward Jones if they have questions regarding their eligibility for these discounts and waivers.
Breakpoints
· Breakpoint pricing, otherwise known as volume pricing, at dollar thresholds as described in the prospectus.
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Rights of Accumulation (“ROA”)
· The applicable sales charge on a purchase of Class A shares is determined by taking into account all share classes (except certain money market funds and any assets held in group retirement plans) of Nuveen-sponsored mutual fund assets held by the shareholder or in an account grouped by Edward Jones with other accounts for the purpose of providing certain pricing considerations ("pricing groups"). If grouping assets as a shareholder, this includes all share classes held on the Edward Jones platform and/or held on another platform. The inclusion of eligible Nuveen-sponsored mutual fund assets in the ROA calculation is dependent on the shareholder notifying Edward Jones of such assets at the time of calculation. Money market funds are included only if such shares were sold with a sales charge at the time of purchase or acquired in exchange for shares purchased with a sales charge.
· The employer maintaining a SEP IRA plan and/or SIMPLE IRA plan may elect to establish or change ROA for the IRA accounts associated with the plan to a plan-level grouping as opposed to including all share classes at a shareholder or pricing group level.
· ROA is determined by calculating the higher of cost minus redemptions or market value (current shares x NAV).
Letter of Intent (“LOI”)
· Through an LOI, shareholders can receive the sales charge and breakpoint discounts for purchases shareholders intend to make over a 13-month period from the date Edward Jones receives the LOI. The LOI is determined by calculating the higher of cost or market value of qualifying holdings at LOI initiation in combination with the value that the shareholder intends to buy over a 13-month period to calculate the front-end sales charge and any breakpoint discounts. Each purchase the shareholder makes during that 13-month period will receive the sales charge and breakpoint discount that applies to the total amount. The inclusion of eligible Nuveen-sponsored mutual fund assets in the LOI calculation is dependent on the shareholder notifying Edward Jones of such assets at the time of calculation. Purchases made before the LOI is received by Edward Jones are not adjusted under the LOI and will not reduce the sales charge previously paid. Sales charges will be adjusted if the LOI is not met.
· If the employer maintaining a SEP IRA plan and/or SIMPLE IRA plan has elected to establish or change ROA for the IRA accounts associated with the plan to a plan-level grouping, LOIs will also be at the plan-level and may only be established by the employer.
Sales Charge Waivers
Sales charges are waived for the following shareholders and in the following situations:
Nuveen Lifecycle Funds ■ Prospectus 321
· Associates of Edward Jones and its affiliates and other accounts in the same pricing group (as determined by Edward Jones under its policies and procedures) as the associate. This waiver will continue for the remainder of the associate's life if the associate retires from Edward Jones in good-standing and remains in good standing pursuant to Edward Jones’ policies and procedures.
· Shares purchased in an Edward Jones fee-based program.
· Shares purchased through reinvestment of capital gains distributions and dividend reinvestment.
· Shares purchased from the proceeds of redeemed shares of a Nuveen-sponsored mutual fund so long as the following conditions are met: the proceeds are from the sale of shares within 60 days of the purchase, the sale and purchase are made from a share class that charges a front load, and one of the following (“Right of Reinstatement”):
· The redemption and repurchase occur in the same account.
· The redemption proceeds are used to process an: IRA contribution, excess contributions, conversion, recharacterizing of contributions, or distribution, and the repurchase is done in an account within the same Edward Jones grouping for ROA.
The Right of Reinstatement excludes systematic or automatic transactions including, but not limited to, purchases made through payroll deductions, liquidations to cover account fees, and reinvestments from non-mutual fund products.
· Shares exchanged into Class A shares from another share class so long as the exchange is into the same fund and was initiated at the discretion of Edward Jones. Edward Jones is responsible for any remaining contingent deferred sales charge due to the fund company, if applicable. Any future purchases are subject to the applicable sales charge as disclosed in the prospectus.
Contingent Deferred Sales Charge (“CDSC”) Waivers
If the shareholder purchases shares that are subject to a CDSC and those shares are redeemed before the CDSC is expired, the shareholder is responsible to pay the CDSC except in the following conditions:
· The death or disability of the shareholder.
· Systematic withdrawals with up to 10% per year of the account value.
· Return of excess contributions from an Individual Retirement Account (IRA).
· Shares redeemed as part of a required minimum distribution for IRA and retirement accounts if the redemption is taken in or after the year the shareholder reaches qualified age based on applicable IRS regulations.
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· Shares redeemed to pay Edward Jones fees or costs in such cases where the transaction is initiated by Edward Jones.
· Shares exchanged in an Edward Jones fee-based program.
· Shares acquired through NAV reinstatement.
· Shares redeemed at the discretion of Edward Jones for Minimum Balances, as described below.
Other Important Information Regarding Transactions Through Edward Jones
Minimum Purchase Amounts
· Initial purchase minimum: $250
· Subsequent purchase minimum: none
Minimum Balances
· Edward Jones has the right to redeem at its discretion fund holdings with a balance of $250 or less. The following are examples of accounts that are not included in this policy:
· A fee-based account held on an Edward Jones platform
· A 529 account held on an Edward Jones platform
· An account with an active systematic investment plan or LOI
Exchanging Share Classes
· At any time it deems necessary, Edward Jones has the authority to exchange at NAV a shareholder's holdings of a Nuveen-sponsored mutual fund to Class A shares of the same fund.
CLASS A SHARE SALES CHARGE REDUCTIONS AND WAIVERS AVAILABLE THROUGH JANNEY MONTGOMERY SCOTT LLC
Shareholders purchasing fund shares through a Janney Montgomery Scott LLC (“Janney”) brokerage account will be eligible only for the following load waivers (front-end sales charge waivers and contingent deferred sales charge (“CDSC”) waivers) and discounts, which may differ from those disclosed elsewhere in this fund’s Prospectus or SAI.
Nuveen Lifecycle Funds ■ Prospectus 323
Front-end sales charge waivers on Class A shares available at Janney
· Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other Nuveen-sponsored mutual fund).
· Shares purchased by employees and registered representatives of Janney or its affiliates and their family members as designated by Janney.
· Shares purchased from the proceeds of redemptions of a Nuveen-sponsored mutual fund, provided (1) the repurchase occurs within ninety (90) days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (i.e., right of reinstatement).
· Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans.
CDSC waivers on Class A shares available at Janney
· Shares sold upon the death or disability of the shareholder.
· Shares sold as part of a systematic withdrawal plan as described in the fund’s Prospectus.
· Shares purchased in connection with a return of excess contributions from an IRA account.
· Shares sold as part of a required minimum distribution for IRA and retirement accounts if the redemption is taken in or after the year the shareholder reaches the qualified age based on applicable IRS regulations.
· Shares sold to pay Janney fees but only if the transaction is initiated by Janney.
· Shares acquired through a right of reinstatement.
Front-end sales charge discounts available at Janney: breakpoints, rights of accumulation, and/or letters of intent
· Breakpoints as described in the fund’s Prospectus.
· Rights of accumulation (“ROA”), which entitle shareholders to breakpoint discounts, will be automatically calculated based on the aggregated holding of all Nuveen-sponsored mutual fund assets held by accounts within the purchaser’s household at Janney. Eligible Nuveen-sponsored mutual fund assets not held at Janney may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets.
324 Prospectus ■ Nuveen Lifecycle Funds
· Letters of intent which allow for breakpoint discounts based on anticipated purchases of Nuveen-sponsored mutual funds, over a 13-month time period. Eligible Nuveen-sponsored mutual fund assets not held at Janney Montgomery Scott may be included in the calculation of letters of intent only if the shareholder notifies his or her financial advisor about such assets.
J.P. MORGAN SECURITIES LLC
If you purchase or hold fund shares through an applicable J.P. Morgan Securities LLC brokerage account, you will be eligible for the following sales charge waivers (front-end sales charge waivers and contingent deferred sales charge (“CDSC”), or back-end sales charge, waivers), share class conversion policy and discounts, which may differ from those disclosed elsewhere in this fund’s prospectus or Statement of Additional Information (“SAI”).
Front-end sales charge waivers on Class A shares available at J.P. Morgan Securities LLC
· Qualified employer-sponsored defined contribution and defined benefit retirement plans, nonqualified deferred compensation plans, other employee benefit plans and trusts used to fund those plans. For purposes of this provision, such plans do not include SEP IRAs, SIMPLE IRAs, SAR-SEPs or 501(c)(3) accounts.
· Shares of funds purchased through J.P. Morgan Securities LLC Self-Directed Investing accounts.
· Shares purchased through rights of reinstatement.
· Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other Nuveen-sponsored mutual fund).
· Shares purchased by employees and registered representatives of J.P. Morgan Securities LLC or its affiliates and their spouse or financial dependent as defined by J.P. Morgan Securities LLC.
CDSC waivers on Class A Shares available at J.P. Morgan Securities LLC
· Shares sold upon the death or disability of the shareholder.
· Shares sold as part of a systematic withdrawal plan as described in the fund’s prospectus.
· Shares purchased in connection with a return of excess contributions from an IRA account.
· Shares sold as part of a required minimum distribution for IRA and retirement accounts pursuant to the Internal Revenue Code.
Nuveen Lifecycle Funds ■ Prospectus 325
· Shares acquired through a right of reinstatement.
Front-end load discounts available at J.P. Morgan Securities LLC: breakpoints, rights of accumulation & letters of intent
· Breakpoints as described in the prospectus.
· Rights of Accumulation (“ROA”) which entitle shareholders to breakpoint discounts as described in the fund’s prospectus will be automatically calculated based on the aggregated holding of all Nuveen-sponsored mutual fund assets held by accounts within the purchaser’s household at J.P. Morgan Securities LLC. Eligible Nuveen-sponsored mutual fund assets not held at J.P. Morgan Securities LLC (including 529 program holdings, where applicable) may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets.
· Letters of Intent (“LOI”) which allow for breakpoint discounts based on anticipated purchases of any Nuveen-sponsored mutual fund, through J.P. Morgan Securities LLC, over a 13-month period of time (if applicable).
CLASS A SHARE SALES CHARGE REDUCTIONS AND WAIVERS AVAILABLE THROUGH MERRILL LYNCH
Effective April 1, 2024, purchases or sales of front-end (i.e. Class A) mutual fund shares through a Merrill platform or account will be eligible only for the following sales load waivers (front-end, contingent deferred, or back-end waivers) and discounts, which differ from those disclosed elsewhere in this Fund’s prospectus or SAI. Purchasers will have to buy mutual fund shares directly from the mutual fund company or through another intermediary to be eligible for waivers or discounts not listed below.
It is the client’s responsibility to notify Merrill at the time of purchase or sale of any relationship or other facts that qualify the transaction for a waiver or discount. A Merrill representative may ask for reasonable documentation of such facts and Merrill may condition the granting of a waiver or discount on the timely receipt of such documentation.
Additional information on waivers and discounts is available in the Merrill Sales Load Waiver and Discounts Supplement (the “Merrill SLWD Supplement") and in the Mutual Fund Investing at Merrill pamphlet at ml.com/funds. Clients are encouraged to review these documents and speak with their financial advisor to determine whether a transaction is eligible for a waiver or discount.
Front-end Load Waivers Available at Merrill
· Shares of mutual funds available for purchase by employer-sponsored retirement, deferred compensation, and employee benefit plans (including health savings accounts) and trusts used to fund those plans provided the
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shares are not held in a commission-based brokerage account and shares are held for the benefit of the plan. For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans
· Shares purchased through a Merrill investment advisory program
· Brokerage class shares (e.g., Class A shares) exchanged from advisory class shares (e.g., Class I shares) due to the holdings moving from a Merrill investment advisory program to a Merrill brokerage account
· Shares purchased through the Merrill Edge Self-Directed platform
· Shares purchased through the systematic reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same mutual fund in the same account
· Shares purchased by eligible employees of Merrill or its affiliates and their family members who purchase shares in accounts within the employee’s Merrill Household (as defined in the Merrill SLWD Supplement)
· Shares purchased by eligible persons associated with the Fund as defined in this prospectus (e.g. the Fund’s officers or trustees)
· Shares purchased from the proceeds of a mutual fund redemption in front-end load shares provided (1) the repurchase is in a Nuveen-sponsored mutual fund; (2) the repurchase occurs within 90 calendar days from the redemption trade date, and (3) the redemption and purchase occur in the same account (known as Rights of Reinstatement). Automated transactions (i.e. systematic purchases and withdrawals) and purchases made after shares are automatically sold to pay Merrill’s account maintenance fees are not eligible for Rights of Reinstatement
Contingent Deferred Sales Charge (“CDSC”) Waivers on Front-end Shares Available at Merrill
· Shares sold due to the client’s death or disability (as defined by Internal Revenue Code Section 22I(3))
· Shares sold pursuant to a systematic withdrawal program subject to Merrill’s maximum systematic withdrawal limits as described in the Merrill SLWD Supplement
· Shares sold due to return of excess contributions from an IRA account
· Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the investor reaching the qualified age based on applicable IRS regulation
· Front-end (e.g., Class A shares) held in commission-based, non-taxable retirement brokerage accounts (e.g. traditional, Roth, rollover, SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans) that are transferred to fee-based
Nuveen Lifecycle Funds ■ Prospectus 327
accounts or platforms and exchanged for a lower cost share class of the same mutual fund
Front-End Load Discounts Available at Merrill: Breakpoints, Rights of Accumulation & Letters of Intent
· Breakpoint discounts, as described in this prospectus, where the sales load is at or below the maximum sales load that Merrill permits to be assessed to a front-end load purchase, as described in the Merrill SLWD Supplement
· Rights of Accumulation (ROA), as described in the Merrill SLWD Supplement, which entitle clients to breakpoint discounts based on the aggregated holdings of all Nuveen-sponsored mutual fund assets held in accounts in their Merrill Household
· Letters of Intent (LOI), which allow for breakpoint discounts on eligible new purchases based on anticipated future eligible purchases of any Nuveen-sponsored mutual fund at Merrill, in accounts within your Merrill Household, as further described in the Merrill SLWD Supplement
CLASS A SHARE FRONT-END SALES CHARGE WAIVERS AVAILABLE AT MORGAN STANLEY WEALTH MANAGEMENT
Shareholders purchasing Fund shares through a Morgan Stanley Wealth Management transactional brokerage account will be eligible only for the following front-end sales charge waivers with respect to Class A shares, which may differ from and may be more limited than those disclosed elsewhere in this Fund’s prospectus or SAI. Shareholders should contact Morgan Stanley Wealth Management to determine their eligibility for these waivers and discounts.
· Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans
· Morgan Stanley employee and employee-related accounts according to Morgan Stanley’s account linking rules
· Shares purchased through reinvestment of dividends and capital gains distributions when purchasing shares of the same fund
· Shares purchased through a Morgan Stanley self-directed brokerage account
· Class C (i.e., level-load) shares that are no longer subject to a contingent deferred sales charge and are converted to Class A shares of the same fund pursuant to Morgan Stanley Wealth Management’s share class conversion program
328 Prospectus ■ Nuveen Lifecycle Funds
· Shares purchased from the proceeds of redemptions of a Nuveen-sponsored mutual fund, provided (i) the repurchase occurs within 90 days following the redemption, (ii) the redemption and purchase occur in the same account, and (iii) redeemed shares were subject to a front-end or deferred sales charge.
CLASS A SHARE SALES CHARGE REDUCTIONS AND WAIVERS AVAILABLE THROUGH OPPENHEIMER & CO. INC.
Shareholders purchasing fund shares through an Oppenheimer & Co. Inc. (“OPCO”) platform or account are eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in this prospectus or SAI.
Front-End Sales Load Waivers on Class A Shares available at OPCO
· Employer-sponsored retirement, deferred compensation and employee benefit plans (including health savings accounts) and trusts used to fund those plans, provided that the shares are not held in a commission-based brokerage account and shares are held for the benefit of the plan
· Shares purchased by or through a 529 Plan
· Shares purchased through a OPCO affiliated investment advisory program
· Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other Nuveen-sponsored mutual fund)
· Shares purchased from the proceeds of redemptions of a Nuveen-sponsored mutual fund, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Restatement)
· Employees and registered representatives of OPCO or its affiliates and their family members
· Directors or Trustees of the Funds, and employees of the Funds’ investment adviser or any of its affiliates, as described in this prospectus
CDSC Waivers on A Shares available at OPCO
· Death or disability of the shareholder
· Shares sold as part of a systematic withdrawal plan as described in the prospectus
Nuveen Lifecycle Funds ■ Prospectus 329
· Return of excess contributions from an IRA Account
· Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching the qualified age based on applicable IRS regulations as described in the prospectus
· Shares sold to pay OPCO fees but only if the transaction is initiated by OPCO
· Shares acquired through a Right of Reinstatement
Front-End Load Discounts Available at OPCO: Breakpoints, Rights of Accumulation & Letters of Intent
· Breakpoints as described in the prospectus.
· Rights of Accumulation (ROA) which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of all Nuveen-sponsored mutual fund assets held by accounts within the purchaser’s household at OPCO. Eligible Nuveen-sponsored mutual fund assets not held at OPCO may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets.
PFS INVESTMENTS INC. (“PFSI”)
Policies Regarding Transactions Through PFSI
The following information supersedes all prior information with respect to transactions and positions held in fund shares purchased through PFSI and held on the mutual fund platform of its affiliate, Primerica Shareholder Services (“PSS”). Clients of PFSI (also referred to as “shareholders”) purchasing fund shares on the PSS platform are eligible only for the following share classes, sales charge discounts (also referred to as “breakpoints”) and waivers, which can differ from share classes, discounts and waivers described elsewhere in this prospectus or the related statement of additional information (“SAI”) or through another broker-dealer.
Share Classes
· Class A shares are available only to non-retirement accounts, individual retirement accounts (IRA), SEP IRAs, SIMPLE IRAs, Keogh Plans, and all other account types.
Breakpoints
· Breakpoint pricing at dollar thresholds as described in the prospectus of the fund you are purchasing.
330 Prospectus ■ Nuveen Lifecycle Funds
Rights of Accumulation (“ROA”)
· The applicable sales charge on a purchase of Class A shares is determined by taking into account all share classes (except any assets held in group retirement plans) of Nuveen-sponsored mutual funds held by the shareholder on the PSS Platform.
· It is the shareholder’s responsibility to inform PFSI of all eligible Nuveen-sponsored mutual fund assets at the time of calculation. Shares of money market funds are included only if such shares were acquired in exchange for shares of another Nuveen Fund purchased with a sales charge. No shares of Nuveen-sponsored mutual funds held by the shareholder away from the PSS platform will be granted ROA with shares of any Nuveen Fund purchased on the PSS platform.
· Any SEP IRA plan, any SIMPLE IRA plan or any Payroll Deduction plan (“PDP”) on the PSS platform will be defaulted to plan-level grouping for purposes of ROA, which allows each participating employee ROA with all other eligible shares held in plan accounts on the PSS platform. At any time, a participating employee may elect to exercise a one-time option to change grouping for purposes of ROA to shareholder-level grouping, which allows the plan account of the electing employee ROA with her other eligible holdings on the PSS platform, but not with all other eligible participant holdings in the plan. Eligible shares held in plan accounts electing shareholder-level grouping will not be available for purposes of ROA to plan accounts electing plan-level grouping.
· ROA is determined by calculating the higher of cost minus redemptions or current market value (current shares multiplied by Fund NAV).
Letter of Intent (“LOI”)
· By executing a LOI, shareholders can receive the sales charge and breakpoint discounts for purchases shareholders intend to make over a 13-month period through PFSI, from the date PSS receives the LOI. The purchase price of the LOI is determined by calculating the higher of cost or market value of qualifying holdings at LOI initiation in combination with the dollar amount the shareholder intends to invest over a 13-month period to arrive at total investment for purposes of determining any breakpoint discount and the applicable front-end sales charge. Each purchase the shareholder makes during that 13-month period will receive the sales charge and breakpoint discount that applies to the projected total investment.
· Only holdings of Nuveen-sponsored mutual funds on the PSS platform are eligible for inclusion in the LOI calculation and the shareholder must notify PFSI of all eligible assets at the time of calculation. It is the shareholder’s responsibility to inform PFSI at the time of a purchase of all holdings of Nuveen-sponsored mutual funds on the PSS platform, or other facts qualifying the purchaser for this discount.
Nuveen Lifecycle Funds ■ Prospectus 331
· Purchases made before the LOI is received by PSS are not adjusted under the LOI, and the LOI will not reduce any sales charge previously paid. Sales charges will be automatically adjusted if the total purchases required by the LOI are not met.
· If an employer maintaining a SEP IRA plan, SIMPLE IRA plan or non-IRA PDP on the PSS platform has elected to establish or change ROA for the accounts associated with the plan to a plan-level grouping, LOIs will also be at the plan-level and may only be established by the employer. LOIs are not available to PDP IRA plans on the PSS platform with plan-level grouping for purposes of ROA, but are available to any participating employee that elects shareholder-level grouping for purposes of ROA.
Sales Charge Waivers
Sales charges are waived for the following shareholders and in the following situations:
· Shares purchased through reinvestment of capital gains distributions and dividend reinvestment.
· Shares purchased with the proceeds of redeemed shares of a Nuveen-sponsored mutual fund so long as the following conditions are met: 1) the proceeds are from the sale of shares within 90 days of the purchase, 2) the sale and purchase are made in the same share class and the same account or the purchase is made in an individual retirement account with proceeds from liquidations in a non-retirement account, and 3) the redeemed shares were subject to a front-end or deferred sales load. Automated transactions (i.e. systematic purchases and withdrawals), full or partial transfers or rollovers of retirement accounts, and purchases made after shares are automatically sold to pay account maintenance fees are not eligible for this sales charge waiver.
· Shares exchanged into Class A shares from another share class so long as the exchange is into the same fund and was initiated at the discretion of PFSI. PFSI is responsible for any remaining CDSC due to the fund company, if applicable. Any future purchases are subject to the applicable sales charge as disclosed in the prospectus.
PFSI may request reasonable documentation of facts qualifying the purchaser for the discounts and waivers identified above, and condition the granting of any discount or waiver on the timely receipt of such documents. Shareholders should contact PSS if they have questions regarding their eligibility for these discounts and waivers.
332 Prospectus ■ Nuveen Lifecycle Funds
CLASS A SHARE SALES CHARGE REDUCTIONS AND WAIVERS AVAILABLE THROUGH RAYMOND JAMES & ASSOCIATES, INC., RAYMOND JAMES FINANCIAL SERVICES, INC. AND EACH ENTITY’S AFFILIATES (“RAYMOND JAMES”)
Shareholders purchasing Fund shares through a Raymond James platform or account, or through an introducing broker-dealer or independent registered investment adviser for which Raymond James provides trade execution, clearance, and/or custody services, will be eligible only for the following load waivers (front-end sales charge waivers and contingent deferred sales charge waivers) and discounts, which may differ from those disclosed elsewhere in your Fund’s prospectus or SAI.
Front-End Sales Load Waivers on Class A Shares Available at Raymond James
· Shares purchased through a Raymond James investment advisory program.
· Shares purchased of a Nuveen-sponsored mutual fund through a systematic reinvestment of capital gains and dividend distributions.
· Employees and registered representatives of Raymond James or its affiliates and their family members as designated by Raymond James.
· Shares purchased from the proceeds of redemptions of a Nuveen-sponsored mutual fund, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Reinstatement).
CDSC Waivers on Class A Shares Available at Raymond James
· Death or disability of the shareholder.
· Shares sold as part of a systematic withdrawal plan as described in the prospectus.
· Return of excess contributions from an IRA Account.
· Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching the qualified age based on applicable IRS regulations as described in the prospectus.
· Shares sold to pay Raymond James fees but only if the transaction is initiated by Raymond James.
· Shares acquired through a Right of Reinstatement.
Nuveen Lifecycle Funds ■ Prospectus 333
Front-End Load Discounts Available at Raymond James: Breakpoints, Rights of Accumulation, and/or Letters of Intent
· Breakpoints as described in the prospectus.
· Rights of accumulation which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of all Nuveen-sponsored mutual fund assets held by accounts within the purchaser’s household at Raymond James. Eligible Nuveen-sponsored mutual fund assets not held at Raymond James may be included in the calculation of rights of accumulation only if the shareholder notifies his or her financial advisor about such assets.
· Letters of intent which allow for breakpoint discounts based on anticipated purchases of Nuveen-sponsored mutual funds, over a 13-month time period. Eligible Nuveen-sponsored mutual fund assets not held at Raymond James may be included in the calculation of letters of intent only if the shareholder notifies his or her financial advisor about such assets.
CLASS A SALES CHARGE WAIVERS AVAILABLE ONLY THROUGH SPECIFIED INTERMEDIARIES
As described in the Prospectus, Class A shares may be purchased at net asset value (“NAV”) without a sales charge by employer-sponsored retirement plans (“ESRPs”) as defined in the Prospectus, except that, in the case of ESRPs held through a brokerage account, Class A shares will be available at NAV without a sales charge only if the broker-dealer has entered into an agreement with Nuveen Securities that allows for such purchases.
The following intermediaries have entered into such an agreement:
Baker & Co., Inc.
Cetera Advisor
Networks LLC
Cetera Advisors LLC
Cetera Financial Specialists LLC
Cetera
Investment Services LLC
Country Club Financial Services, Inc.
Cutter & Co.
Brokerage Inc.
Davenport & Co. LLC
Devenir Investment Advisors, LLC
Fintrust
Brokerage Services
First Kentucky Securities Corp.
First Western Securities
Gold
Coast Securities, Inc.
Hewitt Financial Services LLC
Hilltop Securities
Inc.
Infinex Investments, Inc.
J.P. Morgan Securities LLC
334 Prospectus ■ Nuveen Lifecycle Funds
KMS Financial Services, Inc.
Mid-Atlantic Capital
Corp.
OFG Financial Services, Inc.
Principal Securities Inc.
RDM
Investment Services, Inc.
Register Financial Associates, Inc.
Shareholders Service
Group Inc.
Southeast Investments, NC, Inc.
Stifel, Nicolaus & Co., Inc.
Waddell
& Reed Inc.
As described in the prospectus, Class A shares may be purchased at NAV without a sales charge through a financial intermediary that has entered into an agreement with Nuveen Securities to offer the Funds’ shares to self-directed investment brokerage accounts and that may or may not charge a transaction fee to its customers.
The following intermediaries have entered into such an agreement:
Citigroup
Global Markets Inc.
J.P. Morgan Securities LLC
Merrill Lynch,
Pierce, Fenner & Smith Inc.
TD Ameritrade, Inc.
TD Ameritrade Clearing,
Inc.
TIAA-CREF Individual & Institutional Services, LLC
Nuveen Lifecycle Funds ■ Prospectus 335
For more information about Nuveen Funds
Statement of Additional Information (“SAI”). The Funds’ SAI contains more information about certain aspects of the Funds. A current SAI has been filed with the SEC and is incorporated into this Prospectus by reference. This means that the Funds’ SAI is legally a part of the Prospectus.
Annual and Semi-annual Reports. The Funds’ annual and semi-annual reports and Form N-CSR provide additional information about the Funds’ investments. In the Funds’ annual report, you will find a discussion of the market conditions and investment strategies that significantly affected the Funds’ performance during the preceding fiscal year. In the Funds’ Form N-CSR, you will find the Funds’ annual and semi-annual financial statements.
Requesting documents. You can request a copy of the Funds’ SAI, these reports, and other information such as the Funds’ financial statements, without charge, or contact the Funds for any other purpose, in any of the following ways:
Over the Internet:
www.nuveen.com
By telephone:
Call 800-257-8787
In writing:
Nuveen
Funds
P.O. Box 1259
Charlotte, NC 28201
The reports and other information are also available through the EDGAR Database on the SEC’s Internet website at www.sec.gov. Copies of the information can also be obtained, upon payment of a duplicating fee, by electronic request at the following e-mail address: publicinfo@sec.gov.
To lower costs and eliminate duplicate documents sent to your home, the Funds may mail only one copy of the Funds’ Prospectus, prospectus supplements, annual and semi-annual reports, or any other required documents to your household, even if more than one shareholder lives there. If you would prefer to continue receiving your own copy of any of these documents, you may call the Funds toll-free or write to the Funds as follows:
By telephone:
Call 800-257-8787
In writing:
Nuveen Funds
P.O.
Box 1259
Charlotte, NC 28201
Important information about procedures for opening a new account:
To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions, including the Funds, to obtain, verify and record information that identifies each person who opens an account.
What this means for you: When you open an account, the Funds will ask for your name, address, date of birth, Social Security number and other information that will allow the Funds to identify you, such as your home telephone number. Until you provide the Funds with the information they need, the Funds may not be able to open an account or effect any transactions for you.
1940 Act File No. 811-9301 | A12013 (10/24) |
| Mutual | Prospectus |
Nuveen Lifecycle Index Funds
OCTOBER 1, 2024
Ticker | ||||
Fund |
| Premier |
| Retirement |
Nuveen Lifecycle Index Retirement Income Fund (formerly TIAA-CREF Lifecycle Index Retirement Income Fund) | TLIHX | TLIPX | TRILX | TRCIX |
Nuveen Lifecycle Index 2010 Fund (formerly TIAA-CREF Lifecycle Index 2010 Fund) | TLTHX | TLTPX | TLTIX | TLTRX |
Nuveen Lifecycle Index 2015 Fund (formerly TIAA-CREF Lifecycle Index 2015 Fund) | TLFAX | TLFPX | TLFIX | TLGRX |
Nuveen Lifecycle Index 2020 Fund (formerly TIAA-CREF Lifecycle Index 2020 Fund) | TLWHX | TLWPX | TLWIX | TLWRX |
Nuveen Lifecycle Index 2025 Fund (formerly TIAA-CREF Lifecycle Index 2025 Fund) | TLQHX | TLVPX | TLQIX | TLQRX |
Nuveen Lifecycle Index 2030 Fund (formerly TIAA-CREF Lifecycle Index 2030 Fund) | TLHHX | TLHPX | TLHIX | TLHRX |
Nuveen Lifecycle Index 2035 Fund (formerly TIAA-CREF Lifecycle Index 2035 Fund) | TLYHX | TLYPX | TLYIX | TLYRX |
Nuveen Lifecycle Index 2040 Fund (formerly TIAA-CREF Lifecycle Index 2040 Fund) | TLZHX | TLPRX | TLZIX | TLZRX |
Nuveen Lifecycle Index 2045 Fund (formerly TIAA-CREF Lifecycle Index 2045 Fund) | TLMHX | TLMPX | TLXIX | TLMRX |
Nuveen Lifecycle Index 2050 Fund (formerly TIAA-CREF Lifecycle Index 2050 Fund) | TLLHX | TLLPX | TLLIX | TLLRX |
Nuveen Lifecycle Index 2055 Fund (formerly TIAA-CREF Lifecycle Index 2055 Fund) | TTIHX | TTIPX | TTIIX | TTIRX |
Ticker | ||||
Fund |
| Premier |
| Retirement |
Nuveen Lifecycle Index 2060 Fund (formerly TIAA-CREF Lifecycle Index 2060 Fund) | TVIHX | TVIPX | TVIIX | TVITX |
Nuveen Lifecycle Index 2065 Fund (formerly TIAA-CREF Lifecycle Index 2065 Fund) | TFIHX | TFIPX | TFITX | TFIRX |
This Prospectus describes the Class I, Premier Class, Class R6 and Retirement Class shares offered by the investment portfolios listed above (each, a “Fund” and, collectively, the “Funds”) of the TIAA-CREF Funds (the “Trust”). These Funds comprise the Nuveen Lifecycle Index Funds (the “Lifecycle Index Funds”), a sub-family of funds offered by the Trust.
An investment in a Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. An investor can lose money in any of the Funds and the Funds could perform more poorly than other investments.
The Securities and Exchange Commission (“SEC”) has not approved or disapproved these securities or passed upon the adequacy of this Prospectus. Any representation to the contrary is a criminal offense.
Table of contents
Summary information Lifecycle Index Retirement Income Fund Annual Fund operating expenses 8 Principal investment strategies 9 Purchase and sale of Fund shares 18 Payments to broker-dealers and other financial intermediary compensation 19 Summary information Lifecycle Index 2010 Fund Annual Fund operating expenses 21 Principal investment strategies 22 Purchase and sale of Fund shares 31 Payments to broker-dealers and other financial intermediary compensation 32 | Summary information Lifecycle Index 2015 Fund Annual Fund operating expenses 34 Principal investment strategies 35 Purchase and sale of Fund shares 44 Payments to broker-dealers and other financial intermediary compensation 45 Summary information Lifecycle Index 2020 Fund Annual Fund operating expenses 47 Principal investment strategies 48 Purchase and sale of Fund shares 57 Payments to broker-dealers and other financial intermediary compensation 58 |
Table of contents
Summary information Lifecycle Index 2025 Fund Annual Fund operating expenses 60 Principal investment strategies 61 Purchase and sale of Fund shares 70 Payments to broker-dealers and other financial intermediary compensation 71 Summary information Lifecycle Index 2030 Fund Annual Fund operating expenses 73 Principal investment strategies 74 Purchase and sale of Fund shares 83 Payments to broker-dealers and other financial intermediary compensation 84 | Summary information Lifecycle Index 2035 Fund Annual Fund operating expenses 86 Principal investment strategies 87 Purchase and sale of Fund shares 96 Payments to broker-dealers and other financial intermediary compensation 97 Summary information Lifecycle Index 2040 Fund Annual Fund operating expenses 99 Principal investment strategies 100 Principal investment risks 102 Purchase and sale of Fund shares 109 Payments to broker-dealers and other financial intermediary compensation 110 |
Table of contents
Summary information |
(formerly TIAA-CREF Lifecycle Index Retirement Income Fund)
The Fund seeks high total return over time primarily through income, with a secondary emphasis on capital appreciation.
The following tables describe the fees and expenses that you may pay if you buy, hold and sell shares of the Fund.
The tables and examples below do not reflect any commissions that shareholders may be required to pay directly to their financial intermediaries when buying or selling Class I shares.
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Nuveen Lifecycle Index Funds ■ Prospectus 7
ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)
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1 | Restated to reflect estimate for the current fiscal year. | ||||||||
2 | Portions of the Management fees and Other expenses are based on expenses originally incurred by Class W shares of the Underlying Funds (as defined below) of the Trust, which have been incurred directly by the Fund pursuant to certain contractual arrangements intended to reallocate directly to the Fund certain fees and expenses that had been paid by the Underlying Funds of the Trust. For additional information, please see the “Management of the Funds” section of this Prospectus. | ||||||||
3 | Under the Fund’s expense reimbursement arrangements, the Fund’s investment adviser, Teachers Advisors, LLC (“Advisors”), has contractually agreed to reimburse the Fund for any Total annual Fund operating expenses (excluding interest, taxes, brokerage commissions or other transactional expenses, Acquired fund fees and expenses, extraordinary expenses and any expenses originally attributable to Class W shares of the Underlying Funds of the Trust that were incurred directly by the Fund) that exceed: (i) 0.169% of average daily net assets for Class I shares; (ii) 0.169% of average daily net assets for Premier Class shares; (iii) 0.019% of average daily net assets for Class R6 shares; and (iv) 0.269% of average daily net assets for Retirement Class shares of the Fund. These expense reimbursement arrangements will continue through at least September 30, 2025, unless changed with approval of the Board of Trustees. | ||||||||
4 | Advisors has contractually agreed to waive 0.081% of the Fund’s Management fee. This waiver will remain in effect through at least September 30, 2025, unless changed with the approval of the Board of Trustees. | ||||||||
This example is intended to help you compare the cost of investing in shares of the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses, before fee waivers and/or expense reimbursements, remain the same. The example assumes that the Fund’s fee waiver and/or expense reimbursement arrangements will each remain in place for the durations noted in the table above. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
| Class I |
| Premier
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1 year | $ | |
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8 Prospectus ■ Nuveen Lifecycle Index Funds
The Fund pays transaction costs, such as commissions, when
it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover
rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in
a taxable account. These costs, which are not reflected in annual fund operating expenses or in the
example, affect the Fund’s performance. During the fiscal year ended May 31, 2024,
the Fund’s portfolio turnover rate was
The Fund is a “fund of funds” that invests in Class W shares of other Nuveen mutual funds and potentially in other investment pools or investment products, including other funds advised by the Fund’s investment adviser, Teachers Advisors, LLC (“Advisors”), or its affiliates (collectively, the “Underlying Funds”). The Fund invests in Underlying Funds according to a relatively stable asset allocation strategy that will not gradually adjust over time and is designed for investors who are already in retirement (i.e., have already passed their retirement year) and may have begun taking systematic withdrawals upon retirement. The Fund has a policy of investing at least 80% of its assets in Underlying Funds that are managed to seek investment returns that track particular market indices. For purposes of the 80% investment policy, the term “assets” means net assets, plus the amount of any borrowings for investment purposes.
Advisors currently expects to allocate approximately 40.00% of the Fund’s assets to equity Underlying Funds and 60.00% of its assets to fixed-income Underlying Funds. These allocations represent targets for equity and fixed-income asset classes. Target allocations may be changed and actual allocations may vary up to ten percentage points from the targets. Within the equity and fixed-income asset classes, Advisors allocates the Fund’s investments to particular market sectors (U.S. equity, international equity, fixed-income, short-term fixed-income and inflation-protected assets) represented by various Underlying Funds. These market sector allocations may vary by up to 10% from the Fund’s target market sector allocations. The Fund’s current target market sector allocations for June 30, 2025, which may change, are approximately as follows: U.S. Equity: 26.00%; International Equity: 14.00%; Fixed-Income: 40.00%; Short-Term Fixed-Income: 10.00%; and Inflation-Protected Assets: 10.00%. The asset class and market sector names used herein are intended to reflect the primary type of investment of the Underlying Funds within each of these categories.
The Fund’s target market sector allocations to Underlying Funds may include the Nuveen Equity Index Fund (U.S. Equity); Nuveen Emerging Markets Equity Index Fund and Nuveen International Equity Index Fund (International Equity); Nuveen Bond Index Fund (Fixed-Income); Nuveen Short Term Bond Index Fund (Short-Term Fixed-Income) and Nuveen Inflation Linked Bond Fund (Inflation-Protected Assets).
Nuveen Lifecycle Index Funds ■ Prospectus 9
As a result of its investments in the Underlying Funds, the Fund’s returns will reflect investments in a mix of domestic and foreign equities of companies of various sizes and market capitalizations and a variety of domestic and foreign fixed-income instruments of private and governmental issuers of varying maturities and credit qualities.
Additional or replacement Underlying Funds for each market sector, as well as additional or replacement market sectors, may be included when making future allocations if Advisors believes that such Underlying Funds and/or market sectors are appropriate in light of the Fund’s desired levels of risk and potential return at the particular time. The Fund’s portfolio management team may also add a new market sector if it believes that will help to achieve the Fund’s investment objective. The relative allocations among Underlying Funds within a market sector may be changed at any time without notice to shareholders. If 10% or more of the Fund’s assets are expected to be invested in any Underlying Fund or market sector not listed above, shareholders will receive prior notice of such change. Investors should note that the Fund has a significant level of equity exposure and this exposure could cause fluctuation in the value of the Fund depending on the performance of the equity markets generally.
As part of the Fund’s ability to invest in other investment pools or investment products noted above, the Fund may invest in exchange-traded funds (“ETFs”) and exchange-traded notes (“ETNs”) to gain exposure to various market sectors or securities in order to effect its asset allocation strategy. Additionally, the Fund may use ETFs or ETNs for cash management, hedging or defensive purposes. ETFs or ETNs will be subject to the risks associated with the types of securities or sectors that they track, while ETNs, which are structured as fixed-income obligations, will also be subject to the general risks of fixed-income securities, including credit risk.
The Fund’s asset class allocations, market sector allocations within each asset class, and Underlying Fund allocations within each market sector, as of June 30, 2024, are listed in the chart below. The Fund has relatively fixed asset allocations that will not gradually adjust over time. Underlying Fund allocations may change from year to year.
Asset Class | Allocation |
| Market Sector | Allocation |
| Underlying Funds | Allocation |
Equity | 40.15% |
| U.S. Equity | 26.23% |
| Nuveen Equity Index | 26.23% |
International Equity | 13.92% | Nuveen International Equity Index | 9.56% | ||||
Nuveen Emerging Markets Equity Index | 4.36% | ||||||
Fixed-Income | 59.85% |
| Fixed-Income | 39.92% |
| Nuveen Bond Index | 39.92% |
Short-Term | 9.99% | Nuveen Short Term Bond Index | 9.99% | ||||
Inflation- | 9.94% | Nuveen Inflation Linked Bond | 9.94% |
Total | 100.00% | 100.00% | 100.00% |
10 Prospectus ■ Nuveen Lifecycle Index Funds
· Asset Allocation Risk—The risk that the Fund may not achieve its target allocations. In addition, there is the risk that the asset allocations may not achieve the desired risk-return characteristic or that the selection of Underlying Funds and the allocations among them will result in the Fund underperforming other similar funds or cause an investor to lose money.
· Index Risk—The risk that an Underlying Fund’s performance may not correspond to its benchmark index for any period of time and may underperform such index or the overall financial market. Additionally, to the extent that an Underlying Fund’s investments vary from the composition of its benchmark index, the Underlying Fund’s performance could potentially vary from the index’s performance to a greater extent than if the Underlying Fund merely attempted to replicate the index.
· Underlying Funds Risks—The Fund is exposed to the risks of the Underlying Funds in which it invests in direct proportion to the amount of assets the Fund allocates to each Underlying Fund.
· Equity Underlying Funds Risks—The risks of investing in equity Underlying Funds include risks specific to their investment strategies, as well as risks related to the equity markets in general, such as:
· market risk—The risk that market prices of portfolio investments held by a Fund may fall rapidly or unpredictably due to a variety of factors, including changing economic, political or market conditions. Market risk may affect a single issuer, industry or sector of the economy, or it may affect the market as a whole. Such conditions may add significantly to the risk of volatility in the net asset value (“NAV”) of the Fund’s shares and adversely affect the Fund and its investments. From time to time, a Fund may invest a significant portion of its assets in companies in one or more related sectors or industries, which would make the Fund more vulnerable to adverse developments affecting such sectors or industries;
· issuer risk—The risk that an issuer’s earnings prospects, credit rating and overall financial position will deteriorate, causing a decline in the value of the issuer’s financial instruments over short or extended periods of time;
· foreign investment risk—Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, currency, market or economic developments as well as armed conflicts and can result in greater price volatility and perform differently from financial instruments of U.S. issuers. This risk may be heightened in emerging or developing markets. Foreign investments
Nuveen Lifecycle Index Funds ■ Prospectus 11
may also have lower liquidity and be more difficult to value than investments in U.S. issuers. To the extent a Fund invests a significant portion of its assets in the securities of companies in a single country or region, it may be more susceptible to adverse economic, market, political or regulatory events or conditions affecting that country or region. Foreign investments may also be subject to risk of loss because of more or less foreign government regulation, less public information, less stringent investor protections and less stringent accounting, corporate governance, financial reporting and disclosure standards. Changes in the value of foreign currencies may make the return on an investment increase or decrease, unrelated to the quality or performance of the investment itself. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs) and other restrictions by the United States or other governments may also negatively impact a Fund’s investments. Economic sanctions and other similar governmental actions or developments could, among other things, effectively restrict or eliminate a Fund’s ability to purchase or sell certain foreign securities or groups of foreign securities, and/or thus may make a Fund’s investments in such securities less liquid (or illiquid) or more difficult to value. The type and severity of sanctions and other measures that may be imposed could vary broadly in scope, and their impact is impossible to predict; and
· small- and mid-cap risk—The risk that the stocks of small-capitalization companies often experience greater price volatility than large- or mid-sized companies because small-cap companies are often newer or less established than larger companies and are likely to have more limited resources, products and markets. Securities of small-cap companies often have lower overall liquidity than securities of larger companies as a result of there being a smaller market for their securities, which can have an adverse effect on the pricing of these securities and on the ability to sell these securities when a Fund’s investment adviser or sub-adviser deems it appropriate. Stocks of mid-capitalization companies often experience greater price volatility, lower trading volume and lower overall liquidity than the stocks of larger, more established companies.
· Fixed-Income Underlying Funds Risks—The risks of investing in fixed-income Underlying Funds include risks specific to their investment strategies, as well as risks related to the fixed-income markets in general, such as:
· interest rate risk—The risk that changes in interest rates can adversely affect the value or liquidity of, and income generated by, fixed-income investments. This risk is heightened to the extent a Fund invests in longer duration fixed-income investments and during periods
12 Prospectus ■ Nuveen Lifecycle Index Funds
when prevailing interest rates are changing. There is a risk that interest rates across the financial system may change, possibly significantly and/or rapidly. In general, changing interest rates, including rates that fall below zero, or a lack of market participants may lead to decreased liquidity and increased volatility in the fixed-income or debt markets, making it more difficult for the Fund to sell fixed-income investments. When interest rates change, the values of longer duration fixed-income securities usually change more than the values of shorter duration fixed-income securities. Conversely, fixed-income securities with shorter durations or maturities will be less volatile but may provide lower returns than fixed-income securities with longer durations or maturities. Other factors that may affect the value of debt securities include, but are not limited to, economic, political, public health, and other crises and responses by governments and companies to such crises;
· prepayment risk—The risk that, during periods of falling interest rates, borrowers may pay off their mortgage loans sooner than expected, forcing a Fund to reinvest the unanticipated proceeds at lower interest rates and resulting in a decline in income;
· extension risk—The risk that, during periods of rising interest rates, borrowers may pay off their mortgage loans later than expected, preventing a Fund from reinvesting principal proceeds at higher interest rates and resulting in less income than potentially available;
· issuer risk—The risk that an issuer’s earnings prospects, credit rating and overall financial position will deteriorate, causing a decline in the value of the issuer’s financial instruments over short or extended periods of time;
· credit risk—The risk that the issuer of fixed-income investments may not be able or willing, or may be perceived (whether by market participants, rating agencies, pricing services or otherwise) as not able or willing, to meet interest or principal payments when the payments become due;
· credit spread risk—The risk that credit spreads (i.e., the difference in yield between securities that is due to differences in each security’s respective credit quality) may increase when market participants believe that bonds generally have a greater risk of default, which could result in a decline in the market values of a Fund’s debt securities;
· income volatility risk—The risk that the level of current income from a portfolio of fixed-income investments may decline in certain interest rate environments;
· market volatility, liquidity and valuation risk (types of market risk)—The risk that volatile or dramatic reductions in trading activity make it difficult for a Fund to properly value its investments and that a Fund
Nuveen Lifecycle Index Funds ■ Prospectus 13
may not be able to purchase or sell an investment at an attractive price, if at all; and
· call risk—The risk that, during periods of falling interest rates, an issuer may call (or repay) a fixed-income security prior to maturity, resulting in a decline in a Fund’s income.
· Emerging Markets Underlying Funds Risk—The risk of foreign investment often increases in countries with emerging markets or otherwise economically tied to emerging market countries. For example, these countries may have more unstable governments than developed countries, and their economies may be based on only a few industries. Emerging market countries may also have less stringent regulation of accounting, auditing, financial reporting and recordkeeping requirements, which would affect a Fund’s ability to evaluate potential portfolio companies. As a result, there could be less information available about issuers in emerging market countries, which could negatively affect Advisors’ ability to evaluate local companies or their potential impact on a Fund’s performance. Because the financial markets of emerging market countries may be very small, share prices of financial instruments in emerging market countries may be volatile and difficult to determine. Financial instruments of issuers in these countries may have lower overall liquidity than those of issuers in more developed countries. In addition, foreign investors such as a Fund are subject to a variety of special restrictions in many emerging market countries. Moreover, legal remedies for investors in emerging markets may be more limited, and U.S. authorities may have less ability to bring actions against bad actors in emerging market countries.
· Illiquid Investments Underlying Funds Risk—The risk that illiquid investments may be difficult to sell for the value at which they are carried, if at all, or at any price within the desired time frame.
· Currency Underlying Funds Risk—The risk that foreign (non-U.S.) currencies may decline in value relative to the U.S. dollar and adversely affect the value of a Fund’s investments in foreign currencies, securities denominated in foreign currencies or derivative instruments that provide exposure to foreign currencies.
· Active Management Risk—The risk that the strategy, investment selection or trading execution of Advisors could cause the Fund or an Underlying Fund to underperform its benchmark index or mutual funds with similar investment objectives and may not produce expected returns.
· Fund of Funds Risk—The ability of the Fund to achieve its investment objective will depend in part upon the ability of the Underlying Funds to achieve their investment objectives. There can be no guarantee that any Underlying Fund will achieve its investment objective.
14 Prospectus ■ Nuveen Lifecycle Index Funds
There can be no assurances that the Fund will achieve its investment objective. You should not consider the Fund to be a complete investment program. Please see the non-summary portion of the Prospectus for more detailed information about the risks described above, including the risks of the Underlying Funds.
The returns shown below reflect previous agreements by Advisors
to waive or reimburse the Fund and certain Underlying Funds for certain fees and expenses. Without these
waivers and reimbursements, the returns of the Fund would have been lower.
For current performance
information of each share class, including performance to the most recent month-end, please visit
Nuveen Lifecycle Index Funds ■ Prospectus 15
ANNUAL TOTAL RETURNS FOR RETIREMENT CLASS SHARES (%)†
Nuveen Lifecycle Index Retirement Income Fund
†
16 Prospectus ■ Nuveen Lifecycle Index Funds
For the Periods Ended December 31, 2023
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# | The performance shown for Class I that is prior to its inception date is based on performance of the Fund’s Retirement Class. The performance for these periods has not been restated to reflect the lower expenses of Class I. | |||||||||||
‡ | As of the close of business on December 31, 2023, the Lifecycle Index Retirement Income Fund Composite Index consisted of: 40.0% Bloomberg U.S. Aggregate Bond Index; 26.0% Russell 3000® Index; 14.0% MSCI EAFE + Emerging Markets Index; 10.0% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 10.0% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1–10 Year Index. The Fund’s composite benchmark, the components that make up a composite benchmark and the method of calculating a composite benchmark’s performance may vary over time. | |||||||||||
Nuveen Lifecycle Index Funds ■ Prospectus 17
Investment Adviser. Teachers Advisors, LLC.
Portfolio Managers.
Name: | John Cunniff, CFA | Steve Sedmak, CFA | |
Title: | Managing Director | Managing Director | |
Experience on Fund: | since 2009 | since 2018 |
Purchase and sale of Fund shares
You may purchase, redeem or exchange shares of the Fund on any day that the New York Stock Exchange (“NYSE”) or its affiliated exchanges, NYSE Arca Equities or NYSE American, are open for trading (each such day a “Business Day”) directly from the Fund (for certain share classes) or through a financial advisor, employee benefit plan or other financial intermediary. The Fund’s initial and subsequent investment minimums generally are as follows, although certain financial intermediaries may impose their own investment minimums and the Fund may reduce or waive the minimums in some cases:
Eligibility and Minimum Initial Investment | Minimum Additional Investment | |
Class I | Available only through fee-based programs and certain retirement plans, and to other limited categories of investors as described in the Prospectus. $100,000 for all accounts except: · $250 for clients of financial intermediaries and family offices that have accounts holding Class I shares with an aggregate value of at least $100,000 (or that are expected to reach this level). · No minimum for eligible retirement plans and certain other categories of eligible investors as described in the Prospectus. | No minimum. |
Premier Class, Retirement Class | Available only through certain employee benefit plans, other types of savings plans or accounts and certain financial intermediaries as described in the Prospectus. No minimum. | No minimum. |
Class R6 | Available only to certain eligible investors as described in the Prospectus and through fee-based programs. $1 million for all accounts except: · $1,000 for clients of financial intermediaries who charge such clients an ongoing fee for advisory, investment, consulting or related services. | No minimum. |
The Fund intends to make distributions to shareholders that may be taxed as ordinary income or capital gains. Distributions made to tax-exempt shareholders
18 Prospectus ■ Nuveen Lifecycle Index Funds
or shareholders who hold Fund shares in a tax-deferred account are generally not subject to income tax in the current year, but redemptions made from tax-deferred accounts may be subject to income tax.
Payments to broker-dealers and other financial intermediary compensation
If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and/or its related companies may pay the financial intermediary for providing investor services. The Fund’s related companies may also pay the financial intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other financial intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary’s website for more information.
Nuveen Lifecycle Index Funds ■ Prospectus 19
Summary information |
(formerly TIAA-CREF Lifecycle Index 2010 Fund)
The Fund seeks high total return over time through a combination of capital appreciation and income.
The following tables describe the fees and expenses that you may pay if you buy, hold and sell shares of the Fund.
The tables and examples below do not reflect any commissions that shareholders may be required to pay directly to their financial intermediaries when buying or selling Class I shares.
| | | Retirement Class | |||||
Maximum
sales charge (load) imposed on purchases | ||||||||
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sales charge (load) imposed on reinvested | ||||||||
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Maximum account fee |
20 Prospectus ■ Nuveen Lifecycle Index Funds
ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)
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Waivers and expense reimbursements3,4 | ( |
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1 | Restated to reflect estimate for the current fiscal year. | ||||||||
2 | Portions of the Management fees and Other expenses are based on expenses originally incurred by Class W shares of the Underlying Funds (as defined below) of the Trust, which have been incurred directly by the Fund pursuant to certain contractual arrangements intended to reallocate directly to the Fund certain fees and expenses that had been paid by the Underlying Funds of the Trust. For additional information, please see the “Management of the Funds” section of this Prospectus. | ||||||||
3 | Under the Fund’s expense reimbursement arrangements, the Fund’s investment adviser, Teachers Advisors, LLC (“Advisors”), has contractually agreed to reimburse the Fund for any Total annual Fund operating expenses (excluding interest, taxes, brokerage commissions or other transactional expenses, Acquired fund fees and expenses, extraordinary expenses and any expenses originally attributable to Class W shares of the Underlying Funds of the Trust that were incurred directly by the Fund) that exceed: (i) 0.169% of average daily net assets for Class I shares; (ii) 0.169% of average daily net assets for Premier Class shares; (iii) 0.019% of average daily net assets for Class R6 shares; and (iv) 0.269% of average daily net assets for Retirement Class shares of the Fund. These expense reimbursement arrangements will continue through at least September 30, 2025, unless changed with approval of the Board of Trustees. | ||||||||
4 | Advisors has contractually agreed to waive 0.081% of the Fund’s Management fee. This waiver will remain in effect through at least September 30, 2025, unless changed with the approval of the Board of Trustees. | ||||||||
This example is intended to help you compare the cost of investing in shares of the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses, before fee waivers and/or expense reimbursements, remain the same. The example assumes that the Fund’s fee waiver and/or expense reimbursement arrangements will each remain in place for the durations noted in the table above. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
| Class I |
| Premier
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| Class R6 |
| Retirement |
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1 year | $ | |
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3 years | $ | |
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10 years | $ | |
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Nuveen Lifecycle Index Funds ■ Prospectus 21
The Fund pays transaction costs, such as commissions, when
it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover
rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in
a taxable account. These costs, which are not reflected in annual fund operating expenses or in the
example, affect the Fund’s performance. During the fiscal year ended May 31, 2024,
the Fund’s portfolio turnover rate was
The Fund is a “fund of funds” that invests in Class W shares of other Nuveen mutual funds and potentially in other investment pools or investment products, including other funds advised by the Fund’s investment adviser, Teachers Advisors, LLC (“Advisors”), or its affiliates (collectively, the “Underlying Funds”). In general, the Fund is designed for investors who have an approximate target retirement year in mind, and the Fund’s investments are adjusted from more aggressive to more conservative over time as the Fund’s target retirement year approaches and for approximately 30 years afterwards. The Fund invests in Underlying Funds according to an asset allocation strategy designed for investors who retired in, or planned to retire within a few years of, 2010 and who may have begun taking systematic withdrawals upon retirement. The Fund has a policy of investing at least 80% of its assets (net assets, plus the amount of any borrowings for investment purposes) in Underlying Funds that are managed to seek investment returns that track particular market indices.
Advisors currently expects to allocate approximately 35.00% of the Fund’s assets to equity Underlying Funds and 65.00% of its assets to fixed-income Underlying Funds. These allocations represent targets for equity and fixed-income asset classes. Target allocations will change over time and actual allocations may vary up to ten percentage points from the targets. The target allocations along the investment glidepath, illustrated in the chart below, gradually become more conservative. The Fund had target allocations of approximately 50.00% equity/50.00% fixed-income in the Fund’s target retirement year of 2010 and will reach the Fund’s final target allocation of approximately 20.00% equity/80.00% fixed-income in 2040. Within the equity and fixed-income asset classes, Advisors allocates the Fund’s investments to particular market sectors (U.S. equity, international equity, fixed-income, short-term fixed-income and inflation-protected assets) represented by various Underlying Funds. These market sector allocations may vary by up to 10% from the Fund’s target market sector allocations. The Fund’s current target market sector allocations for June 30, 2025, which will change over time, are approximately as follows: U.S. Equity: 22.75%; International Equity: 12.25%; Fixed-Income: 40.00%; Short-Term Fixed-Income: 15.00%; and Inflation-Protected Assets: 10.00%. The asset class and market sector names used herein are intended to reflect the primary type of investment of the Underlying Funds within each of these categories.
22 Prospectus ■ Nuveen Lifecycle Index Funds
The Fund’s target market sector allocations to Underlying Funds may include the Nuveen Equity Index Fund (U.S. Equity); Nuveen Emerging Markets Equity Index Fund and Nuveen International Equity Index Fund (International Equity); Nuveen Bond Index Fund (Fixed-Income); Nuveen Short Term Bond Index Fund (Short-Term Fixed-Income); and Nuveen Inflation Linked Bond Fund (Inflation-Protected Assets).
As a result of its investments in the Underlying Funds, the Fund’s returns will reflect investments in a mix of domestic and foreign equities of companies of various sizes and market capitalizations and a variety of domestic and foreign fixed-income instruments of private and governmental issuers of varying maturities and credit qualities.
Additional or replacement Underlying Funds for each market sector, as well as additional or replacement market sectors, may be included when making future allocations if Advisors believes that such Underlying Funds and/or market sectors are appropriate in light of the Fund’s desired levels of risk and potential return at the particular time. The Fund’s portfolio management team may also add a new market sector if it believes that will help to achieve the Fund’s investment objective. The relative allocations among Underlying Funds within a market sector may be changed at any time without notice to shareholders. If 10% or more of the Fund’s assets are expected to be invested in any Underlying Fund or market sector not listed above, shareholders will receive prior notice of such change.
As part of the Fund’s ability to invest in other investment pools or investment products noted above, the Fund may invest in exchange-traded funds (“ETFs”) and exchange-traded notes (“ETNs”) to gain exposure to various market sectors or securities in order to effect its asset allocation strategy. Additionally, the Fund may use ETFs or ETNs for cash management, hedging or defensive purposes. ETFs or ETNs will be subject to the risks associated with the types of securities or sectors that they track, while ETNs, which are structured as fixed-income obligations, will also be subject to the general risks of fixed-income securities, including credit risk.
The Fund’s asset class allocations, market sector allocations within each asset class, and Underlying Fund allocations within each market sector, as of June 30, 2024, are listed in the chart below. These allocations will change over time. Underlying Fund allocations in particular may change from year to year.
Asset Class | Allocation |
| Market Sector | Allocation |
| Underlying Funds | Allocation |
Equity | 36.18% |
| U.S. Equity | 23.64% |
| Nuveen Equity Index | 23.64% |
International Equity | 12.54% | Nuveen International Equity Index | 8.61% | ||||
Nuveen Emerging Markets Equity Index | 3.93% | ||||||
Fixed-Income | 63.82% |
| Fixed-Income | 39.92% |
| Nuveen Bond Index | 39.92% |
Short-Term | 13.96% | Nuveen Short Term Bond Index | 13.96% | ||||
Inflation- | 9.94% | Nuveen Inflation Linked Bond | 9.94% |
Total | 100.00% | 100.00% | 100.00% |
Nuveen Lifecycle Index Funds ■ Prospectus 23
The following chart shows how the investment glidepath for the Fund is expected to gradually move the Fund’s target allocations over time between the different target market sector allocations. The actual market sector allocations of the Fund may differ from this chart. The Fund seeks to achieve its final target market sector allocations approximately 30 years following the target date.
The Fund is designed to accommodate investors who invest in a fund up to their target retirement date, and plan to make gradual systematic withdrawals in retirement. In addition, investors should note that the Fund will continue to have a significant level of equity exposure up to, through and after its target retirement date, and this exposure could cause significant fluctuations in the value of the Fund depending on the performance of the equity markets generally.
After the Fund reaches its final target allocation, the Board of Trustees may authorize the merger of the Fund into another Lifecycle Index Fund which has also reached its final target allocation or other similar fund designed to maintain a relatively stable asset allocation reflecting the resting point on the glidepath described in the chart above. Fund shareholders will receive prior notice of any such merger.
· Asset Allocation Risk—The risk that the Fund may not achieve its target allocations. In addition, there is the risk that the asset allocations may not achieve the desired risk-return characteristic or that the selection of Underlying Funds and the allocations among them will result in the Fund underperforming other similar funds or cause an investor to lose money.
· Index Risk—The risk that an Underlying Fund’s performance may not correspond to its benchmark index for any period of time and may underperform such index or the overall financial market. Additionally, to the extent that an Underlying Fund’s investments vary from the composition of its benchmark index, the Underlying Fund’s performance could potentially
24 Prospectus ■ Nuveen Lifecycle Index Funds
vary from the index’s performance to a greater extent than if the Underlying Fund merely attempted to replicate the index.
· Underlying Funds Risks—The Fund is exposed to the risks of the Underlying Funds in which it invests in direct proportion to the amount of assets the Fund allocates to each Underlying Fund.
· Equity Underlying Funds Risks—The risks of investing in equity Underlying Funds include risks specific to their investment strategies, as well as risks related to the equity markets in general, such as:
· market risk—The risk that market prices of portfolio investments held by a Fund may fall rapidly or unpredictably due to a variety of factors, including changing economic, political or market conditions. Market risk may affect a single issuer, industry or sector of the economy, or it may affect the market as a whole. Such conditions may add significantly to the risk of volatility in the net asset value (“NAV”) of the Fund’s shares and adversely affect the Fund and its investments. From time to time, a Fund may invest a significant portion of its assets in companies in one or more related sectors or industries, which would make the Fund more vulnerable to adverse developments affecting such sectors or industries;
· issuer risk—The risk that an issuer’s earnings prospects, credit rating and overall financial position will deteriorate, causing a decline in the value of the issuer’s financial instruments over short or extended periods of time;
· foreign investment risk—Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, currency, market or economic developments as well as armed conflicts and can result in greater price volatility and perform differently from financial instruments of U.S. issuers. This risk may be heightened in emerging or developing markets. Foreign investments may also have lower liquidity and be more difficult to value than investments in U.S. issuers. To the extent a Fund invests a significant portion of its assets in the securities of companies in a single country or region, it may be more susceptible to adverse economic, market, political or regulatory events or conditions affecting that country or region. Foreign investments may also be subject to risk of loss because of more or less foreign government regulation, less public information, less stringent investor protections and less stringent accounting, corporate governance, financial reporting and disclosure standards. Changes in the value of foreign currencies may make the return on an investment increase or decrease, unrelated to the quality or performance of the investment itself. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs) and other restrictions by the United States or other governments may also negatively impact a Fund’s
Nuveen Lifecycle Index Funds ■ Prospectus 25
investments. Economic sanctions and other similar governmental actions or developments could, among other things, effectively restrict or eliminate a Fund’s ability to purchase or sell certain foreign securities or groups of foreign securities, and/or thus may make a Fund’s investments in such securities less liquid (or illiquid) or more difficult to value. The type and severity of sanctions and other measures that may be imposed could vary broadly in scope, and their impact is impossible to predict; and
· small- and mid-cap risk—The risk that the stocks of small-capitalization companies often experience greater price volatility than large- or mid-sized companies because small-cap companies are often newer or less established than larger companies and are likely to have more limited resources, products and markets. Securities of small-cap companies often have lower overall liquidity than securities of larger companies as a result of there being a smaller market for their securities, which can have an adverse effect on the pricing of these securities and on the ability to sell these securities when a Fund’s investment adviser or sub-adviser deems it appropriate. Stocks of mid-capitalization companies often experience greater price volatility, lower trading volume and lower overall liquidity than the stocks of larger, more established companies.
· Fixed-Income Underlying Funds Risks—The risks of investing in fixed-income Underlying Funds include risks specific to their investment strategies, as well as risks related to the fixed-income markets in general, such as:
· interest rate risk—The risk that changes in interest rates can adversely affect the value or liquidity of, and income generated by, fixed-income investments. This risk is heightened to the extent a Fund invests in longer duration fixed-income investments and during periods when prevailing interest rates are changing. There is a risk that interest rates across the financial system may change, possibly significantly and/or rapidly. In general, changing interest rates, including rates that fall below zero, or a lack of market participants may lead to decreased liquidity and increased volatility in the fixed-income or debt markets, making it more difficult for the Fund to sell fixed-income investments. When interest rates change, the values of longer duration fixed-income securities usually change more than the values of shorter duration fixed-income securities. Conversely, fixed-income securities with shorter durations or maturities will be less volatile but may provide lower returns than fixed-income securities with longer durations or maturities. Other factors that may affect the value of debt securities include, but are not limited to, economic, political, public health, and other crises and responses by governments and companies to such crises;
26 Prospectus ■ Nuveen Lifecycle Index Funds
· prepayment risk—The risk that, during periods of falling interest rates, borrowers may pay off their mortgage loans sooner than expected, forcing a Fund to reinvest the unanticipated proceeds at lower interest rates and resulting in a decline in income;
· extension risk—The risk that, during periods of rising interest rates, borrowers may pay off their mortgage loans later than expected, preventing a Fund from reinvesting principal proceeds at higher interest rates and resulting in less income than potentially available;
· issuer risk—The risk that an issuer’s earnings prospects, credit rating and overall financial position will deteriorate, causing a decline in the value of the issuer’s financial instruments over short or extended periods of time;
· credit risk—The risk that the issuer of fixed-income investments may not be able or willing, or may be perceived (whether by market participants, rating agencies, pricing services or otherwise) as not able or willing, to meet interest or principal payments when the payments become due;
· credit spread risk—The risk that credit spreads (i.e., the difference in yield between securities that is due to differences in each security’s respective credit quality) may increase when market participants believe that bonds generally have a greater risk of default, which could result in a decline in the market values of a Fund’s debt securities;
· income volatility risk—The risk that the level of current income from a portfolio of fixed-income investments may decline in certain interest rate environments;
· market volatility, liquidity and valuation risk (types of market risk)—The risk that volatile or dramatic reductions in trading activity make it difficult for a Fund to properly value its investments and that a Fund may not be able to purchase or sell an investment at an attractive price, if at all; and
· call risk—The risk that, during periods of falling interest rates, an issuer may call (or repay) a fixed-income security prior to maturity, resulting in a decline in a Fund’s income.
· Emerging Markets Underlying Funds Risk—The risk of foreign investment often increases in countries with emerging markets or otherwise economically tied to emerging market countries. For example, these countries may have more unstable governments than developed countries, and their economies may be based on only a few industries. Emerging market countries may also have less stringent regulation of accounting, auditing, financial reporting and recordkeeping requirements, which would affect a Fund’s ability to evaluate potential portfolio companies. As a result, there could be less information available about issuers in emerging market countries, which could
Nuveen Lifecycle Index Funds ■ Prospectus 27
negatively affect Advisors’ ability to evaluate local companies or their potential impact on a Fund’s performance. Because the financial markets of emerging market countries may be very small, share prices of financial instruments in emerging market countries may be volatile and difficult to determine. Financial instruments of issuers in these countries may have lower overall liquidity than those of issuers in more developed countries. In addition, foreign investors such as a Fund are subject to a variety of special restrictions in many emerging market countries. Moreover, legal remedies for investors in emerging markets may be more limited, and U.S. authorities may have less ability to bring actions against bad actors in emerging market countries.
· Illiquid Investments Underlying Funds Risk—The risk that illiquid investments may be difficult to sell for the value at which they are carried, if at all, or at any price within the desired time frame.
· Currency Underlying Funds Risk—The risk that foreign (non-U.S.) currencies may decline in value relative to the U.S. dollar and adversely affect the value of a Fund’s investments in foreign currencies, securities denominated in foreign currencies or derivative instruments that provide exposure to foreign currencies.
· Active Management Risk—The risk that the strategy, investment selection or trading execution of Advisors could cause the Fund or an Underlying Fund to underperform its benchmark index or mutual funds with similar investment objectives and may not produce expected returns.
· Fund of Funds Risk—The ability of the Fund to achieve its investment objective will depend in part upon the ability of the Underlying Funds to achieve their investment objectives. There can be no guarantee that any Underlying Fund will achieve its investment objective.
There can be no assurances that the Fund will achieve its investment objective. You should not consider the Fund to be a complete investment program. Please see the non-summary portion of the Prospectus for more detailed information about the risks described above, including the risks of the Underlying Funds.
28 Prospectus ■ Nuveen Lifecycle Index Funds
returns compare to those of a broad-based securities market index and a composite index based on the Fund’s target allocations. In accordance with new regulatory requirements, the Fund has selected the Russell 3000®Index and the Bloomberg U.S. Aggregate Bond Index, which represent broad measures of market performance, and are generally representative of the market sectors or types of investments in which the Fund invests across the equity and fixed-income asset classes. After-tax performance is shown only for the Retirement Class shares, and after-tax returns for the other classes of shares will vary from the after-tax returns presented for the Retirement Class shares.
The
returns shown below reflect previous agreements by Advisors to waive or reimburse the Fund and certain
Underlying Funds for certain fees and expenses. Without these waivers and reimbursements, the returns
of the Fund would have been lower.
For current performance information of each share class, including performance
to the most recent month-end, please visit
ANNUAL TOTAL RETURNS FOR RETIREMENT CLASS SHARES (%)†
Nuveen Lifecycle Index 2010 Fund
†
Nuveen Lifecycle Index Funds ■ Prospectus 29
For the Periods Ended December 31, 2023
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# | The performance shown for Class I that is prior to its inception date is based on performance of the Fund’s Retirement Class. The performance for these periods has not been restated to reflect the lower expenses of Class I. | |||||||||||
‡ | As of the close of business on December 31, 2023, the Lifecycle Index 2010 Fund Composite Index consisted of: 40.0% Bloomberg U.S. Aggregate Bond Index; 23.7% Russell 3000® Index; 12.8% MSCI EAFE+Emerging Markets Index; 13.5% Bloomberg U.S. 1-3 Year Government/Credit Bond Index; and 10.0% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index. The Fund’s composite benchmark, the components that make up a composite benchmark and the method of calculating a composite benchmark’s performance may vary over time. | |||||||||||
30 Prospectus ■ Nuveen Lifecycle Index Funds
Investment Adviser. Teachers Advisors, LLC.
Portfolio Managers.
Name: | John Cunniff, CFA | Steve Sedmak, CFA | |
Title: | Managing Director | Managing Director | |
Experience on Fund: | since 2009 | since 2018 |
Purchase and sale of Fund shares
You may purchase, redeem or exchange shares of the Fund on any day that the New York Stock Exchange (“NYSE”) or its affiliated exchanges, NYSE Arca Equities or NYSE American, are open for trading (each such day a “Business Day”) directly from the Fund (for certain share classes) or through a financial advisor, employee benefit plan or other financial intermediary. The Fund’s initial and subsequent investment minimums generally are as follows, although certain financial intermediaries may impose their own investment minimums and the Fund may reduce or waive the minimums in some cases:
Eligibility and Minimum Initial Investment | Minimum Additional Investment | |
Class I | Available only through fee-based programs and certain retirement plans, and to other limited categories of investors as described in the Prospectus. $100,000 for all accounts except: · $250 for clients of financial intermediaries and family offices that have accounts holding Class I shares with an aggregate value of at least $100,000 (or that are expected to reach this level). · No minimum for eligible retirement plans and certain other categories of eligible investors as described in the Prospectus. | No minimum. |
Premier Class, Retirement Class | Available only through certain employee benefit plans, other types of savings plans or accounts and certain financial intermediaries as described in the Prospectus. No minimum. | No minimum. |
Class R6 | Available only to certain eligible investors as described in the Prospectus and through fee-based programs. $1 million for all accounts except: · $1,000 for clients of financial intermediaries who charge such clients an ongoing fee for advisory, investment, consulting or related services. | No minimum. |
The Fund intends to make distributions to shareholders that may be taxed as ordinary income or capital gains. Distributions made to tax-exempt shareholders or shareholders who hold Fund shares in a tax-deferred account are generally
Nuveen Lifecycle Index Funds ■ Prospectus 31
not subject to income tax in the current year, but redemptions made from tax-deferred accounts may be subject to income tax.
Payments to broker-dealers and other financial intermediary compensation
If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and/or its related companies may pay the financial intermediary for providing investor services. The Fund’s related companies may also pay the financial intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other financial intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary’s website for more information.
32 Prospectus ■ Nuveen Lifecycle Index Funds
Summary information |
(formerly TIAA-CREF Lifecycle Index 2015 Fund)
The Fund seeks high total return over time through a combination of capital appreciation and income.
The following tables describe the fees and expenses that you may pay if you buy, hold and sell shares of the Fund.
The tables and examples below do not reflect any commissions that shareholders may be required to pay directly to their financial intermediaries when buying or selling Class I shares.
| | | Retirement Class | |||||
Maximum
sales charge (load) imposed on purchases | ||||||||
Maximum deferred sales charge (load) | ||||||||
Maximum
sales charge (load) imposed on reinvested | ||||||||
Redemption or exchange fee | ||||||||
Maximum account fee |
Nuveen Lifecycle Index Funds ■ Prospectus 33
ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)
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Waivers and expense reimbursements3,4 | ( |
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1 | Restated to reflect estimate for the current fiscal year. | ||||||||
2 | Portions of the Management fees and Other expenses are based on expenses originally incurred by Class W shares of the Underlying Funds (as defined below) of the Trust, which have been incurred directly by the Fund pursuant to certain contractual arrangements intended to reallocate directly to the Fund certain fees and expenses that had been paid by the Underlying Funds of the Trust. For additional information, please see the “Management of the Funds” section of this Prospectus. | ||||||||
3 | Under the Fund’s expense reimbursement arrangements, the Fund’s investment adviser, Teachers Advisors, LLC (“Advisors”), has contractually agreed to reimburse the Fund for any Total annual Fund operating expenses (excluding interest, taxes, brokerage commissions or other transactional expenses, Acquired fund fees and expenses, extraordinary expenses and any expenses originally attributable to Class W shares of the Underlying Funds of the Trust that were incurred directly by the Fund) that exceed: (i) 0.171% of average daily net assets for Class I shares; (ii) 0.171% of average daily net assets for Premier Class shares; (iii) 0.021% of average daily net assets for Class R6 shares; and (iv) 0.271% of average daily net assets for Retirement Class shares of the Fund. These expense reimbursement arrangements will continue through at least September 30, 2025, unless changed with approval of the Board of Trustees. | ||||||||
4 | Advisors has contractually agreed to waive 0.079% of the Fund’s Management fee. This waiver will remain in effect through at least September 30, 2025, unless changed with the approval of the Board of Trustees. | ||||||||
This example is intended to help you compare the cost of investing in shares of the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses, before fee waivers and/or expense reimbursements, remain the same. The example assumes that the Fund’s fee waiver and/or expense reimbursement arrangements will each remain in place for the durations noted in the table above. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
| Class I |
| Premier
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| Class R6 |
| Retirement |
| ||||
1 year | $ | |
| $ |
|
| $ | |
| $ | |
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3 years | $ | |
| $ |
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| $ | |
| $ | |
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5 years | $ | |
| $ |
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| $ | |
| $ | |
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10 years | $ | |
| $ | |
| $ | |
| $ | |
|
34 Prospectus ■ Nuveen Lifecycle Index Funds
The Fund pays transaction costs, such as commissions, when
it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover
rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in
a taxable account. These costs, which are not reflected in annual fund operating expenses or in the
example, affect the Fund’s performance. During the fiscal year ended May 31, 2024,
the Fund’s portfolio turnover rate was
The Fund is a “fund of funds” that invests in Class W shares of other Nuveen mutual funds and potentially in other investment pools or investment products, including other funds advised by the Fund’s investment adviser, Teachers Advisors, LLC (“Advisors”), or its affiliates (collectively, the “Underlying Funds”). In general, the Fund is designed for investors who have an approximate target retirement year in mind, and the Fund’s investments are adjusted from more aggressive to more conservative over time as the Fund’s target retirement year approaches and for approximately 30 years afterwards. The Fund invests in Underlying Funds according to an asset allocation strategy designed for investors who retired in, or planned to retire within a few years of, 2015 and who may have begun taking systematic withdrawals upon retirement. The Fund has a policy of investing at least 80% of its assets (net assets, plus the amount of any borrowings for investment purposes) in Underlying Funds that are managed to seek investment returns that track particular market indices.
Advisors currently expects to allocate approximately 40.00% of the Fund’s assets to equity Underlying Funds and 60.00% of its assets to fixed-income Underlying Funds. These allocations represent targets for equity and fixed-income asset classes. Target allocations will change over time and actual allocations may vary up to ten percentage points from the targets. The target allocations along the investment glidepath, illustrated in the chart below, gradually become more conservative. The Fund had target allocations of approximately 50.00% equity/50.00% fixed-income in the Fund’s target retirement year of 2015 and will reach the Fund’s final target allocation of approximately 20.00% equity/80.00% fixed-income in 2045. Within the equity and fixed-income asset classes, Advisors allocates the Fund’s investments to particular market sectors (U.S. equity, international equity, fixed-income, short-term fixed-income and inflation-protected assets) represented by various Underlying Funds. These market sector allocations may vary by up to 10% from the Fund’s target market sector allocations. The Fund’s current target market sector allocations for June 30, 2025, which will change over time, are approximately as follows: U.S. Equity: 26.00%; International Equity: 14.00%; Fixed-Income: 40.00%; Short-Term Fixed-Income: 10.00%; and Inflation-Protected Assets: 10.00%. The asset class and market sector names used herein are intended to reflect the primary type of investment of the Underlying Funds within each of these categories.
Nuveen Lifecycle Index Funds ■ Prospectus 35
The Fund’s target market sector allocations to Underlying Funds may include the Nuveen Equity Index Fund (U.S. Equity); Nuveen Emerging Markets Equity Index Fund and Nuveen International Equity Index Fund (International Equity); Nuveen Bond Index Fund (Fixed-Income); Nuveen Short Term Bond Index Fund (Short-Term Fixed-Income); and Nuveen Inflation Linked Bond Fund (Inflation-Protected Assets).
As a result of its investments in the Underlying Funds, the Fund’s returns will reflect investments in a mix of domestic and foreign equities of companies of various sizes and market capitalizations and a variety of domestic and foreign fixed-income instruments of private and governmental issuers of varying maturities and credit qualities.
Additional or replacement Underlying Funds for each market sector, as well as additional or replacement market sectors, may be included when making future allocations if Advisors believes that such Underlying Funds and/or market sectors are appropriate in light of the Fund’s desired levels of risk and potential return at the particular time. The Fund’s portfolio management team may also add a new market sector if it believes that will help to achieve the Fund’s investment objective. The relative allocations among Underlying Funds within a market sector may be changed at any time without notice to shareholders. If 10% or more of the Fund’s assets are expected to be invested in any Underlying Fund or market sector not listed above, shareholders will receive prior notice of such change.
As part of the Fund’s ability to invest in other investment pools or investment products noted above, the Fund may invest in exchange-traded funds (“ETFs”) and exchange-traded notes (“ETNs”) to gain exposure to various market sectors or securities in order to effect its asset allocation strategy. Additionally, the Fund may use ETFs or ETNs for cash management, hedging or defensive purposes. ETFs or ETNs will be subject to the risks associated with the types of securities or sectors that they track, while ETNs, which are structured as fixed-income obligations, will also be subject to the general risks of fixed-income securities, including credit risk.
The Fund’s asset class allocations, market sector allocations within each asset class, and Underlying Fund allocations within each market sector, as of June 30, 2024, are listed in the chart below. These allocations will change over time. Underlying Fund allocations in particular may change from year to year.
Asset Class | Allocation |
| Market Sector | Allocation |
| Underlying Funds | Allocation |
Equity | 41.19% |
| U.S. Equity | 26.91% |
| Nuveen Equity Index | 26.91% |
International Equity | 14.28% | Nuveen International Equity Index | 9.81% | ||||
Nuveen Emerging Markets Equity Index | 4.47% | ||||||
Fixed-Income | 58.81% |
| Fixed-Income | 39.71% |
| Nuveen Bond Index | 39.71% |
Short-Term | 9.58% | Nuveen Short Term Bond Index | 9.58% | ||||
Inflation- | 9.52% | Nuveen Inflation Linked Bond | 9.52% |
Total | 100.00% | 100.00% | 100.00% |
36 Prospectus ■ Nuveen Lifecycle Index Funds
The following chart shows how the investment glidepath for the Fund is expected to gradually move the Fund’s target allocations over time between the different target market sector allocations. The actual market sector allocations of the Fund may differ from this chart. The Fund seeks to achieve its final target market sector allocations approximately 30 years following the target date.
The Fund is designed to accommodate investors who invest in a fund up to their target retirement date, and plan to make gradual systematic withdrawals in retirement. In addition, investors should note that the Fund will continue to have a significant level of equity exposure up to, through and after its target retirement date, and this exposure could cause significant fluctuations in the value of the Fund depending on the performance of the equity markets generally.
After the Fund reaches its final target allocation, the Board of Trustees may authorize the merger of the Fund into another Lifecycle Index Fund which has also reached its final target allocation or other similar fund designed to maintain a relatively stable asset allocation reflecting the resting point on the glidepath described in the chart above. Fund shareholders will receive prior notice of any such merger.
· Asset Allocation Risk—The risk that the Fund may not achieve its target allocations. In addition, there is the risk that the asset allocations may not achieve the desired risk-return characteristic or that the selection of Underlying Funds and the allocations among them will result in the Fund underperforming other similar funds or cause an investor to lose money.
· Index Risk—The risk that an Underlying Fund’s performance may not correspond to its benchmark index for any period of time and may underperform such index or the overall financial market. Additionally, to the extent that an Underlying Fund’s investments vary from the composition of its benchmark index, the Underlying Fund’s performance could potentially
Nuveen Lifecycle Index Funds ■ Prospectus 37
vary from the index’s performance to a greater extent than if the Underlying Fund merely attempted to replicate the index.
· Underlying Funds Risks—The Fund is exposed to the risks of the Underlying Funds in which it invests in direct proportion to the amount of assets the Fund allocates to each Underlying Fund.
· Equity Underlying Funds Risks—The risks of investing in equity Underlying Funds include risks specific to their investment strategies, as well as risks related to the equity markets in general, such as:
· market risk—The risk that market prices of portfolio investments held by a Fund may fall rapidly or unpredictably due to a variety of factors, including changing economic, political or market conditions. Market risk may affect a single issuer, industry or sector of the economy, or it may affect the market as a whole. Such conditions may add significantly to the risk of volatility in the net asset value (“NAV”) of the Fund’s shares and adversely affect the Fund and its investments. From time to time, a Fund may invest a significant portion of its assets in companies in one or more related sectors or industries, which would make the Fund more vulnerable to adverse developments affecting such sectors or industries;
· issuer risk—The risk that an issuer’s earnings prospects, credit rating and overall financial position will deteriorate, causing a decline in the value of the issuer’s financial instruments over short or extended periods of time;
· foreign investment risk—Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, currency, market or economic developments as well as armed conflicts and can result in greater price volatility and perform differently from financial instruments of U.S. issuers. This risk may be heightened in emerging or developing markets. Foreign investments may also have lower liquidity and be more difficult to value than investments in U.S. issuers. To the extent a Fund invests a significant portion of its assets in the securities of companies in a single country or region, it may be more susceptible to adverse economic, market, political or regulatory events or conditions affecting that country or region. Foreign investments may also be subject to risk of loss because of more or less foreign government regulation, less public information, less stringent investor protections and less stringent accounting, corporate governance, financial reporting and disclosure standards. Changes in the value of foreign currencies may make the return on an investment increase or decrease, unrelated to the quality or performance of the investment itself. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs) and other restrictions by the United States or other governments may also negatively impact a Fund’s
38 Prospectus ■ Nuveen Lifecycle Index Funds
investments. Economic sanctions and other similar governmental actions or developments could, among other things, effectively restrict or eliminate a Fund’s ability to purchase or sell certain foreign securities or groups of foreign securities, and/or thus may make a Fund’s investments in such securities less liquid (or illiquid) or more difficult to value. The type and severity of sanctions and other measures that may be imposed could vary broadly in scope, and their impact is impossible to predict; and
· small- and mid-cap risk—The risk that the stocks of small-capitalization companies often experience greater price volatility than large- or mid-sized companies because small-cap companies are often newer or less established than larger companies and are likely to have more limited resources, products and markets. Securities of small-cap companies often have lower overall liquidity than securities of larger companies as a result of there being a smaller market for their securities, which can have an adverse effect on the pricing of these securities and on the ability to sell these securities when a Fund’s investment adviser or sub-adviser deems it appropriate. Stocks of mid-capitalization companies often experience greater price volatility, lower trading volume and lower overall liquidity than the stocks of larger, more established companies.
· Fixed-Income Underlying Funds Risks—The risks of investing in fixed-income Underlying Funds include risks specific to their investment strategies, as well as risks related to the fixed-income markets in general, such as:
· interest rate risk—The risk that changes in interest rates can adversely affect the value or liquidity of, and income generated by, fixed-income investments. This risk is heightened to the extent a Fund invests in longer duration fixed-income investments and during periods when prevailing interest rates are changing. There is a risk that interest rates across the financial system may change, possibly significantly and/or rapidly. In general, changing interest rates, including rates that fall below zero, or a lack of market participants may lead to decreased liquidity and increased volatility in the fixed-income or debt markets, making it more difficult for the Fund to sell fixed-income investments. When interest rates change, the values of longer duration fixed-income securities usually change more than the values of shorter duration fixed-income securities. Conversely, fixed-income securities with shorter durations or maturities will be less volatile but may provide lower returns than fixed-income securities with longer durations or maturities. Other factors that may affect the value of debt securities include, but are not limited to, economic, political, public health, and other crises and responses by governments and companies to such crises;
Nuveen Lifecycle Index Funds ■ Prospectus 39
· prepayment risk—The risk that, during periods of falling interest rates, borrowers may pay off their mortgage loans sooner than expected, forcing a Fund to reinvest the unanticipated proceeds at lower interest rates and resulting in a decline in income;
· extension risk—The risk that, during periods of rising interest rates, borrowers may pay off their mortgage loans later than expected, preventing a Fund from reinvesting principal proceeds at higher interest rates and resulting in less income than potentially available;
· issuer risk—The risk that an issuer’s earnings prospects, credit rating and overall financial position will deteriorate, causing a decline in the value of the issuer’s financial instruments over short or extended periods of time;
· credit risk—The risk that the issuer of fixed-income investments may not be able or willing, or may be perceived (whether by market participants, rating agencies, pricing services or otherwise) as not able or willing, to meet interest or principal payments when the payments become due;
· credit spread risk—The risk that credit spreads (i.e., the difference in yield between securities that is due to differences in each security’s respective credit quality) may increase when market participants believe that bonds generally have a greater risk of default, which could result in a decline in the market values of a Fund’s debt securities;
· income volatility risk—The risk that the level of current income from a portfolio of fixed-income investments may decline in certain interest rate environments;
· market volatility, liquidity and valuation risk (types of market risk)—The risk that volatile or dramatic reductions in trading activity make it difficult for a Fund to properly value its investments and that a Fund may not be able to purchase or sell an investment at an attractive price, if at all; and
· call risk—The risk that, during periods of falling interest rates, an issuer may call (or repay) a fixed-income security prior to maturity, resulting in a decline in a Fund’s income.
· Emerging Markets Underlying Funds Risk—The risk of foreign investment often increases in countries with emerging markets or otherwise economically tied to emerging market countries. For example, these countries may have more unstable governments than developed countries, and their economies may be based on only a few industries. Emerging market countries may also have less stringent regulation of accounting, auditing, financial reporting and recordkeeping requirements, which would affect a Fund’s ability to evaluate potential portfolio companies. As a result, there could be less information available about issuers in emerging market countries, which could
40 Prospectus ■ Nuveen Lifecycle Index Funds
negatively affect Advisors’ ability to evaluate local companies or their potential impact on a Fund’s performance. Because the financial markets of emerging market countries may be very small, share prices of financial instruments in emerging market countries may be volatile and difficult to determine. Financial instruments of issuers in these countries may have lower overall liquidity than those of issuers in more developed countries. In addition, foreign investors such as a Fund are subject to a variety of special restrictions in many emerging market countries. Moreover, legal remedies for investors in emerging markets may be more limited, and U.S. authorities may have less ability to bring actions against bad actors in emerging market countries.
· Illiquid Investments Underlying Funds Risk—The risk that illiquid investments may be difficult to sell for the value at which they are carried, if at all, or at any price within the desired time frame.
· Currency Underlying Funds Risk—The risk that foreign (non-U.S.) currencies may decline in value relative to the U.S. dollar and adversely affect the value of a Fund’s investments in foreign currencies, securities denominated in foreign currencies or derivative instruments that provide exposure to foreign currencies.
· Active Management Risk—The risk that the strategy, investment selection or trading execution of Advisors could cause the Fund or an Underlying Fund to underperform its benchmark index or mutual funds with similar investment objectives and may not produce expected returns.
· Fund of Funds Risk—The ability of the Fund to achieve its investment objective will depend in part upon the ability of the Underlying Funds to achieve their investment objectives. There can be no guarantee that any Underlying Fund will achieve its investment objective.
There can be no assurances that the Fund will achieve its investment objective. You should not consider the Fund to be a complete investment program. Please see the non-summary portion of the Prospectus for more detailed information about the risks described above, including the risks of the Underlying Funds.
Nuveen Lifecycle Index Funds ■ Prospectus 41
returns compare to those of a broad-based securities market index and a composite index based on the Fund’s target allocations. In accordance with new regulatory requirements, the Fund has selected the Russell 3000®Index and the Bloomberg U.S. Aggregate Bond Index, which represent broad measures of market performance, and are generally representative of the market sectors or types of investments in which the Fund invests across the equity and fixed-income asset classes. After-tax performance is shown only for the Retirement Class shares, and after-tax returns for the other classes of shares will vary from the after-tax returns presented for the Retirement Class shares.
The
returns shown below reflect previous agreements by Advisors to waive or reimburse the Fund and certain
Underlying Funds for certain fees and expenses. Without these waivers and reimbursements, the returns
of the Fund would have been lower.
For current performance information of each share class, including performance
to the most recent month-end, please visit
ANNUAL TOTAL RETURNS FOR RETIREMENT CLASS SHARES (%)†
Nuveen Lifecycle Index 2015 Fund
†
42 Prospectus ■ Nuveen Lifecycle Index Funds
For the Periods Ended December 31, 2023
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# | The performance shown for Class I that is prior to its inception date is based on performance of the Fund’s Retirement Class. The performance for these periods has not been restated to reflect the lower expenses of Class I. | |||||||||||
‡ | As of the close of business on December 31, 2023, the Lifecycle Index 2015 Fund Composite Index consisted of: 39.7% Bloomberg U.S. Aggregate Bond Index; 27.0% Russell 3000® Index; 14.5% MSCI EAFE + Emerging Markets Index; 9.4% Bloomberg U.S. 1-3 Year Government/Credit Bond Index; and 9.4% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index. The Fund’s composite benchmark, the components that make up a composite benchmark and the method of calculating a composite benchmark’s performance may vary over time. | |||||||||||
Nuveen Lifecycle Index Funds ■ Prospectus 43
Investment Adviser. Teachers Advisors, LLC.
Portfolio Managers.
Name: | John Cunniff, CFA | Steve Sedmak, CFA | |
Title: | Managing Director | Managing Director | |
Experience on Fund: | since 2009 | since 2018 |
Purchase and sale of Fund shares
You may purchase, redeem or exchange shares of the Fund on any day that the New York Stock Exchange (“NYSE”) or its affiliated exchanges, NYSE Arca Equities or NYSE American, are open for trading (each such day a “Business Day”) directly from the Fund (for certain share classes) or through a financial advisor, employee benefit plan or other financial intermediary. The Fund’s initial and subsequent investment minimums generally are as follows, although certain financial intermediaries may impose their own investment minimums and the Fund may reduce or waive the minimums in some cases:
Eligibility and Minimum Initial Investment | Minimum Additional Investment | |
Class I | Available only through fee-based programs and certain retirement plans, and to other limited categories of investors as described in the Prospectus. $100,000 for all accounts except: · $250 for clients of financial intermediaries and family offices that have accounts holding Class I shares with an aggregate value of at least $100,000 (or that are expected to reach this level). · No minimum for eligible retirement plans and certain other categories of eligible investors as described in the Prospectus. | No minimum. |
Premier Class, Retirement Class | Available only through certain employee benefit plans, other types of savings plans or accounts and certain financial intermediaries as described in the Prospectus. No minimum. | No minimum. |
Class R6 | Available only to certain eligible investors as described in the Prospectus and through fee-based programs. $1 million for all accounts except: · $1,000 for clients of financial intermediaries who charge such clients an ongoing fee for advisory, investment, consulting or related services. | No minimum. |
The Fund intends to make distributions to shareholders that may be taxed as ordinary income or capital gains. Distributions made to tax-exempt shareholders or shareholders who hold Fund shares in a tax-deferred account are generally
44 Prospectus ■ Nuveen Lifecycle Index Funds
not subject to income tax in the current year, but redemptions made from tax-deferred accounts may be subject to income tax.
Payments to broker-dealers and other financial intermediary compensation
If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and/or its related companies may pay the financial intermediary for providing investor services. The Fund’s related companies may also pay the financial intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other financial intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary’s website for more information.
Nuveen Lifecycle Index Funds ■ Prospectus 45
Summary information |
(formerly TIAA-CREF Lifecycle Index 2020 Fund)
The Fund seeks high total return over time through a combination of capital appreciation and income.
The following tables describe the fees and expenses that you may pay if you buy, hold and sell shares of the Fund.
The tables and examples below do not reflect any commissions that shareholders may be required to pay directly to their financial intermediaries when buying or selling Class I shares.
| | | Retirement Class | |||||
Maximum
sales charge (load) imposed on purchases | ||||||||
Maximum deferred sales charge (load) | ||||||||
Maximum
sales charge (load) imposed on reinvested | ||||||||
Redemption or exchange fee | ||||||||
Maximum account fee |
46 Prospectus ■ Nuveen Lifecycle Index Funds
ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)
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1 | Restated to reflect estimate for the current fiscal year. | ||||||||
2 | Portions of the Management fees and Other expenses are based on expenses originally incurred by Class W shares of the Underlying Funds (as defined below) of the Trust, which have been incurred directly by the Fund pursuant to certain contractual arrangements intended to reallocate directly to the Fund certain fees and expenses that had been paid by the Underlying Funds of the Trust. For additional information, please see the “Management of the Funds” section of this Prospectus. | ||||||||
3 | Under the Fund’s expense reimbursement arrangements, the Fund’s investment adviser, Teachers Advisors, LLC (“Advisors”), has contractually agreed to reimburse the Fund for any Total annual Fund operating expenses (excluding interest, taxes, brokerage commissions or other transactional expenses, Acquired fund fees and expenses, extraordinary expenses and any expenses originally attributable to Class W shares of the Underlying Funds of the Trust that were incurred directly by the Fund) that exceed: (i) 0.175% of average daily net assets for Class I shares; (ii) 0.175% of average daily net assets for Premier Class shares; (iii) 0.025% of average daily net assets for Class R6 shares; and (iv) 0.275% of average daily net assets for Retirement Class shares of the Fund. These expense reimbursement arrangements will continue through at least September 30, 2025, unless changed with approval of the Board of Trustees. | ||||||||
4 | Advisors has contractually agreed to waive 0.075% of the Fund’s Management fee. This waiver will remain in effect through at least September 30, 2025, unless changed with the approval of the Board of Trustees. | ||||||||
This example is intended to help you compare the cost of investing in shares of the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses, before fee waivers and/or expense reimbursements, remain the same. The example assumes that the Fund’s fee waiver and/or expense reimbursement arrangements will each remain in place for the durations noted in the table above. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
| Class I |
| Premier
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| Class R6 |
| Retirement |
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1 year | $ | |
| $ |
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| $ | |
| $ | |
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3 years | $ | |
| $ |
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| $ | |
| $ | |
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5 years | $ | |
| $ |
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| $ | |
| $ | |
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10 years | $ | |
| $ | |
| $ | |
| $ | |
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Nuveen Lifecycle Index Funds ■ Prospectus 47
The Fund pays transaction costs, such as commissions, when
it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover
rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in
a taxable account. These costs, which are not reflected in annual fund operating expenses or in the
example, affect the Fund’s performance. During the fiscal year ended May 31, 2024,
the Fund’s portfolio turnover rate was
The Fund is a “fund of funds” that invests in Class W shares of other Nuveen mutual funds and potentially in other investment pools or investment products, including other funds advised by the Fund’s investment adviser, Teachers Advisors, LLC (“Advisors”), or its affiliates (collectively, the “Underlying Funds”). In general, the Fund is designed for investors who have an approximate target retirement year in mind, and the Fund’s investments are adjusted from more aggressive to more conservative over time as the Fund’s target retirement year approaches and for approximately 30 years afterwards. The Fund invests in Underlying Funds according to an asset allocation strategy designed for investors who retired in, or planned to retire within a few years of, 2020 and who may have begun taking systematic withdrawals upon retirement. The Fund has a policy of investing at least 80% of its assets (net assets, plus the amount of any borrowings for investment purposes) in Underlying Funds that are managed to seek investment returns that track particular market indices.
Advisors currently expects to allocate approximately 45.00% of the Fund’s assets to equity Underlying Funds and 55.00% of its assets to fixed-income Underlying Funds. These allocations represent targets for equity and fixed-income asset classes. Target allocations will change over time and actual allocations may vary up to ten percentage points from the targets. The target allocations along the investment glidepath, illustrated in the chart below, gradually become more conservative. The Fund had target allocations of approximately 50.00% equity/50.00% fixed-income in the Fund’s target retirement year of 2020 and will reach the Fund’s final target allocation of approximately 20.00% equity/80.00% fixed-income in 2050. Within the equity and fixed-income asset classes, Advisors allocates the Fund’s investments to particular market sectors (U.S. equity, international equity, fixed-income, short-term fixed-income and inflation-protected assets) represented by various Underlying Funds. These market sector allocations may vary by up to 10% from the Fund’s target market sector allocations. The Fund’s current target market sector allocations for June 30, 2025, which will change over time, are approximately as follows: U.S. Equity: 29.25%; International Equity: 15.75%; Fixed-Income: 39.00%; Short-Term Fixed-Income: 8.00%; and Inflation-Protected Assets: 8.00%. The asset class and market sector names used herein are intended to reflect the primary type of investment of the Underlying Funds within each of these categories.
48 Prospectus ■ Nuveen Lifecycle Index Funds
The Fund’s target market sector allocations to Underlying Funds may include the Nuveen Equity Index Fund (U.S. Equity); Nuveen Emerging Markets Equity Index Fund and Nuveen International Equity Index Fund (International Equity); Nuveen Bond Index Fund (Fixed-Income); Nuveen Short Term Bond Index Fund (Short-Term Fixed-Income); and Nuveen Inflation Linked Bond Fund (Inflation-Protected Assets).
As a result of its investments in the Underlying Funds, the Fund’s returns will reflect investments in a mix of domestic and foreign equities of companies of various sizes and market capitalizations and a variety of domestic and foreign fixed-income instruments of private and governmental issuers of varying maturities and credit qualities.
Additional or replacement Underlying Funds for each market sector, as well as additional or replacement market sectors, may be included when making future allocations if Advisors believes that such Underlying Funds and/or market sectors are appropriate in light of the Fund’s desired levels of risk and potential return at the particular time. The Fund’s portfolio management team may also add a new market sector if it believes that will help to achieve the Fund’s investment objective. The relative allocations among Underlying Funds within a market sector may be changed at any time without notice to shareholders. If 10% or more of the Fund’s assets are expected to be invested in any Underlying Fund or market sector not listed above, shareholders will receive prior notice of such change.
As part of the Fund’s ability to invest in other investment pools or investment products noted above, the Fund may invest in exchange-traded funds (“ETFs”) and exchange-traded notes (“ETNs”) to gain exposure to various market sectors or securities in order to effect its asset allocation strategy. Additionally, the Fund may use ETFs or ETNs for cash management, hedging or defensive purposes. ETFs or ETNs will be subject to the risks associated with the types of securities or sectors that they track, while ETNs, which are structured as fixed-income obligations, will also be subject to the general risks of fixed-income securities, including credit risk.
The Fund’s asset class allocations, market sector allocations within each asset class, and Underlying Fund allocations within each market sector, as of June 30, 2024, are listed in the chart below. These allocations will change over time. Underlying Fund allocations in particular may change from year to year.
Asset Class | Allocation |
| Market Sector | Allocation |
| Underlying Funds | Allocation |
Equity | 46.21% |
| U.S. Equity | 30.20% |
| Nuveen Equity Index | 30.20% |
International Equity | 16.01% | Nuveen International Equity Index | 10.99% | ||||
Nuveen Emerging Markets Equity Index | 5.02% | ||||||
Fixed-Income | 53.79% |
| Fixed-Income | 38.69% |
| Nuveen Bond Index | 38.69% |
Short-Term | 7.57% | Nuveen Short Term Bond Index | 7.57% | ||||
Inflation- | 7.53% | Nuveen Inflation Linked Bond | 7.53% |
Total | 100.00% | 100.00% | 100.00% |
Nuveen Lifecycle Index Funds ■ Prospectus 49
The following chart shows how the investment glidepath for the Fund is expected to gradually move the Fund’s target allocations over time between the different target market sector allocations. The actual market sector allocations of the Fund may differ from this chart. The Fund seeks to achieve its final target market sector allocations approximately 30 years following the target date.
The Fund is designed to accommodate investors who invest in a fund up to their target retirement date, and plan to make gradual systematic withdrawals in retirement. In addition, investors should note that the Fund will continue to have a significant level of equity exposure up to, through and after its target retirement date, and this exposure could cause significant fluctuations in the value of the Fund depending on the performance of the equity markets generally.
After the Fund reaches its final target allocation, the Board of Trustees may authorize the merger of the Fund into another Lifecycle Index Fund which has also reached its final target allocation or other similar fund designed to maintain a relatively stable asset allocation reflecting the resting point on the glidepath described in the chart above. Fund shareholders will receive prior notice of any such merger.
· Asset Allocation Risk—The risk that the Fund may not achieve its target allocations. In addition, there is the risk that the asset allocations may not achieve the desired risk-return characteristic or that the selection of Underlying Funds and the allocations among them will result in the Fund underperforming other similar funds or cause an investor to lose money.
· Index Risk—The risk that an Underlying Fund’s performance may not correspond to its benchmark index for any period of time and may underperform such index or the overall financial market. Additionally, to the extent that an Underlying Fund’s investments vary from the composition of its benchmark index, the Underlying Fund’s performance could potentially
50 Prospectus ■ Nuveen Lifecycle Index Funds
vary from the index’s performance to a greater extent than if the Underlying Fund merely attempted to replicate the index.
· Underlying Funds Risks—The Fund is exposed to the risks of the Underlying Funds in which it invests in direct proportion to the amount of assets the Fund allocates to each Underlying Fund.
· Equity Underlying Funds Risks—The risks of investing in equity Underlying Funds include risks specific to their investment strategies, as well as risks related to the equity markets in general, such as:
· market risk—The risk that market prices of portfolio investments held by a Fund may fall rapidly or unpredictably due to a variety of factors, including changing economic, political or market conditions. Market risk may affect a single issuer, industry or sector of the economy, or it may affect the market as a whole. Such conditions may add significantly to the risk of volatility in the net asset value (“NAV”) of the Fund’s shares and adversely affect the Fund and its investments. From time to time, a Fund may invest a significant portion of its assets in companies in one or more related sectors or industries, which would make the Fund more vulnerable to adverse developments affecting such sectors or industries;
· issuer risk—The risk that an issuer’s earnings prospects, credit rating and overall financial position will deteriorate, causing a decline in the value of the issuer’s financial instruments over short or extended periods of time;
· foreign investment risk—Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, currency, market or economic developments as well as armed conflicts and can result in greater price volatility and perform differently from financial instruments of U.S. issuers. This risk may be heightened in emerging or developing markets. Foreign investments may also have lower liquidity and be more difficult to value than investments in U.S. issuers. To the extent a Fund invests a significant portion of its assets in the securities of companies in a single country or region, it may be more susceptible to adverse economic, market, political or regulatory events or conditions affecting that country or region. Foreign investments may also be subject to risk of loss because of more or less foreign government regulation, less public information, less stringent investor protections and less stringent accounting, corporate governance, financial reporting and disclosure standards. Changes in the value of foreign currencies may make the return on an investment increase or decrease, unrelated to the quality or performance of the investment itself. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs) and other restrictions by the United States or other governments may also negatively impact a Fund’s
Nuveen Lifecycle Index Funds ■ Prospectus 51
investments. Economic sanctions and other similar governmental actions or developments could, among other things, effectively restrict or eliminate a Fund’s ability to purchase or sell certain foreign securities or groups of foreign securities, and/or thus may make a Fund’s investments in such securities less liquid (or illiquid) or more difficult to value. The type and severity of sanctions and other measures that may be imposed could vary broadly in scope, and their impact is impossible to predict; and
· small- and mid-cap risk—The risk that the stocks of small-capitalization companies often experience greater price volatility than large- or mid-sized companies because small-cap companies are often newer or less established than larger companies and are likely to have more limited resources, products and markets. Securities of small-cap companies often have lower overall liquidity than securities of larger companies as a result of there being a smaller market for their securities, which can have an adverse effect on the pricing of these securities and on the ability to sell these securities when a Fund’s investment adviser or sub-adviser deems it appropriate. Stocks of mid-capitalization companies often experience greater price volatility, lower trading volume and lower overall liquidity than the stocks of larger, more established companies.
· Fixed-Income Underlying Funds Risks—The risks of investing in fixed-income Underlying Funds include risks specific to their investment strategies, as well as risks related to the fixed-income markets in general, such as:
· interest rate risk—The risk that changes in interest rates can adversely affect the value or liquidity of, and income generated by, fixed-income investments. This risk is heightened to the extent a Fund invests in longer duration fixed-income investments and during periods when prevailing interest rates are changing. There is a risk that interest rates across the financial system may change, possibly significantly and/or rapidly. In general, changing interest rates, including rates that fall below zero, or a lack of market participants may lead to decreased liquidity and increased volatility in the fixed-income or debt markets, making it more difficult for the Fund to sell fixed-income investments. When interest rates change, the values of longer duration fixed-income securities usually change more than the values of shorter duration fixed-income securities. Conversely, fixed-income securities with shorter durations or maturities will be less volatile but may provide lower returns than fixed-income securities with longer durations or maturities. Other factors that may affect the value of debt securities include, but are not limited to, economic, political, public health, and other crises and responses by governments and companies to such crises;
52 Prospectus ■ Nuveen Lifecycle Index Funds
· prepayment risk—The risk that, during periods of falling interest rates, borrowers may pay off their mortgage loans sooner than expected, forcing a Fund to reinvest the unanticipated proceeds at lower interest rates and resulting in a decline in income;
· extension risk—The risk that, during periods of rising interest rates, borrowers may pay off their mortgage loans later than expected, preventing a Fund from reinvesting principal proceeds at higher interest rates and resulting in less income than potentially available;
· issuer risk—The risk that an issuer’s earnings prospects, credit rating and overall financial position will deteriorate, causing a decline in the value of the issuer’s financial instruments over short or extended periods of time;
· credit risk—The risk that the issuer of fixed-income investments may not be able or willing, or may be perceived (whether by market participants, rating agencies, pricing services or otherwise) as not able or willing, to meet interest or principal payments when the payments become due;
· credit spread risk—The risk that credit spreads (i.e., the difference in yield between securities that is due to differences in each security’s respective credit quality) may increase when market participants believe that bonds generally have a greater risk of default, which could result in a decline in the market values of a Fund’s debt securities;
· income volatility risk—The risk that the level of current income from a portfolio of fixed-income investments may decline in certain interest rate environments;
· market volatility, liquidity and valuation risk (types of market risk)—The risk that volatile or dramatic reductions in trading activity make it difficult for a Fund to properly value its investments and that a Fund may not be able to purchase or sell an investment at an attractive price, if at all; and
· call risk—The risk that, during periods of falling interest rates, an issuer may call (or repay) a fixed-income security prior to maturity, resulting in a decline in a Fund’s income.
· Emerging Markets Underlying Funds Risk—The risk of foreign investment often increases in countries with emerging markets or otherwise economically tied to emerging market countries. For example, these countries may have more unstable governments than developed countries, and their economies may be based on only a few industries. Emerging market countries may also have less stringent regulation of accounting, auditing, financial reporting and recordkeeping requirements, which would affect a Fund’s ability to evaluate potential portfolio companies. As a result, there could be less information available about issuers in emerging market countries, which could
Nuveen Lifecycle Index Funds ■ Prospectus 53
negatively affect Advisors’ ability to evaluate local companies or their potential impact on a Fund’s performance. Because the financial markets of emerging market countries may be very small, share prices of financial instruments in emerging market countries may be volatile and difficult to determine. Financial instruments of issuers in these countries may have lower overall liquidity than those of issuers in more developed countries. In addition, foreign investors such as a Fund are subject to a variety of special restrictions in many emerging market countries. Moreover, legal remedies for investors in emerging markets may be more limited, and U.S. authorities may have less ability to bring actions against bad actors in emerging market countries.
· Illiquid Investments Underlying Funds Risk—The risk that illiquid investments may be difficult to sell for the value at which they are carried, if at all, or at any price within the desired time frame.
· Currency Underlying Funds Risk—The risk that foreign (non-U.S.) currencies may decline in value relative to the U.S. dollar and adversely affect the value of a Fund’s investments in foreign currencies, securities denominated in foreign currencies or derivative instruments that provide exposure to foreign currencies.
· Active Management Risk—The risk that the strategy, investment selection or trading execution of Advisors could cause the Fund or an Underlying Fund to underperform its benchmark index or mutual funds with similar investment objectives and may not produce expected returns.
· Fund of Funds Risk—The ability of the Fund to achieve its investment objective will depend in part upon the ability of the Underlying Funds to achieve their investment objectives. There can be no guarantee that any Underlying Fund will achieve its investment objective.
There can be no assurances that the Fund will achieve its investment objective. You should not consider the Fund to be a complete investment program. Please see the non-summary portion of the Prospectus for more detailed information about the risks described above, including the risks of the Underlying Funds.
54 Prospectus ■ Nuveen Lifecycle Index Funds
returns compare to those of a broad-based securities market index and a composite index based on the Fund’s target allocations. In accordance with new regulatory requirements, the Fund has selected the Russell 3000®Index and the Bloomberg U.S. Aggregate Bond Index, which represent broad measures of market performance, and are generally representative of the market sectors or types of investments in which the Fund invests across the equity and fixed-income asset classes. After-tax performance is shown only for the Retirement Class shares, and after-tax returns for the other classes of shares will vary from the after-tax returns presented for the Retirement Class shares.
The
returns shown below reflect previous agreements by Advisors to waive or reimburse the Fund and certain
Underlying Funds for certain fees and expenses. Without these waivers and reimbursements, the returns
of the Fund would have been lower.
For current performance information of each share class, including performance
to the most recent month-end, please visit
ANNUAL TOTAL RETURNS FOR RETIREMENT CLASS SHARES (%)†
Nuveen Lifecycle Index 2020 Fund
†
Nuveen Lifecycle Index Funds ■ Prospectus 55
For the Periods Ended December 31, 2023
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# | The performance shown for Class I that is prior to its inception date is based on performance of the Fund’s Retirement Class. The performance for these periods has not been restated to reflect the lower expenses of Class I. | |||||||||||
‡ | As of the close of business on December 31, 2023, the Lifecycle Index 2020 Fund Composite Index consisted of: 38.7% Bloomberg U.S. Aggregate Bond Index; 30.2% Russell 3000® Index; 16.3% MSCI EAFE + Emerging Markets Index; 7.4% Bloomberg U.S. 1-3 Year Government/Credit Bond Index; and 7.4% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index. The Fund’s composite benchmark, the components that make up a composite benchmark and the method of calculating a composite benchmark’s performance may vary over time. | |||||||||||
56 Prospectus ■ Nuveen Lifecycle Index Funds
Investment Adviser. Teachers Advisors, LLC.
Portfolio Managers.
Name: | John Cunniff, CFA | Steve Sedmak, CFA | |
Title: | Managing Director | Managing Director | |
Experience on Fund: | since 2009 | since 2018 |
Purchase and sale of Fund shares
You may purchase, redeem or exchange shares of the Fund on any day that the New York Stock Exchange (“NYSE”) or its affiliated exchanges, NYSE Arca Equities or NYSE American, are open for trading (each such day a “Business Day”) directly from the Fund (for certain share classes) or through a financial advisor, employee benefit plan or other financial intermediary. The Fund’s initial and subsequent investment minimums generally are as follows, although certain financial intermediaries may impose their own investment minimums and the Fund may reduce or waive the minimums in some cases:
Eligibility and Minimum Initial Investment | Minimum Additional Investment | |
Class I | Available only through fee-based programs and certain retirement plans, and to other limited categories of investors as described in the Prospectus. $100,000 for all accounts except: · $250 for clients of financial intermediaries and family offices that have accounts holding Class I shares with an aggregate value of at least $100,000 (or that are expected to reach this level). · No minimum for eligible retirement plans and certain other categories of eligible investors as described in the Prospectus. | No minimum. |
Premier Class, Retirement Class | Available only through certain employee benefit plans, other types of savings plans or accounts and certain financial intermediaries as described in the Prospectus. No minimum. | No minimum. |
Class R6 | Available only to certain eligible investors as described in the Prospectus and through fee-based programs. $1 million for all accounts except: · $1,000 for clients of financial intermediaries who charge such clients an ongoing fee for advisory, investment, consulting or related services. | No minimum. |
The Fund intends to make distributions to shareholders that may be taxed as ordinary income or capital gains. Distributions made to tax-exempt shareholders or shareholders who hold Fund shares in a tax-deferred account are generally
Nuveen Lifecycle Index Funds ■ Prospectus 57
not subject to income tax in the current year, but redemptions made from tax-deferred accounts may be subject to income tax.
Payments to broker-dealers and other financial intermediary compensation
If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and/or its related companies may pay the financial intermediary for providing investor services. The Fund’s related companies may also pay the financial intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other financial intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary’s website for more information.
58 Prospectus ■ Nuveen Lifecycle Index Funds
Summary information |
(formerly TIAA-CREF Lifecycle Index 2025 Fund)
The Fund seeks high total return over time through a combination of capital appreciation and income.
The following tables describe the fees and expenses that you may pay if you buy, hold and sell shares of the Fund.
The tables and examples below do not reflect any commissions that shareholders may be required to pay directly to their financial intermediaries when buying or selling Class I shares.
| | | Retirement Class | |||||
Maximum
sales charge (load) imposed on purchases | ||||||||
Maximum deferred sales charge (load) | ||||||||
Maximum
sales charge (load) imposed on reinvested | ||||||||
Redemption or exchange fee | ||||||||
Maximum account fee |
Nuveen Lifecycle Index Funds ■ Prospectus 59
ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)
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1 | Restated to reflect estimate for the current fiscal year. | ||||||||
2 | Portions of the Management fees and Other expenses are based on expenses originally incurred by Class W shares of the Underlying Funds (as defined below) of the Trust, which have been incurred directly by the Fund pursuant to certain contractual arrangements intended to reallocate directly to the Fund certain fees and expenses that had been paid by the Underlying Funds of the Trust. For additional information, please see the “Management of the Funds” section of this Prospectus. | ||||||||
3 | Under the Fund’s expense reimbursement arrangements, the Fund’s investment adviser, Teachers Advisors, LLC (“Advisors”), has contractually agreed to reimburse the Fund for any Total annual Fund operating expenses (excluding interest, taxes, brokerage commissions or other transactional expenses, Acquired fund fees and expenses, extraordinary expenses and any expenses originally attributable to Class W shares of the Underlying Funds of the Trust that were incurred directly by the Fund) that exceed: (i) 0.18% of average daily net assets for Class I shares; (ii) 0.18% of average daily net assets for Premier Class shares; (iii) 0.03% of average daily net assets for Class R6 shares; and (iv) 0.28% of average daily net assets for Retirement Class shares of the Fund. These expense reimbursement arrangements will continue through at least September 30, 2025, unless changed with approval of the Board of Trustees. | ||||||||
4 | Advisors has contractually agreed to waive 0.070% of the Fund’s Management fee. This waiver will remain in effect through at least September 30, 2025, unless changed with the approval of the Board of Trustees. | ||||||||
This example is intended to help you compare the cost of investing in shares of the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses, before fee waivers and/or expense reimbursements, remain the same. The example assumes that the Fund’s fee waiver and/or expense reimbursement arrangements will each remain in place for the durations noted in the table above. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
| Class I |
| Premier
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| Retirement |
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1 year | $ | |
| $ |
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| $ | |
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| $ | |
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60 Prospectus ■ Nuveen Lifecycle Index Funds
The Fund pays transaction costs, such as commissions, when
it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover
rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in
a taxable account. These costs, which are not reflected in annual fund operating expenses or in the
example, affect the Fund’s performance. During the fiscal year ended May 31, 2024,
the Fund’s portfolio turnover rate was
The Fund is a “fund of funds” that invests in Class W shares of other Nuveen mutual funds and potentially in other investment pools or investment products, including other funds advised by the Fund’s investment adviser, Teachers Advisors, LLC (“Advisors”), or its affiliates (collectively, the “Underlying Funds”). In general, the Fund is designed for investors who have an approximate target retirement year in mind, and the Fund’s investments are adjusted from more aggressive to more conservative over time as the Fund’s target retirement year approaches and for approximately 30 years afterwards. The Fund invests in Underlying Funds according to an asset allocation strategy designed for investors retiring in, or planning to retire within a few years of, 2025 and who may begin taking systematic withdrawals upon retirement. The Fund has a policy of investing at least 80% of its assets (net assets, plus the amount of any borrowings for investment purposes) in Underlying Funds that are managed to seek investment returns that track particular market indices.
Advisors currently expects to allocate approximately 50.00% of the Fund’s assets to equity Underlying Funds and 50.00% of its assets to fixed-income Underlying Funds. These allocations represent targets for equity and fixed-income asset classes. Target allocations will change over time and actual allocations may vary up to ten percentage points from the targets. The target allocations along the investment glidepath, illustrated in the chart below, gradually become more conservative, moving to target allocations of approximately 50.00% equity/50.00% fixed-income in the Fund’s target retirement year of 2025 and reaching the Fund’s final target allocation of approximately 20.00% equity/80.00% fixed-income in 2055. Within the equity and fixed-income asset classes, Advisors allocates the Fund’s investments to particular market sectors (U.S. equity, international equity, fixed-income, short-term fixed-income and inflation-protected assets) represented by various Underlying Funds. These market sector allocations may vary by up to 10% from the Fund’s target market sector allocations. The Fund’s current target market sector allocations for June 30, 2025, which will change over time, are approximately as follows: U.S. Equity: 32.50%; International Equity: 17.50%; Fixed-Income: 38.00%; Short-Term Fixed-Income: 6.00%; and Inflation-Protected Assets: 6.00%. The asset class and market sector names used herein are intended to reflect the primary type of investment of the Underlying Funds within each of these categories.
Nuveen Lifecycle Index Funds ■ Prospectus 61
The Fund’s target market sector allocations to Underlying Funds may include the Nuveen Equity Index Fund (U.S. Equity); Nuveen Emerging Markets Equity Index Fund and Nuveen International Equity Index Fund (International Equity); Nuveen Bond Index Fund (Fixed-Income); Nuveen Short Term Bond Index Fund (Short-Term Fixed-Income); and Nuveen Inflation Linked Bond Fund (Inflation-Protected Assets).
As a result of its investments in the Underlying Funds, the Fund’s returns will reflect investments in a mix of domestic and foreign equities of companies of various sizes and market capitalizations and a variety of domestic and foreign fixed-income instruments of private and governmental issuers of varying maturities and credit qualities.
Additional or replacement Underlying Funds for each market sector, as well as additional or replacement market sectors, may be included when making future allocations if Advisors believes that such Underlying Funds and/or market sectors are appropriate in light of the Fund’s desired levels of risk and potential return at the particular time. The Fund’s portfolio management team may also add a new market sector if it believes that will help to achieve the Fund’s investment objective. The relative allocations among Underlying Funds within a market sector may be changed at any time without notice to shareholders. If 10% or more of the Fund’s assets are expected to be invested in any Underlying Fund or market sector not listed above, shareholders will receive prior notice of such change.
As part of the Fund’s ability to invest in other investment pools or investment products noted above, the Fund may invest in exchange-traded funds (“ETFs”) and exchange-traded notes (“ETNs”) to gain exposure to various market sectors or securities in order to effect its asset allocation strategy. Additionally, the Fund may use ETFs or ETNs for cash management, hedging or defensive purposes. ETFs or ETNs will be subject to the risks associated with the types of securities or sectors that they track, while ETNs, which are structured as fixed-income obligations, will also be subject to the general risks of fixed-income securities, including credit risk.
The Fund’s asset class allocations, market sector allocations within each asset class, and Underlying Fund allocations within each market sector, as of June 30, 2024, are listed in the chart below. These allocations will change over time. Underlying Fund allocations in particular may change from year to year.
Asset Class | Allocation |
| Market Sector | Allocation |
| Underlying Funds | Allocation |
Equity | 51.82% |
| U.S. Equity | 33.86% |
| Nuveen Equity Index | 33.86% |
International Equity | 17.96% | Nuveen International Equity Index | 12.33% | ||||
Nuveen Emerging Markets Equity Index | 5.63% | ||||||
Fixed-Income | 48.18% |
| Fixed-Income | 37.04% |
| Nuveen Bond Index | 37.04% |
Short-Term | 5.57% | Nuveen Short Term Bond Index | 5.57% | ||||
Inflation- | 5.57% | Nuveen Inflation Linked Bond | 5.57% |
Total | 100.00% | 100.00% | 100.00% |
62 Prospectus ■ Nuveen Lifecycle Index Funds
The following chart shows how the investment glidepath for the Fund is expected to gradually move the Fund’s target allocations over time between the different target market sector allocations. The actual market sector allocations of the Fund may differ from this chart. The Fund seeks to achieve its final target market sector allocations approximately 30 years following the target date.
The Fund is designed to accommodate investors who invest in a fund up to their target retirement date, and plan to make gradual systematic withdrawals in retirement. In addition, investors should note that the Fund will continue to have a significant level of equity exposure up to, through and after its target retirement date, and this exposure could cause significant fluctuations in the value of the Fund depending on the performance of the equity markets generally.
After the Fund reaches its final target allocation, the Board of Trustees may authorize the merger of the Fund into another Lifecycle Index Fund which has also reached its final target allocation or other similar fund designed to maintain a relatively stable asset allocation reflecting the resting point on the glidepath described in the chart above. Fund shareholders will receive prior notice of any such merger.
· Asset Allocation Risk—The risk that the Fund may not achieve its target allocations. In addition, there is the risk that the asset allocations may not achieve the desired risk-return characteristic or that the selection of Underlying Funds and the allocations among them will result in the Fund underperforming other similar funds or cause an investor to lose money.
· Index Risk—The risk that an Underlying Fund’s performance may not correspond to its benchmark index for any period of time and may underperform such index or the overall financial market. Additionally, to the extent that an Underlying Fund’s investments vary from the composition of its benchmark index, the Underlying Fund’s performance could potentially
Nuveen Lifecycle Index Funds ■ Prospectus 63
vary from the index’s performance to a greater extent than if the Underlying Fund merely attempted to replicate the index.
· Underlying Funds Risks—The Fund is exposed to the risks of the Underlying Funds in which it invests in direct proportion to the amount of assets the Fund allocates to each Underlying Fund.
· Equity Underlying Funds Risks—The risks of investing in equity Underlying Funds include risks specific to their investment strategies, as well as risks related to the equity markets in general, such as:
· market risk—The risk that market prices of portfolio investments held by a Fund may fall rapidly or unpredictably due to a variety of factors, including changing economic, political or market conditions. Market risk may affect a single issuer, industry or sector of the economy, or it may affect the market as a whole. Such conditions may add significantly to the risk of volatility in the net asset value (“NAV”) of the Fund’s shares and adversely affect the Fund and its investments. From time to time, a Fund may invest a significant portion of its assets in companies in one or more related sectors or industries, which would make the Fund more vulnerable to adverse developments affecting such sectors or industries;
· issuer risk—The risk that an issuer’s earnings prospects, credit rating and overall financial position will deteriorate, causing a decline in the value of the issuer’s financial instruments over short or extended periods of time;
· foreign investment risk—Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, currency, market or economic developments as well as armed conflicts and can result in greater price volatility and perform differently from financial instruments of U.S. issuers. This risk may be heightened in emerging or developing markets. Foreign investments may also have lower liquidity and be more difficult to value than investments in U.S. issuers. To the extent a Fund invests a significant portion of its assets in the securities of companies in a single country or region, it may be more susceptible to adverse economic, market, political or regulatory events or conditions affecting that country or region. Foreign investments may also be subject to risk of loss because of more or less foreign government regulation, less public information, less stringent investor protections and less stringent accounting, corporate governance, financial reporting and disclosure standards. Changes in the value of foreign currencies may make the return on an investment increase or decrease, unrelated to the quality or performance of the investment itself. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs) and other restrictions by the United States or other governments may also negatively impact a Fund’s
64 Prospectus ■ Nuveen Lifecycle Index Funds
investments. Economic sanctions and other similar governmental actions or developments could, among other things, effectively restrict or eliminate a Fund’s ability to purchase or sell certain foreign securities or groups of foreign securities, and/or thus may make a Fund’s investments in such securities less liquid (or illiquid) or more difficult to value. The type and severity of sanctions and other measures that may be imposed could vary broadly in scope, and their impact is impossible to predict; and
· small- and mid-cap risk—The risk that the stocks of small-capitalization companies often experience greater price volatility than large- or mid-sized companies because small-cap companies are often newer or less established than larger companies and are likely to have more limited resources, products and markets. Securities of small-cap companies often have lower overall liquidity than securities of larger companies as a result of there being a smaller market for their securities, which can have an adverse effect on the pricing of these securities and on the ability to sell these securities when a Fund’s investment adviser or sub-adviser deems it appropriate. Stocks of mid-capitalization companies often experience greater price volatility, lower trading volume and lower overall liquidity than the stocks of larger, more established companies.
· Fixed-Income Underlying Funds Risks—The risks of investing in fixed-income Underlying Funds include risks specific to their investment strategies, as well as risks related to the fixed-income markets in general, such as:
· interest rate risk—The risk that changes in interest rates can adversely affect the value or liquidity of, and income generated by, fixed-income investments. This risk is heightened to the extent a Fund invests in longer duration fixed-income investments and during periods when prevailing interest rates are changing. There is a risk that interest rates across the financial system may change, possibly significantly and/or rapidly. In general, changing interest rates, including rates that fall below zero, or a lack of market participants may lead to decreased liquidity and increased volatility in the fixed-income or debt markets, making it more difficult for the Fund to sell fixed-income investments. When interest rates change, the values of longer duration fixed-income securities usually change more than the values of shorter duration fixed-income securities. Conversely, fixed-income securities with shorter durations or maturities will be less volatile but may provide lower returns than fixed-income securities with longer durations or maturities. Other factors that may affect the value of debt securities include, but are not limited to, economic, political, public health, and other crises and responses by governments and companies to such crises;
Nuveen Lifecycle Index Funds ■ Prospectus 65
· prepayment risk—The risk that, during periods of falling interest rates, borrowers may pay off their mortgage loans sooner than expected, forcing a Fund to reinvest the unanticipated proceeds at lower interest rates and resulting in a decline in income;
· extension risk—The risk that, during periods of rising interest rates, borrowers may pay off their mortgage loans later than expected, preventing a Fund from reinvesting principal proceeds at higher interest rates and resulting in less income than potentially available;
· issuer risk—The risk that an issuer’s earnings prospects, credit rating and overall financial position will deteriorate, causing a decline in the value of the issuer’s financial instruments over short or extended periods of time;
· credit risk—The risk that the issuer of fixed-income investments may not be able or willing, or may be perceived (whether by market participants, rating agencies, pricing services or otherwise) as not able or willing, to meet interest or principal payments when the payments become due;
· credit spread risk—The risk that credit spreads (i.e., the difference in yield between securities that is due to differences in each security’s respective credit quality) may increase when market participants believe that bonds generally have a greater risk of default, which could result in a decline in the market values of a Fund’s debt securities;
· income volatility risk—The risk that the level of current income from a portfolio of fixed-income investments may decline in certain interest rate environments;
· market volatility, liquidity and valuation risk (types of market risk)—The risk that volatile or dramatic reductions in trading activity make it difficult for a Fund to properly value its investments and that a Fund may not be able to purchase or sell an investment at an attractive price, if at all; and
· call risk—The risk that, during periods of falling interest rates, an issuer may call (or repay) a fixed-income security prior to maturity, resulting in a decline in a Fund’s income.
· Emerging Markets Underlying Funds Risk—The risk of foreign investment often increases in countries with emerging markets or otherwise economically tied to emerging market countries. For example, these countries may have more unstable governments than developed countries, and their economies may be based on only a few industries. Emerging market countries may also have less stringent regulation of accounting, auditing, financial reporting and recordkeeping requirements, which would affect a Fund’s ability to evaluate potential portfolio companies. As a result, there could be less information available about issuers in emerging market countries, which could
66 Prospectus ■ Nuveen Lifecycle Index Funds
negatively affect Advisors’ ability to evaluate local companies or their potential impact on a Fund’s performance. Because the financial markets of emerging market countries may be very small, share prices of financial instruments in emerging market countries may be volatile and difficult to determine. Financial instruments of issuers in these countries may have lower overall liquidity than those of issuers in more developed countries. In addition, foreign investors such as a Fund are subject to a variety of special restrictions in many emerging market countries. Moreover, legal remedies for investors in emerging markets may be more limited, and U.S. authorities may have less ability to bring actions against bad actors in emerging market countries.
· Illiquid Investments Underlying Funds Risk—The risk that illiquid investments may be difficult to sell for the value at which they are carried, if at all, or at any price within the desired time frame.
· Currency Underlying Funds Risk—The risk that foreign (non-U.S.) currencies may decline in value relative to the U.S. dollar and adversely affect the value of a Fund’s investments in foreign currencies, securities denominated in foreign currencies or derivative instruments that provide exposure to foreign currencies.
· Active Management Risk—The risk that the strategy, investment selection or trading execution of Advisors could cause the Fund or an Underlying Fund to underperform its benchmark index or mutual funds with similar investment objectives and may not produce expected returns.
· Fund of Funds Risk—The ability of the Fund to achieve its investment objective will depend in part upon the ability of the Underlying Funds to achieve their investment objectives. There can be no guarantee that any Underlying Fund will achieve its investment objective.
There can be no assurances that the Fund will achieve its investment objective. You should not consider the Fund to be a complete investment program. Please see the non-summary portion of the Prospectus for more detailed information about the risks described above, including the risks of the Underlying Funds.
Nuveen Lifecycle Index Funds ■ Prospectus 67
returns compare to those of a broad-based securities market index and a composite index based on the Fund’s target allocations. In accordance with new regulatory requirements, the Fund has selected the Russell 3000®Index and the Bloomberg U.S. Aggregate Bond Index, which represent broad measures of market performance, and are generally representative of the market sectors or types of investments in which the Fund invests across the equity and fixed-income asset classes. After-tax performance is shown only for the Retirement Class shares, and after-tax returns for the other classes of shares will vary from the after-tax returns presented for the Retirement Class shares.
The
returns shown below reflect previous agreements by Advisors to waive or reimburse the Fund and certain
Underlying Funds for certain fees and expenses. Without these waivers and reimbursements, the returns
of the Fund would have been lower.
For current performance information of each share class, including performance
to the most recent month-end, please visit
ANNUAL TOTAL RETURNS FOR RETIREMENT CLASS SHARES (%)†
Nuveen Lifecycle Index 2025 Fund
†
68 Prospectus ■ Nuveen Lifecycle Index Funds
For the Periods Ended December 31, 2023
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# | The performance shown for Class I that is prior to its inception date is based on performance of the Fund’s Retirement Class. The performance for these periods has not been restated to reflect the lower expenses of Class I. | |||||||||||
‡ | As of the close of business on December 31, 2023, the Lifecycle Index 2025 Fund Composite Index consisted of: 36.8% Bloomberg U.S. Aggregate Bond Index; 34.1% Russell 3000® Index; 18.3% MSCI EAFE + Emerging Markets Index; 5.4% Bloomberg U.S. 1-3 Year Government/Credit Bond Index; and 5.4% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index. The Fund’s composite benchmark, the components that make up a composite benchmark and the method of calculating a composite benchmark’s performance may vary over time. | |||||||||||
Nuveen Lifecycle Index Funds ■ Prospectus 69
Investment Adviser. Teachers Advisors, LLC.
Portfolio Managers.
Name: | John Cunniff, CFA | Steve Sedmak, CFA | |
Title: | Managing Director | Managing Director | |
Experience on Fund: | since 2009 | since 2018 |
Purchase and sale of Fund shares
You may purchase, redeem or exchange shares of the Fund on any day that the New York Stock Exchange (“NYSE”) or its affiliated exchanges, NYSE Arca Equities or NYSE American, are open for trading (each such day a “Business Day”) directly from the Fund (for certain share classes) or through a financial advisor, employee benefit plan or other financial intermediary. The Fund’s initial and subsequent investment minimums generally are as follows, although certain financial intermediaries may impose their own investment minimums and the Fund may reduce or waive the minimums in some cases:
Eligibility and Minimum Initial Investment | Minimum Additional Investment | |
Class I | Available only through fee-based programs and certain retirement plans, and to other limited categories of investors as described in the Prospectus. $100,000 for all accounts except: · $250 for clients of financial intermediaries and family offices that have accounts holding Class I shares with an aggregate value of at least $100,000 (or that are expected to reach this level). · No minimum for eligible retirement plans and certain other categories of eligible investors as described in the Prospectus. | No minimum. |
Premier Class, Retirement Class | Available only through certain employee benefit plans, other types of savings plans or accounts and certain financial intermediaries as described in the Prospectus. No minimum. | No minimum. |
Class R6 | Available only to certain eligible investors as described in the Prospectus and through fee-based programs. $1 million for all accounts except: · $1,000 for clients of financial intermediaries who charge such clients an ongoing fee for advisory, investment, consulting or related services. | No minimum. |
The Fund intends to make distributions to shareholders that may be taxed as ordinary income or capital gains. Distributions made to tax-exempt shareholders or shareholders who hold Fund shares in a tax-deferred account are generally
70 Prospectus ■ Nuveen Lifecycle Index Funds
not subject to income tax in the current year, but redemptions made from tax-deferred accounts may be subject to income tax.
Payments to broker-dealers and other financial intermediary compensation
If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and/or its related companies may pay the financial intermediary for providing investor services. The Fund’s related companies may also pay the financial intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other financial intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary’s website for more information.
Nuveen Lifecycle Index Funds ■ Prospectus 71
Summary information |
(formerly TIAA-CREF Lifecycle Index 2030 Fund)
The Fund seeks high total return over time through a combination of capital appreciation and income.
The following tables describe the fees and expenses that you may pay if you buy, hold and sell shares of the Fund.
The tables and examples below do not reflect any commissions that shareholders may be required to pay directly to their financial intermediaries when buying or selling Class I shares.
| | | Retirement Class | |||||
Maximum
sales charge (load) imposed on purchases | ||||||||
Maximum deferred sales charge (load) | ||||||||
Maximum
sales charge (load) imposed on reinvested | ||||||||
Redemption or exchange fee | ||||||||
Maximum account fee |
72 Prospectus ■ Nuveen Lifecycle Index Funds
ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)
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1 | Restated to reflect estimate for the current fiscal year. | ||||||||
2 | Portions of the Management fees and Other expenses are based on expenses originally incurred by Class W shares of the Underlying Funds (as defined below) of the Trust, which have been incurred directly by the Fund pursuant to certain contractual arrangements intended to reallocate directly to the Fund certain fees and expenses that had been paid by the Underlying Funds of the Trust. For additional information, please see the “Management of the Funds” section of this Prospectus. | ||||||||
3 | Under the Fund’s expense reimbursement arrangements, the Fund’s investment adviser, Teachers Advisors, LLC (“Advisors”), has contractually agreed to reimburse the Fund for any Total annual Fund operating expenses (excluding interest, taxes, brokerage commissions or other transactional expenses, Acquired fund fees and expenses, extraordinary expenses and any expenses originally attributable to Class W shares of the Underlying Funds of the Trust that were incurred directly by the Fund) that exceed: (i) 0.184% of average daily net assets for Class I shares; (ii) 0.184% of average daily net assets for Premier Class shares; (iii) 0.034% of average daily net assets for Class R6 shares; and (iv) 0.284% of average daily net assets for Retirement Class shares of the Fund. These expense reimbursement arrangements will continue through at least September 30, 2025, unless changed with approval of the Board of Trustees. | ||||||||
4 | Advisors has contractually agreed to waive 0.066% of the Fund’s Management fee. This waiver will remain in effect through at least September 30, 2025, unless changed with the approval of the Board of Trustees. | ||||||||
This example is intended to help you compare the cost of investing in shares of the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses, before fee waivers and/or expense reimbursements, remain the same. The example assumes that the Fund’s fee waiver and/or expense reimbursement arrangements will each remain in place for the durations noted in the table above. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
| Class I |
| Premier
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| Class R6 |
| Retirement |
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1 year | $ | |
| $ |
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| $ | |
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| $ | |
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Nuveen Lifecycle Index Funds ■ Prospectus 73
The Fund pays transaction costs, such as commissions, when
it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover
rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in
a taxable account. These costs, which are not reflected in annual fund operating expenses or in the
example, affect the Fund’s performance. During the fiscal year ended May 31, 2024,
the Fund’s portfolio turnover rate was
The Fund is a “fund of funds” that invests in Class W shares of other Nuveen mutual funds and potentially in other investment pools or investment products, including other funds advised by the Fund’s investment adviser, Teachers Advisors, LLC (“Advisors”), or its affiliates (collectively, the “Underlying Funds”). In general, the Fund is designed for investors who have an approximate target retirement year in mind, and the Fund’s investments are adjusted from more aggressive to more conservative over time as the Fund’s target retirement year approaches and for approximately 30 years afterwards. The Fund invests in Underlying Funds according to an asset allocation strategy designed for investors retiring in, or planning to retire within a few years of, 2030 and who may begin taking systematic withdrawals upon retirement. The Fund has a policy of investing at least 80% of its assets (net assets, plus the amount of any borrowings for investment purposes) in Underlying Funds that are managed to seek investment returns that track particular market indices.
Advisors currently expects to allocate approximately 58.00% of the Fund’s assets to equity Underlying Funds and 42.00% of its assets to fixed-income Underlying Funds. These allocations represent targets for equity and fixed-income asset classes. Target allocations will change over time and actual allocations may vary up to ten percentage points from the targets. The target allocations along the investment glidepath, illustrated in the chart below, gradually become more conservative, moving to target allocations of approximately 50.00% equity/50.00% fixed-income in the Fund’s target retirement year of 2030 and reaching the Fund’s final target allocation of approximately 20.00% equity/80.00% fixed-income in 2060. Within the equity and fixed-income asset classes, Advisors allocates the Fund’s investments to particular market sectors (U.S. equity, international equity, fixed-income, short-term fixed-income and inflation-protected assets) represented by various Underlying Funds. These market sector allocations may vary by up to 10% from the Fund’s target market sector allocations. The Fund’s current target market sector allocations for June 30, 2025, which will change over time, are approximately as follows: U.S. Equity: 37.70%; International Equity: 20.30%; Fixed-Income: 34.00%; Short-Term Fixed-Income: 4.00%; and Inflation-Protected Assets: 4.00%. The asset class and market sector names used herein are intended to reflect the primary type of investment of the Underlying Funds within each of these categories.
74 Prospectus ■ Nuveen Lifecycle Index Funds
The Fund’s target market sector allocations to Underlying Funds may include the Nuveen Equity Index Fund (U.S. Equity); Nuveen Emerging Markets Equity Index Fund and Nuveen International Equity Index Fund (International Equity); Nuveen Bond Index Fund (Fixed-Income); Nuveen Inflation Linked Bond Fund (Inflation-Protected Assets).
As a result of its investments in the Underlying Funds, the Fund’s returns will reflect investments in a mix of domestic and foreign equities of companies of various sizes and market capitalizations and a variety of domestic and foreign fixed-income instruments of private and governmental issuers of varying maturities and credit qualities.
Additional or replacement Underlying Funds for each market sector, as well as additional or replacement market sectors, may be included when making future allocations if Advisors believes that such Underlying Funds and/or market sectors are appropriate in light of the Fund’s desired levels of risk and potential return at the particular time. The Fund’s portfolio management team may also add a new market sector if it believes that will help to achieve the Fund’s investment objective. The relative allocations among Underlying Funds within a market sector may be changed at any time without notice to shareholders. If 10% or more of the Fund’s assets are expected to be invested in any Underlying Fund or market sector not listed above, shareholders will receive prior notice of such change.
As part of the Fund’s ability to invest in other investment pools or investment products noted above, the Fund may invest in exchange-traded funds (“ETFs”) and exchange-traded notes (“ETNs”) to gain exposure to various market sectors or securities in order to effect its asset allocation strategy. Additionally, the Fund may use ETFs or ETNs for cash management, hedging or defensive purposes. ETFs or ETNs will be subject to the risks associated with the types of securities or sectors that they track, while ETNs, which are structured as fixed-income obligations, will also be subject to the general risks of fixed-income securities, including credit risk.
The Fund’s asset class allocations, market sector allocations within each asset class, and Underlying Fund allocations within each market sector, as of June 30, 2024, are listed in the chart below. These allocations will change over time. Underlying Fund allocations in particular may change from year to year.
Asset Class | Allocation |
| Market Sector | Allocation |
| Underlying Funds | Allocation |
Equity | 59.81% |
| U.S. Equity | 39.08% |
| Nuveen Equity Index | 39.08% |
International Equity | 20.73% | Nuveen International Equity Index | 14.24% | ||||
Nuveen Emerging Markets Equity Index | 6.49% | ||||||
Fixed-Income | 40.19% |
| Fixed-Income | 33.04% |
| Nuveen Bond Index | 33.04% |
Short-Term | 3.57% | Nuveen Short Term Bond Index | 3.57% | ||||
Inflation- | 3.58% | Nuveen Inflation Linked Bond | 3.58% |
Total | 100.00% | 100.00% | 100.00% |
Nuveen Lifecycle Index Funds ■ Prospectus 75
The following chart shows how the investment glidepath for the Fund is expected to gradually move the Fund’s target allocations over time between the different target market sector allocations. The actual market sector allocations of the Fund may differ from this chart. The Fund seeks to achieve its final target market sector allocations approximately 30 years following the target date.
The Fund is designed to accommodate investors who invest in a fund up to their target retirement date, and plan to make gradual systematic withdrawals in retirement. In addition, investors should note that the Fund will continue to have a significant level of equity exposure up to, through and after its target retirement date, and this exposure could cause significant fluctuations in the value of the Fund depending on the performance of the equity markets generally.
After the Fund reaches its final target allocation, the Board of Trustees may authorize the merger of the Fund into another Lifecycle Index Fund which has also reached its final target allocation or other similar fund designed to maintain a relatively stable asset allocation reflecting the resting point on the glidepath described in the chart above. Fund shareholders will receive prior notice of any such merger.
· Asset Allocation Risk—The risk that the Fund may not achieve its target allocations. In addition, there is the risk that the asset allocations may not achieve the desired risk-return characteristic or that the selection of Underlying Funds and the allocations among them will result in the Fund underperforming other similar funds or cause an investor to lose money.
· Index Risk—The risk that an Underlying Fund’s performance may not correspond to its benchmark index for any period of time and may underperform such index or the overall financial market. Additionally, to the extent that an Underlying Fund’s investments vary from the composition of its benchmark index, the Underlying Fund’s performance could potentially
76 Prospectus ■ Nuveen Lifecycle Index Funds
vary from the index’s performance to a greater extent than if the Underlying Fund merely attempted to replicate the index.
· Underlying Funds Risks—The Fund is exposed to the risks of the Underlying Funds in which it invests in direct proportion to the amount of assets the Fund allocates to each Underlying Fund.
· Equity Underlying Funds Risks—The risks of investing in equity Underlying Funds include risks specific to their investment strategies, as well as risks related to the equity markets in general, such as:
· market risk—The risk that market prices of portfolio investments held by a Fund may fall rapidly or unpredictably due to a variety of factors, including changing economic, political or market conditions. Market risk may affect a single issuer, industry or sector of the economy, or it may affect the market as a whole. Such conditions may add significantly to the risk of volatility in the net asset value (“NAV”) of the Fund’s shares and adversely affect the Fund and its investments. From time to time, a Fund may invest a significant portion of its assets in companies in one or more related sectors or industries, which would make the Fund more vulnerable to adverse developments affecting such sectors or industries;
· issuer risk—The risk that an issuer’s earnings prospects, credit rating and overall financial position will deteriorate, causing a decline in the value of the issuer’s financial instruments over short or extended periods of time;
· foreign investment risk—Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, currency, market or economic developments as well as armed conflicts and can result in greater price volatility and perform differently from financial instruments of U.S. issuers. This risk may be heightened in emerging or developing markets. Foreign investments may also have lower liquidity and be more difficult to value than investments in U.S. issuers. To the extent a Fund invests a significant portion of its assets in the securities of companies in a single country or region, it may be more susceptible to adverse economic, market, political or regulatory events or conditions affecting that country or region. Foreign investments may also be subject to risk of loss because of more or less foreign government regulation, less public information, less stringent investor protections and less stringent accounting, corporate governance, financial reporting and disclosure standards. Changes in the value of foreign currencies may make the return on an investment increase or decrease, unrelated to the quality or performance of the investment itself. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs) and other restrictions by the United States or other governments may also negatively impact a Fund’s
Nuveen Lifecycle Index Funds ■ Prospectus 77
investments. Economic sanctions and other similar governmental actions or developments could, among other things, effectively restrict or eliminate a Fund’s ability to purchase or sell certain foreign securities or groups of foreign securities, and/or thus may make a Fund’s investments in such securities less liquid (or illiquid) or more difficult to value. The type and severity of sanctions and other measures that may be imposed could vary broadly in scope, and their impact is impossible to predict; and
· small- and mid-cap risk—The risk that the stocks of small-capitalization companies often experience greater price volatility than large- or mid-sized companies because small-cap companies are often newer or less established than larger companies and are likely to have more limited resources, products and markets. Securities of small-cap companies often have lower overall liquidity than securities of larger companies as a result of there being a smaller market for their securities, which can have an adverse effect on the pricing of these securities and on the ability to sell these securities when a Fund’s investment adviser or sub-adviser deems it appropriate. Stocks of mid-capitalization companies often experience greater price volatility, lower trading volume and lower overall liquidity than the stocks of larger, more established companies.
· Fixed-Income Underlying Funds Risks—The risks of investing in fixed-income Underlying Funds include risks specific to their investment strategies, as well as risks related to the fixed-income markets in general, such as:
· interest rate risk—The risk that changes in interest rates can adversely affect the value or liquidity of, and income generated by, fixed-income investments. This risk is heightened to the extent a Fund invests in longer duration fixed-income investments and during periods when prevailing interest rates are changing. There is a risk that interest rates across the financial system may change, possibly significantly and/or rapidly. In general, changing interest rates, including rates that fall below zero, or a lack of market participants may lead to decreased liquidity and increased volatility in the fixed-income or debt markets, making it more difficult for the Fund to sell fixed-income investments. When interest rates change, the values of longer duration fixed-income securities usually change more than the values of shorter duration fixed-income securities. Conversely, fixed-income securities with shorter durations or maturities will be less volatile but may provide lower returns than fixed-income securities with longer durations or maturities. Other factors that may affect the value of debt securities include, but are not limited to, economic, political, public health, and other crises and responses by governments and companies to such crises;
78 Prospectus ■ Nuveen Lifecycle Index Funds
· prepayment risk—The risk that, during periods of falling interest rates, borrowers may pay off their mortgage loans sooner than expected, forcing a Fund to reinvest the unanticipated proceeds at lower interest rates and resulting in a decline in income;
· extension risk—The risk that, during periods of rising interest rates, borrowers may pay off their mortgage loans later than expected, preventing a Fund from reinvesting principal proceeds at higher interest rates and resulting in less income than potentially available;
· issuer risk—The risk that an issuer’s earnings prospects, credit rating and overall financial position will deteriorate, causing a decline in the value of the issuer’s financial instruments over short or extended periods of time;
· credit risk—The risk that the issuer of fixed-income investments may not be able or willing, or may be perceived (whether by market participants, rating agencies, pricing services or otherwise) as not able or willing, to meet interest or principal payments when the payments become due;
· credit spread risk—The risk that credit spreads (i.e., the difference in yield between securities that is due to differences in each security’s respective credit quality) may increase when market participants believe that bonds generally have a greater risk of default, which could result in a decline in the market values of a Fund’s debt securities;
· income volatility risk—The risk that the level of current income from a portfolio of fixed-income investments may decline in certain interest rate environments;
· market volatility, liquidity and valuation risk (types of market risk)—The risk that volatile or dramatic reductions in trading activity make it difficult for a Fund to properly value its investments and that a Fund may not be able to purchase or sell an investment at an attractive price, if at all; and
· call risk—The risk that, during periods of falling interest rates, an issuer may call (or repay) a fixed-income security prior to maturity, resulting in a decline in a Fund’s income.
· Emerging Markets Underlying Funds Risk—The risk of foreign investment often increases in countries with emerging markets or otherwise economically tied to emerging market countries. For example, these countries may have more unstable governments than developed countries, and their economies may be based on only a few industries. Emerging market countries may also have less stringent regulation of accounting, auditing, financial reporting and recordkeeping requirements, which would affect a Fund’s ability to evaluate potential portfolio companies. As a result, there could be less information available about issuers in emerging market countries, which could
Nuveen Lifecycle Index Funds ■ Prospectus 79
negatively affect Advisors’ ability to evaluate local companies or their potential impact on a Fund’s performance. Because the financial markets of emerging market countries may be very small, share prices of financial instruments in emerging market countries may be volatile and difficult to determine. Financial instruments of issuers in these countries may have lower overall liquidity than those of issuers in more developed countries. In addition, foreign investors such as a Fund are subject to a variety of special restrictions in many emerging market countries. Moreover, legal remedies for investors in emerging markets may be more limited, and U.S. authorities may have less ability to bring actions against bad actors in emerging market countries.
· Illiquid Investments Underlying Funds Risk—The risk that illiquid investments may be difficult to sell for the value at which they are carried, if at all, or at any price within the desired time frame.
· Currency Underlying Funds Risk—The risk that foreign (non-U.S.) currencies may decline in value relative to the U.S. dollar and adversely affect the value of a Fund’s investments in foreign currencies, securities denominated in foreign currencies or derivative instruments that provide exposure to foreign currencies.
· Active Management Risk—The risk that the strategy, investment selection or trading execution of Advisors could cause the Fund or an Underlying Fund to underperform its benchmark index or mutual funds with similar investment objectives and may not produce expected returns.
· Fund of Funds Risk—The ability of the Fund to achieve its investment objective will depend in part upon the ability of the Underlying Funds to achieve their investment objectives. There can be no guarantee that any Underlying Fund will achieve its investment objective.
There can be no assurances that the Fund will achieve its investment objective. You should not consider the Fund to be a complete investment program. Please see the non-summary portion of the Prospectus for more detailed information about the risks described above, including the risks of the Underlying Funds.
80 Prospectus ■ Nuveen Lifecycle Index Funds
returns compare to those of a broad-based securities market index and a composite index based on the Fund’s target allocations. In accordance with new regulatory requirements, the Fund has selected the Russell 3000®Index and the Bloomberg U.S. Aggregate Bond Index, which represent broad measures of market performance, and are generally representative of the market sectors or types of investments in which the Fund invests across the equity and fixed-income asset classes. After-tax performance is shown only for the Retirement Class shares, and after-tax returns for the other classes of shares will vary from the after-tax returns presented for the Retirement Class shares.
The
returns shown below reflect previous agreements by Advisors to waive or reimburse the Fund and certain
Underlying Funds for certain fees and expenses. Without these waivers and reimbursements, the returns
of the Fund would have been lower.
For current performance information of each share class, including performance
to the most recent month-end, please visit
ANNUAL TOTAL RETURNS FOR RETIREMENT CLASS SHARES (%)†
Nuveen Lifecycle Index 2030 Fund
†
Nuveen Lifecycle Index Funds ■ Prospectus 81
For the Periods Ended December 31, 2023
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# | The performance shown for Class I that is prior to its inception date is based on performance of the Fund’s Retirement Class. The performance for these periods has not been restated to reflect the lower expenses of Class I. | |||||||||||
‡ | As of the close of business on December 31, 2023, the Lifecycle Index 2030 Fund Composite Index consisted of: 39.3% Russell 3000® Index; 32.8% Bloomberg U.S. Aggregate Bond Index; 21.1% MSCI EAFE + Emerging Markets Index; 3.4% Bloomberg U.S. 1-3 Year Government/Credit Bond Index; and 3.4% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index. The Fund’s composite benchmark, the components that make up a composite benchmark and the method of calculating a composite benchmark’s performance may vary over time. | |||||||||||
82 Prospectus ■ Nuveen Lifecycle Index Funds
Investment Adviser. Teachers Advisors, LLC.
Portfolio Managers.
Name: | John Cunniff, CFA | Steve Sedmak, CFA | |
Title: | Managing Director | Managing Director | |
Experience on Fund: | since 2009 | since 2018 |
Purchase and sale of Fund shares
You may purchase, redeem or exchange shares of the Fund on any day that the New York Stock Exchange (“NYSE”) or its affiliated exchanges, NYSE Arca Equities or NYSE American, are open for trading (each such day a “Business Day”) directly from the Fund (for certain share classes) or through a financial advisor, employee benefit plan or other financial intermediary. The Fund’s initial and subsequent investment minimums generally are as follows, although certain financial intermediaries may impose their own investment minimums and the Fund may reduce or waive the minimums in some cases:
Eligibility and Minimum Initial Investment | Minimum Additional Investment | |
Class I | Available only through fee-based programs and certain retirement plans, and to other limited categories of investors as described in the Prospectus. $100,000 for all accounts except: · $250 for clients of financial intermediaries and family offices that have accounts holding Class I shares with an aggregate value of at least $100,000 (or that are expected to reach this level). · No minimum for eligible retirement plans and certain other categories of eligible investors as described in the Prospectus. | No minimum. |
Premier Class, Retirement Class | Available only through certain employee benefit plans, other types of savings plans or accounts and certain financial intermediaries as described in the Prospectus. No minimum. | No minimum. |
Class R6 | Available only to certain eligible investors as described in the Prospectus and through fee-based programs. $1 million for all accounts except: · $1,000 for clients of financial intermediaries who charge such clients an ongoing fee for advisory, investment, consulting or related services. | No minimum. |
The Fund intends to make distributions to shareholders that may be taxed as ordinary income or capital gains. Distributions made to tax-exempt shareholders or shareholders who hold Fund shares in a tax-deferred account are generally
Nuveen Lifecycle Index Funds ■ Prospectus 83
not subject to income tax in the current year, but redemptions made from tax-deferred accounts may be subject to income tax.
Payments to broker-dealers and other financial intermediary compensation
If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and/or its related companies may pay the financial intermediary for providing investor services. The Fund’s related companies may also pay the financial intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other financial intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary’s website for more information.
84 Prospectus ■ Nuveen Lifecycle Index Funds
Summary information |
(formerly TIAA-CREF Lifecycle Index 2035 Fund)
The Fund seeks high total return over time through a combination of capital appreciation and income.
The following tables describe the fees and expenses that you may pay if you buy, hold and sell shares of the Fund.
The tables and examples below do not reflect any commissions that shareholders may be required to pay directly to their financial intermediaries when buying or selling Class I shares.
| | | Retirement Class | |||||
Maximum
sales charge (load) imposed on purchases | ||||||||
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sales charge (load) imposed on reinvested | ||||||||
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Maximum account fee |
Nuveen Lifecycle Index Funds ■ Prospectus 85
ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)
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1 | Restated to reflect estimate for the current fiscal year. | ||||||||
2 | Portions of the Management fees and Other expenses are based on expenses originally incurred by Class W shares of the Underlying Funds (as defined below) of the Trust, which have been incurred directly by the Fund pursuant to certain contractual arrangements intended to reallocate directly to the Fund certain fees and expenses that had been paid by the Underlying Funds of the Trust. For additional information, please see the “Management of the Funds” section of this Prospectus. | ||||||||
3 | Under the Fund’s expense reimbursement arrangements, the Fund’s investment adviser, Teachers Advisors, LLC (“Advisors”), has contractually agreed to reimburse the Fund for any Total annual Fund operating expenses (excluding interest, taxes, brokerage commissions or other transactional expenses, Acquired fund fees and expenses, extraordinary expenses and any expenses originally attributable to Class W shares of the Underlying Funds of the Trust that were incurred directly by the Fund) that exceed: (i) 0.188% of average daily net assets for Class I shares; (ii) 0.188% of average daily net assets for Premier Class shares; (iii) 0.038% of average daily net assets for Class R6 shares; and (iv) 0.288% of average daily net assets for Retirement Class shares of the Fund. These expense reimbursement arrangements will continue through at least September 30, 2025, unless changed with approval of the Board of Trustees. | ||||||||
4 | Advisors has contractually agreed to waive 0.062% of the Fund’s Management fee. This waiver will remain in effect through at least September 30, 2025, unless changed with the approval of the Board of Trustees. | ||||||||
This example is intended to help you compare the cost of investing in shares of the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses, before fee waivers and/or expense reimbursements, remain the same. The example assumes that the Fund’s fee waiver and/or expense reimbursement arrangements will each remain in place for the durations noted in the table above. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
| Class I |
| Premier
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| Retirement |
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1 year | $ | |
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86 Prospectus ■ Nuveen Lifecycle Index Funds
The Fund pays transaction costs, such as commissions, when
it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover
rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in
a taxable account. These costs, which are not reflected in annual fund operating expenses or in the
example, affect the Fund’s performance. During the fiscal year ended May 31, 2024,
the Fund’s portfolio turnover rate was
The Fund is a “fund of funds” that invests in Class W shares of other Nuveen mutual funds and potentially in other investment pools or investment products, including other funds advised by the Fund’s investment adviser, Teachers Advisors, LLC (“Advisors”), or its affiliates (collectively, the “Underlying Funds”). In general, the Fund is designed for investors who have an approximate target retirement year in mind, and the Fund’s investments are adjusted from more aggressive to more conservative over time as the Fund’s target retirement year approaches and for approximately 30 years afterwards. The Fund invests in Underlying Funds according to an asset allocation strategy designed for investors retiring in, or planning to retire within a few years of, 2035 and who may begin taking systematic withdrawals upon retirement. The Fund has a policy of investing at least 80% of its assets (net assets, plus the amount of any borrowings for investment purposes) in Underlying Funds that are managed to seek investment returns that track particular market indices.
Advisors currently expects to allocate approximately 66.00% of the Fund’s assets to equity Underlying Funds and 34.00% of its assets to fixed-income Underlying Funds. These allocations represent targets for equity and fixed-income asset classes. Target allocations will change over time and actual allocations may vary up to ten percentage points from the targets. The target allocations along the investment glidepath, illustrated in the chart below, gradually become more conservative, moving to target allocations of approximately 50.00% equity/50.00% fixed-income in the Fund’s target retirement year of 2035 and reaching the Fund’s final target allocation of approximately 20.00% equity/80.00% fixed-income in 2065. Within the equity and fixed-income asset classes, Advisors allocates the Fund’s investments to particular market sectors (U.S. equity, international equity, fixed-income, short-term fixed-income and inflation-protected assets) represented by various Underlying Funds. These market sector allocations may vary by up to 10% from the Fund’s target market sector allocations. The Fund’s current target market sector allocations for June 30, 2025, which will change over time, are approximately as follows: U.S. Equity: 42.90%; International Equity: 23.10%; Fixed-Income: 30.00%; Short-Term Fixed-Income: 2.00%; and Inflation-Protected Assets: 2.00%. The asset class and market sector names used herein are intended to reflect the primary type of investment of the Underlying Funds within each of these categories.
Nuveen Lifecycle Index Funds ■ Prospectus 87
The Fund’s target market sector allocations to Underlying Funds may include the Nuveen Equity Index Fund (U.S. Equity); Nuveen Emerging Markets Equity Index Fund and Nuveen International Equity Index Fund (International Equity); Nuveen Bond Index Fund (Fixed-Income); Nuveen Short Term Bond Index Fund (Short-Term Fixed-Income); and Nuveen Inflation Linked Bond Fund (Inflation-Protected Assets).
As a result of its investments in the Underlying Funds, the Fund’s returns will reflect investments in a mix of domestic and foreign equities of companies of various sizes and market capitalizations and a variety of domestic and foreign fixed-income instruments of private and governmental issuers of varying maturities and credit qualities.
Additional or replacement Underlying Funds for each market sector, as well as additional or replacement market sectors, may be included when making future allocations if Advisors believes that such Underlying Funds and/or market sectors are appropriate in light of the Fund’s desired levels of risk and potential return at the particular time. The Fund’s portfolio management team may also add a new market sector if it believes that will help to achieve the Fund’s investment objective. The relative allocations among Underlying Funds within a market sector may be changed at any time without notice to shareholders. If 10% or more of the Fund’s assets are expected to be invested in any Underlying Fund or market sector not listed above, shareholders will receive prior notice of such change.
As part of the Fund’s ability to invest in other investment pools or investment products noted above, the Fund may invest in exchange-traded funds (“ETFs”) and exchange-traded notes (“ETNs”) to gain exposure to various market sectors or securities in order to effect its asset allocation strategy. Additionally, the Fund may use ETFs or ETNs for cash management, hedging or defensive purposes. ETFs or ETNs will be subject to the risks associated with the types of securities or sectors that they track, while ETNs, which are structured as fixed-income obligations, will also be subject to the general risks of fixed-income securities, including credit risk.
The Fund’s asset class allocations, market sector allocations within each asset class, and Underlying Fund allocations within each market sector, as of June 30, 2024, are listed in the chart below. These allocations will change over time. Underlying Fund allocations in particular may change from year to year.
Asset Class | Allocation |
| Market Sector | Allocation |
| Underlying Funds | Allocation |
Equity | 68.62% |
| U.S. Equity | 44.84% |
| Nuveen Equity Index | 44.84% |
International Equity | 23.78% | Nuveen International Equity Index | 16.33% | ||||
Nuveen Emerging Markets Equity Index | 7.45% | ||||||
Fixed-Income | 31.38% |
| Fixed-Income | 28.22% |
| Nuveen Bond Index | 28.22% |
Short-Term | 1.58% | Nuveen Short Term Bond Index | 1.58% | ||||
Inflation- | 1.58% | Nuveen Inflation Linked Bond | 1.58% |
Total | 100.00% | 100.00% | 100.00% |
88 Prospectus ■ Nuveen Lifecycle Index Funds
The following chart shows how the investment glidepath for the Fund is expected to gradually move the Fund’s target allocations over time between the different target market sector allocations. The actual market sector allocations of the Fund may differ from this chart. The Fund seeks to achieve its final target market sector allocations approximately 30 years following the target date.
The Fund is designed to accommodate investors who invest in a fund up to their target retirement date, and plan to make gradual systematic withdrawals in retirement. In addition, investors should note that the Fund will continue to have a significant level of equity exposure up to, through and after its target retirement date, and this exposure could cause significant fluctuations in the value of the Fund depending on the performance of the equity markets generally.
After the Fund reaches its final target allocation, the Board of Trustees may authorize the merger of the Fund into another Lifecycle Index Fund which has also reached its final target allocation or other similar fund designed to maintain a relatively stable asset allocation reflecting the resting point on the glidepath described in the chart above. Fund shareholders will receive prior notice of any such merger.
· Asset Allocation Risk—The risk that the Fund may not achieve its target allocations. In addition, there is the risk that the asset allocations may not achieve the desired risk-return characteristic or that the selection of Underlying Funds and the allocations among them will result in the Fund underperforming other similar funds or cause an investor to lose money.
· Index Risk—The risk that an Underlying Fund’s performance may not correspond to its benchmark index for any period of time and may underperform such index or the overall financial market. Additionally, to the extent that an Underlying Fund’s investments vary from the composition of its benchmark index, the Underlying Fund’s performance could potentially
Nuveen Lifecycle Index Funds ■ Prospectus 89
vary from the index’s performance to a greater extent than if the Underlying Fund merely attempted to replicate the index.
· Underlying Funds Risks—The Fund is exposed to the risks of the Underlying Funds in which it invests in direct proportion to the amount of assets the Fund allocates to each Underlying Fund.
· Equity Underlying Funds Risks—The risks of investing in equity Underlying Funds include risks specific to their investment strategies, as well as risks related to the equity markets in general, such as:
· market risk—The risk that market prices of portfolio investments held by a Fund may fall rapidly or unpredictably due to a variety of factors, including changing economic, political or market conditions. Market risk may affect a single issuer, industry or sector of the economy, or it may affect the market as a whole. Such conditions may add significantly to the risk of volatility in the net asset value (“NAV”) of the Fund’s shares and adversely affect the Fund and its investments. From time to time, a Fund may invest a significant portion of its assets in companies in one or more related sectors or industries, which would make the Fund more vulnerable to adverse developments affecting such sectors or industries;
· issuer risk—The risk that an issuer’s earnings prospects, credit rating and overall financial position will deteriorate, causing a decline in the value of the issuer’s financial instruments over short or extended periods of time;
· foreign investment risk—Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, currency, market or economic developments as well as armed conflicts and can result in greater price volatility and perform differently from financial instruments of U.S. issuers. This risk may be heightened in emerging or developing markets. Foreign investments may also have lower liquidity and be more difficult to value than investments in U.S. issuers. To the extent a Fund invests a significant portion of its assets in the securities of companies in a single country or region, it may be more susceptible to adverse economic, market, political or regulatory events or conditions affecting that country or region. Foreign investments may also be subject to risk of loss because of more or less foreign government regulation, less public information, less stringent investor protections and less stringent accounting, corporate governance, financial reporting and disclosure standards. Changes in the value of foreign currencies may make the return on an investment increase or decrease, unrelated to the quality or performance of the investment itself. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs) and other restrictions by the United States or other governments may also negatively impact a Fund’s
90 Prospectus ■ Nuveen Lifecycle Index Funds
investments. Economic sanctions and other similar governmental actions or developments could, among other things, effectively restrict or eliminate a Fund’s ability to purchase or sell certain foreign securities or groups of foreign securities, and/or thus may make a Fund’s investments in such securities less liquid (or illiquid) or more difficult to value. The type and severity of sanctions and other measures that may be imposed could vary broadly in scope, and their impact is impossible to predict; and
· small- and mid-cap risk—The risk that the stocks of small-capitalization companies often experience greater price volatility than large- or mid-sized companies because small-cap companies are often newer or less established than larger companies and are likely to have more limited resources, products and markets. Securities of small-cap companies often have lower overall liquidity than securities of larger companies as a result of there being a smaller market for their securities, which can have an adverse effect on the pricing of these securities and on the ability to sell these securities when a Fund’s investment adviser or sub-adviser deems it appropriate. Stocks of mid-capitalization companies often experience greater price volatility, lower trading volume and lower overall liquidity than the stocks of larger, more established companies.
· Fixed-Income Underlying Funds Risks—The risks of investing in fixed-income Underlying Funds include risks specific to their investment strategies, as well as risks related to the fixed-income markets in general, such as:
· interest rate risk—The risk that changes in interest rates can adversely affect the value or liquidity of, and income generated by, fixed-income investments. This risk is heightened to the extent a Fund invests in longer duration fixed-income investments and during periods when prevailing interest rates are changing. There is a risk that interest rates across the financial system may change, possibly significantly and/or rapidly. In general, changing interest rates, including rates that fall below zero, or a lack of market participants may lead to decreased liquidity and increased volatility in the fixed-income or debt markets, making it more difficult for the Fund to sell fixed-income investments. When interest rates change, the values of longer duration fixed-income securities usually change more than the values of shorter duration fixed-income securities. Conversely, fixed-income securities with shorter durations or maturities will be less volatile but may provide lower returns than fixed-income securities with longer durations or maturities. Other factors that may affect the value of debt securities include, but are not limited to, economic, political, public health, and other crises and responses by governments and companies to such crises;
Nuveen Lifecycle Index Funds ■ Prospectus 91
· prepayment risk—The risk that, during periods of falling interest rates, borrowers may pay off their mortgage loans sooner than expected, forcing a Fund to reinvest the unanticipated proceeds at lower interest rates and resulting in a decline in income;
· extension risk—The risk that, during periods of rising interest rates, borrowers may pay off their mortgage loans later than expected, preventing a Fund from reinvesting principal proceeds at higher interest rates and resulting in less income than potentially available;
· issuer risk—The risk that an issuer’s earnings prospects, credit rating and overall financial position will deteriorate, causing a decline in the value of the issuer’s financial instruments over short or extended periods of time;
· credit risk—The risk that the issuer of fixed-income investments may not be able or willing, or may be perceived (whether by market participants, rating agencies, pricing services or otherwise) as not able or willing, to meet interest or principal payments when the payments become due;
· credit spread risk—The risk that credit spreads (i.e., the difference in yield between securities that is due to differences in each security’s respective credit quality) may increase when market participants believe that bonds generally have a greater risk of default, which could result in a decline in the market values of a Fund’s debt securities;
· income volatility risk—The risk that the level of current income from a portfolio of fixed-income investments may decline in certain interest rate environments;
· market volatility, liquidity and valuation risk (types of market risk)—The risk that volatile or dramatic reductions in trading activity make it difficult for a Fund to properly value its investments and that a Fund may not be able to purchase or sell an investment at an attractive price, if at all; and
· call risk—The risk that, during periods of falling interest rates, an issuer may call (or repay) a fixed-income security prior to maturity, resulting in a decline in a Fund’s income.
· Emerging Markets Underlying Funds Risk—The risk of foreign investment often increases in countries with emerging markets or otherwise economically tied to emerging market countries. For example, these countries may have more unstable governments than developed countries, and their economies may be based on only a few industries. Emerging market countries may also have less stringent regulation of accounting, auditing, financial reporting and recordkeeping requirements, which would affect a Fund’s ability to evaluate potential portfolio companies. As a result, there could be less information available about issuers in emerging market countries, which could
92 Prospectus ■ Nuveen Lifecycle Index Funds
negatively affect Advisors’ ability to evaluate local companies or their potential impact on a Fund’s performance. Because the financial markets of emerging market countries may be very small, share prices of financial instruments in emerging market countries may be volatile and difficult to determine. Financial instruments of issuers in these countries may have lower overall liquidity than those of issuers in more developed countries. In addition, foreign investors such as a Fund are subject to a variety of special restrictions in many emerging market countries. Moreover, legal remedies for investors in emerging markets may be more limited, and U.S. authorities may have less ability to bring actions against bad actors in emerging market countries.
· Illiquid Investments Underlying Funds Risk—The risk that illiquid investments may be difficult to sell for the value at which they are carried, if at all, or at any price within the desired time frame.
· Currency Underlying Funds Risk—The risk that foreign (non-U.S.) currencies may decline in value relative to the U.S. dollar and adversely affect the value of a Fund’s investments in foreign currencies, securities denominated in foreign currencies or derivative instruments that provide exposure to foreign currencies.
· Active Management Risk—The risk that the strategy, investment selection or trading execution of Advisors could cause the Fund or an Underlying Fund to underperform its benchmark index or mutual funds with similar investment objectives and may not produce expected returns.
· Fund of Funds Risk—The ability of the Fund to achieve its investment objective will depend in part upon the ability of the Underlying Funds to achieve their investment objectives. There can be no guarantee that any Underlying Fund will achieve its investment objective.
There can be no assurances that the Fund will achieve its investment objective. You should not consider the Fund to be a complete investment program. Please see the non-summary portion of the Prospectus for more detailed information about the risks described above, including the risks of the Underlying Funds.
Nuveen Lifecycle Index Funds ■ Prospectus 93
returns compare to those of a broad-based securities market index and a composite index based on the Fund’s target allocations. In accordance with new regulatory requirements, the Fund has selected the Russell 3000®Index and the Bloomberg U.S. Aggregate Bond Index, which represent broad measures of market performance, and are generally representative of the market sectors or types of investments in which the Fund invests across the equity and fixed-income asset classes. After-tax performance is shown only for the Retirement Class shares, and after-tax returns for the other classes of shares will vary from the after-tax returns presented for the Retirement Class shares.
The
returns shown below reflect previous agreements by Advisors to waive or reimburse the Fund and certain
Underlying Funds for certain fees and expenses. Without these waivers and reimbursements, the returns
of the Fund would have been lower.
For current performance information of each share class, including performance
to the most recent month-end, please visit
ANNUAL TOTAL RETURNS FOR RETIREMENT CLASS SHARES (%)†
Nuveen Lifecycle Index 2035 Fund
†
94 Prospectus ■ Nuveen Lifecycle Index Funds
For the Periods Ended December 31, 2023
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# | The performance shown for Class I that is prior to its inception date is based on performance of the Fund’s Retirement Class. The performance for these periods has not been restated to reflect the lower expenses of Class I. | |||||||||||
‡ | As of the close of business on December 31, 2023, the Lifecycle Index 2035 Fund Composite Index consisted of: 45.2% Russell 3000® Index; 27.6% Bloomberg U.S. Aggregate Bond Index; 24.4% MSCI EAFE + Emerging Markets Index; 1.4% Bloomberg U.S. 1-3 Year Government/Credit Bond Index; and 1.4% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index. The Fund’s composite benchmark, the components that make up a composite benchmark and the method of calculating a composite benchmark’s performance may vary over time. | |||||||||||
Nuveen Lifecycle Index Funds ■ Prospectus 95
Investment Adviser. Teachers Advisors, LLC.
Portfolio Managers.
Name: | John Cunniff, CFA | Steve Sedmak, CFA | |
Title: | Managing Director | Managing Director | |
Experience on Fund: | since 2009 | since 2018 |
Purchase and sale of Fund shares
You may purchase, redeem or exchange shares of the Fund on any day that the New York Stock Exchange (“NYSE”) or its affiliated exchanges, NYSE Arca Equities or NYSE American, are open for trading (each such day a “Business Day”) directly from the Fund (for certain share classes) or through a financial advisor, employee benefit plan or other financial intermediary. The Fund’s initial and subsequent investment minimums generally are as follows, although certain financial intermediaries may impose their own investment minimums and the Fund may reduce or waive the minimums in some cases:
Eligibility and Minimum Initial Investment | Minimum Additional Investment | |
Class I | Available only through fee-based programs and certain retirement plans, and to other limited categories of investors as described in the Prospectus. $100,000 for all accounts except: · $250 for clients of financial intermediaries and family offices that have accounts holding Class I shares with an aggregate value of at least $100,000 (or that are expected to reach this level). · No minimum for eligible retirement plans and certain other categories of eligible investors as described in the Prospectus. | No minimum. |
Premier Class, Retirement Class | Available only through certain employee benefit plans, other types of savings plans or accounts and certain financial intermediaries as described in the Prospectus. No minimum. | No minimum. |
Class R6 | Available only to certain eligible investors as described in the Prospectus and through fee-based programs. $1 million for all accounts except: · $1,000 for clients of financial intermediaries who charge such clients an ongoing fee for advisory, investment, consulting or related services. | No minimum. |
The Fund intends to make distributions to shareholders that may be taxed as ordinary income or capital gains. Distributions made to tax-exempt shareholders or shareholders who hold Fund shares in a tax-deferred account are generally
96 Prospectus ■ Nuveen Lifecycle Index Funds
not subject to income tax in the current year, but redemptions made from tax-deferred accounts may be subject to income tax.
Payments to broker-dealers and other financial intermediary compensation
If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and/or its related companies may pay the financial intermediary for providing investor services. The Fund’s related companies may also pay the financial intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other financial intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary’s website for more information.
Nuveen Lifecycle Index Funds ■ Prospectus 97
Summary information |
(formerly TIAA-CREF Lifecycle Index 2040 Fund)
The Fund seeks high total return over time through a combination of capital appreciation and income.
The following tables describe the fees and expenses that you may pay if you buy, hold and sell shares of the Fund.
The tables and examples below do not reflect any commissions that shareholders may be required to pay directly to their financial intermediaries when buying or selling Class I shares.
| | | Retirement Class | |||||
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Maximum account fee |
98 Prospectus ■ Nuveen Lifecycle Index Funds
ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)
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1 | Restated to reflect estimate for the current fiscal year. | ||||||||
2 | Portions of the Management fees and Other expenses are based on expenses originally incurred by Class W shares of the Underlying Funds (as defined below) of the Trust, which have been incurred directly by the Fund pursuant to certain contractual arrangements intended to reallocate directly to the Fund certain fees and expenses that had been paid by the Underlying Funds of the Trust. For additional information, please see the “Management of the Funds” section of this Prospectus. | ||||||||
3 | Under the Fund’s expense reimbursement arrangements, the Fund’s investment adviser, Teachers Advisors, LLC (“Advisors”), has contractually agreed to reimburse the Fund for any Total annual Fund operating expenses (excluding interest, taxes, brokerage commissions or other transactional expenses, Acquired fund fees and expenses, extraordinary expenses and any expenses originally attributable to Class W shares of the Underlying Funds of the Trust that were incurred directly by the Fund) that exceed: (i) 0.193% of average daily net assets for Class I shares; (ii) 0.193% of average daily net assets for Premier Class shares; (iii) 0.043% of average daily net assets for Class R6 shares; and (iv) 0.293% of average daily net assets for Retirement Class shares of the Fund. These expense reimbursement arrangements will continue through at least September 30, 2025, unless changed with approval of the Board of Trustees. | ||||||||
4 | Advisors has contractually agreed to waive 0.057% of the Fund’s Management fee. This waiver will remain in effect through at least September 30, 2025, unless changed with the approval of the Board of Trustees. | ||||||||
This example is intended to help you compare the cost of investing in shares of the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses, before fee waivers and/or expense reimbursements, remain the same. The example assumes that the Fund’s fee waiver and/or expense reimbursement arrangements will each remain in place for the durations noted in the table above. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
| Class I |
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Nuveen Lifecycle Index Funds ■ Prospectus 99
The Fund pays transaction costs, such as commissions, when
it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover
rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in
a taxable account. These costs, which are not reflected in annual fund operating expenses or in the
example, affect the Fund’s performance. During the fiscal year ended May 31, 2024,
the Fund’s portfolio turnover rate was
The Fund is a “fund of funds” that invests in Class W shares of other Nuveen mutual funds and potentially in other investment pools or investment products, including other funds advised by the Fund’s investment adviser, Teachers Advisors, LLC (“Advisors”), or its affiliates (collectively, the “Underlying Funds”). In general, the Fund is designed for investors who have an approximate target retirement year in mind, and the Fund’s investments are adjusted from more aggressive to more conservative over time as the Fund’s target retirement year approaches and for approximately 30 years afterwards. The Fund invests in Underlying Funds according to an asset allocation strategy designed for investors retiring in, or planning to retire within a few years of, 2040 and who may begin taking systematic withdrawals upon retirement. The Fund has a policy of investing at least 80% of its assets (net assets, plus the amount of any borrowings for investment purposes) in Underlying Funds that are managed to seek investment returns that track particular market indices.
Advisors currently expects to allocate approximately 78.00% of the Fund’s assets to equity Underlying Funds and 22.00% of its assets to fixed-income Underlying Funds. These allocations represent targets for equity and fixed-income asset classes. Target allocations will change over time and actual allocations may vary up to ten percentage points from the targets. The target allocations along the investment glidepath, illustrated in the chart below, gradually become more conservative, moving to target allocations of approximately 50.00% equity/50.00% fixed-income in the Fund’s target retirement year of 2040 and reaching the Fund’s final target allocation of approximately 20.00% equity/80.00% fixed-income in 2070. Within the equity and fixed-income asset classes, Advisors allocates the Fund’s investments to particular market sectors (U.S. equity, international equity, fixed-income, short-term fixed-income and inflation-protected assets) represented by various Underlying Funds. These market sector allocations may vary by up to 10% from the Fund’s target market sector allocations. The Fund’s current target market sector allocations for June 30, 2025, which will change over time, are approximately as follows: U.S. Equity: 50.70%; International Equity: 27.30%; Fixed-Income: 22.00%; Short-Term Fixed-Income: 0.00%; and Inflation-Protected Assets: 0.00%. The asset class and market sector names used herein are intended to reflect the primary type of investment of the Underlying Funds within each of these categories.
100 Prospectus ■ Nuveen Lifecycle Index Funds
The Fund’s target market sector allocations to Underlying Funds may include the Nuveen Equity Index Fund (U.S. Equity); Nuveen Emerging Markets Equity Index Fund and Nuveen International Equity Index Fund (International Equity); Nuveen Bond Index Fund (Fixed-Income); Nuveen Short Term Bond Index Fund (Short-Term Fixed-Income); and Nuveen Inflation Linked Bond Fund (Inflation-Protected Assets).
As a result of its investments in the Underlying Funds, the Fund’s returns will reflect investments in a mix of domestic and foreign equities of companies of various sizes and market capitalizations and a variety of domestic and foreign fixed-income instruments of private and governmental issuers of varying maturities and credit qualities.
Additional or replacement Underlying Funds for each market sector, as well as additional or replacement market sectors, may be included when making future allocations if Advisors believes that such Underlying Funds and/or market sectors are appropriate in light of the Fund’s desired levels of risk and potential return at the particular time. The Fund’s portfolio management team may also add a new market sector if it believes that will help to achieve the Fund’s investment objective. The relative allocations among Underlying Funds within a market sector may be changed at any time without notice to shareholders. If 10% or more of the Fund’s assets are expected to be invested in any Underlying Fund or market sector not listed above, shareholders will receive prior notice of such change.
As part of the Fund’s ability to invest in other investment pools or investment products noted above, the Fund may invest in exchange-traded funds (“ETFs”) and exchange-traded notes (“ETNs”) to gain exposure to various market sectors or securities in order to effect its asset allocation strategy. Additionally, the Fund may use ETFs or ETNs for cash management, hedging or defensive purposes. ETFs or ETNs will be subject to the risks associated with the types of securities or sectors that they track, while ETNs, which are structured as fixed-income obligations, will also be subject to the general risks of fixed-income securities, including credit risk.
The Fund’s asset class allocations, market sector allocations within each asset class, and Underlying Fund allocations within each market sector, as of June 30, 2024, are listed in the chart below. These allocations will change over time. Underlying Fund allocations in particular may change from year to year.
Asset Class | Allocation |
| Market Sector | Allocation |
| Underlying Funds | Allocation |
Equity | 79.76% |
| U.S. Equity | 52.13% |
| Nuveen Equity Index | 52.13% |
International Equity | 27.63% | Nuveen International Equity Index | 18.98% | ||||
Nuveen Emerging Markets Equity Index | 8.65% | ||||||
Fixed-Income | 20.24% |
| Fixed-Income | 20.24% |
| Nuveen Bond Index | 20.24% |
Total | 100.00% | 100.00% | 100.00% |
The following chart shows how the investment glidepath for the Fund is expected to gradually move the Fund’s target allocations over time between the different target market sector allocations. The actual market sector allocations of
Nuveen Lifecycle Index Funds ■ Prospectus 101
the Fund may differ from this chart. The Fund seeks to achieve its final target market sector allocations approximately 30 years following the target date.
The Fund is designed to accommodate investors who invest in a fund up to their target retirement date, and plan to make gradual systematic withdrawals in retirement. In addition, investors should note that the Fund will continue to have a significant level of equity exposure up to, through and after its target retirement date, and this exposure could cause significant fluctuations in the value of the Fund depending on the performance of the equity markets generally.
After the Fund reaches its final target allocation, the Board of Trustees may authorize the merger of the Fund into another Lifecycle Index Fund which has also reached its final target allocation or other similar fund designed to maintain a relatively stable asset allocation reflecting the resting point on the glidepath described in the chart above. Fund shareholders will receive prior notice of any such merger.
· Asset Allocation Risk—The risk that the Fund may not achieve its target allocations. In addition, there is the risk that the asset allocations may not achieve the desired risk-return characteristic or that the selection of Underlying Funds and the allocations among them will result in the Fund underperforming other similar funds or cause an investor to lose money.
· Index Risk—The risk that an Underlying Fund’s performance may not correspond to its benchmark index for any period of time and may underperform such index or the overall financial market. Additionally, to the extent that an Underlying Fund’s investments vary from the composition of its benchmark index, the Underlying Fund’s performance could potentially vary from the index’s performance to a greater extent than if the Underlying Fund merely attempted to replicate the index.
102 Prospectus ■ Nuveen Lifecycle Index Funds
· Underlying Funds Risks—The Fund is exposed to the risks of the Underlying Funds in which it invests in direct proportion to the amount of assets the Fund allocates to each Underlying Fund.
· Equity Underlying Funds Risks—The risks of investing in equity Underlying Funds include risks specific to their investment strategies, as well as risks related to the equity markets in general, such as:
· market risk—The risk that market prices of portfolio investments held by a Fund may fall rapidly or unpredictably due to a variety of factors, including changing economic, political or market conditions. Market risk may affect a single issuer, industry or sector of the economy, or it may affect the market as a whole. Such conditions may add significantly to the risk of volatility in the net asset value (“NAV”) of the Fund’s shares and adversely affect the Fund and its investments. From time to time, a Fund may invest a significant portion of its assets in companies in one or more related sectors or industries, which would make the Fund more vulnerable to adverse developments affecting such sectors or industries;
· issuer risk—The risk that an issuer’s earnings prospects, credit rating and overall financial position will deteriorate, causing a decline in the value of the issuer’s financial instruments over short or extended periods of time;
· foreign investment risk—Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, currency, market or economic developments as well as armed conflicts and can result in greater price volatility and perform differently from financial instruments of U.S. issuers. This risk may be heightened in emerging or developing markets. Foreign investments may also have lower liquidity and be more difficult to value than investments in U.S. issuers. To the extent a Fund invests a significant portion of its assets in the securities of companies in a single country or region, it may be more susceptible to adverse economic, market, political or regulatory events or conditions affecting that country or region. Foreign investments may also be subject to risk of loss because of more or less foreign government regulation, less public information, less stringent investor protections and less stringent accounting, corporate governance, financial reporting and disclosure standards. Changes in the value of foreign currencies may make the return on an investment increase or decrease, unrelated to the quality or performance of the investment itself. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs) and other restrictions by the United States or other governments may also negatively impact a Fund’s investments. Economic sanctions and other similar governmental actions or developments could, among other things, effectively restrict
Nuveen Lifecycle Index Funds ■ Prospectus 103
or eliminate a Fund’s ability to purchase or sell certain foreign securities or groups of foreign securities, and/or thus may make a Fund’s investments in such securities less liquid (or illiquid) or more difficult to value. The type and severity of sanctions and other measures that may be imposed could vary broadly in scope, and their impact is impossible to predict; and
· small- and mid-cap risk—The risk that the stocks of small-capitalization companies often experience greater price volatility than large- or mid-sized companies because small-cap companies are often newer or less established than larger companies and are likely to have more limited resources, products and markets. Securities of small-cap companies often have lower overall liquidity than securities of larger companies as a result of there being a smaller market for their securities, which can have an adverse effect on the pricing of these securities and on the ability to sell these securities when a Fund’s investment adviser or sub-adviser deems it appropriate. Stocks of mid-capitalization companies often experience greater price volatility, lower trading volume and lower overall liquidity than the stocks of larger, more established companies.
· Fixed-Income Underlying Funds Risks—The risks of investing in fixed-income Underlying Funds include risks specific to their investment strategies, as well as risks related to the fixed-income markets in general, such as:
· interest rate risk—The risk that changes in interest rates can adversely affect the value or liquidity of, and income generated by, fixed-income investments. This risk is heightened to the extent a Fund invests in longer duration fixed-income investments and during periods when prevailing interest rates are changing. There is a risk that interest rates across the financial system may change, possibly significantly and/or rapidly. In general, changing interest rates, including rates that fall below zero, or a lack of market participants may lead to decreased liquidity and increased volatility in the fixed-income or debt markets, making it more difficult for the Fund to sell fixed-income investments. When interest rates change, the values of longer duration fixed-income securities usually change more than the values of shorter duration fixed-income securities. Conversely, fixed-income securities with shorter durations or maturities will be less volatile but may provide lower returns than fixed-income securities with longer durations or maturities. Other factors that may affect the value of debt securities include, but are not limited to, economic, political, public health, and other crises and responses by governments and companies to such crises;
· prepayment risk—The risk that, during periods of falling interest rates, borrowers may pay off their mortgage loans sooner than expected,
104 Prospectus ■ Nuveen Lifecycle Index Funds
forcing a Fund to reinvest the unanticipated proceeds at lower interest rates and resulting in a decline in income;
· extension risk—The risk that, during periods of rising interest rates, borrowers may pay off their mortgage loans later than expected, preventing a Fund from reinvesting principal proceeds at higher interest rates and resulting in less income than potentially available;
· issuer risk—The risk that an issuer’s earnings prospects, credit rating and overall financial position will deteriorate, causing a decline in the value of the issuer’s financial instruments over short or extended periods of time;
· credit risk—The risk that the issuer of fixed-income investments may not be able or willing, or may be perceived (whether by market participants, rating agencies, pricing services or otherwise) as not able or willing, to meet interest or principal payments when the payments become due;
· credit spread risk—The risk that credit spreads (i.e., the difference in yield between securities that is due to differences in each security’s respective credit quality) may increase when market participants believe that bonds generally have a greater risk of default, which could result in a decline in the market values of a Fund’s debt securities;
· income volatility risk—The risk that the level of current income from a portfolio of fixed-income investments may decline in certain interest rate environments;
· market volatility, liquidity and valuation risk (types of market risk)—The risk that volatile or dramatic reductions in trading activity make it difficult for a Fund to properly value its investments and that a Fund may not be able to purchase or sell an investment at an attractive price, if at all; and
· call risk—The risk that, during periods of falling interest rates, an issuer may call (or repay) a fixed-income security prior to maturity, resulting in a decline in a Fund’s income.
· Emerging Markets Underlying Funds Risk—The risk of foreign investment often increases in countries with emerging markets or otherwise economically tied to emerging market countries. For example, these countries may have more unstable governments than developed countries, and their economies may be based on only a few industries. Emerging market countries may also have less stringent regulation of accounting, auditing, financial reporting and recordkeeping requirements, which would affect a Fund’s ability to evaluate potential portfolio companies. As a result, there could be less information available about issuers in emerging market countries, which could negatively affect Advisors’ ability to evaluate local companies or their potential impact on a Fund’s performance. Because the financial
Nuveen Lifecycle Index Funds ■ Prospectus 105
markets of emerging market countries may be very small, share prices of financial instruments in emerging market countries may be volatile and difficult to determine. Financial instruments of issuers in these countries may have lower overall liquidity than those of issuers in more developed countries. In addition, foreign investors such as a Fund are subject to a variety of special restrictions in many emerging market countries. Moreover, legal remedies for investors in emerging markets may be more limited, and U.S. authorities may have less ability to bring actions against bad actors in emerging market countries.
· Illiquid Investments Underlying Funds Risk—The risk that illiquid investments may be difficult to sell for the value at which they are carried, if at all, or at any price within the desired time frame.
· Currency Underlying Funds Risk—The risk that foreign (non-U.S.) currencies may decline in value relative to the U.S. dollar and adversely affect the value of a Fund’s investments in foreign currencies, securities denominated in foreign currencies or derivative instruments that provide exposure to foreign currencies.
· Active Management Risk—The risk that the strategy, investment selection or trading execution of Advisors could cause the Fund or an Underlying Fund to underperform its benchmark index or mutual funds with similar investment objectives and may not produce expected returns.
· Fund of Funds Risk—The ability of the Fund to achieve its investment objective will depend in part upon the ability of the Underlying Funds to achieve their investment objectives. There can be no guarantee that any Underlying Fund will achieve its investment objective.
There can be no assurances that the Fund will achieve its investment objective. You should not consider the Fund to be a complete investment program. Please see the non-summary portion of the Prospectus for more detailed information about the risks described above, including the risks of the Underlying Funds.
106 Prospectus ■ Nuveen Lifecycle Index Funds
regulatory requirements, the Fund has selected the Russell 3000®Index and the Bloomberg U.S. Aggregate Bond Index, which represent broad measures of market performance, and are generally representative of the market sectors or types of investments in which the Fund invests across the equity and fixed-income asset classes. After-tax performance is shown only for the Retirement Class shares, and after-tax returns for the other classes of shares will vary from the after-tax returns presented for the Retirement Class shares.
The returns shown below reflect previous agreements by Advisors
to waive or reimburse the Fund and certain Underlying Funds for certain fees and expenses. Without these
waivers and reimbursements, the returns of the Fund would have been lower.
For current performance
information of each share class, including performance to the most recent month-end, please visit
ANNUAL TOTAL RETURNS FOR RETIREMENT CLASS SHARES (%)†
Nuveen Lifecycle Index 2040 Fund
†
Nuveen Lifecycle Index Funds ■ Prospectus 107
For the Periods Ended December 31, 2023
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# | The performance shown for Class I that is prior to its inception date is based on performance of the Fund’s Retirement Class. The performance for these periods has not been restated to reflect the lower expenses of Class I. | |||||||||||
‡ | As of the close of business on December 31, 2023, the Lifecycle Index 2040 Fund Composite Index consisted of: 52.3% Russell 3000® Index; 28.1% MSCI EAFE + Emerging Markets Index; and 19.6% Bloomberg U.S. Aggregate Bond Index. The Fund’s composite benchmark, the components that make up a composite benchmark and the method of calculating a composite benchmark’s performance may vary over time. | |||||||||||
108 Prospectus ■ Nuveen Lifecycle Index Funds
Investment Adviser. Teachers Advisors, LLC.
Portfolio Managers.
Name: | John Cunniff, CFA | Steve Sedmak, CFA | |
Title: | Managing Director | Managing Director | |
Experience on Fund: | since 2009 | since 2018 |
Purchase and sale of Fund shares
You may purchase, redeem or exchange shares of the Fund on any day that the New York Stock Exchange (“NYSE”) or its affiliated exchanges, NYSE Arca Equities or NYSE American, are open for trading (each such day a “Business Day”) directly from the Fund (for certain share classes) or through a financial advisor, employee benefit plan or other financial intermediary. The Fund’s initial and subsequent investment minimums generally are as follows, although certain financial intermediaries may impose their own investment minimums and the Fund may reduce or waive the minimums in some cases:
Eligibility and Minimum Initial Investment | Minimum Additional Investment | |
Class I | Available only through fee-based programs and certain retirement plans, and to other limited categories of investors as described in the Prospectus. $100,000 for all accounts except: · $250 for clients of financial intermediaries and family offices that have accounts holding Class I shares with an aggregate value of at least $100,000 (or that are expected to reach this level). · No minimum for eligible retirement plans and certain other categories of eligible investors as described in the Prospectus. | No minimum. |
Premier Class, Retirement Class | Available only through certain employee benefit plans, other types of savings plans or accounts and certain financial intermediaries as described in the Prospectus. No minimum. | No minimum. |
Class R6 | Available only to certain eligible investors as described in the Prospectus and through fee-based programs. $1 million for all accounts except: · $1,000 for clients of financial intermediaries who charge such clients an ongoing fee for advisory, investment, consulting or related services. | No minimum. |
The Fund intends to make distributions to shareholders that may be taxed as ordinary income or capital gains. Distributions made to tax-exempt shareholders or shareholders who hold Fund shares in a tax-deferred account are generally
Nuveen Lifecycle Index Funds ■ Prospectus 109
not subject to income tax in the current year, but redemptions made from tax-deferred accounts may be subject to income tax.
Payments to broker-dealers and other financial intermediary compensation
If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and/or its related companies may pay the financial intermediary for providing investor services. The Fund’s related companies may also pay the financial intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other financial intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary’s website for more information.
110 Prospectus ■ Nuveen Lifecycle Index Funds
Summary information |
(formerly TIAA-CREF Lifecycle Index 2045 Fund)
The Fund seeks high total return over time through a combination of capital appreciation and income.
The following tables describe the fees and expenses that you may pay if you buy, hold and sell shares of the Fund.
The tables and examples below do not reflect any commissions that shareholders may be required to pay directly to their financial intermediaries when buying or selling Class I shares.
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Nuveen Lifecycle Index Funds ■ Prospectus 111
ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)
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1 | Restated to reflect estimate for the current fiscal year. | ||||||||
2 | Portions of the Management fees and Other expenses are based on expenses originally incurred by Class W shares of the Underlying Funds (as defined below) of the Trust, which have been incurred directly by the Fund pursuant to certain contractual arrangements intended to reallocate directly to the Fund certain fees and expenses that had been paid by the Underlying Funds of the Trust. For additional information, please see the “Management of the Funds” section of this Prospectus. | ||||||||
3 | Under the Fund’s expense reimbursement arrangements, the Fund’s investment adviser, Teachers Advisors, LLC (“Advisors”), has contractually agreed to reimburse the Fund for any Total annual Fund operating expenses (excluding interest, taxes, brokerage commissions or other transactional expenses, Acquired fund fees and expenses, extraordinary expenses and any expenses originally attributable to Class W shares of the Underlying Funds of the Trust that were incurred directly by the Fund) that exceed: (i) 0.193% of average daily net assets for Class I shares; (ii) 0.193% of average daily net assets for Premier Class shares; (iii) 0.043% of average daily net assets for Class R6 shares; and (iv) 0.293% of average daily net assets for Retirement Class shares of the Fund. These expense reimbursement arrangements will continue through at least September 30, 2025, unless changed with approval of the Board of Trustees. | ||||||||
4 | Advisors has contractually agreed to waive 0.057% of the Fund’s Management fee. This waiver will remain in effect through at least September 30, 2025, unless changed with the approval of the Board of Trustees. | ||||||||
This example is intended to help you compare the cost of investing in shares of the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses, before fee waivers and/or expense reimbursements, remain the same. The example assumes that the Fund’s fee waiver and/or expense reimbursement arrangements will each remain in place for the durations noted in the table above. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
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112 Prospectus ■ Nuveen Lifecycle Index Funds
The Fund pays transaction costs, such as commissions, when
it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover
rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in
a taxable account. These costs, which are not reflected in annual fund operating expenses or in the
example, affect the Fund’s performance. During the fiscal year ended May 31, 2024,
the Fund’s portfolio turnover rate was
The Fund is a “fund of funds” that invests in Class W shares of other Nuveen mutual funds and potentially in other investment pools or investment products, including other funds advised by the Fund’s investment adviser, Teachers Advisors, LLC (“Advisors”), or its affiliates (collectively, the “Underlying Funds”). In general, the Fund is designed for investors who have an approximate target retirement year in mind, and the Fund’s investments are adjusted from more aggressive to more conservative over time as the Fund’s target retirement year approaches and for approximately 30 years afterwards. The Fund invests in Underlying Funds according to an asset allocation strategy designed for investors retiring in, or planning to retire within a few years of, 2045 and who may begin taking systematic withdrawals upon retirement. The Fund has a policy of investing at least 80% of its assets (net assets, plus the amount of any borrowings for investment purposes) in Underlying Funds that are managed to seek investment returns that track particular market indices.
Advisors currently expects to allocate approximately 86.00% of the Fund’s assets to equity Underlying Funds and 14.00% of its assets to fixed-income Underlying Funds. These allocations represent targets for equity and fixed-income asset classes. Target allocations will change over time and actual allocations may vary up to ten percentage points from the targets. The target allocations along the investment glidepath, illustrated in the chart below, gradually become more conservative, moving to target allocations of approximately 50.00% equity/50.00% fixed-income in the Fund’s target retirement year of 2045 and reaching the Fund’s final target allocation of approximately 20.00% equity/80.00% fixed-income in 2075. Within the equity and fixed-income asset classes, Advisors allocates the Fund’s investments to particular market sectors (U.S. equity, international equity, fixed-income, short-term fixed-income and inflation-protected assets) represented by various Underlying Funds. These market sector allocations may vary by up to 10% from the Fund’s target market sector allocations. The Fund’s current target market sector allocations for June 30, 2025, which will change over time, are approximately as follows: U.S. Equity: 55.90%; International Equity: 30.10%; Fixed-Income: 14.00%; Short-Term Fixed-Income: 0.00%; and Inflation-Protected Assets: 0.00%. The asset class and market sector names used herein are intended to reflect the primary type of investment of the Underlying Funds within each of these categories.
Nuveen Lifecycle Index Funds ■ Prospectus 113
The Fund’s target market sector allocations to Underlying Funds may include the Nuveen Equity Index Fund (U.S. Equity); Nuveen Emerging Markets Equity Index Fund and Nuveen International Equity Index Fund (International Equity); Nuveen Bond Index Fund (Fixed-Income); Nuveen Short Term Bond Index Fund (Short-Term Fixed-Income); and Nuveen Inflation Linked Bond Fund (Inflation-Protected Assets).
As a result of its investments in the Underlying Funds, the Fund’s returns will reflect investments in a mix of domestic and foreign equities of companies of various sizes and market capitalizations and a variety of domestic and foreign fixed-income instruments of private and governmental issuers of varying maturities and credit qualities.
Additional or replacement Underlying Funds for each market sector, as well as additional or replacement market sectors, may be included when making future allocations if Advisors believes that such Underlying Funds and/or market sectors are appropriate in light of the Fund’s desired levels of risk and potential return at the particular time. The Fund’s portfolio management team may also add a new market sector if it believes that will help to achieve the Fund’s investment objective. The relative allocations among Underlying Funds within a market sector may be changed at any time without notice to shareholders. If 10% or more of the Fund’s assets are expected to be invested in any Underlying Fund or market sector not listed above, shareholders will receive prior notice of such change.
As part of the Fund’s ability to invest in other investment pools or investment products noted above, the Fund may invest in exchange-traded funds (“ETFs”) and exchange-traded notes (“ETNs”) to gain exposure to various market sectors or securities in order to effect its asset allocation strategy. Additionally, the Fund may use ETFs or ETNs for cash management, hedging or defensive purposes. ETFs or ETNs will be subject to the risks associated with the types of securities or sectors that they track, while ETNs, which are structured as fixed-income obligations, will also be subject to the general risks of fixed-income securities, including credit risk.
The Fund’s asset class allocations, market sector allocations within each asset class, and Underlying Fund allocations within each market sector, as of June 30, 2024, are listed in the chart below. These allocations will change over time. Underlying Fund allocations in particular may change from year to year.
Asset Class | Allocation |
| Market Sector | Allocation |
| Underlying Funds | Allocation |
Equity | 86.90% |
| U.S. Equity | 56.79% |
| Nuveen Equity Index | 56.79% |
International Equity | 30.11% | Nuveen International Equity Index | 20.67% | ||||
Nuveen Emerging Markets Equity Index | 9.44% | ||||||
Fixed-Income | 13.10% |
| Fixed-Income | 13.10% |
| Nuveen Bond Index | 13.10% |
Total | 100.00% | 100.00% | 100.00% |
The following chart shows how the investment glidepath for the Fund is expected to gradually move the Fund’s target allocations over time between the different target market sector allocations. The actual market sector allocations of
114 Prospectus ■ Nuveen Lifecycle Index Funds
the Fund may differ from this chart. The Fund seeks to achieve its final target market sector allocations approximately 30 years following the target date.
The Fund is designed to accommodate investors who invest in a fund up to their target retirement date, and plan to make gradual systematic withdrawals in retirement. In addition, investors should note that the Fund will continue to have a significant level of equity exposure up to, through and after its target retirement date, and this exposure could cause significant fluctuations in the value of the Fund depending on the performance of the equity markets generally.
After the Fund reaches its final target allocation, the Board of Trustees may authorize the merger of the Fund into another Lifecycle Index Fund which has also reached its final target allocation or other similar fund designed to maintain a relatively stable asset allocation reflecting the resting point on the glidepath described in the chart above. Fund shareholders will receive prior notice of any such merger.
· Asset Allocation Risk—The risk that the Fund may not achieve its target allocations. In addition, there is the risk that the asset allocations may not achieve the desired risk-return characteristic or that the selection of Underlying Funds and the allocations among them will result in the Fund underperforming other similar funds or cause an investor to lose money.
· Index Risk—The risk that an Underlying Fund’s performance may not correspond to its benchmark index for any period of time and may underperform such index or the overall financial market. Additionally, to the extent that an Underlying Fund’s investments vary from the composition of its benchmark index, the Underlying Fund’s performance could potentially vary from the index’s performance to a greater extent than if the Underlying Fund merely attempted to replicate the index.
Nuveen Lifecycle Index Funds ■ Prospectus 115
· Underlying Funds Risks—The Fund is exposed to the risks of the Underlying Funds in which it invests in direct proportion to the amount of assets the Fund allocates to each Underlying Fund.
· Equity Underlying Funds Risks—The risks of investing in equity Underlying Funds include risks specific to their investment strategies, as well as risks related to the equity markets in general, such as:
· market risk—The risk that market prices of portfolio investments held by a Fund may fall rapidly or unpredictably due to a variety of factors, including changing economic, political or market conditions. Market risk may affect a single issuer, industry or sector of the economy, or it may affect the market as a whole. Such conditions may add significantly to the risk of volatility in the net asset value (“NAV”) of the Fund’s shares and adversely affect the Fund and its investments. From time to time, a Fund may invest a significant portion of its assets in companies in one or more related sectors or industries, which would make the Fund more vulnerable to adverse developments affecting such sectors or industries;
· issuer risk—The risk that an issuer’s earnings prospects, credit rating and overall financial position will deteriorate, causing a decline in the value of the issuer’s financial instruments over short or extended periods of time;
· foreign investment risk—Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, currency, market or economic developments as well as armed conflicts and can result in greater price volatility and perform differently from financial instruments of U.S. issuers. This risk may be heightened in emerging or developing markets. Foreign investments may also have lower liquidity and be more difficult to value than investments in U.S. issuers. To the extent a Fund invests a significant portion of its assets in the securities of companies in a single country or region, it may be more susceptible to adverse economic, market, political or regulatory events or conditions affecting that country or region. Foreign investments may also be subject to risk of loss because of more or less foreign government regulation, less public information, less stringent investor protections and less stringent accounting, corporate governance, financial reporting and disclosure standards. Changes in the value of foreign currencies may make the return on an investment increase or decrease, unrelated to the quality or performance of the investment itself. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs) and other restrictions by the United States or other governments may also negatively impact a Fund’s investments. Economic sanctions and other similar governmental actions or developments could, among other things, effectively restrict
116 Prospectus ■ Nuveen Lifecycle Index Funds
or eliminate a Fund’s ability to purchase or sell certain foreign securities or groups of foreign securities, and/or thus may make a Fund’s investments in such securities less liquid (or illiquid) or more difficult to value. The type and severity of sanctions and other measures that may be imposed could vary broadly in scope, and their impact is impossible to predict; and
· small- and mid-cap risk—The risk that the stocks of small-capitalization companies often experience greater price volatility than large- or mid-sized companies because small-cap companies are often newer or less established than larger companies and are likely to have more limited resources, products and markets. Securities of small-cap companies often have lower overall liquidity than securities of larger companies as a result of there being a smaller market for their securities, which can have an adverse effect on the pricing of these securities and on the ability to sell these securities when a Fund’s investment adviser or sub-adviser deems it appropriate. Stocks of mid-capitalization companies often experience greater price volatility, lower trading volume and lower overall liquidity than the stocks of larger, more established companies.
· Fixed-Income Underlying Funds Risks—The risks of investing in fixed-income Underlying Funds include risks specific to their investment strategies, as well as risks related to the fixed-income markets in general, such as:
· interest rate risk—The risk that changes in interest rates can adversely affect the value or liquidity of, and income generated by, fixed-income investments. This risk is heightened to the extent a Fund invests in longer duration fixed-income investments and during periods when prevailing interest rates are changing. There is a risk that interest rates across the financial system may change, possibly significantly and/or rapidly. In general, changing interest rates, including rates that fall below zero, or a lack of market participants may lead to decreased liquidity and increased volatility in the fixed-income or debt markets, making it more difficult for the Fund to sell fixed-income investments. When interest rates change, the values of longer duration fixed-income securities usually change more than the values of shorter duration fixed-income securities. Conversely, fixed-income securities with shorter durations or maturities will be less volatile but may provide lower returns than fixed-income securities with longer durations or maturities. Other factors that may affect the value of debt securities include, but are not limited to, economic, political, public health, and other crises and responses by governments and companies to such crises;
· prepayment risk—The risk that, during periods of falling interest rates, borrowers may pay off their mortgage loans sooner than expected,
Nuveen Lifecycle Index Funds ■ Prospectus 117
forcing a Fund to reinvest the unanticipated proceeds at lower interest rates and resulting in a decline in income;
· extension risk—The risk that, during periods of rising interest rates, borrowers may pay off their mortgage loans later than expected, preventing a Fund from reinvesting principal proceeds at higher interest rates and resulting in less income than potentially available;
· issuer risk—The risk that an issuer’s earnings prospects, credit rating and overall financial position will deteriorate, causing a decline in the value of the issuer’s financial instruments over short or extended periods of time;
· credit risk—The risk that the issuer of fixed-income investments may not be able or willing, or may be perceived (whether by market participants, rating agencies, pricing services or otherwise) as not able or willing, to meet interest or principal payments when the payments become due;
· credit spread risk—The risk that credit spreads (i.e., the difference in yield between securities that is due to differences in each security’s respective credit quality) may increase when market participants believe that bonds generally have a greater risk of default, which could result in a decline in the market values of a Fund’s debt securities;
· income volatility risk—The risk that the level of current income from a portfolio of fixed-income investments may decline in certain interest rate environments;
· market volatility, liquidity and valuation risk (types of market risk)—The risk that volatile or dramatic reductions in trading activity make it difficult for a Fund to properly value its investments and that a Fund may not be able to purchase or sell an investment at an attractive price, if at all; and
· call risk—The risk that, during periods of falling interest rates, an issuer may call (or repay) a fixed-income security prior to maturity, resulting in a decline in a Fund’s income.
· Emerging Markets Underlying Funds Risk—The risk of foreign investment often increases in countries with emerging markets or otherwise economically tied to emerging market countries. For example, these countries may have more unstable governments than developed countries, and their economies may be based on only a few industries. Emerging market countries may also have less stringent regulation of accounting, auditing, financial reporting and recordkeeping requirements, which would affect a Fund’s ability to evaluate potential portfolio companies. As a result, there could be less information available about issuers in emerging market countries, which could negatively affect Advisors’ ability to evaluate local companies or their potential impact on a Fund’s performance. Because the financial
118 Prospectus ■ Nuveen Lifecycle Index Funds
markets of emerging market countries may be very small, share prices of financial instruments in emerging market countries may be volatile and difficult to determine. Financial instruments of issuers in these countries may have lower overall liquidity than those of issuers in more developed countries. In addition, foreign investors such as a Fund are subject to a variety of special restrictions in many emerging market countries. Moreover, legal remedies for investors in emerging markets may be more limited, and U.S. authorities may have less ability to bring actions against bad actors in emerging market countries.
· Illiquid Investments Underlying Funds Risk—The risk that illiquid investments may be difficult to sell for the value at which they are carried, if at all, or at any price within the desired time frame.
· Currency Underlying Funds Risk—The risk that foreign (non-U.S.) currencies may decline in value relative to the U.S. dollar and adversely affect the value of a Fund’s investments in foreign currencies, securities denominated in foreign currencies or derivative instruments that provide exposure to foreign currencies.
· Active Management Risk—The risk that the strategy, investment selection or trading execution of Advisors could cause the Fund or an Underlying Fund to underperform its benchmark index or mutual funds with similar investment objectives and may not produce expected returns.
· Fund of Funds Risk—The ability of the Fund to achieve its investment objective will depend in part upon the ability of the Underlying Funds to achieve their investment objectives. There can be no guarantee that any Underlying Fund will achieve its investment objective.
There can be no assurances that the Fund will achieve its investment objective. You should not consider the Fund to be a complete investment program. Please see the non-summary portion of the Prospectus for more detailed information about the risks described above, including the risks of the Underlying Funds.
Nuveen Lifecycle Index Funds ■ Prospectus 119
regulatory requirements, the Fund has selected the Russell 3000®Index and the Bloomberg U.S. Aggregate Bond Index, which represent broad measures of market performance, and are generally representative of the market sectors or types of investments in which the Fund invests across the equity and fixed-income asset classes. After-tax performance is shown only for the Retirement Class shares, and after-tax returns for the other classes of shares will vary from the after-tax returns presented for the Retirement Class shares.
The returns shown below reflect previous agreements by Advisors
to waive or reimburse the Fund and certain Underlying Funds for certain fees and expenses. Without these
waivers and reimbursements, the returns of the Fund would have been lower.
For current performance
information of each share class, including performance to the most recent month-end, please visit
ANNUAL TOTAL RETURNS FOR RETIREMENT CLASS SHARES (%)†
Nuveen Lifecycle Index 2045 Fund
†
120 Prospectus ■ Nuveen Lifecycle Index Funds
For the Periods Ended December 31, 2023
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# | The performance shown for Class I that is prior to its inception date is based on performance of the Fund’s Retirement Class. The performance for these periods has not been restated to reflect the lower expenses of Class I. | |||||||||||
‡ | As of the close of business on December 31, 2023, the Lifecycle Index 2045 Fund Composite Index consisted of: 56.7% Russell 3000® Index; 30.5% MSCI EAFE + Emerging Markets Index; and 12.8% Bloomberg U.S. Aggregate Bond Index. The Fund’s composite benchmark, the components that make up a composite benchmark and the method of calculating a composite benchmark’s performance may vary over time. | |||||||||||
Nuveen Lifecycle Index Funds ■ Prospectus 121
Investment Adviser. Teachers Advisors, LLC.
Portfolio Managers.
Name: | John Cunniff, CFA | Steve Sedmak, CFA | |
Title: | Managing Director | Managing Director | |
Experience on Fund: | since 2009 | since 2018 |
Purchase and sale of Fund shares
You may purchase, redeem or exchange shares of the Fund on any day that the New York Stock Exchange (“NYSE”) or its affiliated exchanges, NYSE Arca Equities or NYSE American, are open for trading (each such day a “Business Day”) directly from the Fund (for certain share classes) or through a financial advisor, employee benefit plan or other financial intermediary. The Fund’s initial and subsequent investment minimums generally are as follows, although certain financial intermediaries may impose their own investment minimums and the Fund may reduce or waive the minimums in some cases:
Eligibility and Minimum Initial Investment | Minimum Additional Investment | |
Class I | Available only through fee-based programs and certain retirement plans, and to other limited categories of investors as described in the Prospectus. $100,000 for all accounts except: · $250 for clients of financial intermediaries and family offices that have accounts holding Class I shares with an aggregate value of at least $100,000 (or that are expected to reach this level). · No minimum for eligible retirement plans and certain other categories of eligible investors as described in the Prospectus. | No minimum. |
Premier Class, Retirement Class | Available only through certain employee benefit plans, other types of savings plans or accounts and certain financial intermediaries as described in the Prospectus. No minimum. | No minimum. |
Class R6 | Available only to certain eligible investors as described in the Prospectus and through fee-based programs. $1 million for all accounts except: · $1,000 for clients of financial intermediaries who charge such clients an ongoing fee for advisory, investment, consulting or related services. | No minimum. |
The Fund intends to make distributions to shareholders that may be taxed as ordinary income or capital gains. Distributions made to tax-exempt shareholders or shareholders who hold Fund shares in a tax-deferred account are generally
122 Prospectus ■ Nuveen Lifecycle Index Funds
not subject to income tax in the current year, but redemptions made from tax-deferred accounts may be subject to income tax.
Payments to broker-dealers and other financial intermediary compensation
If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and/or its related companies may pay the financial intermediary for providing investor services. The Fund’s related companies may also pay the financial intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other financial intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary’s website for more information.
Nuveen Lifecycle Index Funds ■ Prospectus 123
Summary information |
(formerly TIAA-CREF Lifecycle Index 2050 Fund)
The Fund seeks high total return over time through a combination of capital appreciation and income.
The following tables describe the fees and expenses that you may pay if you buy, hold and sell shares of the Fund.
The tables and examples below do not reflect any commissions that shareholders may be required to pay directly to their financial intermediaries when buying or selling Class I shares.
| | | Retirement Class | |||||
Maximum
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Maximum
sales charge (load) imposed on reinvested | ||||||||
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Maximum account fee |
124 Prospectus ■ Nuveen Lifecycle Index Funds
ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)
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1 | Restated to reflect estimate for the current fiscal year. | ||||||||
2 | Portions of the Management fees and Other expenses are based on expenses originally incurred by Class W shares of the Underlying Funds (as defined below) of the Trust, which have been incurred directly by the Fund pursuant to certain contractual arrangements intended to reallocate directly to the Fund certain fees and expenses that had been paid by the Underlying Funds of the Trust. For additional information, please see the “Management of the Funds” section of this Prospectus. | ||||||||
3 | Under the Fund’s expense reimbursement arrangements, the Fund’s investment adviser, Teachers Advisors, LLC (“Advisors”), has contractually agreed to reimburse the Fund for any Total annual Fund operating expenses (excluding interest, taxes, brokerage commissions or other transactional expenses, Acquired fund fees and expenses, extraordinary expenses and any expenses originally attributable to Class W shares of the Underlying Funds of the Trust that were incurred directly by the Fund) that exceed: (i) 0.194% of average daily net assets for Class I shares; (ii) 0.194% of average daily net assets for Premier Class shares; (iii) 0.044% of average daily net assets for Class R6 shares; and (iv) 0.294% of average daily net assets for Retirement Class shares of the Fund. These expense reimbursement arrangements will continue through at least September 30, 2025, unless changed with approval of the Board of Trustees. | ||||||||
4 | Advisors has contractually agreed to waive 0.056% of the Fund’s Management fee. This waiver will remain in effect through at least September 30, 2025, unless changed with the approval of the Board of Trustees. | ||||||||
This example is intended to help you compare the cost of investing in shares of the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses, before fee waivers and/or expense reimbursements, remain the same. The example assumes that the Fund’s fee waiver and/or expense reimbursement arrangements will each remain in place for the durations noted in the table above. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
| Class I |
| Premier
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| Class R6 |
| Retirement |
| ||||
1 year | $ | |
| $ |
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| $ | |
| $ | |
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| $ | |
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| $ | |
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Nuveen Lifecycle Index Funds ■ Prospectus 125
The Fund pays transaction costs, such as commissions, when
it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover
rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in
a taxable account. These costs, which are not reflected in annual fund operating expenses or in the
example, affect the Fund’s performance. During the fiscal year ended May 31, 2024,
the Fund’s portfolio turnover rate was
The Fund is a “fund of funds” that invests in Class W shares of other Nuveen mutual funds and potentially in other investment pools or investment products, including other funds advised by the Fund’s investment adviser, Teachers Advisors, LLC (“Advisors”), or its affiliates (collectively, the “Underlying Funds”). In general, the Fund is designed for investors who have an approximate target retirement year in mind, and the Fund’s investments are adjusted from more aggressive to more conservative over time as the Fund’s target retirement year approaches and for approximately 30 years afterwards. The Fund invests in Underlying Funds according to an asset allocation strategy designed for investors retiring in, or planning to retire within a few years of, 2050 and who may begin taking systematic withdrawals upon retirement. The Fund has a policy of investing at least 80% of its assets (net assets, plus the amount of any borrowings for investment purposes) in Underlying Funds that are managed to seek investment returns that track particular market indices.
Advisors currently expects to allocate approximately 90.00% of the Fund’s assets to equity Underlying Funds and 10.00% of its assets to fixed-income Underlying Funds. These allocations represent targets for equity and fixed-income asset classes. Target allocations will change over time and actual allocations may vary up to ten percentage points from the targets. The target allocations along the investment glidepath, illustrated in the chart below, gradually become more conservative, moving to target allocations of approximately 50.00% equity/50.00% fixed-income in the Fund’s target retirement year of 2050 and reaching the Fund’s final target allocation of approximately 20.00% equity/80.00% fixed-income in 2080. Within the equity and fixed-income asset classes, Advisors allocates the Fund’s investments to particular market sectors (U.S. equity, international equity, fixed-income, short-term fixed-income and inflation-protected assets) represented by various Underlying Funds. These market sector allocations may vary by up to 10% from the Fund’s target market sector allocations. The Fund’s current target market sector allocations for June 30, 2025, which will change over time, are approximately as follows: U.S. Equity: 58.50%; International Equity: 31.50%; Fixed-Income: 10.00%; Short-Term Fixed-Income: 0.00%; and Inflation-Protected Assets: 0.00%. The asset class and market sector names used herein are intended to reflect the primary type of investment of the Underlying Funds within each of these categories.
126 Prospectus ■ Nuveen Lifecycle Index Funds
The Fund’s target market sector allocations to Underlying Funds may include the Nuveen Equity Index Fund (U.S. Equity); Nuveen Emerging Markets Equity Index Fund and Nuveen International Equity Index Fund (International Equity); Nuveen Bond Index Fund (Fixed-Income); Nuveen Short Term Bond Index Fund (Short-Term Fixed-Income); and Nuveen Inflation Linked Bond Fund (Inflation-Protected Assets).
As a result of its investments in the Underlying Funds, the Fund’s returns will reflect investments in a mix of domestic and foreign equities of companies of various sizes and market capitalizations and a variety of domestic and foreign fixed-income instruments of private and governmental issuers of varying maturities and credit qualities.
Additional or replacement Underlying Funds for each market sector, as well as additional or replacement market sectors, may be included when making future allocations if Advisors believes that such Underlying Funds and/or market sectors are appropriate in light of the Fund’s desired levels of risk and potential return at the particular time. The Fund’s portfolio management team may also add a new market sector if it believes that will help to achieve the Fund’s investment objective. The relative allocations among Underlying Funds within a market sector may be changed at any time without notice to shareholders. If 10% or more of the Fund’s assets are expected to be invested in any Underlying Fund or market sector not listed above, shareholders will receive prior notice of such change.
As part of the Fund’s ability to invest in other investment pools or investment products noted above, the Fund may invest in exchange-traded funds (“ETFs”) and exchange-traded notes (“ETNs”) to gain exposure to various market sectors or securities in order to effect its asset allocation strategy. Additionally, the Fund may use ETFs or ETNs for cash management, hedging or defensive purposes. ETFs or ETNs will be subject to the risks associated with the types of securities or sectors that they track, while ETNs, which are structured as fixed-income obligations, will also be subject to the general risks of fixed-income securities, including credit risk.
The Fund’s asset class allocations, market sector allocations within each asset class, and Underlying Fund allocations within each market sector, as of June 30, 2024, are listed in the chart below. These allocations will change over time. Underlying Fund allocations in particular may change from year to year.
Asset Class | Allocation |
| Market Sector | Allocation |
| Underlying Funds | Allocation |
Equity | 90.31% |
| U.S. Equity | 59.02% |
| Nuveen Equity Index | 59.02% |
International Equity | 31.29% | Nuveen International Equity Index | 21.49% | ||||
Nuveen Emerging Markets Equity Index | 9.80% | ||||||
Fixed-Income | 9.69% |
| Fixed-Income | 9.69% |
| Nuveen Bond Index | 9.69% |
Total | 100.00% | 100.00% | 100.00% |
The following chart shows how the investment glidepath for the Fund is expected to gradually move the Fund’s target allocations over time between the different target market sector allocations. The actual market sector allocations of
Nuveen Lifecycle Index Funds ■ Prospectus 127
the Fund may differ from this chart. The Fund seeks to achieve its final target market sector allocations approximately 30 years following the target date.
The Fund is designed to accommodate investors who invest in a fund up to their target retirement date, and plan to make gradual systematic withdrawals in retirement. In addition, investors should note that the Fund will continue to have a significant level of equity exposure up to, through and after its target retirement date, and this exposure could cause significant fluctuations in the value of the Fund depending on the performance of the equity markets generally.
After the Fund reaches its final target allocation, the Board of Trustees may authorize the merger of the Fund into another Lifecycle Index Fund which has also reached its final target allocation or other similar fund designed to maintain a relatively stable asset allocation reflecting the resting point on the glidepath described in the chart above. Fund shareholders will receive prior notice of any such merger.
· Asset Allocation Risk—The risk that the Fund may not achieve its target allocations. In addition, there is the risk that the asset allocations may not achieve the desired risk-return characteristic or that the selection of Underlying Funds and the allocations among them will result in the Fund underperforming other similar funds or cause an investor to lose money.
· Index Risk—The risk that an Underlying Fund’s performance may not correspond to its benchmark index for any period of time and may underperform such index or the overall financial market. Additionally, to the extent that an Underlying Fund’s investments vary from the composition of its benchmark index, the Underlying Fund’s performance could potentially vary from the index’s performance to a greater extent than if the Underlying Fund merely attempted to replicate the index.
128 Prospectus ■ Nuveen Lifecycle Index Funds
· Underlying Funds Risks—The Fund is exposed to the risks of the Underlying Funds in which it invests in direct proportion to the amount of assets the Fund allocates to each Underlying Fund.
· Equity Underlying Funds Risks—The risks of investing in equity Underlying Funds include risks specific to their investment strategies, as well as risks related to the equity markets in general, such as:
· market risk—The risk that market prices of portfolio investments held by a Fund may fall rapidly or unpredictably due to a variety of factors, including changing economic, political or market conditions. Market risk may affect a single issuer, industry or sector of the economy, or it may affect the market as a whole. Such conditions may add significantly to the risk of volatility in the net asset value (“NAV”) of the Fund’s shares and adversely affect the Fund and its investments. From time to time, a Fund may invest a significant portion of its assets in companies in one or more related sectors or industries, which would make the Fund more vulnerable to adverse developments affecting such sectors or industries;
· issuer risk—The risk that an issuer’s earnings prospects, credit rating and overall financial position will deteriorate, causing a decline in the value of the issuer’s financial instruments over short or extended periods of time;
· foreign investment risk—Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, currency, market or economic developments as well as armed conflicts and can result in greater price volatility and perform differently from financial instruments of U.S. issuers. This risk may be heightened in emerging or developing markets. Foreign investments may also have lower liquidity and be more difficult to value than investments in U.S. issuers. To the extent a Fund invests a significant portion of its assets in the securities of companies in a single country or region, it may be more susceptible to adverse economic, market, political or regulatory events or conditions affecting that country or region. Foreign investments may also be subject to risk of loss because of more or less foreign government regulation, less public information, less stringent investor protections and less stringent accounting, corporate governance, financial reporting and disclosure standards. Changes in the value of foreign currencies may make the return on an investment increase or decrease, unrelated to the quality or performance of the investment itself. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs) and other restrictions by the United States or other governments may also negatively impact a Fund’s investments. Economic sanctions and other similar governmental actions or developments could, among other things, effectively restrict
Nuveen Lifecycle Index Funds ■ Prospectus 129
or eliminate a Fund’s ability to purchase or sell certain foreign securities or groups of foreign securities, and/or thus may make a Fund’s investments in such securities less liquid (or illiquid) or more difficult to value. The type and severity of sanctions and other measures that may be imposed could vary broadly in scope, and their impact is impossible to predict; and
· small- and mid-cap risk—The risk that the stocks of small-capitalization companies often experience greater price volatility than large- or mid-sized companies because small-cap companies are often newer or less established than larger companies and are likely to have more limited resources, products and markets. Securities of small-cap companies often have lower overall liquidity than securities of larger companies as a result of there being a smaller market for their securities, which can have an adverse effect on the pricing of these securities and on the ability to sell these securities when a Fund’s investment adviser or sub-adviser deems it appropriate. Stocks of mid-capitalization companies often experience greater price volatility, lower trading volume and lower overall liquidity than the stocks of larger, more established companies.
· Fixed-Income Underlying Funds Risks—The risks of investing in fixed-income Underlying Funds include risks specific to their investment strategies, as well as risks related to the fixed-income markets in general, such as:
· interest rate risk—The risk that changes in interest rates can adversely affect the value or liquidity of, and income generated by, fixed-income investments. This risk is heightened to the extent a Fund invests in longer duration fixed-income investments and during periods when prevailing interest rates are changing. There is a risk that interest rates across the financial system may change, possibly significantly and/or rapidly. In general, changing interest rates, including rates that fall below zero, or a lack of market participants may lead to decreased liquidity and increased volatility in the fixed-income or debt markets, making it more difficult for the Fund to sell fixed-income investments. When interest rates change, the values of longer duration fixed-income securities usually change more than the values of shorter duration fixed-income securities. Conversely, fixed-income securities with shorter durations or maturities will be less volatile but may provide lower returns than fixed-income securities with longer durations or maturities. Other factors that may affect the value of debt securities include, but are not limited to, economic, political, public health, and other crises and responses by governments and companies to such crises;
· prepayment risk—The risk that, during periods of falling interest rates, borrowers may pay off their mortgage loans sooner than expected,
130 Prospectus ■ Nuveen Lifecycle Index Funds
forcing a Fund to reinvest the unanticipated proceeds at lower interest rates and resulting in a decline in income;
· extension risk—The risk that, during periods of rising interest rates, borrowers may pay off their mortgage loans later than expected, preventing a Fund from reinvesting principal proceeds at higher interest rates and resulting in less income than potentially available;
· issuer risk—The risk that an issuer’s earnings prospects, credit rating and overall financial position will deteriorate, causing a decline in the value of the issuer’s financial instruments over short or extended periods of time;
· credit risk—The risk that the issuer of fixed-income investments may not be able or willing, or may be perceived (whether by market participants, rating agencies, pricing services or otherwise) as not able or willing, to meet interest or principal payments when the payments become due;
· credit spread risk—The risk that credit spreads (i.e., the difference in yield between securities that is due to differences in each security’s respective credit quality) may increase when market participants believe that bonds generally have a greater risk of default, which could result in a decline in the market values of a Fund’s debt securities;
· income volatility risk—The risk that the level of current income from a portfolio of fixed-income investments may decline in certain interest rate environments;
· market volatility, liquidity and valuation risk (types of market risk)—The risk that volatile or dramatic reductions in trading activity make it difficult for a Fund to properly value its investments and that a Fund may not be able to purchase or sell an investment at an attractive price, if at all; and
· call risk—The risk that, during periods of falling interest rates, an issuer may call (or repay) a fixed-income security prior to maturity, resulting in a decline in a Fund’s income.
· Emerging Markets Underlying Funds Risk—The risk of foreign investment often increases in countries with emerging markets or otherwise economically tied to emerging market countries. For example, these countries may have more unstable governments than developed countries, and their economies may be based on only a few industries. Emerging market countries may also have less stringent regulation of accounting, auditing, financial reporting and recordkeeping requirements, which would affect a Fund’s ability to evaluate potential portfolio companies. As a result, there could be less information available about issuers in emerging market countries, which could negatively affect Advisors’ ability to evaluate local companies or their potential impact on a Fund’s performance. Because the financial
Nuveen Lifecycle Index Funds ■ Prospectus 131
markets of emerging market countries may be very small, share prices of financial instruments in emerging market countries may be volatile and difficult to determine. Financial instruments of issuers in these countries may have lower overall liquidity than those of issuers in more developed countries. In addition, foreign investors such as a Fund are subject to a variety of special restrictions in many emerging market countries. Moreover, legal remedies for investors in emerging markets may be more limited, and U.S. authorities may have less ability to bring actions against bad actors in emerging market countries.
· Illiquid Investments Underlying Funds Risk—The risk that illiquid investments may be difficult to sell for the value at which they are carried, if at all, or at any price within the desired time frame.
· Currency Underlying Funds Risk—The risk that foreign (non-U.S.) currencies may decline in value relative to the U.S. dollar and adversely affect the value of a Fund’s investments in foreign currencies, securities denominated in foreign currencies or derivative instruments that provide exposure to foreign currencies.
· Active Management Risk—The risk that the strategy, investment selection or trading execution of Advisors could cause the Fund or an Underlying Fund to underperform its benchmark index or mutual funds with similar investment objectives and may not produce expected returns.
· Fund of Funds Risk—The ability of the Fund to achieve its investment objective will depend in part upon the ability of the Underlying Funds to achieve their investment objectives. There can be no guarantee that any Underlying Fund will achieve its investment objective.
There can be no assurances that the Fund will achieve its investment objective. You should not consider the Fund to be a complete investment program. Please see the non-summary portion of the Prospectus for more detailed information about the risks described above, including the risks of the Underlying Funds.
132 Prospectus ■ Nuveen Lifecycle Index Funds
regulatory requirements, the Fund has selected the Russell 3000®Index and the Bloomberg U.S. Aggregate Bond Index, which represent broad measures of market performance, and are generally representative of the market sectors or types of investments in which the Fund invests across the equity and fixed-income asset classes. After-tax performance is shown only for the Retirement Class shares, and after-tax returns for the other classes of shares will vary from the after-tax returns presented for the Retirement Class shares.
The returns shown below reflect previous agreements by Advisors
to waive or reimburse the Fund and certain Underlying Funds for certain fees and expenses. Without these
waivers and reimbursements, the returns of the Fund would have been lower.
For current performance
information of each share class, including performance to the most recent month-end, please visit
ANNUAL TOTAL RETURNS FOR RETIREMENT CLASS SHARES (%)†
Nuveen Lifecycle Index 2050 Fund
†
Nuveen Lifecycle Index Funds ■ Prospectus 133
For the Periods Ended December 31, 2023
|
| Inception date |
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# | The performance shown for Class I that is prior to its inception date is based on performance of the Fund’s Retirement Class. The performance for these periods has not been restated to reflect the lower expenses of Class I. | |||||||||||
‡ | As of the close of business on December 31, 2023, the Lifecycle Index 2050 Fund Composite Index consisted of: 58.8% Russell 3000® Index; 31.6% MSCI EAFE + Emerging Markets Index; and 9.6% Bloomberg U.S. Aggregate Bond Index. The Fund’s composite benchmark, the components that make up a composite benchmark and the method of calculating a composite benchmark’s performance may vary over time. | |||||||||||
134 Prospectus ■ Nuveen Lifecycle Index Funds
Investment Adviser. Teachers Advisors, LLC.
Portfolio Managers.
Name: | John Cunniff, CFA | Steve Sedmak, CFA | |
Title: | Managing Director | Managing Director | |
Experience on Fund: | since 2009 | since 2018 |
Purchase and sale of Fund shares
You may purchase, redeem or exchange shares of the Fund on any day that the New York Stock Exchange (“NYSE”) or its affiliated exchanges, NYSE Arca Equities or NYSE American, are open for trading (each such day a “Business Day”) directly from the Fund (for certain share classes) or through a financial advisor, employee benefit plan or other financial intermediary. The Fund’s initial and subsequent investment minimums generally are as follows, although certain financial intermediaries may impose their own investment minimums and the Fund may reduce or waive the minimums in some cases:
Eligibility and Minimum Initial Investment | Minimum Additional Investment | |
Class I | Available only through fee-based programs and certain retirement plans, and to other limited categories of investors as described in the Prospectus. $100,000 for all accounts except: · $250 for clients of financial intermediaries and family offices that have accounts holding Class I shares with an aggregate value of at least $100,000 (or that are expected to reach this level). · No minimum for eligible retirement plans and certain other categories of eligible investors as described in the Prospectus. | No minimum. |
Premier Class, Retirement Class | Available only through certain employee benefit plans, other types of savings plans or accounts and certain financial intermediaries as described in the Prospectus. No minimum. | No minimum. |
Class R6 | Available only to certain eligible investors as described in the Prospectus and through fee-based programs. $1 million for all accounts except: · $1,000 for clients of financial intermediaries who charge such clients an ongoing fee for advisory, investment, consulting or related services. | No minimum. |
The Fund intends to make distributions to shareholders that may be taxed as ordinary income or capital gains. Distributions made to tax-exempt shareholders or shareholders who hold Fund shares in a tax-deferred account are generally
Nuveen Lifecycle Index Funds ■ Prospectus 135
not subject to income tax in the current year, but redemptions made from tax-deferred accounts may be subject to income tax.
Payments to broker-dealers and other financial intermediary compensation
If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and/or its related companies may pay the financial intermediary for providing investor services. The Fund’s related companies may also pay the financial intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other financial intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary’s website for more information.
136 Prospectus ■ Nuveen Lifecycle Index Funds
Summary information |
(formerly TIAA-CREF Lifecycle Index 2055 Fund)
The Fund seeks high total return over time through a combination of capital appreciation and income.
The following tables describe the fees and expenses that you may pay if you buy, hold and sell shares of the Fund.
The tables and examples below do not reflect any commissions that shareholders may be required to pay directly to their financial intermediaries when buying or selling Class I shares.
| | | Retirement Class | |||||
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sales charge (load) imposed on purchases | ||||||||
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Maximum account fee |
Nuveen Lifecycle Index Funds ■ Prospectus 137
ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)
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1 | Restated to reflect estimate for the current fiscal year. | ||||||||
2 | Portions of the Management fees and Other expenses are based on expenses originally incurred by Class W shares of the Underlying Funds (as defined below) of the Trust, which have been incurred directly by the Fund pursuant to certain contractual arrangements intended to reallocate directly to the Fund certain fees and expenses that had been paid by the Underlying Funds of the Trust. For additional information, please see the “Management of the Funds” section of this Prospectus. | ||||||||
3 | Under the Fund’s expense reimbursement arrangements, the Fund’s investment adviser, Teachers Advisors, LLC (“Advisors”), has contractually agreed to reimburse the Fund for any Total annual Fund operating expenses (excluding interest, taxes, brokerage commissions or other transactional expenses, Acquired fund fees and expenses, extraordinary expenses and any expenses originally attributable to Class W shares of the Underlying Funds of the Trust that were incurred directly by the Fund) that exceed: (i) 0.194% of average daily net assets for Class I shares; (ii) 0.194% of average daily net assets for Premier Class shares; (iii) 0.044% of average daily net assets for Class R6 shares; and (iv) 0.294% of average daily net assets for Retirement Class shares of the Fund. These expense reimbursement arrangements will continue through at least September 30, 2025, unless changed with approval of the Board of Trustees. | ||||||||
4 | Advisors has contractually agreed to waive 0.056% of the Fund’s Management fee. This waiver will remain in effect through at least September 30, 2025, unless changed with the approval of the Board of Trustees. | ||||||||
This example is intended to help you compare the cost of investing in shares of the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses, before fee waivers and/or expense reimbursements, remain the same. The example assumes that the Fund’s fee waiver and/or expense reimbursement arrangements will each remain in place for the durations noted in the table above. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
| Class I |
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| Retirement |
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138 Prospectus ■ Nuveen Lifecycle Index Funds
The Fund pays transaction costs, such as commissions, when
it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover
rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in
a taxable account. These costs, which are not reflected in annual fund operating expenses or in the
example, affect the Fund’s performance. During the fiscal year ended May 31, 2024,
the Fund’s portfolio turnover rate was
The Fund is a “fund of funds” that invests in Class W shares of other Nuveen mutual funds and potentially in other investment pools or investment products, including other funds advised by the Fund’s investment adviser, Teachers Advisors, LLC (“Advisors”), or its affiliates (collectively, the “Underlying Funds”). In general, the Fund is designed for investors who have an approximate target retirement year in mind, and the Fund’s investments are adjusted from more aggressive to more conservative over time as the Fund’s target retirement year approaches and for approximately 30 years afterwards. The Fund invests in Underlying Funds according to an asset allocation strategy designed for investors retiring in, or planning to retire within a few years of, 2055 and who may begin taking systematic withdrawals upon retirement. The Fund has a policy of investing at least 80% of its assets (net assets, plus the amount of any borrowings for investment purposes) in Underlying Funds that are managed to seek investment returns that track particular market indices.
Advisors currently expects to allocate approximately 91.25% of the Fund’s assets to equity Underlying Funds and 8.75% of its assets to fixed-income Underlying Funds. These allocations represent targets for equity and fixed-income asset classes. Target allocations will change over time and actual allocations may vary up to ten percentage points from the targets. The target allocations along the investment glidepath, illustrated in the chart below, gradually become more conservative, moving to target allocations of approximately 50.00% equity/50.00% fixed-income in the Fund’s target retirement year of 2055 and reaching the Fund’s final target allocation of approximately 20.00% equity/80.00% fixed-income in 2085. Within the equity and fixed-income asset classes, Advisors allocates the Fund’s investments to particular market sectors (U.S. equity, international equity, fixed-income, short-term fixed-income and inflation-protected assets) represented by various Underlying Funds. These market sector allocations may vary by up to 10% from the Fund’s target market sector allocations. The Fund’s current target market sector allocations for June 30, 2025, which will change over time, are approximately as follows: U.S. Equity: 59.31%; International Equity: 31.94%; Fixed-Income: 8.75%; Short-Term Fixed-Income: 0.00%; and Inflation-Protected Assets: 0.00%. The asset class and market sector names used herein are intended to reflect the primary type of investment of the Underlying Funds within each of these categories.
Nuveen Lifecycle Index Funds ■ Prospectus 139
The Fund’s target market sector allocations to Underlying Funds may include the Nuveen Equity Index Fund (U.S. Equity); Nuveen Emerging Markets Equity Index Fund and Nuveen International Equity Index Fund (International Equity); Nuveen Bond Index Fund (Fixed-Income); Nuveen Short Term Bond Index Fund (Short-Term Fixed-Income); and Nuveen Inflation Linked Bond Fund (Inflation-Protected Assets).
As a result of its investments in the Underlying Funds, the Fund’s returns will reflect investments in a mix of domestic and foreign equities of companies of various sizes and market capitalizations and a variety of domestic and foreign fixed-income instruments of private and governmental issuers of varying maturities and credit qualities.
Additional or replacement Underlying Funds for each market sector, as well as additional or replacement market sectors, may be included when making future allocations if Advisors believes that such Underlying Funds and/or market sectors are appropriate in light of the Fund’s desired levels of risk and potential return at the particular time. The Fund’s portfolio management team may also add a new market sector if it believes that will help to achieve the Fund’s investment objective. The relative allocations among Underlying Funds within a market sector may be changed at any time without notice to shareholders. If 10% or more of the Fund’s assets are expected to be invested in any Underlying Fund or market sector not listed above, shareholders will receive prior notice of such change.
As part of the Fund’s ability to invest in other investment pools or investment products noted above, the Fund may invest in exchange-traded funds (“ETFs”) and exchange-traded notes (“ETNs”) to gain exposure to various market sectors or securities in order to effect its asset allocation strategy. Additionally, the Fund may use ETFs or ETNs for cash management, hedging or defensive purposes. ETFs or ETNs will be subject to the risks associated with the types of securities or sectors that they track, while ETNs, which are structured as fixed-income obligations, will also be subject to the general risks of fixed-income securities, including credit risk.
The Fund’s asset class allocations, market sector allocations within each asset class, and Underlying Fund allocations within each market sector, as of June 30, 2024, are listed in the chart below. These allocations will change over time. Underlying Fund allocations in particular may change from year to year.
Asset Class | Allocation |
| Market Sector | Allocation |
| Underlying Funds | Allocation |
Equity | 91.56% |
| U.S. Equity | 59.83% |
| Nuveen Equity Index | 59.83% |
International Equity | 31.73% | Nuveen International Equity Index | 21.79% | ||||
Nuveen Emerging Markets Equity Index | 9.94% | ||||||
Fixed-Income | 8.44% |
| Fixed-Income | 8.44% |
| Nuveen Bond Index | 8.44% |
Total | 100.00% | 100.00% | 100.00% |
The following chart shows how the investment glidepath for the Fund is expected to gradually move the Fund’s target allocations over time between the different target market sector allocations. The actual market sector allocations of
140 Prospectus ■ Nuveen Lifecycle Index Funds
the Fund may differ from this chart. The Fund seeks to achieve its final target market sector allocations approximately 30 years following the target date.
The Fund is designed to accommodate investors who invest in a fund up to their target retirement date, and plan to make gradual systematic withdrawals in retirement. In addition, investors should note that the Fund will continue to have a significant level of equity exposure up to, through and after its target retirement date, and this exposure could cause significant fluctuations in the value of the Fund depending on the performance of the equity markets generally.
After the Fund reaches its final target allocation, the Board of Trustees may authorize the merger of the Fund into another Lifecycle Index Fund which has also reached its final target allocation or other similar fund designed to maintain a relatively stable asset allocation reflecting the resting point on the glidepath described in the chart above. Fund shareholders will receive prior notice of any such merger.
· Asset Allocation Risk—The risk that the Fund may not achieve its target allocations. In addition, there is the risk that the asset allocations may not achieve the desired risk-return characteristic or that the selection of Underlying Funds and the allocations among them will result in the Fund underperforming other similar funds or cause an investor to lose money.
· Index Risk—The risk that an Underlying Fund’s performance may not correspond to its benchmark index for any period of time and may underperform such index or the overall financial market. Additionally, to the extent that an Underlying Fund’s investments vary from the composition of its benchmark index, the Underlying Fund’s performance could potentially vary from the index’s performance to a greater extent than if the Underlying Fund merely attempted to replicate the index.
Nuveen Lifecycle Index Funds ■ Prospectus 141
· Underlying Funds Risks—The Fund is exposed to the risks of the Underlying Funds in which it invests in direct proportion to the amount of assets the Fund allocates to each Underlying Fund.
· Equity Underlying Funds Risks—The risks of investing in equity Underlying Funds include risks specific to their investment strategies, as well as risks related to the equity markets in general, such as:
· market risk—The risk that market prices of portfolio investments held by a Fund may fall rapidly or unpredictably due to a variety of factors, including changing economic, political or market conditions. Market risk may affect a single issuer, industry or sector of the economy, or it may affect the market as a whole. Such conditions may add significantly to the risk of volatility in the net asset value (“NAV”) of the Fund’s shares and adversely affect the Fund and its investments. From time to time, a Fund may invest a significant portion of its assets in companies in one or more related sectors or industries, which would make the Fund more vulnerable to adverse developments affecting such sectors or industries;
· issuer risk—The risk that an issuer’s earnings prospects, credit rating and overall financial position will deteriorate, causing a decline in the value of the issuer’s financial instruments over short or extended periods of time;
· foreign investment risk—Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, currency, market or economic developments as well as armed conflicts and can result in greater price volatility and perform differently from financial instruments of U.S. issuers. This risk may be heightened in emerging or developing markets. Foreign investments may also have lower liquidity and be more difficult to value than investments in U.S. issuers. To the extent a Fund invests a significant portion of its assets in the securities of companies in a single country or region, it may be more susceptible to adverse economic, market, political or regulatory events or conditions affecting that country or region. Foreign investments may also be subject to risk of loss because of more or less foreign government regulation, less public information, less stringent investor protections and less stringent accounting, corporate governance, financial reporting and disclosure standards. Changes in the value of foreign currencies may make the return on an investment increase or decrease, unrelated to the quality or performance of the investment itself. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs) and other restrictions by the United States or other governments may also negatively impact a Fund’s investments. Economic sanctions and other similar governmental actions or developments could, among other things, effectively restrict
142 Prospectus ■ Nuveen Lifecycle Index Funds
or eliminate a Fund’s ability to purchase or sell certain foreign securities or groups of foreign securities, and/or thus may make a Fund’s investments in such securities less liquid (or illiquid) or more difficult to value. The type and severity of sanctions and other measures that may be imposed could vary broadly in scope, and their impact is impossible to predict; and
· small- and mid-cap risk—The risk that the stocks of small-capitalization companies often experience greater price volatility than large- or mid-sized companies because small-cap companies are often newer or less established than larger companies and are likely to have more limited resources, products and markets. Securities of small-cap companies often have lower overall liquidity than securities of larger companies as a result of there being a smaller market for their securities, which can have an adverse effect on the pricing of these securities and on the ability to sell these securities when a Fund’s investment adviser or sub-adviser deems it appropriate. Stocks of mid-capitalization companies often experience greater price volatility, lower trading volume and lower overall liquidity than the stocks of larger, more established companies.
· Fixed-Income Underlying Funds Risks—The risks of investing in fixed-income Underlying Funds include risks specific to their investment strategies, as well as risks related to the fixed-income markets in general, such as:
· interest rate risk—The risk that changes in interest rates can adversely affect the value or liquidity of, and income generated by, fixed-income investments. This risk is heightened to the extent a Fund invests in longer duration fixed-income investments and during periods when prevailing interest rates are changing. There is a risk that interest rates across the financial system may change, possibly significantly and/or rapidly. In general, changing interest rates, including rates that fall below zero, or a lack of market participants may lead to decreased liquidity and increased volatility in the fixed-income or debt markets, making it more difficult for the Fund to sell fixed-income investments. When interest rates change, the values of longer duration fixed-income securities usually change more than the values of shorter duration fixed-income securities. Conversely, fixed-income securities with shorter durations or maturities will be less volatile but may provide lower returns than fixed-income securities with longer durations or maturities. Other factors that may affect the value of debt securities include, but are not limited to, economic, political, public health, and other crises and responses by governments and companies to such crises;
· prepayment risk—The risk that, during periods of falling interest rates, borrowers may pay off their mortgage loans sooner than expected,
Nuveen Lifecycle Index Funds ■ Prospectus 143
forcing a Fund to reinvest the unanticipated proceeds at lower interest rates and resulting in a decline in income;
· extension risk—The risk that, during periods of rising interest rates, borrowers may pay off their mortgage loans later than expected, preventing a Fund from reinvesting principal proceeds at higher interest rates and resulting in less income than potentially available;
· issuer risk—The risk that an issuer’s earnings prospects, credit rating and overall financial position will deteriorate, causing a decline in the value of the issuer’s financial instruments over short or extended periods of time;
· credit risk—The risk that the issuer of fixed-income investments may not be able or willing, or may be perceived (whether by market participants, rating agencies, pricing services or otherwise) as not able or willing, to meet interest or principal payments when the payments become due;
· credit spread risk—The risk that credit spreads (i.e., the difference in yield between securities that is due to differences in each security’s respective credit quality) may increase when market participants believe that bonds generally have a greater risk of default, which could result in a decline in the market values of a Fund’s debt securities;
· income volatility risk—The risk that the level of current income from a portfolio of fixed-income investments may decline in certain interest rate environments;
· market volatility, liquidity and valuation risk (types of market risk)—The risk that volatile or dramatic reductions in trading activity make it difficult for a Fund to properly value its investments and that a Fund may not be able to purchase or sell an investment at an attractive price, if at all; and
· call risk—The risk that, during periods of falling interest rates, an issuer may call (or repay) a fixed-income security prior to maturity, resulting in a decline in a Fund’s income.
· Emerging Markets Underlying Funds Risk—The risk of foreign investment often increases in countries with emerging markets or otherwise economically tied to emerging market countries. For example, these countries may have more unstable governments than developed countries, and their economies may be based on only a few industries. Emerging market countries may also have less stringent regulation of accounting, auditing, financial reporting and recordkeeping requirements, which would affect a Fund’s ability to evaluate potential portfolio companies. As a result, there could be less information available about issuers in emerging market countries, which could negatively affect Advisors’ ability to evaluate local companies or their potential impact on a Fund’s performance. Because the financial
144 Prospectus ■ Nuveen Lifecycle Index Funds
markets of emerging market countries may be very small, share prices of financial instruments in emerging market countries may be volatile and difficult to determine. Financial instruments of issuers in these countries may have lower overall liquidity than those of issuers in more developed countries. In addition, foreign investors such as a Fund are subject to a variety of special restrictions in many emerging market countries. Moreover, legal remedies for investors in emerging markets may be more limited, and U.S. authorities may have less ability to bring actions against bad actors in emerging market countries.
· Illiquid Investments Underlying Funds Risk—The risk that illiquid investments may be difficult to sell for the value at which they are carried, if at all, or at any price within the desired time frame.
· Currency Underlying Funds Risk—The risk that foreign (non-U.S.) currencies may decline in value relative to the U.S. dollar and adversely affect the value of a Fund’s investments in foreign currencies, securities denominated in foreign currencies or derivative instruments that provide exposure to foreign currencies.
· Active Management Risk—The risk that the strategy, investment selection or trading execution of Advisors could cause the Fund or an Underlying Fund to underperform its benchmark index or mutual funds with similar investment objectives and may not produce expected returns.
· Fund of Funds Risk—The ability of the Fund to achieve its investment objective will depend in part upon the ability of the Underlying Funds to achieve their investment objectives. There can be no guarantee that any Underlying Fund will achieve its investment objective.
There can be no assurances that the Fund will achieve its investment objective. You should not consider the Fund to be a complete investment program. Please see the non-summary portion of the Prospectus for more detailed information about the risks described above, including the risks of the Underlying Funds.
Nuveen Lifecycle Index Funds ■ Prospectus 145
regulatory requirements, the Fund has selected the Russell 3000®Index and the Bloomberg U.S. Aggregate Bond Index, which represent broad measures of market performance, and are generally representative of the market sectors or types of investments in which the Fund invests across the equity and fixed-income asset classes. After-tax performance is shown only for the Retirement Class shares, and after-tax returns for the other classes of shares will vary from the after-tax returns presented for the Retirement Class shares.
The returns shown below reflect previous agreements by Advisors
to waive or reimburse the Fund and certain Underlying Funds for certain fees and expenses. Without these
waivers and reimbursements, the returns of the Fund would have been lower.
For current performance
information of each share class, including performance to the most recent month-end, please visit
ANNUAL TOTAL RETURNS FOR RETIREMENT CLASS SHARES (%)†
Nuveen Lifecycle Index 2055 Fund
†
146 Prospectus ■ Nuveen Lifecycle Index Funds
For the Periods Ended December 31, 2023
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# | The performance shown for Class I that is prior to its inception date is based on performance of the Fund’s Retirement Class. The performance for these periods has not been restated to reflect the lower expenses of Class I. | |||||||||||
‡ | As of the close of business on December 31, 2023, the Lifecycle Index 2055 Fund Composite Index consisted of: 59.5% Russell 3000® Index; 32.1% MSCI EAFE + Emerging Markets Index; and 8.4% Bloomberg U.S. Aggregate Bond Index. The Fund’s composite benchmark, the components that make up a composite benchmark and the method of calculating a composite benchmark’s performance may vary over time. | |||||||||||
Nuveen Lifecycle Index Funds ■ Prospectus 147
Investment Adviser. Teachers Advisors, LLC.
Portfolio Managers.
Name: | John Cunniff, CFA | Steve Sedmak, CFA | |
Title: | Managing Director | Managing Director | |
Experience on Fund: | since 2011 | since 2018 |
Purchase and sale of Fund shares
You may purchase, redeem or exchange shares of the Fund on any day that the New York Stock Exchange (“NYSE”) or its affiliated exchanges, NYSE Arca Equities or NYSE American, are open for trading (each such day a “Business Day”) directly from the Fund (for certain share classes) or through a financial advisor, employee benefit plan or other financial intermediary. The Fund’s initial and subsequent investment minimums generally are as follows, although certain financial intermediaries may impose their own investment minimums and the Fund may reduce or waive the minimums in some cases:
Eligibility and Minimum Initial Investment | Minimum Additional Investment | |
Class I | Available only through fee-based programs and certain retirement plans, and to other limited categories of investors as described in the Prospectus. $100,000 for all accounts except: · $250 for clients of financial intermediaries and family offices that have accounts holding Class I shares with an aggregate value of at least $100,000 (or that are expected to reach this level). · No minimum for eligible retirement plans and certain other categories of eligible investors as described in the Prospectus. | No minimum. |
Premier Class, Retirement Class | Available only through certain employee benefit plans, other types of savings plans or accounts and certain financial intermediaries as described in the Prospectus. No minimum. | No minimum. |
Class R6 | Available only to certain eligible investors as described in the Prospectus and through fee-based programs. $1 million for all accounts except: · $1,000 for clients of financial intermediaries who charge such clients an ongoing fee for advisory, investment, consulting or related services. | No minimum. |
The Fund intends to make distributions to shareholders that may be taxed as ordinary income or capital gains. Distributions made to tax-exempt shareholders or shareholders who hold Fund shares in a tax-deferred account are generally
148 Prospectus ■ Nuveen Lifecycle Index Funds
not subject to income tax in the current year, but redemptions made from tax-deferred accounts may be subject to income tax.
Payments to broker-dealers and other financial intermediary compensation
If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and/or its related companies may pay the financial intermediary for providing investor services. The Fund’s related companies may also pay the financial intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other financial intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary’s website for more information.
Nuveen Lifecycle Index Funds ■ Prospectus 149
Summary information |
(formerly TIAA-CREF Lifecycle Index 2060 Fund)
The Fund seeks high total return over time through a combination of capital appreciation and income.
The following tables describe the fees and expenses that you may pay if you buy, hold and sell shares of the Fund.
The tables and examples below do not reflect any commissions that shareholders may be required to pay directly to their financial intermediaries when buying or selling Class I shares.
| | | Retirement Class | |||||
Maximum
sales charge (load) imposed on purchases | ||||||||
Maximum deferred sales charge (load) | ||||||||
Maximum
sales charge (load) imposed on reinvested | ||||||||
Redemption or exchange fee | ||||||||
Maximum account fee |
150 Prospectus ■ Nuveen Lifecycle Index Funds
ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)
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Waivers and expense reimbursements3,4 | ( |
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1 | Restated to reflect estimate for the current fiscal year. | ||||||||
2 | Portions of the Management fees and Other expenses are based on expenses originally incurred by Class W shares of the Underlying Funds (as defined below) of the Trust, which have been incurred directly by the Fund pursuant to certain contractual arrangements intended to reallocate directly to the Fund certain fees and expenses that had been paid by the Underlying Funds of the Trust. For additional information, please see the “Management of the Funds” section of this Prospectus. | ||||||||
3 | Under the Fund’s expense reimbursement arrangements, the Fund’s investment adviser, Teachers Advisors, LLC (“Advisors”), has contractually agreed to reimburse the Fund for any Total annual Fund operating expenses (excluding interest, taxes, brokerage commissions or other transactional expenses, Acquired fund fees and expenses, extraordinary expenses and any expenses originally attributable to Class W shares of the Underlying Funds of the Trust that were incurred directly by the Fund) that exceed: (i) 0.194% of average daily net assets for Class I shares; (ii) 0.194% of average daily net assets for Premier Class shares; (iii) 0.044% of average daily net assets for Class R6 shares; and (iv) 0.294% of average daily net assets for Retirement Class shares of the Fund. These expense reimbursement arrangements will continue through at least September 30, 2025, unless changed with approval of the Board of Trustees. | ||||||||
4 | Advisors has contractually agreed to waive 0.056% of the Fund’s Management fee. This waiver will remain in effect through at least September 30, 2025, unless changed with the approval of the Board of Trustees. | ||||||||
This example is intended to help you compare the cost of investing in shares of the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses, before fee waivers and/or expense reimbursements, remain the same. The example assumes that the Fund’s fee waiver and/or expense reimbursement arrangements will each remain in place for the durations noted in the table above. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
| Class I |
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Nuveen Lifecycle Index Funds ■ Prospectus 151
The Fund pays transaction costs, such as commissions, when
it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover
rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in
a taxable account. These costs, which are not reflected in annual fund operating expenses or in the
example, affect the Fund’s performance. During the fiscal year ended May 31, 2024,
the Fund’s portfolio turnover rate was
The Fund is a “fund of funds” that invests in Class W shares of other Nuveen mutual funds and potentially in other investment pools or investment products, including other funds advised by the Fund’s investment adviser, Teachers Advisors, LLC (“Advisors”), or its affiliates (collectively, the “Underlying Funds”). In general, the Fund is designed for investors who have an approximate target retirement year in mind, and the Fund’s investments are adjusted from more aggressive to more conservative over time as the Fund’s target retirement year approaches and for approximately 30 years afterwards. The Fund invests in Underlying Funds according to an asset allocation strategy designed for investors retiring in, or planning to retire within a few years of, 2060 and who may begin taking systematic withdrawals upon retirement. The Fund has a policy of investing at least 80% of its assets (net assets, plus the amount of any borrowings for investment purposes) in Underlying Funds that are managed to seek investment returns that track particular market indices.
Advisors currently expects to allocate approximately 92.50% of the Fund’s assets to equity Underlying Funds and 7.50% of its assets to fixed-income Underlying Funds. These allocations represent targets for equity and fixed-income asset classes. Target allocations will change over time and actual allocations may vary up to ten percentage points from the targets. The target allocations along the investment glidepath, illustrated in the chart below, gradually become more conservative, moving to target allocations of approximately 50.00% equity/50.00% fixed-income in the Fund’s target retirement year of 2060 and reaching the Fund’s final target allocation of approximately 20.00% equity/80.00% fixed-income in 2090. Within the equity and fixed-income asset classes, Advisors allocates the Fund’s investments to particular market sectors (U.S. equity, international equity, fixed-income, short-term fixed-income and inflation-protected assets) represented by various Underlying Funds. These market sector allocations may vary by up to 10% from the Fund’s target market sector allocations. The Fund’s current target market sector allocations for June 30, 2025, which will change over time, are approximately as follows: U.S. Equity: 60.13%; International Equity: 32.38%; Fixed-Income: 7.50%; Short-Term Fixed-Income: 0.00%; and Inflation-Protected Assets: 0.00%. The asset class and market sector names used herein are intended to reflect the primary type of investment of the Underlying Funds within each of these categories.
152 Prospectus ■ Nuveen Lifecycle Index Funds
The Fund’s target market sector allocations to Underlying Funds may include the Nuveen Equity Index Fund (U.S. Equity); Nuveen Emerging Markets Equity Index Fund and Nuveen International Equity Index Fund (International Equity); Nuveen Bond Index Fund (Fixed-Income); Nuveen Short Term Bond Index Fund (Short-Term Fixed-Income); and Nuveen Inflation Linked Bond Fund (Inflation-Protected Assets).
As a result of its investments in the Underlying Funds, the Fund’s returns will reflect investments in a mix of domestic and foreign equities of companies of various sizes and market capitalizations and a variety of domestic and foreign fixed-income instruments of private and governmental issuers of varying maturities and credit qualities.
Additional or replacement Underlying Funds for each market sector, as well as additional or replacement market sectors, may be included when making future allocations if Advisors believes that such Underlying Funds and/or market sectors are appropriate in light of the Fund’s desired levels of risk and potential return at the particular time. The Fund’s portfolio management team may also add a new market sector if it believes that will help to achieve the Fund’s investment objective. The relative allocations among Underlying Funds within a market sector may be changed at any time without notice to shareholders. If 10% or more of the Fund’s assets are expected to be invested in any Underlying Fund or market sector not listed above, shareholders will receive prior notice of such change.
As part of the Fund’s ability to invest in other investment pools or investment products noted above, the Fund may invest in exchange-traded funds (“ETFs”) and exchange-traded notes (“ETNs”) to gain exposure to various market sectors or securities in order to effect its asset allocation strategy. Additionally, the Fund may use ETFs or ETNs for cash management, hedging or defensive purposes. ETFs or ETNs will be subject to the risks associated with the types of securities or sectors that they track, while ETNs, which are structured as fixed-income obligations, will also be subject to the general risks of fixed-income securities, including credit risk.
The Fund’s asset class allocations, market sector allocations within each asset class, and Underlying Fund allocations within each market sector, as of June 30, 2024, are listed in the chart below. These allocations will change over time. Underlying Fund allocations in particular may change from year to year.
Asset Class | Allocation |
| Market Sector | Allocation |
| Underlying Funds | Allocation |
Equity | 92.80% |
| U.S. Equity | 60.64% |
| Nuveen Equity Index | 60.64% |
International Equity | 32.16% | Nuveen International Equity Index | 22.08% | ||||
Nuveen Emerging Markets Equity Index | 10.08% | ||||||
Fixed-Income | 7.20% |
| Fixed-Income | 7.20% |
| Nuveen Bond Index | 7.20% |
Total | 100.00% | 100.00% | 100.00% |
The following chart shows how the investment glidepath for the Fund is expected to gradually move the Fund’s target allocations over time between the different target market sector allocations. The actual market sector allocations of
Nuveen Lifecycle Index Funds ■ Prospectus 153
the Fund may differ from this chart. The Fund seeks to achieve its final target market sector allocations approximately 30 years following the target date.
The Fund is designed to accommodate investors who invest in a fund up to their target retirement date, and plan to make gradual systematic withdrawals in retirement. In addition, investors should note that the Fund will continue to have a significant level of equity exposure up to, through and after its target retirement date, and this exposure could cause significant fluctuations in the value of the Fund depending on the performance of the equity markets generally.
After the Fund reaches its final target allocation, the Board of Trustees may authorize the merger of the Fund into another Lifecycle Index Fund which has also reached its final target allocation or other similar fund designed to maintain a relatively stable asset allocation reflecting the resting point on the glidepath described in the chart above. Fund shareholders will receive prior notice of any such merger.
· Asset Allocation Risk—The risk that the Fund may not achieve its target allocations. In addition, there is the risk that the asset allocations may not achieve the desired risk-return characteristic or that the selection of Underlying Funds and the allocations among them will result in the Fund underperforming other similar funds or cause an investor to lose money.
· Index Risk—The risk that an Underlying Fund’s performance may not correspond to its benchmark index for any period of time and may underperform such index or the overall financial market. Additionally, to the extent that an Underlying Fund’s investments vary from the composition of its benchmark index, the Underlying Fund’s performance could potentially vary from the index’s performance to a greater extent than if the Underlying Fund merely attempted to replicate the index.
154 Prospectus ■ Nuveen Lifecycle Index Funds
· Underlying Funds Risks—The Fund is exposed to the risks of the Underlying Funds in which it invests in direct proportion to the amount of assets the Fund allocates to each Underlying Fund.
· Equity Underlying Funds Risks—The risks of investing in equity Underlying Funds include risks specific to their investment strategies, as well as risks related to the equity markets in general, such as:
· market risk—The risk that market prices of portfolio investments held by a Fund may fall rapidly or unpredictably due to a variety of factors, including changing economic, political or market conditions. Market risk may affect a single issuer, industry or sector of the economy, or it may affect the market as a whole. Such conditions may add significantly to the risk of volatility in the net asset value (“NAV”) of the Fund’s shares and adversely affect the Fund and its investments. From time to time, a Fund may invest a significant portion of its assets in companies in one or more related sectors or industries, which would make the Fund more vulnerable to adverse developments affecting such sectors or industries;
· issuer risk—The risk that an issuer’s earnings prospects, credit rating and overall financial position will deteriorate, causing a decline in the value of the issuer’s financial instruments over short or extended periods of time;
· foreign investment risk—Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, currency, market or economic developments as well as armed conflicts and can result in greater price volatility and perform differently from financial instruments of U.S. issuers. This risk may be heightened in emerging or developing markets. Foreign investments may also have lower liquidity and be more difficult to value than investments in U.S. issuers. To the extent a Fund invests a significant portion of its assets in the securities of companies in a single country or region, it may be more susceptible to adverse economic, market, political or regulatory events or conditions affecting that country or region. Foreign investments may also be subject to risk of loss because of more or less foreign government regulation, less public information, less stringent investor protections and less stringent accounting, corporate governance, financial reporting and disclosure standards. Changes in the value of foreign currencies may make the return on an investment increase or decrease, unrelated to the quality or performance of the investment itself. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs) and other restrictions by the United States or other governments may also negatively impact a Fund’s investments. Economic sanctions and other similar governmental actions or developments could, among other things, effectively restrict
Nuveen Lifecycle Index Funds ■ Prospectus 155
or eliminate a Fund’s ability to purchase or sell certain foreign securities or groups of foreign securities, and/or thus may make a Fund’s investments in such securities less liquid (or illiquid) or more difficult to value. The type and severity of sanctions and other measures that may be imposed could vary broadly in scope, and their impact is impossible to predict; and
· small- and mid-cap risk—The risk that the stocks of small-capitalization companies often experience greater price volatility than large- or mid-sized companies because small-cap companies are often newer or less established than larger companies and are likely to have more limited resources, products and markets. Securities of small-cap companies often have lower overall liquidity than securities of larger companies as a result of there being a smaller market for their securities, which can have an adverse effect on the pricing of these securities and on the ability to sell these securities when a Fund’s investment adviser or sub-adviser deems it appropriate. Stocks of mid-capitalization companies often experience greater price volatility, lower trading volume and lower overall liquidity than the stocks of larger, more established companies.
· Fixed-Income Underlying Funds Risks—The risks of investing in fixed-income Underlying Funds include risks specific to their investment strategies, as well as risks related to the fixed-income markets in general, such as:
· interest rate risk—The risk that changes in interest rates can adversely affect the value or liquidity of, and income generated by, fixed-income investments. This risk is heightened to the extent a Fund invests in longer duration fixed-income investments and during periods when prevailing interest rates are changing. There is a risk that interest rates across the financial system may change, possibly significantly and/or rapidly. In general, changing interest rates, including rates that fall below zero, or a lack of market participants may lead to decreased liquidity and increased volatility in the fixed-income or debt markets, making it more difficult for the Fund to sell fixed-income investments. When interest rates change, the values of longer duration fixed-income securities usually change more than the values of shorter duration fixed-income securities. Conversely, fixed-income securities with shorter durations or maturities will be less volatile but may provide lower returns than fixed-income securities with longer durations or maturities. Other factors that may affect the value of debt securities include, but are not limited to, economic, political, public health, and other crises and responses by governments and companies to such crises;
· prepayment risk—The risk that, during periods of falling interest rates, borrowers may pay off their mortgage loans sooner than expected,
156 Prospectus ■ Nuveen Lifecycle Index Funds
forcing a Fund to reinvest the unanticipated proceeds at lower interest rates and resulting in a decline in income;
· extension risk—The risk that, during periods of rising interest rates, borrowers may pay off their mortgage loans later than expected, preventing a Fund from reinvesting principal proceeds at higher interest rates and resulting in less income than potentially available;
· issuer risk—The risk that an issuer’s earnings prospects, credit rating and overall financial position will deteriorate, causing a decline in the value of the issuer’s financial instruments over short or extended periods of time;
· credit risk—The risk that the issuer of fixed-income investments may not be able or willing, or may be perceived (whether by market participants, rating agencies, pricing services or otherwise) as not able or willing, to meet interest or principal payments when the payments become due;
· credit spread risk—The risk that credit spreads (i.e., the difference in yield between securities that is due to differences in each security’s respective credit quality) may increase when market participants believe that bonds generally have a greater risk of default, which could result in a decline in the market values of a Fund’s debt securities;
· income volatility risk—The risk that the level of current income from a portfolio of fixed-income investments may decline in certain interest rate environments;
· market volatility, liquidity and valuation risk (types of market risk)—The risk that volatile or dramatic reductions in trading activity make it difficult for a Fund to properly value its investments and that a Fund may not be able to purchase or sell an investment at an attractive price, if at all; and
· call risk—The risk that, during periods of falling interest rates, an issuer may call (or repay) a fixed-income security prior to maturity, resulting in a decline in a Fund’s income.
· Emerging Markets Underlying Funds Risk—The risk of foreign investment often increases in countries with emerging markets or otherwise economically tied to emerging market countries. For example, these countries may have more unstable governments than developed countries, and their economies may be based on only a few industries. Emerging market countries may also have less stringent regulation of accounting, auditing, financial reporting and recordkeeping requirements, which would affect a Fund’s ability to evaluate potential portfolio companies. As a result, there could be less information available about issuers in emerging market countries, which could negatively affect Advisors’ ability to evaluate local companies or their potential impact on a Fund’s performance. Because the financial
Nuveen Lifecycle Index Funds ■ Prospectus 157
markets of emerging market countries may be very small, share prices of financial instruments in emerging market countries may be volatile and difficult to determine. Financial instruments of issuers in these countries may have lower overall liquidity than those of issuers in more developed countries. In addition, foreign investors such as a Fund are subject to a variety of special restrictions in many emerging market countries. Moreover, legal remedies for investors in emerging markets may be more limited, and U.S. authorities may have less ability to bring actions against bad actors in emerging market countries.
· Illiquid Investments Underlying Funds Risk—The risk that illiquid investments may be difficult to sell for the value at which they are carried, if at all, or at any price within the desired time frame.
· Currency Underlying Funds Risk—The risk that foreign (non-U.S.) currencies may decline in value relative to the U.S. dollar and adversely affect the value of a Fund’s investments in foreign currencies, securities denominated in foreign currencies or derivative instruments that provide exposure to foreign currencies.
· Active Management Risk—The risk that the strategy, investment selection or trading execution of Advisors could cause the Fund or an Underlying Fund to underperform its benchmark index or mutual funds with similar investment objectives and may not produce expected returns.
· Fund of Funds Risk—The ability of the Fund to achieve its investment objective will depend in part upon the ability of the Underlying Funds to achieve their investment objectives. There can be no guarantee that any Underlying Fund will achieve its investment objective.
There can be no assurances that the Fund will achieve its investment objective. You should not consider the Fund to be a complete investment program. Please see the non-summary portion of the Prospectus for more detailed information about the risks described above, including the risks of the Underlying Funds.
158 Prospectus ■ Nuveen Lifecycle Index Funds
with new regulatory requirements, the Fund has selected the Russell 3000®Index and the Bloomberg U.S. Aggregate Bond Index, which represent broad measures of market performance, and are generally representative of the market sectors or types of investments in which the Fund invests across the equity and fixed-income asset classes. After-tax performance is shown only for the Retirement Class shares, and after-tax returns for the other classes of shares will vary from the after-tax returns presented for the Retirement Class shares.
The returns shown below reflect previous agreements by Advisors
to waive or reimburse the Fund and certain Underlying Funds for certain fees and expenses. Without these
waivers and reimbursements, the returns of the Fund would have been lower.
For current performance
information of each share class, including performance to the most recent month-end, please visit
ANNUAL TOTAL RETURNS FOR RETIREMENT CLASS SHARES (%)†
Nuveen Lifecycle Index 2060 Fund
†
Nuveen Lifecycle Index Funds ■ Prospectus 159
For the Periods Ended December 31, 2023
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# | The performance shown for Class I that is prior to its inception date is based on performance of the Fund’s Retirement Class. The performance for these periods has not been restated to reflect the lower expenses of Class I. | ||||||||||
† | Performance is calculated from the inception date of the Retirement Class. | ||||||||||
‡ | As of the close of business on December 31, 2023, the Lifecycle Index 2060 Fund Composite Index consisted of: 60.4% Russell 3000® Index; 32.5% MSCI EAFE + Emerging Markets Index; and 7.1% Bloomberg U.S. Aggregate Bond Index. The Fund’s composite benchmark, the components that make up a composite benchmark and the method of calculating a composite benchmark’s performance may vary over time. | ||||||||||
160 Prospectus ■ Nuveen Lifecycle Index Funds
Investment Adviser. Teachers Advisors, LLC.
Portfolio Managers.
Name: | John Cunniff, CFA | Steve Sedmak, CFA | |
Title: | Managing Director | Managing Director | |
Experience on Fund: | since 2014 | since 2018 |
Purchase and sale of Fund shares
You may purchase, redeem or exchange shares of the Fund on any day that the New York Stock Exchange (“NYSE”) or its affiliated exchanges, NYSE Arca Equities or NYSE American, are open for trading (each such day a “Business Day”) directly from the Fund (for certain share classes) or through a financial advisor, employee benefit plan or other financial intermediary. The Fund’s initial and subsequent investment minimums generally are as follows, although certain financial intermediaries may impose their own investment minimums and the Fund may reduce or waive the minimums in some cases:
Eligibility and Minimum Initial Investment | Minimum Additional Investment | |
Class I | Available only through fee-based programs and certain retirement plans, and to other limited categories of investors as described in the Prospectus. $100,000 for all accounts except: · $250 for clients of financial intermediaries and family offices that have accounts holding Class I shares with an aggregate value of at least $100,000 (or that are expected to reach this level). · No minimum for eligible retirement plans and certain other categories of eligible investors as described in the Prospectus. | No minimum. |
Premier Class, Retirement Class | Available only through certain employee benefit plans, other types of savings plans or accounts and certain financial intermediaries as described in the Prospectus. No minimum. | No minimum. |
Class R6 | Available only to certain eligible investors as described in the Prospectus and through fee-based programs. $1 million for all accounts except: · $1,000 for clients of financial intermediaries who charge such clients an ongoing fee for advisory, investment, consulting or related services. | No minimum. |
The Fund intends to make distributions to shareholders that may be taxed as ordinary income or capital gains. Distributions made to tax-exempt shareholders or shareholders who hold Fund shares in a tax-deferred account are generally
Nuveen Lifecycle Index Funds ■ Prospectus 161
not subject to income tax in the current year, but redemptions made from tax-deferred accounts may be subject to income tax.
Payments to broker-dealers and other financial intermediary compensation
If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and/or its related companies may pay the financial intermediary for providing investor services. The Fund’s related companies may also pay the financial intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other financial intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary’s website for more information.
162 Prospectus ■ Nuveen Lifecycle Index Funds
Summary information |
(formerly TIAA-CREF Lifecycle Index 2065 Fund)
The Fund seeks high total return over time through a combination of capital appreciation and income.
The following tables describe the fees and expenses that you may pay if you buy, hold and sell shares of the Fund.
The tables and examples below do not reflect any commissions that shareholders may be required to pay directly to their financial intermediaries when buying or selling Class I shares.
| | | Retirement Class | |||||
Maximum
sales charge (load) imposed on purchases | ||||||||
Maximum deferred sales charge (load) | ||||||||
Maximum
sales charge (load) imposed on reinvested | ||||||||
Redemption or exchange fee | ||||||||
Maximum account fee |
Nuveen Lifecycle Index Funds ■ Prospectus 163
ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)
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1 | Restated to reflect estimate for the current fiscal year. | ||||||||
2 | Portions of the Management fees and Other expenses are based on expenses originally incurred by Class W shares of the Underlying Funds (as defined below) of the Trust, which have been incurred directly by the Fund pursuant to certain contractual arrangements intended to reallocate directly to the Fund certain fees and expenses that had been paid by the Underlying Funds of the Trust. For additional information, please see the “Management of the Funds” section of this Prospectus. | ||||||||
3 | Under the Fund’s expense reimbursement arrangements, the Fund’s investment adviser, Teachers Advisors, LLC (“Advisors”), has contractually agreed to reimburse the Fund for any Total annual Fund operating expenses (excluding interest, taxes, brokerage commissions or other transactional expenses, Acquired fund fees and expenses, extraordinary expenses and any expenses originally attributable to Class W shares of the Underlying Funds of the Trust that were incurred directly by the Fund) that exceed: (i) 0.193% of average daily net assets for Class I shares; (ii) 0.193% of average daily net assets for Premier Class shares; (iii) 0.043% of average daily net assets for Class R6 shares; and (iv) 0.293% of average daily net assets for Retirement Class shares of the Fund. These expense reimbursement arrangements will continue through at least September 30, 2025, unless changed with approval of the Board of Trustees. | ||||||||
4 | Advisors has contractually agreed to waive 0.057% of the Fund’s Management fee. This waiver will remain in effect through at least September 30, 2025, unless changed with the approval of the Board of Trustees. | ||||||||
This example is intended to help you compare the cost of investing in shares of the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses, before fee waivers and/or expense reimbursements, remain the same. The example assumes that the Fund’s fee waiver and/or expense reimbursement arrangements will each remain in place for the durations noted in the table above. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
| Class I |
| Premier
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| Retirement |
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1 year | $ | |
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| $ | |
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164 Prospectus ■ Nuveen Lifecycle Index Funds
The Fund pays transaction costs, such as commissions, when
it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover
rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in
a taxable account. These costs, which are not reflected in annual fund operating expenses or in the
example, affect the Fund’s performance. During the fiscal year ended May 31, 2024,
the Fund’s portfolio turnover rate was
The Fund is a “fund of funds” that invests in Class W shares of other Nuveen mutual funds and potentially in other investment pools or investment products, including other funds advised by the Fund’s investment adviser, Teachers Advisors, LLC (“Advisors”), or its affiliates (collectively, the “Underlying Funds”). In general, the Fund is designed for investors who have an approximate target retirement year in mind, and the Fund’s investments are adjusted from more aggressive to more conservative over time as the Fund’s target retirement year approaches and for approximately 30 years afterwards. The Fund invests in Underlying Funds according to an asset allocation strategy designed for investors retiring in, or planning to retire within a few years of, 2065 and who may begin taking systematic withdrawals upon retirement. The Fund has a policy of investing at least 80% of its assets (net assets, plus the amount of any borrowings for investment purposes) in Underlying Funds that are managed to seek investment returns that track particular market indices.
Advisors currently expects to allocate approximately 93.75% of the Fund’s assets to equity Underlying Funds and 6.25% of its assets to fixed-income Underlying Funds. These allocations represent targets for equity and fixed-income asset classes. Target allocations will change over time and actual allocations may vary up to ten percentage points from the targets. The target allocations along the investment glidepath, illustrated in the chart below, gradually become more conservative, moving to target allocations of approximately 50% equity/50% fixed-income in the Fund’s target retirement year of 2065 and reaching the Fund’s final target allocation of approximately 20.00% equity/80.00% fixed-income in 2095. Within the equity and fixed-income asset classes, Advisors allocates the Fund’s investments to particular market sectors (U.S. equity, international equity, fixed-income, short-term fixed-income and inflation-protected assets) represented by various Underlying Funds. These market sector allocations may vary by up to 10% from the Fund’s target market sector allocations. The Fund’s current target market sector allocations for June 30, 2025, which will change over time, are approximately as follows: U.S. Equity: 60.94%; International Equity: 32.81%; Fixed-Income: 6.25%; Short-Term Fixed-Income: 0.00%; and Inflation-Protected Assets: 0.00%. The asset class and market sector names used herein are intended to reflect the primary type of investment of the Underlying Funds within each of these categories.
Nuveen Lifecycle Index Funds ■ Prospectus 165
The Fund’s target market sector allocations to Underlying Funds may include the Nuveen Equity Index Fund (U.S. Equity); Nuveen Emerging Markets Equity Index Fund and Nuveen International Equity Index Fund (International Equity); Nuveen Bond Index Fund (Fixed-Income); Nuveen Short Term Bond Index Fund (Short-Term Fixed-Income); and Nuveen Inflation Linked Bond Fund (Inflation-Protected Assets).
As a result of its investments in the Underlying Funds, the Fund’s returns will reflect investments in a mix of domestic and foreign equities of companies of various sizes and market capitalizations and a variety of domestic and foreign fixed-income instruments of private and governmental issuers of varying maturities and credit qualities.
Additional or replacement Underlying Funds for each market sector, as well as additional or replacement market sectors, may be included when making future allocations if Advisors believes that such Underlying Funds and/or market sectors are appropriate in light of the Fund’s desired levels of risk and potential return at the particular time. The Fund’s portfolio management team may also add a new market sector if it believes that will help to achieve the Fund’s investment objective. The relative allocations among Underlying Funds within a market sector may be changed at any time without notice to shareholders. If 10% or more of the Fund’s assets are expected to be invested in any Underlying Fund or market sector not listed above, shareholders will receive prior notice of such change.
As part of the Fund’s ability to invest in other investment pools or investment products noted above, the Fund may invest in exchange-traded funds (“ETFs”) and exchange-traded notes (“ETNs”) to gain exposure to various market sectors or securities in order to effect its asset allocation strategy. Additionally, the Fund may use ETFs or ETNs for cash management, hedging or defensive purposes. ETFs or ETNs will be subject to the risks associated with the types of securities or sectors that they track, while ETNs, which are structured as fixed-income obligations, will also be subject to the general risks of fixed-income securities, including credit risk.
The Fund’s asset class allocations, market sector allocations within each asset class, and Underlying Fund allocations within each market sector, as of June 30, 2024, are listed in the chart below. These allocations will change over time. Underlying Fund allocations in particular may change from year to year.
Asset Class | Allocation |
| Market Sector | Allocation |
| Underlying Funds | Allocation |
Equity | 94.04% |
| U.S. Equity | 61.42% |
| Nuveen Equity Index | 61.42% |
International Equity | 32.62% | Nuveen International Equity Index | 22.40% | ||||
Nuveen Emerging Markets Equity Index | 10.22% | ||||||
Fixed-Income | 5.96% |
| Fixed-Income | 5.96% |
| Nuveen Bond Index | 5.96% |
Total | 100.00% | 100.00% | 100.00% |
The following chart shows how the investment glidepath for the Fund is expected to gradually move the Fund’s target allocations over time between the different target market sector allocations. The actual market sector allocations of
166 Prospectus ■ Nuveen Lifecycle Index Funds
the Fund may differ from this chart. The Fund seeks to achieve its final target market sector allocations approximately 30 years following the target date.
The Fund is designed to accommodate investors who invest in a fund up to their target retirement date, and plan to make gradual systematic withdrawals in retirement. In addition, investors should note that the Fund will continue to have a significant level of equity exposure up to, through and after its target retirement date, and this exposure could cause significant fluctuations in the value of the Fund depending on the performance of the equity markets generally.
After the Fund reaches its final target allocation, the Board of Trustees may authorize the merger of the Fund into another Lifecycle Index Fund which has also reached its final target allocation or other similar fund designed to maintain a relatively stable asset allocation reflecting the resting point on the glidepath described in the chart above. Fund shareholders will receive prior notice of any such merger.
· Asset Allocation Risk—The risk that the Fund may not achieve its target allocations. In addition, there is the risk that the asset allocations may not achieve the desired risk-return characteristic or that the selection of Underlying Funds and the allocations among them will result in the Fund underperforming other similar funds or cause an investor to lose money.
· Index Risk—The risk that an Underlying Fund’s performance may not correspond to its benchmark index for any period of time and may underperform such index or the overall financial market. Additionally, to the extent that an Underlying Fund’s investments vary from the composition of its benchmark index, the Underlying Fund’s performance could potentially vary from the index’s performance to a greater extent than if the Underlying Fund merely attempted to replicate the index.
Nuveen Lifecycle Index Funds ■ Prospectus 167
· Underlying Funds Risks—The Fund is exposed to the risks of the Underlying Funds in which it invests in direct proportion to the amount of assets the Fund allocates to each Underlying Fund.
· Equity Underlying Funds Risks—The risks of investing in equity Underlying Funds include risks specific to their investment strategies, as well as risks related to the equity markets in general, such as:
· market risk—The risk that market prices of portfolio investments held by a Fund may fall rapidly or unpredictably due to a variety of factors, including changing economic, political or market conditions. Market risk may affect a single issuer, industry or sector of the economy, or it may affect the market as a whole. Such conditions may add significantly to the risk of volatility in the net asset value (“NAV”) of the Fund’s shares and adversely affect the Fund and its investments. From time to time, a Fund may invest a significant portion of its assets in companies in one or more related sectors or industries, which would make the Fund more vulnerable to adverse developments affecting such sectors or industries;
· issuer risk—The risk that an issuer’s earnings prospects, credit rating and overall financial position will deteriorate, causing a decline in the value of the issuer’s financial instruments over short or extended periods of time;
· foreign investment risk—Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, currency, market or economic developments as well as armed conflicts and can result in greater price volatility and perform differently from financial instruments of U.S. issuers. This risk may be heightened in emerging or developing markets. Foreign investments may also have lower liquidity and be more difficult to value than investments in U.S. issuers. To the extent a Fund invests a significant portion of its assets in the securities of companies in a single country or region, it may be more susceptible to adverse economic, market, political or regulatory events or conditions affecting that country or region. Foreign investments may also be subject to risk of loss because of more or less foreign government regulation, less public information, less stringent investor protections and less stringent accounting, corporate governance, financial reporting and disclosure standards. Changes in the value of foreign currencies may make the return on an investment increase or decrease, unrelated to the quality or performance of the investment itself. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs) and other restrictions by the United States or other governments may also negatively impact a Fund’s investments. Economic sanctions and other similar governmental actions or developments could, among other things, effectively restrict
168 Prospectus ■ Nuveen Lifecycle Index Funds
or eliminate a Fund’s ability to purchase or sell certain foreign securities or groups of foreign securities, and/or thus may make a Fund’s investments in such securities less liquid (or illiquid) or more difficult to value. The type and severity of sanctions and other measures that may be imposed could vary broadly in scope, and their impact is impossible to predict; and
· small- and mid-cap risk—The risk that the stocks of small-capitalization companies often experience greater price volatility than large- or mid-sized companies because small-cap companies are often newer or less established than larger companies and are likely to have more limited resources, products and markets. Securities of small-cap companies often have lower overall liquidity than securities of larger companies as a result of there being a smaller market for their securities, which can have an adverse effect on the pricing of these securities and on the ability to sell these securities when a Fund’s investment adviser or sub-adviser deems it appropriate. Stocks of mid-capitalization companies often experience greater price volatility, lower trading volume and lower overall liquidity than the stocks of larger, more established companies.
· Fixed-Income Underlying Funds Risks—The risks of investing in fixed-income Underlying Funds include risks specific to their investment strategies, as well as risks related to the fixed-income markets in general, such as:
· interest rate risk—The risk that changes in interest rates can adversely affect the value or liquidity of, and income generated by, fixed-income investments. This risk is heightened to the extent a Fund invests in longer duration fixed-income investments and during periods when prevailing interest rates are changing. There is a risk that interest rates across the financial system may change, possibly significantly and/or rapidly. In general, changing interest rates, including rates that fall below zero, or a lack of market participants may lead to decreased liquidity and increased volatility in the fixed-income or debt markets, making it more difficult for the Fund to sell fixed-income investments. When interest rates change, the values of longer duration fixed-income securities usually change more than the values of shorter duration fixed-income securities. Conversely, fixed-income securities with shorter durations or maturities will be less volatile but may provide lower returns than fixed-income securities with longer durations or maturities. Other factors that may affect the value of debt securities include, but are not limited to, economic, political, public health, and other crises and responses by governments and companies to such crises;
· prepayment risk—The risk that, during periods of falling interest rates, borrowers may pay off their mortgage loans sooner than expected,
Nuveen Lifecycle Index Funds ■ Prospectus 169
forcing a Fund to reinvest the unanticipated proceeds at lower interest rates and resulting in a decline in income;
· extension risk—The risk that, during periods of rising interest rates, borrowers may pay off their mortgage loans later than expected, preventing a Fund from reinvesting principal proceeds at higher interest rates and resulting in less income than potentially available;
· issuer risk—The risk that an issuer’s earnings prospects, credit rating and overall financial position will deteriorate, causing a decline in the value of the issuer’s financial instruments over short or extended periods of time;
· credit risk—The risk that the issuer of fixed-income investments may not be able or willing, or may be perceived (whether by market participants, rating agencies, pricing services or otherwise) as not able or willing, to meet interest or principal payments when the payments become due;
· credit spread risk—The risk that credit spreads (i.e., the difference in yield between securities that is due to differences in each security’s respective credit quality) may increase when market participants believe that bonds generally have a greater risk of default, which could result in a decline in the market values of a Fund’s debt securities;
· income volatility risk—The risk that the level of current income from a portfolio of fixed-income investments may decline in certain interest rate environments;
· market volatility, liquidity and valuation risk (types of market risk)—The risk that volatile or dramatic reductions in trading activity make it difficult for a Fund to properly value its investments and that a Fund may not be able to purchase or sell an investment at an attractive price, if at all; and
· call risk—The risk that, during periods of falling interest rates, an issuer may call (or repay) a fixed-income security prior to maturity, resulting in a decline in a Fund’s income.
· Emerging Markets Underlying Funds Risk—The risk of foreign investment often increases in countries with emerging markets or otherwise economically tied to emerging market countries. For example, these countries may have more unstable governments than developed countries, and their economies may be based on only a few industries. Emerging market countries may also have less stringent regulation of accounting, auditing, financial reporting and recordkeeping requirements, which would affect a Fund’s ability to evaluate potential portfolio companies. As a result, there could be less information available about issuers in emerging market countries, which could negatively affect Advisors’ ability to evaluate local companies or their potential impact on a Fund’s performance. Because the financial
170 Prospectus ■ Nuveen Lifecycle Index Funds
markets of emerging market countries may be very small, share prices of financial instruments in emerging market countries may be volatile and difficult to determine. Financial instruments of issuers in these countries may have lower overall liquidity than those of issuers in more developed countries. In addition, foreign investors such as a Fund are subject to a variety of special restrictions in many emerging market countries. Moreover, legal remedies for investors in emerging markets may be more limited, and U.S. authorities may have less ability to bring actions against bad actors in emerging market countries.
· Illiquid Investments Underlying Funds Risk—The risk that illiquid investments may be difficult to sell for the value at which they are carried, if at all, or at any price within the desired time frame.
· Currency Underlying Funds Risk—The risk that foreign (non-U.S.) currencies may decline in value relative to the U.S. dollar and adversely affect the value of a Fund’s investments in foreign currencies, securities denominated in foreign currencies or derivative instruments that provide exposure to foreign currencies.
· Active Management Risk—The risk that the strategy, investment selection or trading execution of Advisors could cause the Fund or an Underlying Fund to underperform its benchmark index or mutual funds with similar investment objectives and may not produce expected returns.
· Fund of Funds Risk—The ability of the Fund to achieve its investment objective will depend in part upon the ability of the Underlying Funds to achieve their investment objectives. There can be no guarantee that any Underlying Fund will achieve its investment objective.
There can be no assurances that the Fund will achieve its investment objective. You should not consider the Fund to be a complete investment program. Please see the non-summary portion of the Prospectus for more detailed information about the risks described above, including the risks of the Underlying Funds.
Nuveen Lifecycle Index Funds ■ Prospectus 171
with new regulatory requirements, the Fund has selected the Russell 3000®Index and the Bloomberg U.S. Aggregate Bond Index, which represent broad measures of market performance, and are generally representative of the market sectors or types of investments in which the Fund invests across the equity and fixed-income asset classes. After-tax performance is shown only for the Retirement Class shares, and after-tax returns for the other classes of shares will vary from the after-tax returns presented for the Retirement Class shares.
The returns shown below reflect previous agreements by Advisors
to waive or reimburse the Fund and certain Underlying Funds for certain fees and expenses. Without these
waivers and reimbursements, the returns of the Fund would have been lower.
For current performance
information of each share class, including performance to the most recent month-end, please visit
ANNUAL TOTAL RETURNS FOR RETIREMENT CLASS SHARES (%)†
Nuveen Lifecycle Index 2065 Fund
†
172 Prospectus ■ Nuveen Lifecycle Index Funds
For the Periods Ended December 31, 2023
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‡ | As of the close of business on December 31, 2023, the Lifecycle Index 2065 Fund Composite Index consisted of: 61.2% Russell 3000® Index; 32.9% MSCI EAFE + Emerging Markets Index; and 5.9% Bloomberg U.S. Aggregate Bond Index. The Fund’s composite benchmark, the components that make up a composite benchmark and the method of calculating a composite benchmark’s performance may vary over time. | |||||||
Nuveen Lifecycle Index Funds ■ Prospectus 173
Investment Adviser. Teachers Advisors, LLC.
Portfolio Managers.
Name: | John Cunniff, CFA | Steve Sedmak, CFA | |
Title: | Managing Director | Managing Director | |
Experience on Fund: | since 2020 | since 2020 |
Purchase and sale of Fund shares
You may purchase, redeem or exchange shares of the Fund on any day that the New York Stock Exchange (“NYSE”) or its affiliated exchanges, NYSE Arca Equities or NYSE American, are open for trading (each such day a “Business Day”) directly from the Fund (for certain share classes) or through a financial advisor, employee benefit plan or other financial intermediary. The Fund’s initial and subsequent investment minimums generally are as follows, although certain financial intermediaries may impose their own investment minimums and the Fund may reduce or waive the minimums in some cases:
Eligibility and Minimum Initial Investment | Minimum Additional Investment | |
Class I | Available only through fee-based programs and certain retirement plans, and to other limited categories of investors as described in the Prospectus. $100,000 for all accounts except: · $250 for clients of financial intermediaries and family offices that have accounts holding Class I shares with an aggregate value of at least $100,000 (or that are expected to reach this level). · No minimum for eligible retirement plans and certain other categories of eligible investors as described in the Prospectus. | No minimum. |
Premier Class, Retirement Class | Available only through certain employee benefit plans, other types of savings plans or accounts and certain financial intermediaries as described in the Prospectus. No minimum. | No minimum. |
Class R6 | Available only to certain eligible investors as described in the Prospectus and through fee-based programs. $1 million for all accounts except: · $1,000 for clients of financial intermediaries who charge such clients an ongoing fee for advisory, investment, consulting or related services. | No minimum. |
174 Prospectus ■ Nuveen Lifecycle Index Funds
The Fund intends to make distributions to shareholders that may be taxed as ordinary income or capital gains. Distributions made to tax-exempt shareholders or shareholders who hold Fund shares in a tax-deferred account are generally not subject to income tax in the current year, but redemptions made from tax-deferred accounts may be subject to income tax.
Payments to broker-dealers and other financial intermediary compensation
If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and/or its related companies may pay the financial intermediary for providing investor services. The Fund’s related companies may also pay the financial intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other financial intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary’s website for more information.
Additional information about investment strategies and risks of the Funds
Additional information about the Funds
Each of the Funds is a “fund of funds” and diversifies its assets by investing in Class W shares of other Nuveen mutual funds and potentially in other investment pools or investment products, including other funds advised by Advisors or its affiliates (the “Underlying Funds”). In general, each Fund (except the Nuveen Lifecycle Index Retirement Income Fund) is designed for investors who have an approximate target retirement year in mind, and each Fund’s investments are adjusted from more aggressive to more conservative as a Fund’s target retirement year approaches and for approximately 30 years afterwards. Generally, this means that each Fund’s investments (except the Nuveen Lifecycle Index Retirement Income Fund) will gradually be reallocated to reduce weightings in Underlying Funds investing primarily in equity securities (stocks) and to increase weightings in Underlying Funds investing primarily in fixed-income securities (bonds) or money market instruments.
Each of the Lifecycle Index Funds has a policy of investing at least 80% of its assets (net assets, plus the amount of any borrowings for investment purposes) in Underlying Funds that are managed to seek an investment return that tracks particular market indices.
The Nuveen Lifecycle Index Retirement Income Fund is not designed for investors who have a specific retirement year in mind and its allocations will not gradually adjust over time. Instead, the Nuveen Lifecycle Index Retirement Income Fund is designed to maintain a relatively stable allocation among the
Nuveen Lifecycle Index Funds ■ Prospectus 175
Underlying Funds. The Nuveen Lifecycle Index Retirement Income Fund has relatively fixed asset allocations between Underlying Funds that invest primarily in equity securities and those that invest primarily in fixed-income (including money market) securities.
Each Fund is required to comply with Rule 12d1-4 under the Investment Company Act of 1940, as amended (the “1940 Act”). Complying with the requirements of Rule 12d1-4 may adversely impact a Fund’s investment strategies and operations, as well as those of the Underlying Funds in which the Fund invests.
The use of a particular index as a Fund’s benchmark index is not a fundamental policy and can be changed by the Board of Trustees of the Trust (“Board of Trustees”) without shareholder approval. The Funds will notify you if such a change is made.
The Funds are not appropriate for excessive trading or market timing. You should not invest in the Funds if you are an excessive trader or a market timer.
No one can assure that a Fund will achieve its investment objective and investors should not consider any one Fund to be a complete investment program.
Please see the Glossary toward the end of this Prospectus for certain defined terms used in this Prospectus.
More about the Funds’ strategies
General information about the Funds
This Prospectus describes the shares of 13 Lifecycle Index Funds, a sub-family of funds offered by the Trust. Each Fund is a separate investment portfolio or mutual fund, and has its own investment objective, investment strategies, restrictions and associated risks. An investor should consider each Fund separately to determine if it is an appropriate investment. Allocations for the Funds are based on historical risk/return characteristics and Advisors’ assumptions. If an asset class, market sector or Underlying Fund should perform in a fashion that varies from historical characteristics and/or Advisors’ assumptions, then the allocations may not achieve the intended risk/return characteristics. The investment objective of each Fund and its non-fundamental investment restrictions may be changed by the Board of Trustees without shareholder approval. Certain investment restrictions described in the Statement of Additional Information (“SAI”) are fundamental and may only be changed with shareholder approval. Each Fund is diversified under the 1940 Act.
Investment glidepath and target allocations
The target allocations along the investment glidepath for each Fund (except the Nuveen Lifecycle Index Retirement Income Fund) will gradually become more conservative (e.g., invest less in Underlying Funds holding primarily equity securities and invest more in Underlying Funds holding primarily fixed-income securities) over time as the target retirement year of the Fund approaches and is passed.
176 Prospectus ■ Nuveen Lifecycle Index Funds
Investors should note that each Fund will continue to have a significant level of equity exposure up to, through and after its target retirement date, and this exposure could cause significant fluctuations in the value of the Fund, depending on performance of the equity markets generally.
The following chart shows, as of June 30, 2025, how the investment glidepath for each Fund (except the Nuveen Lifecycle Index Retirement Income Fund) is expected to gradually move the Fund’s target allocations over time between the equity and non-equity asset classes and each Fund’s current position on the glidepath. The Nuveen Lifecycle Index Retirement Income Fund has relatively fixed asset allocations that will not gradually adjust over time. The actual asset allocations of any particular Fund may differ from this chart.
The Funds’ investment glidepath
Rebalancing
In order to maintain its target allocations, each Fund will generally invest incoming monies from share purchases to underweighted Underlying Funds. If cash flows are not sufficient to reestablish the current target allocation for a particular Fund, the Fund will generally rebalance its allocation among the Underlying Funds by buying and selling Underlying Fund shares. To minimize the amount of disruption to the Funds’ portfolios, rebalancings, reallocations or adjustments to the investment glidepath may occur gradually depending on Advisors’ assessment of, among other things, fund flows and market conditions.
Advisors’ allocation of Fund assets to Underlying Funds presents conflicts of interest. Although Advisors may allocate Fund assets to unaffiliated investment companies, Advisors generally expects to allocate Fund assets to Underlying Funds advised by Advisors or its affiliates. Advisors will have an incentive to select the Underlying Funds that will result in the greatest net management fee revenue to Advisors and its affiliates, even if that results in increased expenses for a Fund. Although a Fund may invest a limited portion of its assets in
Nuveen Lifecycle Index Funds ■ Prospectus 177
Underlying Funds not advised by Advisors or its affiliates, there is no assurance that it will do so even in cases where the unaffiliated Underlying Funds incur lower expenses than the comparable affiliated Underlying Funds. In addition, a Fund’s investment in an affiliated Underlying Fund could cause Advisors and/or its affiliates to receive greater compensation, increase their assets under management or support particular investment strategies or Underlying Funds managed by Advisors or its affiliates. In certain circumstances, Advisors would have an incentive to delay or decide against the sale of interests held by a Fund in affiliated Underlying Funds and may implement portfolio changes in a manner intended to minimize the disruptive effects and added costs of those changes to affiliated Underlying Funds. If a Fund invests in an Underlying Fund with higher expenses, the Fund’s performance would be lower than if the Fund had invested in an Underlying Fund with comparable performance but lower expenses (although any fee waiver and/or expense reimbursement arrangements in place at the time might have the effect of limiting or eliminating the amount of that underperformance). It is possible that this arrangement could result in a scenario where the best interests of a Fund are adverse to those of one or more Underlying Funds in which the Fund invests. Advisors has adopted policies that are designed to mitigate these conflicts.
Other potential investments
In addition to seeking equity and fixed-income market exposure through the Underlying Funds, the Funds may, in certain limited circumstances, directly invest in certain financial assets in order to seek to obtain desired portfolio exposures and to facilitate the Funds’ efficient portfolio management. Among other financial assets, the Funds may directly invest in equity and fixed-income securities, derivatives, exchange-traded funds (“ETFs”) and exchange-traded notes (“ETNs”).
A portion of each Fund may also be invested in certain annuity or other contracts issued by Teachers Insurance and Annuity Association of America (“TIAA”), to the extent that it is determined that they are appropriate in light of the Funds’ desired levels of risk and potential return at the particular time, and provided that the Funds have received any necessary exemptive relief from the SEC to participate in such investments.
Additional information about the Funds’ broad-based securities market and other indices
This section includes information about the Funds’ broad-based securities market indices and other indices, other than the Funds’ composite benchmark indices. The returns shown against the broad-based securities market index compare a Fund’s average annual returns with a broad measure of market performance. The broad-based securities market and other indices described below are unmanaged, and you cannot invest directly in an index.
178 Prospectus ■ Nuveen Lifecycle Index Funds
Russell 3000 Index
This is a broad-based securities market index for each Fund. The Russell 3000 Index represents the 3,000 largest publicly traded U.S. companies, based on market capitalization (according to Frank Russell Company (“Russell”)). Russell 3000 Index companies represent about 96% of the total market capitalization of the publicly traded U.S. equity market. As of June 30, 2024, the Russell 3000 Index had a mean market capitalization of $887.2 billion and a median market capitalization of $2.1 billion. The largest market capitalization of companies in the Russell 3000 Index was $3.3 trillion. Russell determines the composition of the index based only on market capitalization and can change its composition at any time.
Bloomberg U.S. Aggregate Bond Index
This is a broad-based securities market index for each Fund. The Bloomberg U.S. Aggregate Bond Index covers the U.S. investment-grade fixed-rate bond market, including government and corporate securities, agency mortgage pass-through securities, asset-backed securities and commercial mortgage-backed securities. As of June 30, 2024, this index contained approximately 13,632 issues. The Bloomberg U.S. Aggregate Bond Index represents securities that are SEC-registered, taxable and dollar-denominated. To be selected for inclusion in the Bloomberg U.S. Aggregate Bond Index, the securities must have a minimum maturity of one year. Securities must be rated investment-grade or higher using the middle rating of Moody’s, S&P and Fitch after dropping the highest and lowest available ratings. When a rating from only two agencies is available, the lower rating is used. When a rating from only one agency is available, that rating is used to determine index eligibility.
S&P Target Date Index Series
The S&P Target Date Index Series represents a broadly derived consensus of asset class exposure for the target retirement dates in the series based on market observations acquired through an annual survey of target date fund managers. The returns of the S&P Target Date Index Series reflect multi-asset class exposure for the same target dates as the Funds.
Additional information about the Funds’ composite benchmark indices
The composite benchmark index for each of the Funds is a composite of five unmanaged benchmark indices that represent the five market sectors in which each of the Funds invests across the equity and fixed-income asset classes. The composite benchmark is created by applying the performance of the benchmark indices in proportion to each Fund’s target allocations across the market sectors. As a result, each Fund’s composite benchmark changes over time with changes in the Fund’s equity and fixed-income target allocations. When the composite index changes, its new allocation is utilized to calculate composite performance
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from and after such change. Composite index performance for periods prior to the change is not recalculated or restated based on the composite index’s new allocation but rather reflects the composite index’s actual allocation during the period.
The five market sectors and the related benchmark indices for the Funds are as follows: U.S. Equity (Russell 3000® Index); International Equity (MSCI EAFE® Index + MSCI Emerging Markets® Index (the “MSCI EM Index,” and together with the MSCI EAFE Index, the “MSCI EAFE + EM Index”)); Fixed-Income (Bloomberg U.S. Aggregate Bond Index); Short-Term Fixed-Income (Bloomberg U.S. 1–3 Year Government/Credit Bond Index); and Inflation-Protected Assets (Bloomberg U.S. Treasury Inflation-Protected Securities (TIPS) 1–10 Year Index).
For performance during periods commencing October 1, 2015, the Bloomberg U.S. 1–3 Year Government/Credit Bond Index is the market sector index component for Short-Term Fixed-Income in the Composite Index. For performance periods commencing January 1, 2016, the Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1–10 Year Index replaced the Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) Index (Series L) as the market sector index component for Inflation-Protected Assets.
For current performance information of each Fund share class, including performance to the most recent month-end, please visit www.tiaa.org.
The benchmark indices for the Funds not previously described are described below.
MSCI EAFE + EM Index (International Equity)
The MSCI EAFE + EM Index tracks the performance of the leading stocks in 22 MSCI developed countries outside of North America (Europe, Australasia and the Far East) and in 21 MSCI emerging countries. The MSCI EAFE + EM Index constructs indices country by country, then assembles the country indices into regional indices. To construct an MSCI country index, the MSCI EAFE + EM Index analyzes each stock in that country’s market based on its market capitalization, trading volume, significant owners and other factors.
The stocks are sorted by free float-adjusted market capitalization, and the largest stocks (meeting liquidity and trading volume requirements) are selected until approximately 85% of the free float-adjusted market representation of each country’s market is reached. When combined as the MSCI EAFE + EM Index, the regional index captures approximately 85% of the free float-adjusted market capitalization of 22 developed and 21 emerging countries around the world.
The MSCI EAFE + EM Index primarily includes securities of large- and mid-cap issuers. MSCI Barra determines the composition of the index based on a combination of factors including regional/country exposure, price, trading volume and significant owners, and can change its composition at any time.
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Bloomberg U.S. 1–3 Year Government/Credit Bond Index (Short-Term Fixed-Income)
The Bloomberg U.S. 1–3 Year Government/Credit Bond Index tracks the performance primarily of U.S. Treasury and agency securities and corporate bonds with 1–3 year maturities. The securities in the index must be rated investment-grade or higher by at least two of the following rating agencies: Moody’s, S&P and Fitch.
Bloomberg U.S. Treasury Inflation Protected Securities (TIPS)
1–10 Year Index (Inflation-Protected
Assets)
The Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1–10 Year Index (the “Bloomberg TIPS 1–10 Index”) measures the return of fixed-income securities with fixed-rate coupon payments that adjust for inflation as measured by the Consumer Price Index for All Urban Consumers (“CPI-U”). To be selected for inclusion in the Bloomberg TIPS 1–10 Index, the securities must have a minimum maturity of 1 year and a maximum maturity of 9.9999 years, with a minimum par amount outstanding of $250 million.
Additional information about the Underlying Funds
The following is a description of the investment objectives and principal investment strategies of the Underlying Funds in which the Funds currently may invest. For a discussion of the risks associated with these investments, see the “Additional information on principal investment risks of the Funds and Underlying Funds” section. For a more detailed discussion of the investment strategies and risks of the Underlying Funds, see the Prospectuses for the Class W shares of the Underlying Funds at www.nuveen.com/prospectus.
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Fund | Investment objective, strategies and benchmark | |
Nuveen Equity Index Fund | Seeks a favorable long-term total return, mainly through capital appreciation, by investing primarily in a portfolio of equity securities selected to track the overall U.S. equity markets based on a market index. Under normal circumstances, the Fund invests at least 80% of its assets in equity securities of its benchmark index, the Russell 3000 Index. | |
Nuveen Emerging Markets Equity Index Fund | Seeks a favorable long-term total return, mainly through capital appreciation, by investing primarily in a portfolio of emerging market equity investments based on a market index. Under normal circumstances, the Fund invests at least 80% of its assets in equity securities that comprise its benchmark index, the MSCI EM Index, or in instruments with economic characteristics similar to all or a portion of the MSCI EM Index. | |
Nuveen International Equity Index Fund | Seeks a favorable long-term total return, mainly through capital appreciation, by investing primarily in a portfolio of foreign equity investments based on a market index. Under normal circumstances, the Fund invests at least 80% of its assets in securities of its benchmark index, the MSCI EAFE Index. | |
Nuveen Bond Index Fund | Seeks total return that corresponds with the total return of a broad U.S. investment-grade bond market index. Under normal circumstances, the Fund invests at least 80% of its assets in bonds within its benchmark and portfolio tracking index, the Bloomberg U.S. Aggregate Bond Index. | |
Nuveen Short Term Bond Index Fund | Seeks total return that corresponds with the total return of a short-term U.S. investment-grade bond market index. Under normal circumstances, the Fund invests at least 80% of its assets in bonds within its benchmark and portfolio tracking index, the Bloomberg U.S. 1–3 Year Government/Credit Bond Index. | |
Nuveen Inflation Linked Bond Fund | Seeks to provide inflation protection and income, primarily through investment in inflation-linked bonds. Under normal circumstances, the Fund invests at least 80% of its assets in fixed-income securities whose principal value increases or decreases based on changes in the CPI-U, over the life of the security. The Fund’s benchmark index is the Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1–10 Year Index. |
Additional information on investment risks of the Funds and Underlying Funds
The assets of each of the Funds are normally allocated among Underlying Funds investing primarily in equity securities and Underlying Funds investing primarily in fixed-income securities, but the Funds may also directly invest in such securities or other financial instruments. Each Fund is subject to asset allocation risk, index risk, Underlying Funds risk, which includes the risks of equity securities, fixed-income securities, emerging markets, illiquid investments, investments denominated in foreign currencies and other investments in proportion to the allocation of Fund assets among the Underlying Funds, active management risk and fund of funds risk. To the extent a Fund directly invests in securities or other investments, it would be exposed to the risks associated with investing in such instruments. Because the Funds and certain Underlying Funds
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may use derivatives to a limited degree, the Funds may directly and indirectly have limited exposure to the risks of derivatives. Each of these risks, alone or in combination with other risks, has the potential to impact Fund performance.
Asset allocation risk
The Funds may not achieve their target allocations and the selection of market sectors and Underlying Funds and the allocations among them may result in a Fund underperforming other similar funds or cause an investor to lose money. Although the allocation decisions of Advisors are intended to result in each Fund meeting its investment objective, Underlying Fund and asset class performance may differ in the future from the historical performance and assumptions upon which Advisors’ decisions are based, which could cause a Fund to not meet its investment objective. A Fund will generally rebalance its allocations among the Underlying Funds by using cash flows where possible. If cash flows are not sufficient to reestablish the current target allocations for a Fund, the Fund will generally rebalance by buying and selling Underlying Fund shares. Periodic rebalancing of a Fund’s allocations can sometimes cause the Fund and the Underlying Funds to incur transactional expenses. These expenses can adversely affect performance of the Funds and the Underlying Funds.
Index risk
Each of the Lifecycle Index Funds may invest in the Nuveen Equity Index Fund, Nuveen International Equity Index Fund, Nuveen Emerging Markets Equity Index Fund, Nuveen Short Term Bond Index Fund and Nuveen Bond Index Fund (each, an “Underlying Index Fund” and collectively, the “Underlying Index Funds”). Index risk is the risk that the performance of an Underlying Index Fund will not correspond to, or may underperform, its benchmark index for any period of time. Although each Underlying Index Fund generally attempts to use the investment performance of its respective index as a baseline, it may not duplicate the exact composition of that index. In addition, unlike a mutual fund, the returns of an index are not reduced by investment and other operating expenses, and therefore, the ability of an Underlying Index Fund to match the performance of its index is adversely affected by the costs of buying and selling investments as well as other expenses. Therefore, none of the Underlying Index Funds can guarantee that its performance will match or exceed its index for any period of time.
Underlying Funds risk
Each Fund is exposed to the risks of the Underlying Funds in which it invests in direct proportion to the amount of assets the Fund allocates to each Underlying Fund. The Underlying Funds are exposed to the risks of investing in equity and/or fixed-income securities and other investments in accordance with their investment strategies. The risks associated with investing in equity securities
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and fixed-income securities and other investments not already described above are described in the “Equity securities risks” and “Fixed-income securities risks” sections below.
Equity securities risks
Each Fund may gain exposure, depending on where it is on the investment glidepath, to equity securities directly or through certain Underlying Funds that invest primarily in equity securities (the “Equity Underlying Funds”). In general, the value of equity securities fluctuates in response to the fortune of individual companies and in response to general market and economic conditions. The value of a Fund may increase or decrease as a result of its exposure to equity securities. The fact that a particular risk below is not specifically identified as being heightened under current conditions does not mean that the risk is not greater than under normal conditions. More specifically, each Fund, directly or through one or more Equity Underlying Funds, is typically subject to the following principal investment risks related to equity securities (in the following risk descriptions “Fund” may refer to a Fund, an Equity Underlying Fund, or both):
· Market Risk—The risk that the price of equity investments may decline in response to general market and economic conditions or events, including conditions and developments outside of the financial markets such as significant changes in interest and inflation rates, the availability of credit and the occurrence of other factors, such as natural disasters or public health emergencies (pandemics and epidemics) as well as armed conflict. There is an increased likelihood that these types of events or conditions can, sometimes rapidly and unpredictably, result in a variety of adverse developments and circumstances, such as reduced liquidity, supply chain disruptions and market volatility, as well as increased general uncertainty and broad ramifications for markets, economies, issuers, businesses in many sectors and societies globally. Accordingly, the value of the equity investments that the Funds hold may decline over short or extended periods of time. Any investment is subject to the risk that the financial markets as a whole may decline in value, thereby depressing the investment’s price. Such conditions may add significantly to the risk of volatility in the net asset value (“NAV”) of a Fund’s shares and adversely affect the Fund and its investments. Equity markets, for example, tend to be cyclical, with periods when prices generally rise and periods when prices generally decline. Foreign equity markets tend to reflect local economic and financial conditions and, therefore, trends often vary from country to country and region to region. During periods of unusual volatility or turmoil in the financial markets, a Fund may undergo an extended period of decline. From time to time, a Fund may invest a significant portion of its assets in companies in one or more related sectors or industries, which would make the Fund more vulnerable to adverse developments affecting such sectors or industries.
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· Issuer Risk (often called Financial Risk)—The risk that the issuer’s earnings prospects, credit rating and overall financial position will deteriorate, causing a decline in the value of the issuer’s financial instruments over short or extended periods of time. In times of market turmoil, perceptions of an issuer’s credit risk can quickly change and even large, well-established issuers may deteriorate rapidly with little or no warning.
· Foreign Investment Risk—Foreign investments, which may include securities of foreign issuers, securities or contracts traded or acquired in non-U.S. markets or on non-U.S. exchanges, or securities or contracts payable or denominated in non-U.S. currencies, can involve special risks that arise from one or more of the following events or circumstances: (1) changes in currency exchange rates; (2) possible imposition of market controls or currency exchange controls; (3) possible imposition of withholding taxes on dividends and interest; (4) possible seizure, expropriation or nationalization of assets; (5) more limited foreign financial information or difficulties interpreting it because of foreign regulations and accounting standards; (6) lower liquidity and higher volatility in some foreign markets; (7) the impact of armed conflict or political, social or diplomatic events; (8) economic sanctions or other measures by the United States or other governments; (9) the difficulty of evaluating some foreign economic trends; and (10) the possibility that a foreign government could restrict an issuer from paying principal and interest to investors outside the country. Additionally, to the extent that the underlying securities held by a Fund trade on foreign exchanges or in foreign markets that may be closed when the U.S. markets are open, there are likely to be deviations between the current price of an underlying security and the last quoted price for the underlying security. Economic sanctions and other similar governmental actions or developments could, among other things, effectively restrict or eliminate a Fund’s ability to purchase or sell certain foreign securities or groups of foreign securities, and/or thus may make the Fund’s investments in such securities less liquid (or illiquid) or more difficult to value. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. In some cases, as a result of economic sanctions and other similar governmental actions or developments, a Fund may be forced to sell or otherwise dispose of foreign investments at inopportune times or prices. The imposition of sanctions could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent a Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact the Fund’s liquidity and performance.
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Sanctions and other similar measures may be in place for a substantial period of time and enacted with limited advanced notice. Brokerage commissions and custodial and transaction costs are often higher for foreign investments, and it may be more difficult to use foreign laws and courts to enforce financial or legal obligations. To the extent a Fund invests in depositary receipts, the Fund will be subject to many of the same risks as when investing directly in non-U.S. securities. The holder of an unsponsored depositary receipt may have limited voting rights and may not receive as much information about the issuer of the underlying securities as would the holder of a sponsored depositary receipt. To the extent a Fund invests a significant portion of its assets in the securities of companies in a single country or region (or depositary receipts representing such securities), it is more likely to be impacted by events or conditions affecting that country or region. Investment in a Fund may be more exposed to a single country’s or a region’s economic cycles, stock market valuations and currency, which could increase its risk compared with a more geographically diversified fund. In addition, political, social, regulatory, economic or environmental events that occur in a single country or region may adversely affect the values of that country’s or region’s securities and thus the holdings of a Fund.
The risks described above often increase in countries with emerging markets. For example, these countries may have more unstable governments than developed countries, and their economies may be based on only a few industries. Financial instruments of issuers in these countries may have lower overall liquidity than those of issuers in more developed countries. Emerging market countries typically have less established legal, accounting and financial reporting systems than those in more developed markets, which may reduce the scope or quality of financial information available to investors. Governments in emerging market countries are often less stable and more likely to take extra-legal action with respect to companies, industries, assets or foreign ownership than those in more developed markets. Moreover, it can be more difficult for investors to bring litigation or enforce judgments against issuers in emerging markets or for U.S. regulators to bring enforcement actions against such issuers. Because the financial markets of emerging market countries may be very small, prices of issuers in emerging market countries may be volatile and difficult to determine. In addition, foreign investors such as a Fund are subject to a variety of special restrictions in many such countries. The economies of some emerging markets may be particularly exposed to or affected by a certain industry or sector, and therefore issuers and/or securities of such emerging markets may be more affected by the performance of such industries or sectors.
· Small-Cap Risk—Securities of small-sized companies may experience greater fluctuations in price than the securities of larger companies. The securities of small-sized companies often have lower overall liquidity than
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those of larger, more established companies. The number of small-sized companies whose securities are listed on securities exchanges has been declining while investor demand for the securities of such issuers has been increasing, in each case relative to historical trends, which may increase a Fund’s exposure to illiquid investments risk. As a result, a Fund’s investments in the securities of small-sized companies may be difficult to purchase or sell at an advantageous time or price, which could prevent the Fund from taking advantage of investment opportunities. From time to time, small-sized company securities may have to be sold at a discount from their current market prices or in small lots over an extended period, since they may be harder to sell than larger-cap securities. In addition, it may be difficult to find buyers for securities of small-sized companies that a Fund wishes to sell when the company is not perceived favorably in the marketplace or during periods of poor economic or market conditions. Such companies may be subject to certain business risks due to their smaller size, limited markets and financial resources, narrow product lines and frequent lack of depth of management. The costs of purchasing and selling securities of small-sized companies may be greater than those of more widely traded securities.
· Mid-Cap Risk—Securities of medium-sized companies may experience greater fluctuations in price than the securities of larger companies. From time to time, medium-sized company securities may have to be sold at a discount from their current market prices or in small lots over an extended period, since they may be harder to sell than larger-cap securities. In addition, it may be difficult to find buyers for securities of medium-sized companies that a Fund wishes to sell when the company is not perceived favorably in the marketplace or during periods of poor economic or market conditions. Such companies may be subject to certain business risks due to their smaller size, limited markets and financial resources, narrow product lines and frequent lack of depth of management. The costs of purchasing and selling securities of medium-sized companies may be greater than those of more widely traded securities.
Fixed-income securities risks
Each Fund may gain exposure, depending on where it is on the investment glidepath, to fixed-income securities directly or through certain Underlying Funds that invest primarily in fixed-income securities (the “Fixed-Income Underlying Funds”). Each Fund, directly or through its investments in one or more Fixed-Income Underlying Funds, is typically subject to the following principal investment risks related to fixed-income securities (in the following risk descriptions “Fund” may refer to a Fund, a Fixed-Income Underlying Fund, or both):
· Interest Rate Risk (a type of Market Risk)—The risk that the value, liquidity or yield of fixed-income investments may decline if interest rates change. In general, when prevailing interest rates decline, the market values of
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outstanding fixed-income investments (particularly those paying a fixed rate of interest) tend to increase while yields on similar newly issued fixed-income investments tend to decrease, which could adversely affect a Fund’s income. Conversely, when prevailing interest rates increase, the market values of outstanding fixed-income investments (particularly those paying a fixed rate of interest) tend to decline while yields on similar newly issued fixed-income investments tend to increase. If a fixed-income investment pays a floating or variable rate of interest, changes in prevailing interest rates may increase or decrease the investment’s yield. Fixed-income investments with longer durations tend to be more sensitive to interest rate changes than shorter-duration investments. Therefore, a Fund that has a portfolio with a longer weighted average maturity or effective duration may be impacted to a greater degree than a Fund that has a portfolio with a shorter weighted average maturity or effective duration. Conversely, fixed-rate securities with shorter durations or maturities will be less volatile but may provide lower returns than fixed-rate securities with longer durations or maturities. Interest rate risk is generally heightened during periods when prevailing interest rates are changing. There is a risk that interest rates across the financial system may change, possibly significantly and/or rapidly. In general, changing interest rates, including rates that fall below zero, or a lack of market participants may lead to decreased liquidity and increased volatility in the fixed-income or debt markets, making it more difficult for a Fund to sell fixed-income investments. During periods of very low or negative interest rates, a Fund may not be able to maintain positive returns. Low interest rates may magnify the risks associated with rising interest rates. A Fund may also be subject to heightened interest rate risk when the U.S. Federal Reserve changes interest rates. A wide variety of factors can cause interest rates to change (e.g., central bank monetary policies, inflation rates, general economic conditions). Rising interest rates may cause issuers to not make principal and interest payments on fixed-income investments when due. Other factors that may affect the value of debt securities include, but are not limited to, economic, political, public health, and other crises and responses by governments and companies to such crises. In general, changing interest rates could have unpredictable effects on the markets and may expose fixed-income and related markets to heightened volatility. Changes in interest rates may also lead to an increase in Fund redemptions, which may result in higher portfolio turnover costs, thereby adversely affecting a Fund’s performance.
· Prepayment Risk—The risk that, during periods of falling interest rates, borrowers may pay off their mortgage loans sooner than expected, forcing a Fund to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in income. These risks are normally present in mortgage-backed securities and other asset-backed securities. For example, homeowners have the option to prepay their mortgages. Therefore, the duration of a security backed by home mortgages can shorten depending on homeowner
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prepayment activity. A rise in the prepayment rate and the resulting decline in duration of fixed-income securities held by a Fund can result in losses to investors in the Fund.
· Extension Risk—The risk that, during periods of rising interest rates, borrowers may pay off their mortgage loans later than expected, preventing a Fund from reinvesting principal proceeds at higher interest rates, resulting in less income than potentially available. These risks are normally present in mortgage-backed securities and other asset-backed securities. For example, homeowners have the option to prepay their mortgages. Therefore, the duration of a security backed by home mortgages can lengthen depending on homeowner prepayment activity. A decline in the prepayment rate and the resulting increase in duration of fixed-income securities held by a Fund can result in losses to investors in the Fund.
· Issuer Risk (often called Financial Risk)—The risk that the issuer’s earnings prospects, credit rating and overall financial position will deteriorate, causing a decline in the value of the issuer’s financial instruments over short or extended periods of time. In times of market turmoil, perceptions of an issuer’s credit risk can quickly change and even large, well-established issuers may deteriorate rapidly with little or no warning.
· Credit Risk (a type of Issuer Risk)—The risk that a decline, or perceived decline (whether by market participants, rating agencies, pricing services or otherwise), in an issuer’s financial position may prevent it from making principal and interest payments on fixed-income investments when due. Credit risk relates to the possibility that the issuer could default on its obligations, thereby causing a Fund to lose its investment. Credit risk is heightened in times of market turmoil when perceptions of an issuer’s credit risk can quickly change and even large, well-established issuers and/or governments may deteriorate rapidly with little or no warning. Additionally, credit risk is heightened in market environments where interest rates are rising, particularly when rates are rising significantly, to the extent that an issuer is less willing or able to make payments when due. Credit risk is also heightened in the case of investments in lower-rated, high-yield fixed-income securities because they are speculative in nature and their issuers are typically in weak financial health and their ability to pay interest and principal is uncertain. Compared to issuers of investment-grade securities, issuers of lower-rated, high-yield fixed-income investments are more likely to encounter financial difficulties and to be materially affected by such difficulties and they have a higher risk of becoming insolvent. High-yield securities may also be relatively more illiquid; therefore, they may be more difficult to purchase or sell than more highly rated securities.
· Credit Spread Risk—The risk that credit spreads (i.e., the difference in yield between securities that is due to differences in each security’s respective credit quality) may increase when market participants believe that bonds generally have a greater risk of default. Increasing credit spreads may
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reduce the market values of a Fund’s securities. Credit spreads often increase more for lower-rated and unrated securities than for investment-grade securities. In addition, when credit spreads increase, reductions in market value will generally be greater for longer-maturity securities.
· Income Volatility Risk—Income volatility refers to the degree and speed with which changes in prevailing market interest rates diminish the level of current income from a portfolio of fixed-income securities. The risk of income volatility is that the level of current income from a portfolio of fixed-income securities may decline in certain interest rate environments.
· Market Volatility, Liquidity and Valuation Risk (types of Market Risk)—Trading activity in fixed-income investments in which a Fund invests may be dramatically reduced or cease at any time, whether due to general market turmoil, limited dealer capacity, problems experienced by a single company or a market sector, or other factors, such as natural disasters or public emergencies (pandemics and epidemics) as well as armed conflict. In such cases, it may be difficult for a Fund to properly value assets represented by such investments. In addition, a Fund may not be able to purchase or sell a security at a price deemed to be attractive, if at all, which may inhibit the Fund from pursuing its investment strategies or negatively impact the values of portfolio holdings. Further, an increase in interest rates or other adverse conditions (e.g., inflation/deflation, increased selling of fixed-income investments across other pooled investment vehicles or accounts, changes in investor perception or changes in government intervention in the markets) may lead to increased redemptions and increased portfolio turnover, which could reduce liquidity for certain Fund investments, adversely affect values of portfolio holdings and increase a Fund’s costs. If dealer capacity in fixed-income markets is insufficient for market conditions, this has the potential to further inhibit liquidity and increase volatility in the fixed-income markets. Certain fixed-income investments with longer durations or maturities may face heightened levels of liquidity risk.
· Call Risk—The risk that an issuer will redeem a fixed-income investment prior to maturity. This often happens when prevailing interest rates are lower than the rate specified for the fixed-income investment. If a fixed-income investment is called early, a Fund may not be able to benefit fully from the increase in value that other fixed-income investments experience when interest rates decline. Additionally, a Fund would likely have to reinvest the payoff proceeds at current yields, which are likely to be lower than the fixed-income investment in which the Fund originally invested, resulting in a decline in income.
Other Underlying Funds risks
Each Fund, directly or through its investments in one or more Underlying Funds, is typically subject to the following principal investment risks (in the
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following risk descriptions “Fund” may refer to a Fund, an Underlying Fund, or both):
· Emerging Markets Risk—The risk of foreign investment often increases in countries with emerging markets or otherwise economically tied to emerging market countries. For example, these countries may have more unstable governments than developed countries, and their economies may be based on only a few industries. Emerging market countries may also have less stringent regulation of accounting, auditing, financial reporting and recordkeeping requirements, which would affect a Fund’s ability to evaluate potential portfolio companies. Certain emerging market countries may also face other significant internal or external risks, such as the risk of war, macroeconomic, geopolitical, global health conditions, and ethnic, religious and racial conflicts. As a result, there could be less information available about issuers in emerging market countries, which could negatively affect Advisors’ ability to evaluate local companies or their potential impact on a Fund’s performance. Because their financial markets may be very small, share prices of financial instruments in emerging market countries may be volatile and difficult to determine. Financial instruments of issuers in these countries may have lower overall liquidity than those of issuers in more developed countries. In addition, foreign investors such as a Fund are subject to a variety of special restrictions in many emerging market countries. Moreover, legal remedies for investors in emerging markets (including derivative litigation) may be more limited, and U.S. authorities (such as the SEC or U.S. Department of Justice) may have less ability to bring actions against bad actors in emerging market countries. National policies (including sanctions programs) may limit a Fund’s investment opportunities including restrictions on investment in issuers or industries deemed sensitive to national interests. The risks outlined above are often more pronounced in “frontier markets” in which a Fund may invest. Frontier markets are those emerging markets that are considered to be among the smallest, least mature and least liquid. These factors may make investing in frontier market countries significantly riskier than investing in other countries.
· Illiquid Investments Risk—The risk that illiquid investments may be difficult to sell for the value at which they are carried, if at all, or at any price within the desired time frame. Illiquid investments are those that are not reasonably expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. Pursuant to applicable SEC regulations, a Fund may not invest more than 15% of its net assets in illiquid investments that are assets. The Funds have implemented a liquidity risk management program and related procedures to identify illiquid investments pursuant to this regulation. A Fund may be limited in its ability to invest in illiquid and “less liquid” investments, which may adversely affect a Fund’s performance and ability to achieve its investment objective. A Fund’s
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investments in illiquid investments may reduce the returns of the Fund because it may be unable to sell the illiquid investment at an advantageous time or price, which could prevent the Fund from taking advantage of other investment opportunities. There is also a risk that unusually high redemption requests, including redemption requests from certain large shareholders (such as institutional investors) or asset allocation changes, may make it difficult for a Fund to sell investments in sufficient time to allow it to meet redemptions or require a Fund to sell illiquid investments at reduced prices or under unfavorable conditions. Illiquid investments may trade less frequently, in lower quantities and/or at a discount as compared to more liquid investments, which may cause a Fund to receive distressed prices and incur higher transaction costs when selling such investments. Securities that are liquid at the time of purchase may subsequently become illiquid due to events such as adverse developments for an issuer, industry-specific developments, market events, rising interest rates, changing economic conditions, changes in interest rates or investor perceptions and geopolitical risk. Dislocations in certain parts of the markets are resulting in reduced liquidity for certain investments. It is uncertain when financial markets will improve and economic conditions will stabilize. Liquidity of financial markets may also be affected by government intervention and political, social, health, economic or market developments. During periods of market stress, a Fund’s assets could potentially experience significant levels of illiquidity.
· Currency Risk—The risk of a decline in the value of a foreign currency versus the U.S. dollar, which reduces the dollar value of securities denominated in that foreign currency. The overall impact on a Fund’s holdings can be significant and long lasting depending on the currencies represented in the portfolio, how each currency appreciates or depreciates in relation to the U.S. dollar, and whether currency positions are hedged. Although a Fund may attempt to hedge its currency exposure into the U.S. dollar, it may not be successful in reducing the effects of currency fluctuations. A Fund may also hedge from one foreign currency to another. In addition, such currency hedging may not be successful and may lower a Fund’s potential returns. Foreign currency exchange rates may fluctuate significantly over short periods of time, particularly with respect to emerging market currencies or otherwise economically tied to emerging market currencies. Currency exchange rates can also be affected unpredictably by intervention by U.S. or foreign governments or central banks, or by currency controls or other diplomatic or geopolitical developments.
Active management risk
The risk that the performance of the Funds or the Underlying Funds that are actively managed, in whole or in part, reflects in part the ability of the portfolio manager(s) to make active, qualitative investment decisions that are suited to
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achieving the Funds’ or Underlying Funds’ investment objectives. As a result of investment selection or trade execution, a Fund or an Underlying Fund could underperform its respective benchmark or other mutual funds with similar investment objectives and may not produce expected returns.
Fund of funds risk
The ability of a Fund to achieve its investment objective will depend in part upon the ability of the Underlying Funds in which it invests to achieve their investment objectives. There can be no guarantee that any Underlying Fund will achieve its investment objective.
Additional information on principal risks of the Underlying Funds
In addition to the Funds’ principal risks noted above, below are some additional risks to which the Funds may have exposure depending upon their particular allocation to the various Underlying Funds (in the following risk descriptions “Fund” may refer to a Fund, an Underlying Fund or both):
· Downgrade Risk—The risk that securities are subsequently downgraded should Advisors and/or rating agencies believe the issuer’s business outlook or creditworthiness has deteriorated. If this occurs, the values of these investments may decline, or it may affect the issuer’s ability to raise additional capital for operational or financial purposes and increase the chance of default, as a downgrade may be seen in the financial markets as a signal of an issuer’s deteriorating financial position.
· Fixed-Income Foreign Investment Risk—Foreign investments, which may include fixed-income securities of foreign issuers, or securities or contracts payable or denominated in non-U.S. currencies, can involve special risks that arise from one or more of the following events or circumstances: (1) changes in currency exchange rates; (2) possible imposition of market controls or currency exchange controls; (3) possible imposition of withholding taxes on dividends and interest; (4) possible seizure, expropriation or nationalization of assets; (5) more limited financial information about the foreign debt issuer or difficulties interpreting it because of foreign regulations and accounting standards; (6) lower liquidity and higher volatility in some foreign markets; (7) the impact of armed conflict or political, social or diplomatic events; (8) economic sanctions or other measures by the United States or other governments; (9) the difficulty of evaluating some foreign economic trends; and (10) the possibility that a foreign government could restrict an issuer from paying principal and interest on its debt obligations to investors outside the country. Additionally, to the extent that the underlying securities held by a Fund trade on foreign exchanges or in foreign markets that may be closed when the U.S. markets are open, there are likely to be deviations between the current price of an underlying security and the last quoted price for the underlying security. Economic sanctions and other
Nuveen Lifecycle Index Funds ■ Prospectus 193
similar governmental actions or developments could, among other things, effectively restrict or eliminate a Fund’s ability to purchase or sell certain foreign securities or groups of foreign securities, and/or thus may make the Fund’s investments in such securities less liquid (or illiquid) or more difficult to value. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. In some cases, as a result of economic sanctions and other similar governmental actions or developments, a Fund may be forced to sell or otherwise dispose of foreign investments at inopportune times or prices. The imposition of sanctions could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent a Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact the Fund’s liquidity and performance. Sanctions and other similar measures may be in place for a substantial period of time and enacted with limited advanced notice. It may also be difficult to use foreign laws and courts to force a foreign issuer to make principal and interest payments on its debt obligations. In addition, the cost of servicing external debt will also generally be adversely affected by rising international interest rates because many external debt obligations bear interest at rates which are adjusted based upon international interest rates. To the extent a Fund invests a significant portion of its assets in the securities of companies in a single country or region, it is more likely to be impacted by events or conditions affecting that country or region. Investment in a Fund may be more exposed to a single country’s or a region’s economic cycles, stock market valuations and currency, which could increase its risk compared with a more geographically diversified fund. In addition, political, social, regulatory, economic or environmental events that occur in a single country or region may adversely affect the values of that country’s or region’s securities and thus the holdings of a Fund.
The risks described above often increase in countries with emerging markets. For example, the ability of a foreign sovereign issuer, especially in an emerging market country, to make timely and ultimate payments on its debt obligations may be strongly influenced by the issuer’s balance of payments, including export performance, its access to international credit and investments, fluctuations of interest rates and the extent of its foreign reserves. If a deterioration occurs in the foreign country’s balance of payments, it could impose temporary restrictions on foreign capital remittances. In addition, there is a risk of restructuring certain foreign debt obligations that could reduce and reschedule interest and principal payments.
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Financial instruments of issuers in these countries may have lower overall liquidity than those of issuers in more developed countries. Emerging market countries typically have less established legal, accounting and financial reporting systems than those in more developed markets, which may reduce the scope or quality of financial information available to investors. Governments in emerging market countries are often less stable and more likely to take extra-legal action with respect to companies, industries, assets, or foreign ownership than those in more developed markets. Moreover, it can be more difficult for investors to bring litigation or enforce judgments against issuers in emerging markets or for U.S. regulators to bring enforcement actions against such issuers. The economies of some emerging markets may be particularly exposed to or affected by a certain industry or sector, and therefore issuers and/or securities of such emerging markets may be more affected by the performance of such industries or sectors.
· Floating and Variable Rate Securities Risk—Floating and variable rate securities provide for adjustment in the interest rate paid on the obligations. The terms of such obligations typically provide that interest rates are adjusted based upon an interest or market rate adjustment as provided in the respective obligations. The adjustment intervals may be regular, and range from daily up to annually, or may be event-based, such as based on a change in the prime rate. Because of the interest rate adjustment feature, floating and variable rate securities provide an investor with a certain degree of protection against rises in interest rates, although the investor will participate in any declines in interest rates as well. Generally, changes in interest rates will have a smaller effect on the market value of floating and variable rate securities than on the market value of comparable fixed-income obligations. Thus, investing in floating and variable rate securities generally allows less opportunity for capital appreciation and depreciation than investing in comparable fixed-income securities. Floating and variable rate securities may be subject to greater liquidity risk than other debt securities, meaning that there may be limitations on a Fund’s ability to sell the securities at any given time. Such securities also may lose value.
· Index Risk—The risk that the performance of an indexed Fund will not correspond to, or may underperform, its benchmark index for any period of time. Although an indexed Fund attempts to use the investment performance of its particular index as a baseline, it may not duplicate the exact composition of that index. In addition, unlike a mutual fund, the returns of an index are not reduced by investment and other operating expenses, and therefore, the ability of an indexed Fund to match the performance of its index is adversely affected by the costs of buying and selling investments as well as other expenses. Therefore, no indexed Fund can guarantee that its performance will match or exceed its index for any period of time.
· Industry/Sector Concentration Risk—The risk that focusing on investment in specific industries or sectors makes a fund more vulnerable to
Nuveen Lifecycle Index Funds ■ Prospectus 195
developments particularly affecting those industries or sectors than a more broadly diversified fund would be. Financial instruments of companies in the same industry or sector may decline in price at the same time due to market conditions, interest rates or economic, regulatory, financial or industry/sector specific developments since these companies may share common characteristics and are more likely to react similarly to industry/sector specific market or economic developments. In addition, at times, a small number of companies may represent a large portion of a single industry or sector, and these companies can be sensitive to adverse economic, regulatory or financial developments.
· Financials Sector Risk—A Fund may invest a significant portion of its assets in the financials sector. Securities of companies in the financials sector may be significantly affected by changes in interest rates, government regulation, the rate of defaults on corporate, consumer and government debt, the availability and cost of capital, and the impact of more stringent capital requirements. A Fund may be adversely affected by events or developments negatively impacting the financials sector or issuers within the financials sector.
· Information Technology Sector Risk—A Fund may invest a significant portion of its assets in the information technology sector. Securities of companies in the information technology sector can be significantly affected by changes in, among other things, the supply and demand for specific products and services, the pace of technological development and product obsolescence, market competition, government regulation, and patent and intellectual property rights. A Fund may be adversely affected by events or developments negatively impacting the information technology sector.
· Large-Cap Risk—The risk that, by focusing on securities of larger companies, a Fund may have fewer opportunities to identify securities that the market misprices and that these companies may grow more slowly than the economy as a whole or not at all. Also, larger companies may fall out of favor with the investing public as a result of market, political and economic conditions, including for reasons unrelated to their businesses or economic fundamentals.
· Non-Diversification Risk—While each Underlying Fund is considered to be a diversified investment company under the 1940 Act, each Underlying Fund may become non-diversified under the 1940 Act without Fund shareholder approval when necessary to continue to track its benchmark index. Non-diversified status means that an Underlying Fund can invest a greater percentage of its assets in the securities of a single issuer than a diversified fund. Investing in a non-diversified fund involves greater risk than investing in a diversified fund because a loss in value of a particular investment may have a greater effect on the fund’s return since that investment may
196 Prospectus ■ Nuveen Lifecycle Index Funds
represent a larger portion of the fund’s total portfolio assets, which could lead to greater volatility in the fund’s returns.
· Special Risks for Inflation-Indexed Bonds—The risk that market values of inflation-indexed investments held by the Nuveen Inflation Linked Bond Fund may be adversely affected by a number of factors, including changes in the market’s inflation expectations, changes in real rates of interest or declines in inflation (or deflation). There is a risk that interest payments in inflation-indexed investments may fall because of a decline in inflation (or deflation). In addition, the CPI-U may not accurately reflect the true rate of inflation. If the market perceives that any of these events have occurred, then the market value of those investments could be adversely affected.
· U.S. Government Securities Risk—U.S. Treasury obligations and some obligations of U.S. Government agencies and instrumentalities are supported by the full faith and credit of the U.S. Government. Other U.S. Government agencies or instrumentalities are backed by the right of the issuer to borrow from the U.S. Treasury. Still others are supported only by the credit of the issuer. No assurance can be given that the U.S. Government would provide financial support to its agencies or instrumentalities if not required to do so by law, and such agencies or instrumentalities may not have the funds to meet their payment obligations in the future. Therefore, securities issued by U.S. Government agencies or instrumentalities that are not backed by the full faith and credit of the U.S. Government may involve increased risk of loss of principal and interest. In addition, the value of U.S. Government securities may be affected by changes in the credit rating of the U.S. Government.
To the extent a Fund invests significantly in securities issued or guaranteed by the U.S. Government or its agencies or instrumentalities, any market movements, regulatory changes or changes in political or economic conditions that affect the securities of the U.S. Government or its agencies or instrumentalities in which the Fund invests may have a significant impact on the Fund’s performance. Events that would adversely affect the market prices of securities issued or guaranteed by one U.S. Government agency or instrumentality may adversely affect the market prices of securities issued or guaranteed by other agencies or instrumentalities.
In addition to the investment risks set forth above, there are other non-principal risks associated with investing in the Funds and Underlying Funds and their investments that are discussed elsewhere in the Funds’ and Underlying Funds’ Prospectuses and in the Funds’ and Underlying Funds’ SAIs. There can be no assurances that a Fund will achieve its investment objective. You should not consider any Fund to be a complete investment program.
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Additional information on investment strategies and risks of the Funds and Underlying Funds
The Equity Funds
The Underlying Funds that invest primarily in equity securities—including the Nuveen Equity Index Fund, Nuveen Emerging Markets Equity Index Fund and Nuveen International Equity Index Fund (collectively, the “Equity Funds”)—may also invest in short-term debt securities of the same type as those held by the Nuveen Money Market Fund and other kinds of short-term instruments. These short-term investments help the Equity Funds maintain liquidity, use cash balances effectively, and take advantage of attractive investment opportunities. The Equity Funds also may invest up to 20% of their assets in fixed-income securities. The Equity Funds may invest in fixed-income investments to obtain current income, to use cash balances effectively and in circumstances when Advisors determines that the risk of loss from equity securities outweighs the potential for capital gains or higher income. For a general discussion of fixed-income investments, see “Investment policies—Debt instruments generally” in the Funds’ SAI. The Equity Funds may also manage cash by investing in money market funds or other short-term investment company securities.
Each Fund and/or an Equity Fund may write (sell) call options, including covered call options, and purchase put options, to try to enhance income, reduce portfolio volatility and protect gains in its portfolio. Such options may include put and call options on securities of the types in which a Fund or an Equity Fund may invest and on securities indices composed of such securities. In writing (selling) call options, a Fund or an Equity Fund may give up the opportunity to profit on a security if the market price of the security rises and the option is exercised and, conversely, the premiums received from call options sold may not reduce the extent of a Fund’s or an Equity Fund’s losses during periods of market decline. In purchasing call and put options, a Fund or an Equity Fund may purchase a call or put option that expires with no value due to the market price of the security remaining below or above, as applicable, the strike price of the option. In such an event, a Fund or an Equity Fund would lose the value of the premium paid for the call or put option but would also receive no economic benefit from the purchase or sale, as applicable, of the security. The Funds and the Equity Funds can also write (sell) put options. In writing put options, a Fund or an Equity Fund may experience losses on a security if the market price of the security declines and the option is exercised and, conversely, the premiums received from the put options sold may not reduce the extent of a Fund’s or an Equity Fund’s losses during periods of market decline.
In addition, each Fund and/or an Equity Fund may buy and sell futures contracts on securities indices composed of securities of the types in which it may invest, and put and call options on such futures contracts. Each Fund and/or an Equity Fund may use such futures contracts and options on futures contracts for hedging or cash management purposes, or to seek increased total return. Futures contracts permit a Fund and/or an Equity Fund to gain exposure
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to groups of securities and thereby have the potential to earn returns that are similar to those that would be earned by direct investments in those securities or instruments.
Where appropriate futures contracts do not exist, or if Advisors deems advisable for other reasons, a Fund and/or an Equity Fund may invest in investment company securities, such as ETFs. A Fund and/or an Equity Fund may also invest in ETFs as well as ETNs for cash management purposes or other purposes, including to gain exposure to certain sectors or securities that are represented by ownership in ETFs. ETFs and ETNs will be subject to the risks associated with the types of asset classes, securities or sectors that they track, while ETNs, which are structured as fixed-income obligations, will also be subject to the general risks of fixed-income securities, including credit risk. When an Equity Fund or a Fund invests in Nuveen mutual funds, ETFs, ETNs or other Underlying Funds that are not offered by the Trust (“Non-Trust Underlying Funds”), it will bear a proportionate share of expenses charged by the investment company in which the Equity Fund or the Fund invests. An ETF may trade at a premium or discount to NAV. In seeking to manage currency exposure, the Funds and/or the Equity Funds may also enter into forward currency contracts and currency swaps and may buy or sell put and call options and futures contracts on foreign currencies.
The Funds and the Equity Funds can also invest in derivatives and other similar financial instruments, such as equity swaps and equity-linked fixed-income securities, so long as these derivatives and financial instruments are consistent with a particular Fund’s investment objective, restrictions and policies and current regulations.
The Fixed-Income Funds
The Underlying Funds of the Trust that invest primarily in fixed-income securities—including the Nuveen Bond Index Fund, Nuveen Short Term Bond Index Fund and Nuveen Inflation Linked Bond Fund (collectively, the “Fixed-Income Funds”)—may make certain other investments, but not as principal strategies. For example, the Fixed-Income Funds may invest in interest-only and principal-only mortgage-backed securities. These instruments have unique characteristics and are more sensitive to prepayment risk and extension risk than traditional mortgage-backed securities. Similarly, the Fixed-Income Funds may also buy and sell put and call options, futures contracts, and options on futures. The Fixed-Income Funds intend to use options and futures primarily as a hedging technique or for cash management as well as risk management. In seeking to manage currency risk, the Fixed-Income Funds can also enter into forward currency contracts, and buy or sell options and futures on foreign currencies, or enter into foreign currency contracts. The Fixed-Income Funds can also buy and sell swaps and options on swaps, so long as these are consistent with each Fixed-Income Fund’s investment objective, restrictions and policies, as well as current regulations.
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Certain instruments in which a Fund or a Fixed-Income Fund may invest are subject to rates that are tied to reference rates or benchmarks such as Secured Overnight Financing Rates (“SOFR”). As a result of benchmark reforms, publication of most LIBOR settings has ceased. Some U.S. dollar LIBOR settings continue to be published, but only on a temporary, synthetic and non-representative basis. It is expected that all synthetic U.S. dollar LIBOR settings will be discontinued at the end of September 2024. Many contracts have already transitioned away from LIBOR reference as a result of contractual fallback mechanics, negotiated amendments or as a result of statutory fallback mechanisms; some contracts continue to use synthetic U.S. dollar LIBOR and may continue to do so until synthetic LIBOR is discontinued. Instruments which transitioned from LIBOR to an alternative reference rate or which continue to use synthetic LIBOR may experience increased volatility and illiquidity or other adverse consequences, such as decreased yields and reduction in value for these instruments. This may adversely affect a Fund or an Underlying Fund and its investment in such instruments. Although some LIBOR-based or formerly LIBOR-based instruments may have contemplated a scenario where LIBOR is no longer available by providing for an alternative rate-setting methodology and/or increased costs for certain LIBOR-related instruments or financing transactions, others may not have had such provisions and there may be significant uncertainty regarding the effect of any such alternative methodologies. Instruments that included robust fallback provisions to facilitate the transition from LIBOR to an alternative reference rate may also have included adjustments that do not adequately compensate the holder for the different characteristics of the alternative reference rate. Such fallback provisions may have resulted in a value transfer from one party to the instrument to the counterparty. Additionally, because such provisions may differ across instruments (e.g., hedges versus cash positions hedged or investments in structured finance products transitioning to a different rate or at a different time as the assets underlying those structured finance products), the transition from LIBOR to differing alternative reference rates or using different adjustments may give rise to basis risk and render hedges less effective. Any such effects of the transition process, including unforeseen effects, could result in losses to a Fund or an Underlying Fund. In many cases, in the event that an instrument falls back to an alternative reference rate, including SOFR, the alternative reference rate will not perform the same as LIBOR because the alternative reference rate does not include a credit sensitive component in the calculation of the rate. These developments could negatively impact financial markets in general and present heightened risks, including with respect to a Fund’s or Underlying Fund’s investments.
Global economic risk
National and regional economies and financial markets are becoming increasingly interconnected, which increases the possibilities that conditions in one country, region or market might adversely impact issuers in a different
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country, region or market. Changes in legal, political, regulatory, tax and economic conditions may cause fluctuations in markets and securities prices around the world, which could negatively impact the value of a Fund’s or an Underlying Fund’s investments. Major economic or political disruptions, particularly in large economies, may have global negative economic and market repercussions. Additionally, events such as war, armed conflict, terrorism, the imposition of economic sanctions, natural and environmental disasters and the spread of infectious illnesses or other public health emergencies may adversely affect the global economy and the markets and issuers in which a Fund or an Underlying Fund invests. These events could reduce consumer demand or economic output, result in market closure, travel restrictions or quarantines, and generally have a significant impact on the economy. These events could also impair the information technology and other operational systems upon which a Fund’s or an Underlying Fund’s service providers, including the investment adviser, Advisors, rely, and could otherwise disrupt the ability of employees of a Fund’s or an Underlying Fund’s service providers to perform essential tasks on behalf of a Fund or an Underlying Fund. In addition, sanctions and other measures could limit or prevent a Fund or an Underlying Fund from buying and selling securities (in sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact liquidity and performance. Governmental and quasi-governmental authorities and regulators throughout the world have in the past responded to major economic disruptions with a variety of significant fiscal and monetary policy changes, including but not limited to, direct capital infusions into companies, new monetary programs and dramatically lower interest rates. An unexpected or quick reversal of these policies, or the ineffectiveness of these policies, could increase volatility in securities markets, which could adversely affect a Fund’s or an Underlying Fund’s investments.
A Fund’s or an Underlying Fund’s investments may be subject to inflation risk, which is the risk that the real value (i.e., nominal price of the asset adjusted for inflation), liquidity of assets or income from investments will be less in the future because inflation decreases the purchasing power and value of money (i.e., as inflation increases, the real value of a Fund’s or an Underlying Fund’s assets can decline as can the value of the Fund’s or the Underlying Fund’s distributions). Inflation rates may change frequently and significantly as a result of various factors, including unexpected shifts in the domestic or global economy, changes in monetary or economic policies (or expectations that these policies may change), public health policies, and other crises and responses by governments and companies to such crises. The market price of debt securities generally falls as inflation increases because the purchasing power of the future income and repaid principal is expected to be worth less when received by a Fund or an Underlying Fund. The risk of inflation is greater for debt instruments with longer maturities and especially those that pay a fixed rather than variable interest rate. In addition, this risk may be significantly elevated compared to normal conditions
Nuveen Lifecycle Index Funds ■ Prospectus 201
because of monetary policy measures and the current interest rate environment and level of government intervention and spending.
Cybersecurity risk
The Funds and Underlying Funds and their service providers (including, but not limited to, the Funds’ and Underlying Funds’ administrator, custodian, transfer agent, distributor and their delegates) are susceptible to operational, information security and related risks through breaches in cybersecurity. In general, cybersecurity attacks can result from infection by computer viruses or other malicious software or from deliberate actions or unintentional events, including gaining unauthorized access through hacking or other means to digital systems, networks, or devices that are used to service the Funds’ and Underlying Funds’ operations in order to misappropriate assets or sensitive information, corrupt data, or cause operational disruption. Cybersecurity failures or breaches affecting the Funds and Underlying Funds and their service providers have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, interference with the Funds’ and Underlying Funds’ ability to calculate their NAV, impediments to trading, the inability of Fund and Underlying Fund shareholders to transact business, destruction to equipment and systems, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs and/or additional compliance costs. In addition, substantial costs may be incurred in order to prevent any cybersecurity breaches in the future.
Derivatives risks
The risks associated with investing in derivatives, including futures, options, swaps, forwards, and other fixed-income or equity derivative instruments, and other similar instruments (referred to collectively as “derivatives”) may be different and greater than the risks associated with directly investing in the underlying securities and other instruments, including leverage risk, market risk, counterparty risk, liquidity risk, operational risk and legal risk. Operational risk generally refers to risk related to potential operational issues, including documentation issues, settlement issues, systems failures, inadequate controls, and human error, and legal risk generally refers to insufficient documentation, insufficient capacity or authority of counterparty, or legality or enforceability of a contract. Derivatives such as swaps are particularly subject to risks such as liquidity risk, interest rate risk, market risk, legal risk and credit risk. These derivatives involve the risk of mispricing or improper valuation and the risk that the prices of certain options, futures, swaps (including credit default swaps), forwards and other types of derivative instruments may not correlate perfectly with the prices or performance of the underlying security, currency, rate, index or other asset. Certain derivatives present counterparty risk, or the risk of default by the other party to the contract, and some derivatives are, or may suddenly become, illiquid. Changes in the value of a derivative may also create margin
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delivery or settlement obligations for a Fund or an Underlying Fund. A Fund or an Underlying Fund may have to sell securities or other instruments at a time when it may be disadvantageous to do so to meet such payment requirements. Some of these risks exist for futures, options and swaps which may trade on established markets. Unanticipated changes in interest rates, securities prices or currency exchange rates may result in poorer overall performance of a Fund or an Underlying Fund than if it had not entered into derivatives transactions. The potential for loss as a result of investing in derivatives, and the speed at which such losses can be realized, may be greater than investing directly in the underlying security or other instrument. Derivatives can create leverage by magnifying investment losses or gains, and a Fund and an Underlying Fund could lose more than the amount invested.
Investments for temporary defensive purposes
Each Fund, as well as each Underlying Fund, may, for temporary defensive purposes, invest all of its assets in cash and money market instruments, including the Nuveen Money Market Fund. In doing so, the Fund and the Underlying Fund may be successful in reducing market losses but may otherwise fail to achieve their respective investment objectives. Cash assets are generally not income-generating and would impact a Fund’s performance.
A description of the Funds’ policies and procedures with respect to the disclosure of their portfolio holdings is available in the Funds’ SAI.
While each Fund will normally seek to invest in Underlying Funds for the long term, it may frequently rebalance those holdings with the goal of staying close to its projected target allocations. Therefore, a Fund may sell shares of Underlying Funds regardless of how long they have been held. Although a Fund bears no brokerage commissions when it buys or sells shares of Underlying Funds of the Trust or other affiliated Underlying Funds, it may bear transaction costs, including brokerage commissions, when it transacts in shares of Non-Trust Underlying Funds. A “high portfolio turnover rate” for a Fund with respect to its holdings of Non-Trust Underlying Funds generally will result in greater transaction costs, including brokerage commissions or bid-ask spreads, borne by the Funds and, ultimately, by shareholders. The portfolio turnover rates of the Funds during recent fiscal periods are provided in the Financial highlights. The Funds are not subject to a specific limitation on portfolio turnover and are generally not managed to minimize tax burdens of shareholders.
An Underlying Fund that engages in active and frequent trading of portfolio securities will have a correspondingly higher portfolio turnover rate. A high portfolio turnover rate for an Underlying Fund generally will result in greater transaction costs, including brokerage commissions or bid-ask spreads, borne by the
Nuveen Lifecycle Index Funds ■ Prospectus 203
Underlying Fund and, ultimately, by Fund shareholders. Also, Underlying Funds with high portfolio turnover rates may be more likely to generate capital gains that must be distributed to the Funds, and ultimately to Fund shareholders, as taxable income. None of the Underlying Funds of the Trust are subject to a specific limitation on portfolio turnover, and securities of each Underlying Fund may be sold at any time such sale is deemed advisable for investment or operational reasons.
Each Fund may offer Class I, Premier Class, Class R6 and Retirement Class shares in this Prospectus. Each Fund’s investments are held by the Fund as a whole, not by a particular share class, so an investor’s money will be invested the same way no matter which class of shares is held. However, there are differences among the fees and expenses associated with each class and not everyone is eligible to buy every class. After determining which classes you are eligible to buy, decide which class best suits your needs. Please contact us if you have questions or would like assistance in determining which class is right for you.
Advisors manages the assets of the Trust, under the supervision of the Board of Trustees. Advisors is an indirect wholly owned subsidiary of TIAA. TIAA is a life insurance company founded in 1918 by the Carnegie Foundation for the Advancement of Teaching and is the companion organization of College Retirement Equities Fund (“CREF”), the first company in the United States to issue a variable annuity. Advisors is registered as an investment adviser with the SEC under the Investment Advisers Act of 1940. Advisors also manages the investments of TIAA Separate Account VA-1 and Nuveen Life Funds. Through an affiliated investment adviser, TIAA-CREF Investment Management, LLC (“TCIM”), certain personnel of Advisors also manage the investment accounts of CREF. As of June 30, 2024, Advisors and TCIM together had approximately $657.3 billion of assets under management. Advisors is located at 730 Third Avenue, New York, NY 10017-3206.
TIAA entities sponsor an array of financial products for retirement and other investment goals. For some of these products, for example, the investment accounts of CREF, TIAA or its subsidiaries perform services “at-cost.” The Funds offered in the Prospectus, however, pay the management fees and other expenses that are described in the tables of fees and expenses in this Prospectus. The management fees paid by the Funds to Advisors are intended to compensate Advisors for its services to the Funds and are not limited to the reimbursement of Advisors’ costs. Thus, under this arrangement, Advisors can earn a profit or incur a loss on the services which it renders to the Funds. The
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Funds also pay Advisors for certain administrative services that Advisors provides to the Funds on an at-cost basis.
Advisors manages the assets of the Funds pursuant to an investment management agreement with the Trust (the “Management Agreement”). Advisors’ duties under the Management Agreement include, among other things, providing the Funds with investment research, advice and supervision; furnishing an investment program for the Funds; determining which securities or other investments to purchase, sell or exchange; and providing or obtaining any other necessary services to manage, acquire or dispose of securities, cash or other investments. Advisors also supervises and acts as liaison among the various service providers to the Funds, such as the custodian and transfer agent.
Under the terms of the Management Agreement, Advisors 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 (other than the Class W shares investment management fee waiver and/or reimbursement arrangement for the Underlying Funds of the Trust discussed below), 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. Advisors has contractually agreed to waive a portion of the Asset Allocation Fee Rate component of the Funds’ investment management fees equal to, on an annual basis, the following percentages of the average daily net assets of each Fund:
Nuveen Lifecycle Index Funds ■ Prospectus 205
|
| Asset Allocation |
|
|
| Fee Rate waiver |
|
Nuveen Lifecycle Index Retirement Income Fund | 0.081% |
| |
Nuveen Lifecycle Index 2010 Fund | 0.081% |
| |
Nuveen Lifecycle Index 2015 Fund | 0.079% |
| |
Nuveen Lifecycle Index 2020 Fund | 0.075% |
| |
Nuveen Lifecycle Index 2025 Fund | 0.070% |
| |
Nuveen Lifecycle Index 2030 Fund | 0.066% |
| |
Nuveen Lifecycle Index 2035 Fund | 0.062% |
| |
Nuveen Lifecycle Index 2040 Fund | 0.057% |
| |
Nuveen Lifecycle Index 2045 Fund | 0.057% |
| |
Nuveen Lifecycle Index 2050 Fund | 0.056% |
| |
Nuveen Lifecycle Index 2055 Fund | 0.056% |
| |
Nuveen Lifecycle Index 2060 Fund | 0.056% |
| |
Nuveen Lifecycle Index 2065 Fund | 0.057% |
| |
These waivers will remain in effect through at least September 30, 2025, unless changed with approval of the Board of Trustees. Due to waivers that were in place prior to October 1, 2024, during the fiscal year ended May 31, 2024, Advisors received from the Funds the following effective annual fee rates as a percentage of average daily net assets of each Fund:
|
|
|
| Effective annual fee rate |
|
|
| (fiscal year ended May 31, 2024) |
| ||
Nuveen Lifecycle Index Retirement Income Fund |
|
| 0.090% |
| |
Nuveen Lifecycle Index 2010 Fund |
|
| 0.090% |
| |
Nuveen Lifecycle Index 2015 Fund |
|
| 0.090% |
| |
Nuveen Lifecycle Index 2020 Fund |
|
| 0.090% |
| |
Nuveen Lifecycle Index 2025 Fund |
|
| 0.090% |
| |
Nuveen Lifecycle Index 2030 Fund |
|
| 0.090% |
| |
Nuveen Lifecycle Index 2035 Fund |
|
| 0.090% |
| |
Nuveen Lifecycle Index 2040 Fund |
|
| 0.090% |
| |
Nuveen Lifecycle Index 2045 Fund |
|
| 0.090% |
| |
Nuveen Lifecycle Index 2050 Fund |
|
| 0.090% |
| |
Nuveen Lifecycle Index 2055 Fund |
|
| 0.090% |
| |
Nuveen Lifecycle Index 2060 Fund |
|
| 0.090% |
| |
Nuveen Lifecycle Index 2065 Fund |
|
| 0.090% |
| |
Advisors also is entitled to receive investment management fees as the investment adviser to the Underlying Funds of the Trust. However, for the Class W shares of the Underlying Funds of the Trust, Advisors has contractually agreed to waive and/or reimburse Class W shares’ net investment management fees in their entirety so long as such fees are incurred by the Funds directly. Advisors expects this waiver and/or reimbursement arrangement to remain in effect indefinitely, unless changed or terminated with approval of the Board of Trustees.
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Each Fund directly bears a pro rata share of the investment management fees incurred by Class W shares of the Underlying Funds of the Trust in which the Fund invests through the Underlying Funds Fee Rate component of the Fund’s investment management fee, as discussed above, and such fees are reflected as part of “Management fees” in the “Fees and expenses” section of each Fund in this Prospectus. The Funds do not incur any fees or expenses of any Non-Trust Underlying Funds directly, and any such fees and expenses are reflected as part of “Acquired fund fees and expenses” in the “Fees and expenses” section of each Fund in this Prospectus.
In addition, Advisors has contractually agreed to reimburse each Fund for any Total annual Fund operating expenses (excluding interest, taxes, brokerage commissions or other transactional expenses, Acquired fund fees and expenses, extraordinary expenses and any expenses originally attributable to Class W shares of the Underlying Funds of the Trust that were incurred directly by a Fund) that exceed certain amounts, as stated in the “Fees and expenses” section of each Fund in this Prospectus. These expense reimbursement arrangements will continue through at least September 30, 2025, unless changed with approval of the Board of Trustees. Each Fund also pays Advisors for certain administrative services Advisors provides to the Funds on an at-cost basis.
A discussion regarding the basis for the Board of Trustees’ most recent approval of each Fund’s Management Agreement is available in the Funds’ Form N-CSR for the fiscal year ended May 31, 2024. For a free copy of the Funds’ shareholder reports and Form N-CSR, please visit the Funds’ website at www.nuveen.com, visit the SEC’s website at www.sec.gov or call 800-257-8787.
The Funds are managed by a team of managers, whose members are responsible for the day-to-day management of the Funds, with expertise in the area applicable to the Funds’ investments. Certain team members are, for example, principally responsible for selecting appropriate investments for the Funds and others are principally responsible for asset allocation. The following is a list of members of the management team primarily responsible for managing each Fund’s investments, along with their relevant experience. The members of the management team may change from time to time.
Total Experience | |||||||
Name & Title | Portfolio Role | Experience
Over | At |
| On
| ||
NUVEEN LIFECYCLE INDEX FUNDS | |||||||
John
Cunniff, CFA | Portfolio Manager | Advisors, TCIM and other advisory affiliates—2006 to Present (oversight and management responsibility for asset allocation funds) | 2006 | 1992 | 2009 | ||
Nuveen Lifecycle Index Funds ■ Prospectus 207
Total Experience | |||||||
Name & Title | Portfolio Role | Experience
Over | At |
| On
| ||
NUVEEN LIFECYCLE INDEX FUNDS (continued) | |||||||
Steve Sedmak, CFA | Portfolio Manager | Advisors, TCIM and other advisory affiliates—2016 to Present (strategic allocation research) | 2016 | 2001 | 2018 | ||
* Including tenure at affiliate or predecessor firms, as applicable.
The Funds’ SAI provides additional disclosure about the compensation structure for the Funds’ portfolio managers, the other accounts they manage, total assets in those accounts and potential conflicts of interest, as well as the portfolio managers’ ownership of shares of the Funds they manage.
Under the terms of the Administrative Services Agreement with the Trust, responsibility for payment of expenses relating to oversight and performance of certain services, including transfer agency, dividend disbursing, accounting, administrative, compliance and shareholder services, is allocated directly either to the Funds or to Advisors.
For Advisors’ provision of such administrative, compliance and other services to the Funds under the Administrative Services Agreement, the Fund pays to Advisors at the end of each calendar month the allocated costs of such services as determined under the TIAA cost allocation methodology then in effect.
Advisors, in its capacity as administrator to the Funds and the Underlying Funds of the Trust, has contractually agreed to reimburse, for Class W shares of the Underlying Funds of the Trust, Class W share’s net other expenses (excluding interest, taxes, brokerage commissions or other transactional expenses, Acquired fund fees and expenses, Trustee expenses and extraordinary expenses) in their entirety so long as the Funds reimburse Advisors for such expenses, as described below. Advisors expects this expense reimbursement arrangement to remain in effect indefinitely, unless changed or terminated with approval of the Board of Trustees. As part of this contractual arrangement, each Fund has agreed to reimburse Advisors for the Fund’s pro rata share of the Class W shares other expenses of the Underlying Funds of the Trust in which the Fund invests that are reimbursed by Advisors pursuant to the arrangement. Therefore, these expenses are reflected as part of “Other expenses” in the “Fees and expenses” section of each Fund in this Prospectus. Any amounts excluded from Advisors’ reimbursement of the net other expenses allocable to Class W shares of the Underlying Funds of the Trust will be incurred indirectly by the Funds and reflected as “Acquired fund fees and expenses” in the “Fees and expenses” section of each Fund in this Prospectus, as applicable.
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Distribution and service arrangements
Nuveen Securities, LLC (“Nuveen Securities”) distributes each class of Fund shares. Nuveen Securities may enter into agreements with other intermediaries, including its affiliated broker-dealer, TIAA-CREF Individual & Institutional Services, LLC (“Services”), to offer and sell shares of the Funds. For Premier Class shares, Nuveen Securities may utilize some or all of the Rule 12b-1 plan fees it receives from Premier Class shares to pay such other intermediaries for services provided in connection with the sale, promotion and/or servicing of Premier Class shares.
Additional information about payments to intermediaries appears in the Funds’ SAI.
Please note that Nuveen Securities does not have a customer relationship with you solely by virtue of acting as distributor for the Funds. Nuveen Securities does not offer or provide investment monitoring, make investment decisions for you, or hold customer accounts or assets.
Class I
In addition to the fees the Funds pay to their transfer agent, Nuveen Securities or Advisors, on behalf of Class I shares of the Funds, the Funds may enter into agreements with financial intermediaries pursuant to which the Funds will pay financial intermediaries for administrative, networking, recordkeeping, sub-transfer agency and shareholder services. These payments are generally based on either (1) a percentage of the average daily net assets of Fund shareholders serviced by a financial intermediary or (2) a fixed dollar amount for each account serviced by a financial intermediary. The aggregate amount of these payments may be substantial and may vary significantly among intermediaries.
More information about the Funds’ distribution and service arrangements for Class I shares appears in the Funds’ SAI.
Premier Class
The Funds have adopted a distribution plan under Rule 12b-1 with respect to Premier Class shares under which the Funds pay Nuveen Securities an annual fee as compensation for Nuveen Securities’ or other entities’ services related to the sale, promotion and/or servicing of Premier Class shares.
Under the plan, the Funds pay Nuveen Securities at the annual rate of up to 0.15% of average daily net assets attributable to Premier Class shares for distribution and promotion-related activities, as well as shareholder and account maintenance services, and Nuveen Securities may pay another entity for providing such services. Advisors, Nuveen Securities and their affiliates, at their own expense, may also pay for distribution, promotional and/or shareholder and
Nuveen Lifecycle Index Funds ■ Prospectus 209
account maintenance expenses of Premier Class shares. Because Rule 12b-1 plan fees are paid out of Premier Class assets on an ongoing basis, over time they will increase the cost of your investment in the Premier Class.
More information about the Funds’ distribution and services arrangements for Premier Class shares appears in the Funds’ SAI.
Class R6
More information about the Funds’ distribution and services arrangements for Class R6 shares appears in the Funds’ SAI.
Retirement Class
For Retirement Class shares of the Funds, the Funds have a separate service agreement with Advisors (the “Retirement Class Service Agreement”) pursuant to which Advisors provides or arranges for the provision of administrative and shareholder services for Retirement Class shares, including services associated with the maintenance of Retirement Class shares on retirement plan or other platforms. Under the Retirement Class Service Agreement, the Retirement Class of the Funds pays monthly a fee to Advisors at an annual rate of up to 0.25% of average daily net assets, which is reflected as part of “Other expenses” in the “Fees and expenses” sections of this Prospectus. Advisors may pay Services or other affiliated or unaffiliated persons an administrative charge at an annual rate of 0.25% of average daily net assets attributable to Retirement Class shares to assist it with fulfilling its obligations under the Retirement Class Service Agreement.
More information about the Funds’ distribution and services arrangements for Retirement Class shares appears in the Funds’ SAI.
Other payments by Nuveen Securities, Advisors or their affiliates
In addition to the sales commissions described below and the payments from distribution and service fees made to financial intermediaries as previously described, Nuveen Securities, Advisors or their affiliates may from time to time make additional payments, out of their own resources, to certain financial intermediaries that sell shares of Nuveen mutual funds in order to promote the sales and retention of Fund shares by those firms and their customers. The amounts of these payments vary by financial intermediary and, with respect to a given firm, are typically calculated by reference to the amount of the firm’s recent gross sales of Nuveen mutual fund shares and/or total assets of Nuveen mutual funds held by the firm’s customers. The level of payments that Nuveen Securities, Advisors and/or their affiliates is willing to provide to a particular financial intermediary may be affected by, among other factors, the firm’s total assets held in and recent net investments into Nuveen mutual funds, the firm’s level of participation in Nuveen mutual fund sales and marketing programs, the firm’s compensation program for its registered representatives who sell Nuveen mutual fund shares and provide services to Nuveen mutual fund shareholders,
210 Prospectus ■ Nuveen Lifecycle Index Funds
and the asset class of the Nuveen mutual funds for which these payments are provided. The SAI contains additional information about these payments, including the names of the firms to which payments are made. Nuveen Securities may also make payments to financial intermediaries in connection with sales meetings, due diligence meetings, prospecting seminars and other meetings at which Nuveen Securities promotes its products and services. With respect to Class R6 shares, effective August 1, 2019, Nuveen Securities, Advisors or their affiliates have been permitted to make such payments pursuant to existing arrangements with financial intermediaries, but will not enter into new arrangements to make such payments with new third-party financial intermediaries.
In connection with the availability of Nuveen mutual funds within selected mutual fund no-transaction fee institutional platforms and fee-based wrap programs at certain financial intermediaries, Nuveen Securities, Advisors or their affiliates also make payments out of their own assets to those firms as compensation for certain recordkeeping, shareholder communications and other account administration services provided to Nuveen mutual fund shareholders who own their Fund shares through these platforms or programs. These payments are in addition to the service fee and any applicable sub-transfer agency or similar fees paid to these firms with respect to these services by the Nuveen mutual funds out of Fund assets.
The amounts of payments to a financial intermediary could be significant, and may create an incentive for the intermediary or its representatives to recommend or offer shares of the Funds to you. The intermediary may elevate the prominence or profile of the Funds within the intermediary’s organization by, for example, placing the Funds on a list of preferred or recommended funds and/or granting Nuveen Securities and/or its affiliates preferential or enhanced opportunities to promote the Funds in various ways within the intermediary’s organization.
Each Fund determines its NAV per share, or share price, on each Business Day. The NAV for each Fund is calculated each Business Day as of the latest close of the regular (or core) trading session of the NYSE, NYSE Arca Equities or NYSE American (collectively, the “NYSE Exchanges”) (normally 4:00 p.m. Eastern Time or such earlier time that is the latest close of a regular (or core) trading session of any of the NYSE Exchanges). The Funds do not price their shares on days that are not a Business Day. The NAV per share for each class is determined by dividing the value of the Fund’s assets attributable to such class, less all liabilities attributable to such class, by the total number of shares of the class outstanding. The assets of each Fund consist primarily of shares of Underlying Funds, which are valued at their respective NAVs in the case of mutual funds. The values of any shares of Underlying Funds held by a Fund are based on the market value of the shares. Therefore, the share price of each of
Nuveen Lifecycle Index Funds ■ Prospectus 211
the Funds is determined based on the NAV per share or market value per share of each of its Underlying Funds (and the value of any other assets and liabilities of the Funds), subject to the fair value pricing procedures described below.
If a Fund invests in foreign securities that are primarily listed on foreign exchanges that trade on days when the Fund does not price its shares, the value of the foreign securities in the Fund’s portfolio may change on days when shareholders will not be able to purchase or redeem Fund shares. The value of the Fund’s investments denominated in foreign currencies is converted to U.S. dollars for purposes of determining the Fund’s NAV.
To value securities and other instruments held by the Underlying Funds (or the Fund, as applicable) of the Trust such Underlying Funds (or Fund, as applicable) generally use market quotations or values obtained from independent pricing services to value such assets. If market quotations are not readily available or are not considered reliable, the Underlying Funds of the Trust will use a security’s “fair value,” as determined in good faith using procedures approved by the Board of Trustees. Such Underlying Funds also use fair value if events that have a significant effect on the value of an investment (as determined in Advisors’ sole discretion) occur between the time when its price is determined and the time a Fund’s NAV is calculated. For example, a Fund might use a domestic security’s fair value when the exchange on which the security is principally traded closes early or when trading in the security is halted and does not resume before the Fund’s NAV is calculated. Like the Funds, the Underlying Funds of the Trust do not price their shares on dates when the NYSE Exchanges are closed. This remains the case for Underlying Funds of the Trust that invest in foreign securities that are primarily listed on foreign exchanges that trade on days when such Underlying Funds do not price their shares, even though such securities may continue to trade and their values may fluctuate when the NYSE Exchanges are closed. The use of fair value pricing can involve reliance on quantitative models or individual judgment, and may result in changes to the prices of portfolio securities that are used to calculate the NAV of an Underlying Fund of the Trust. Although the Underlying Funds of the Trust fair value portfolio securities on a security-by-security basis, those that hold foreign portfolio securities may see their portfolio securities fair valued more frequently than other Underlying Funds that do not hold foreign securities.
Fair value pricing of equity securities most commonly occurs with securities that are primarily traded outside of the United States. This may have the effect of decreasing the ability of market timers to engage in “stale price arbitrage,” which takes advantage of the perceived difference in price from a foreign market closing price. For these foreign securities, an Underlying Fund of the Trust uses a fair value pricing service approved by Advisors, as the valuation designee. This pricing service employs quantitative models to value foreign equity securities in order to adjust for stale pricing, which may occur between the close of certain foreign exchanges and the close of the NYSE Exchanges. Fair value pricing is subjective in nature and the use of fair value pricing by an Underlying Fund of the
212 Prospectus ■ Nuveen Lifecycle Index Funds
Trust may cause the NAV of the Underlying Fund’s shares to differ significantly from the NAV that would have been calculated using market prices at the close of the foreign exchange on which a portfolio security is primarily traded.
While using a fair value price for foreign securities is intended to decrease the ability of market timers to make money by exchanging into or out of an affected Underlying Fund to the detriment of longer-term shareholders, it may reduce some of the certainty in pricing obtained by using actual market close prices.
Fixed-income securities held by an Underlying Fund of the Trust, including money market instruments (other than those held by a money market Underlying Fund of the Trust), are valued using market quotations, independent pricing sources or values derived from a pricing matrix that has various types of the applicable fixed-income instrument along one axis and various maturities along the other. The use of a price derived from a pricing matrix is a method of fair value pricing.
The Board of Trustees has designated Advisors as the valuation designee pursuant to Rule 2a-5 under the 1940 Act and delegated to Advisors the responsibility of making fair value determinations. A Fund will use fair value, as determined under its fair value procedures, to the extent that the value of any of its investments, including any Underlying Funds, is unavailable or not considered reliable.
Each Fund expects to declare and distribute to shareholders substantially all of its net investment income and net realized capital gains, if any. The amount distributed will vary according to the income received from investments held by a Fund and capital gains realized from the sale of investments. The Nuveen Lifecycle Index Retirement Income Fund plans to pay dividends on a quarterly basis. Each other Fund plans to pay dividends on an annual basis.
Each Fund intends to pay net capital gains, if any, annually. Dividends and capital gains can be paid in cash or reinvested. If you have elected to receive your distributions in cash and the distribution amount is less than $10, then the amount will be automatically reinvested in the Fund and no check will be issued. If the postal service is unable to deliver checks to your address of record, or the distribution check remains outstanding for six months or more, then the Funds reserve the right to reinvest the distribution check into your account using the Fund’s current NAV and to change your distribution option to reinvestment. No interest will accrue on amounts represented by uncashed distribution checks.
Dividends and capital gain distributions paid to shareholders who hold their shares through a TIAA-administered retirement plan or custody account will automatically be reinvested in additional shares of the same class of the particular Fund. All other shareholders may elect from the following distribution options (barring any restrictions from the intermediary or plan through which such shares are held):
Nuveen Lifecycle Index Funds ■ Prospectus 213
1. Reinvestment option, same Fund. Your dividend and capital gain distributions are automatically reinvested in additional shares of the same share class of the Fund. Unless you elect otherwise, this will be your default distribution option.
2. Reinvestment option, different fund. Your dividend and capital gain distributions are automatically reinvested in additional shares of the same share class of another fund in which you already hold shares.
3. Income-earned option. Your long-term capital gain distributions are automatically reinvested, but you will be sent a check for each dividend and short-term capital gain distribution.
4. Capital gains option. Your dividend and short-term capital gain distributions are automatically reinvested, but you will be sent a check for each long-term capital gain distribution.
5. Cash option. A check will be sent for your dividend and each capital gain distribution.
On a Fund’s distribution date, the Fund makes distributions on a per share basis to the shareholders who hold and have paid for Fund shares on the record date. The Funds do this regardless of how long the shares have been held. This means that if you buy shares just before or on a record date, you will pay the full price for the shares and then you may receive a portion of the price back as a taxable distribution (see the discussion of “Buying a dividend” below under “Taxes”). Cash distribution checks will be mailed within seven days of the distribution date.
Shareholders who hold their shares through a variable insurance or annuity product, an employee benefit plan or through an intermediary may be subject to restrictions on their distribution payment options imposed by the product, plan or intermediary. Please contact the variable insurance or annuity product issuer or your plan sponsor or intermediary for more details.
As with any investment, you should consider how your investment in a Fund will be taxed.
Taxes on dividends and distributions. Unless you are tax-exempt or hold Fund shares in a tax-deferred account, you are subject to federal income tax on dividends and taxable distributions each year. Your dividends and taxable distributions generally are taxable when they are paid, whether you take them in cash or reinvest them. However, distributions declared in October, November or December of a year and paid in January of the following year are taxable as if they were paid on December 31 of the prior year.
For federal tax purposes, income and short-term capital gain distributions paid from a Fund are taxed as ordinary income, and long-term capital gain distributions are taxed as long-term capital gains. By February of each year, a statement showing the taxable distributions paid to you in the previous year from
214 Prospectus ■ Nuveen Lifecycle Index Funds
a Fund will be sent to you and the Internal Revenue Service (“IRS”) (for taxable accounts only). Whether a capital gain distribution is considered long-term or short-term depends on how long the Fund held the securities the sale of which led to the gain.
A portion of ordinary income dividends paid by a Fund to individual investors may constitute “qualified dividend income” that is subject to the same maximum tax rates as long-term capital gains. The portion of a dividend that will qualify for this treatment will depend on the aggregated qualified dividend income received by a Fund. Notwithstanding this, certain holding period requirements with respect to a shareholder’s shares in a Fund may apply to prevent the shareholder from treating any portion of a dividend as “qualified dividend income.” Additional information about this can be found in the Funds’ SAI.
Taxes on transactions. Unless a transaction involves Fund shares held in a tax-deferred account, redemptions (sales), including exchanges to other funds, may also give rise to capital gains or losses. The amount of any capital gain or loss will be the difference, if any, between the adjusted cost basis of your shares and the price you receive when you sell or exchange them. In general, a capital gain or loss will be treated as a long-term capital gain or loss if you have held your shares for more than one year.
Each Fund is required to report to the IRS and furnish to certain Fund shareholders the cost basis information for sale transactions of shares purchased on or after January 1, 2012. Shareholders may elect to have one of several cost basis methods applied to their account when calculating the cost basis of shares sold, including average cost, “first-in, first-out” (“FIFO”), or some other specific identification method. Unless you instruct otherwise, each Fund will use average cost as its default cost basis method, and will treat sales as first coming from shares purchased prior to January 1, 2012. If average cost is used for a shareholder’s first sale of the Fund shares covered by these new rules, the shareholder may only use an alternative cost basis method for shares purchased prospectively. Fund shareholders should consult with their tax advisors to determine the best cost basis method for their tax situation.
For shares you sell that were purchased prior to January 1, 2012, you will be sent a statement showing how many shares you sold and at what price. However, the statement will not include cost basis information and will not be furnished to the IRS. You or your tax preparer must determine whether this sale resulted in a capital gain or loss and the amount of tax to be paid on any gain. Be sure to keep your regular account statements; the information they contain will be essential in calculating the amount of your capital gains or losses.
Backup withholding. If you fail to provide a correct taxpayer identification number or fail to certify that it is correct, the Funds are required by law to withhold 24% of all the distributions and redemption proceeds paid from your account. The Funds are also required to begin backup withholding if instructed by the IRS to do so.
Nuveen Lifecycle Index Funds ■ Prospectus 215
Medicare tax. An additional 3.8% Medicare tax is imposed on certain net investment income (including ordinary dividends and capital gain distributions received from a Fund and net gains from redemptions or other taxable dispositions of Fund shares) of U.S. individuals, estates and trusts to the extent that such person’s “modified adjusted gross income” (in the case of an individual) or “adjusted gross income” (in the case of an estate or trust) exceeds certain threshold amounts.
Buying a dividend. If you buy shares just before a Fund deducts a distribution from its NAV, you will pay the full price for the shares and then receive a portion of the price back in the form of a taxable distribution. This is referred to as “buying a dividend.” For example, assume you bought shares of a Fund for $10.00 per share the day before the Fund paid a $0.25 dividend. After the dividend was paid, each share would be worth $9.75, and, unless you hold your shares through a tax-deferred arrangement such as a 401(a), 401(k) or 403(b) plan or an IRA, you will have to include the $0.25 dividend in your gross income for tax purposes.
Effect of foreign taxes. Foreign governments may impose taxes on a Fund and its Underlying Funds and their investments and these taxes generally will reduce the Fund’s distributions. If a Fund qualifies to pass through a credit for such taxes paid and elects to do so, an offsetting tax credit or deduction may be available to you if you maintain a taxable account. If so, your tax statement will show more taxable income than was actually distributed by the Fund, but will also show the amount of the available offsetting credit or deduction.
Other restrictions. There are tax requirements that all mutual funds must follow in order to avoid federal taxation. In its effort to adhere to these requirements, a Fund or an Underlying Fund may have to limit its investment in some types of instruments.
Special considerations for certain institutional investors. If you are a corporate investor, a portion of the dividends from net investment income paid by a Fund may qualify for the corporate dividends-received deduction. The portion of the dividends that will qualify for this treatment will depend on the aggregate qualifying dividend income that the Fund receives from the Underlying Funds. Certain holding period and debt financing restrictions may apply to corporate investors seeking to claim the deduction.
Taxes related to employee benefit plans or IRAs. Generally, individuals are not subject to federal income tax in connection with shares held (or that are held on their behalf) in participant or custody accounts under the Internal Revenue Code of 1986, as amended (the "Code") section 401(a) employee benefit plans (including 401(k) and Keogh plans), Code section 403(b) or 457 employee benefit plans, or IRAs. Distributions from such plan participant or custody accounts may, however, be subject to ordinary income taxation in the year of the distribution. For information about the tax aspects of your plan or IRA or Keogh account, please consult your plan administrator, TIAA or your tax advisor.
216 Prospectus ■ Nuveen Lifecycle Index Funds
Other tax matters. Certain investments of a Fund, including certain debt instruments, foreign securities and shares of other investment funds, could affect the amount, timing and character of distributions you receive and could cause a Fund to recognize taxable income in excess of the cash generated by such investments (which may require a Fund to liquidate other investments in order to make required distributions).
This information is only a brief summary of certain federal income tax information about your investment in a Fund. The investment may have state, local or foreign tax consequences, and you should consult your tax advisor about the effect of your investment in a Fund in your particular situation. Additional tax information can be found in the Funds’ SAI.
How you can buy and sell shares
The Funds offer multiple classes of shares, each with a different combination of sales charges, fees, eligibility requirements and other features. Your financial advisor can help you determine which class is best for you. For further details, please see the SAI. Because the Prospectus and the SAI are available free of charge on the Funds’ website at www.nuveen.com, we do not disclose the following share class information separately on the website.
The different share classes offered by the Funds are described below. You will pay up-front or contingent deferred sales charges on some of these share classes. In addition, some share classes are subject to annual distribution and/or service fees in the amounts described above, which are paid out of a Fund’s assets. These fees are paid to Nuveen Securities or Advisors, and are used primarily for providing compensation to financial intermediaries in connection with the distribution of Fund shares and for providing ongoing account services to shareholders. Certain classes of the Funds have adopted a distribution plan under Rule 12b-1 under the 1940 Act or a service plan that allows each Fund to pay these distribution and/or service fees. More information on these plans can be found above under “Distribution and service arrangements.” Because fees paid under the plans are paid out of a Fund’s assets on an ongoing basis, over time these fees will increase the cost of your investment and may cost you more than paying other types of sales charges.
Overview
Each share class of a Fund has certain eligibility requirements that apply when purchasing Fund shares. Eligibility to purchase a certain class of shares is generally based on the type of account being opened in a Fund as well as certain account minimums. In order to better understand the eligibility requirements
Nuveen Lifecycle Index Funds ■ Prospectus 217
outlined below, the following defined terms shall apply when used throughout this Prospectus.
Definitions
Financial Intermediary Accounts: These include accounts held through platforms, programs, plans and other similar entities, as well as omnibus accounts, on behalf of other investors. Additionally, Financial Intermediary Accounts may include, but are not limited to, the following:
· Employee Benefit Plans (as defined below);
· Certain custody accounts sponsored or administered by TIAA, or by other entities not affiliated with TIAA, that are established by individuals as IRAs pursuant to section 408 of the Code; and
· Wrap accounts or other such arrangements as may be offered by a financial advisor or other intermediary.
Employee Benefit Plans: These include accounts sponsored or administered by either TIAA and its affiliates or by other entities not affiliated with TIAA and that are established by or on behalf of employers, or the trustees of plans sponsored by employers, in connection with certain Employee Benefit Plans. Such Employee Benefit Plans include those described in sections 401(a) (including 401(k) and Keogh plans), 403(a), 403(b) or 457 of the Code. Shareholders investing through such Employee Benefit Plans may have to pay additional expenses related to the administration of such plans. Class I is not available to SEPs, SAR-SEPs, SIMPLE IRAs and Keogh plans.
Eligible Investors: These include both Financial Intermediary Accounts and Employee Benefit Plans.
Direct Purchasers: These accounts are opened directly with the transfer agent for the Funds, SS&C GIDS, Inc. and include Eligible Investors.
Class I shares
You can purchase Class I shares at the offering price, which is the NAV per share without any up-front sales charge. As Class I shares are not subject to sales charges or ongoing service or distribution fees, they have lower ongoing expenses than the other classes.
Class I shares are available for purchase by clients of financial intermediaries who charge such clients an ongoing fee for advisory, investment, consulting or related services. Such clients may include individuals, corporations, endowments and foundations. The minimum initial investment for such clients is $100,000, but this minimum will be lowered to $250 for clients of financial intermediaries that have accounts holding Class I shares with an aggregate value of at least $100,000. Nuveen Securities may also lower the minimum to $250 for clients of financial intermediaries anticipated to reach this Class I share holdings level.
Class I shares are also available for purchase by family offices and their clients. A family office is a company that provides certain financial and other
218 Prospectus ■ Nuveen Lifecycle Index Funds
services to a high net worth family or families. The minimum initial investment for family offices and their clients is $100,000, but this minimum will be lowered to $250 for clients of family offices that have accounts holding Class I shares with an aggregate value of at least $100,000. Nuveen Securities may also lower the minimum to $250 for clients of family offices anticipated to reach this Class I share holdings level. Class I shares are also available for purchase by Direct Purchasers (existing Direct Purchasers only).
Class I shares are also available for purchase, with no minimum initial investment, by the following categories of investors:
· Certain employer-sponsored retirement plans.
· Certain bank or broker-affiliated trust departments.
· Advisory accounts of Advisors and its affiliates.
· Investors purchasing through a brokerage platform of a financial intermediary that has an agreement with Nuveen Securities to offer such shares solely when acting as an agent for such investors. Investors transacting through a financial intermediary’s brokerage platform may be required to pay a commission directly to the intermediary.
· Current and former trustees/directors of any Nuveen Fund, and their immediate family members (as defined in the SAI).
· Officers of Nuveen, LLC and its affiliates, and their immediate family members.
· Full-time and retired employees of Nuveen, LLC and its affiliates, and their immediate family members.
· Certain financial intermediary personnel, and their immediate family members.
· Certain other institutional investors described in the SAI.
· Other accounts, entities, programs, plans and categories of shareholders as may be approved by the Funds from time to time.
A financial intermediary through which you hold Class I shares may have the authority under its account agreement to exchange your Class I shares for another class of Fund shares having higher expenses than Class I shares if you withdraw from or are no longer eligible for the intermediary's fee-based program or under other circumstances. You may be subject to the sales charges and service and/or distribution fees applicable to the share class that you receive in such an exchange. You should contact your financial intermediary for more information about your eligibility to purchase Class I shares and the class of shares you would receive in an exchange if you no longer meet Class I eligibility requirements.
Premier Class and Retirement Class shares
You can purchase Premier Class and Retirement Class shares at the offering price, which is the NAV per share without any up-front sales charge. Premier Class shares are subject to an annual distribution fee, and Retirement Class
Nuveen Lifecycle Index Funds ■ Prospectus 219
shares are subject to an annual service fee, each as described above under “Distribution and service arrangements.” Premier Class and Retirement Class shares are generally available for purchase through employee benefit plans or other types of savings plans or accounts, which include:
· Financial Intermediary Accounts;
· Other investment companies or pools;
· State-sponsored tuition savings plans (529) or health savings accounts (HSA);
· Insurance company separate accounts advised by or affiliated with Advisors, or other affiliates of TIAA; and
· Other accounts, entities, programs, plans and categories of shareholders as may be approved by the Funds from time to time.
Class R6 shares
Eligible investors can purchase Class R6 shares at the offering price, which is the NAV per share without any up-front sales charge. As Class R6 shares are not subject to sales charges or ongoing service or distribution fees, they have lower ongoing expenses than the other classes.
Class R6 shares are available to certain qualified retirement plans and other investors. There is no minimum initial investment for qualified retirement plans, health savings accounts and 529 savings plans. Class R6 shares are also available for purchase by clients of financial intermediaries who charge such clients an ongoing fee for advisory, investment, consulting or related services. Such clients may include individuals, corporations, endowments and foundations. The minimum initial investment for such clients is $1,000. Nuveen Securities may also waive the minimum for clients of financial intermediaries anticipated to reach this Class R6 share holdings level. All other eligible investors must meet a minimum initial investment of at least $1,000,000 in a Fund. Such minimum investment requirement may be applied collectively to affiliated accounts, in the discretion of Nuveen Securities. Class R6 shares may be purchased through financial intermediaries only if such intermediaries have entered into an agreement with Nuveen Securities to offer Class R6 shares. Class R6 shares are only available in cases where neither the investor nor the intermediary will receive any commission payments, account servicing fees, recordkeeping fees, 12b-1 fees, sub-transfer agent fees, so called “finder’s fees,” administration fees or similar fees with respect to Class R6 shares. However, Nuveen Securities, Advisors or their affiliates are permitted to make certain payments pursuant to arrangements in place prior to August 1, 2019 with financial intermediaries, but will not enter into new arrangements to make such payments with new third-party financial intermediaries. Provided they meet the minimum investment and other eligibility requirements, eligible investors include:
· Financial Intermediary Accounts;
· Direct Purchasers;
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· Qualified retirement plans held in plan-level or omnibus accounts;
· Foundations and endowment funds;
· Any state, county, or city, or its instrumentality, department, authority or agency;
· 457 plans, including 457(b) governmental entity plans and tax exempt plans;
· Omnibus or other pooled accounts registered to insurance companies, trust companies, bank trust departments, registered investment advisor firms and family offices;
· Investment companies;
· Corporations, including corporate non-qualified deferred compensation plans of such corporations;
· Collective investment trusts;
· State-sponsored tuition savings plans (529) or health savings accounts (HSA);
· Insurance company separate accounts advised by or affiliated with Advisors, or other affiliates of TIAA;
· Discretionary accounts managed by Advisors or its affiliates; and
· Other accounts, entities, programs, plans and categories of shareholders as may be approved by the Funds from time to time.
Class R6 shares are also available for purchase, with no minimum initial investment, by the following categories of investors:
· Current and former trustees/directors of any Nuveen Fund, and their immediate family members (as defined in the SAI).
· Officers of Nuveen, LLC and its affiliates, and their immediate family members.
· Full-time and retired employees of Nuveen, LLC and its affiliates, and their immediate family members.
Class R6 shares are not available directly to traditional or Roth IRAs, Coverdell Savings Accounts, Keoghs, SEPs, SARSEPs, or SIMPLE IRAs.
Account minimums
The Funds have the discretion to waive or otherwise change the initial or subsequent minimum investment requirements described above at any time without any prior notice to shareholders. Financial intermediaries may enforce their own initial and subsequent investment minimums.
There are no minimum account requirements, including initial or subsequent minimum investment requirements, for Premier Class or Retirement Class shares.
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All share classes
Each Fund reserves the right to determine in its sole discretion whether any potential investor is eligible to purchase Class I, Premier Class, Class R6 and Retirement Class shares. For more information with regard to Class I, Premier Class, Class R6 or Retirement Class shares, please contact your financial intermediary or you may call the Funds at 800-257-8787, Monday through Friday, from 8:00 a.m. to 10:00 p.m. Eastern Time. If you are a Direct Purchaser of Class R6 shares, please contact your assigned relationship manager (“Relationship Manager”), or please call the Funds at 800-257-8787, Monday through Friday, from 8:00 a.m. to 6:00 p.m. Eastern Time. If you are a Direct Purchaser of Class I shares, please call the Funds at 800-257-8787, Monday through Friday, from 8:00 a.m. to 6:00 p.m. Eastern Time.
Investors in all share classes should be aware that each Fund may from time to time, in its discretion, suspend, change or terminate the processes and procedures outlined below for purchasing, redeeming and exchanging shares.
The Funds are not responsible for any losses due to unauthorized or fraudulent instructions when purchasing, redeeming or exchanging shares as long as the Funds follow reasonable security procedures to verify your identity. It is your responsibility to review and verify the accuracy of your confirmation statements immediately after you receive them.
Please refer to the SAI for more information about Class I, Premier Class, Class R6 and Retirement Class shares, including more detailed program descriptions and eligibility requirements. Additional information is also available from your financial advisor, who can also help you prepare any necessary application forms.
For Direct Purchasers of Class I and Class R6 shares
How to open an account—Class R6
Direct Purchasers interested in opening an account to hold Class R6 shares should request an application from their Relationship Manager, who can answer any questions or help complete the application. The application will need to be submitted directly either to a Relationship Manager or to the Funds via mail. Confirmation that the account has been established will be delivered to the applicant or can be obtained by calling the Funds.
Transaction methods for purchases
All Direct Purchasers of Class I and Class R6 shares automatically have the right to buy shares by telephone as long as bank account information and a voided check were provided at the time the account was established. If you do not want the telephone purchase option, you can indicate this on the application or call the Funds at 800-257-8787 any time after opening your account. You may add this privilege after the account has been established by completing an
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Account Services Form, which you can request by calling 800-257-8787, or you may download it from the Funds’ website. Class I and Class R6 impose a $100,000 per Fund account per day limit on telephone purchases.
By telephone: You can request electronic withdrawals from your designated bank account to buy additional Class R6 shares by calling your Relationship Manager or by calling 800-257-8787. You can request electronic withdrawals from your designated bank account to buy additional Class I shares of the Funds by calling 800-257-8787.
Purchasing via mail: Send a check to either of the addresses listed below with an investment coupon from a previous confirmation statement. If you do not have an investment coupon, use a separate piece of paper including your name, address, Fund account number, the Fund and class you want to invest in and the amount to be invested in the Funds.
Make checks payable to “The Nuveen Funds.”
First-Class Mail:
Nuveen Funds
P.O. Box 219140
Kansas City, MO 64121-9140
Overnight Mail:
Nuveen Funds
801 Pennsylvania Avenue, STE 219140
Kansas City, MO 64105-1307
Purchasing via wire: See the section entitled “For Eligible Investors in Class I, Premier Class, Class R6 and Retirement Class shares and their clients—Transaction methods for purchases” below.
In-kind purchases of shares: Each Fund may allow the purchase of shares with investment securities (instead of cash), if it is determined that (i) the securities offered to the Fund are suitable for investment by the Fund and are appropriate, in type and amount, for investment by the Fund in light of its investment objective(s), policies and current holdings; (ii) the Fund expects to continue to hold the securities received in-kind, subject to subsequent changes in investment determinations regarding particular securities or as the need to raise cash by selling portfolio securities may arise; and (iii) the purchase in-kind is in the best interest of the Fund and its existing shareholders. If a Fund accepts the in-kind securities, the shareholder will receive Fund shares equal in NAV to the market value of the securities received. Shareholders investing through a Financial Intermediary Account or Employee Benefit Plan who are interested in making in-kind purchases should contact their Financial Intermediary Account or Employee Benefit Plan sponsor directly. Otherwise, shareholders interested in making in-kind purchases should contact either their Relationship Manager or the Funds directly.
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Payment limitations: Generally, for Direct Purchasers of Class I and Class R6 shares the Funds will not accept payment in the following forms (exceptions may apply):
· checks made out to you or other parties and signed over to the Funds;
· corporate checks for investment into non-corporate accounts;
· third-party checks except in limited circumstances (any check not made payable directly to Nuveen Funds will be considered a third-party check); or
· travelers’ checks, money orders, credit card convenience checks, cash, counter checks or starter checks or digital (including virtual or crypto) currencies (e.g., Bitcoin).
Stopped checks: If your purchase check does not clear or payment on it is stopped, or if the Funds do not receive good funds through wire transfer or electronic funds transfer (“EFT”), the Funds may treat this as a redemption of the shares purchased when your check or electronic funds were received. You will be responsible for any resulting loss incurred by any of the Funds or Advisors and you may be subject to investment losses and tax consequences on such a redemption. If you are already a shareholder, the Funds can redeem shares from any of your accounts as reimbursement for all losses. The Funds also reserve the right to restrict you from making future purchases in any of the Funds or any other series of the Trust. There is a $25 fee for all returned items, including checks and EFTs. Please note that there is a 10 calendar day hold on all purchases by check or through EFT.
For Eligible Investors in Class I, Premier Class, Class R6 and Retirement Class shares and their clients
For Participants in an Employee Benefit Plan or Financial Intermediary Account administered by TIAA
How to open an account
You should first contact your employer to learn important details necessary to facilitate enrollment in an Employee Benefit Plan. Your employer must notify TIAA that you are eligible to enroll. In many cases, you will be able to use the TIAA Web Center’s online enrollment feature at www.tiaa.org. Some plans allow submission of a hard-copy application for a new account; this form can be returned to your human resources (HR) office, a TIAA Relationship Manager or to either of the addresses below:
First-Class or Standard Mail:
TIAA
P.O. Box 1259
Charlotte, NC 28201
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Overnight Mail:
TIAA
8500 Andrew Carnegie Blvd
Charlotte, NC 28262
You may allocate single or ongoing contributions by selecting a Fund and the amounts you wish to contribute to that Fund.
Subject to the terms of your plan, you may be eligible to roll over or transfer in balances from other eligible accounts as determined by the Code.
The Funds may suspend or terminate the offering of Class I, Premier Class, Class R6 and Retirement Class shares to your employer’s plan. You may be able to change your allocation for future contributions by:
· using the TIAA website’s account access feature at www.tiaa.org;
· calling our Automated Telephone Service (24 hours a day) at 800-842-2252; or
· writing to TIAA at P.O. Box 1259, Charlotte, NC 28201.
For Participants in an Employee Benefit Plan or Financial Intermediary Account not administered by TIAA
How to open an account
Your Financial Intermediary Account or Employee Benefit Plan will have its own instructions and procedures for opening an account and establishing a position within the Funds. If you are enrolling in an Employee Benefit Plan, you should first contact your employer to learn important details necessary to facilitate enrollment into the plan. Financial advisors for a Financial Intermediary Account can help you review your financial needs and formulate long-term investment goals and objectives. In addition, financial advisors generally can help you develop a customized financial plan, select investments and monitor and review your portfolio on an ongoing basis to help assure your investments continue to meet your needs as circumstances change. Financial advisors (including brokers or agents) are paid for providing ongoing investment advice and services, either from Fund sales charges and fees or by charging you a separate fee in lieu of a sales charge.
Financial advisors or other dealer firms may charge their customers a processing or service fee in connection with the purchase or redemption of Fund shares. The amount and applicability of such a fee is determined and disclosed to customers by each individual dealer. Processing or service fees typically are fixed, nominal dollar amounts and are in addition to the sales and other charges described in this prospectus and the SAI. Your dealer will provide you with specific information about any processing or service fees you will be charged. Shares you purchase through your financial advisor or other intermediary will normally be held with that firm. For more information, please contact your financial advisor.
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Other information for Employee Benefit Plans
As a participant in an Employee Benefit Plan, the Funds impose no minimum investment. The Funds do not currently restrict the frequency of investments made in the Funds by participants through Employee Benefit Plans, although the Funds reserve the right to impose such restrictions in the future. If you are investing in the Funds through an Employee Benefit Plan, your employer’s plan may limit the amount and available methods to invest in your account. Additionally, the Code limits total annual contributions to most types of Employee Benefit Plans.
Other information for Eligible Investors
An investor purchasing shares through Eligible Investors may purchase shares only in accordance with instructions and limitations pertaining to their account with the Eligible Investor. These Eligible Investors may set different minimum investment requirements for their customers’ investments. Please contact your Financial Intermediary Account or Employee Benefit Plan sponsor for more information.
Transaction methods for purchases
Purchasing via wire: You may remit initial or subsequent deposits into your account via wire. To open an account by wire please send a completed and signed application by mail as instructed above and then follow the wiring instructions below once you have confirmed the account is open and have the account number.
State Street Bank and Trust Company
One Congress Street, Suite 1
Boston, MA 02114-2016
ABA Number: 011000028
DDA Number: 99052771
Specify on the wire:
· “The Nuveen Funds—” and the “Share Class” being purchased. For example, a proper set of wire instructions for an initial or subsequent investment into Class R6 would read as follows: “The Nuveen Funds—Class R6”;
· Account registration (names of registered owners), address and Social Security number or taxpayer identification number;
· The Fund account number; and
· The Fund or Funds and amount per Fund to be invested.
Points to remember for all purchases
The Funds consider all purchase requests to be received when they are received in “good order” as determined by the Funds’ transfer agent (or other
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authorized Fund agent). (See the section entitled “Important transaction information—Good order” below.) Your investment must be for a specified dollar amount. The Funds cannot accept purchase requests specifying a certain price, date, or number of shares. These types of requests will be deemed to be not in “good order” and the money you sent will be returned to you. If you hold your shares through a Financial Intermediary Account, such intermediary may have its own independent “good order” and eligibility requirements.
Your ability to purchase shares may be restricted due to limitations on purchases or exchanges, including limitations described in the section entitled “Frequent trading—applicable to all investors” (see below). If you hold your shares through a Financial Intermediary Account, it may charge you additional fees. Contact your Financial Intermediary Account to find out if it imposes any other conditions on your transactions, such as a different minimum investment requirement.
Federal law requires the Funds to obtain, verify and record information that identifies each person who opens an account. Until the Funds receive such information, the Funds may not be able to open an account or effect transactions for you. Furthermore, if the Funds are unable to verify your identity, or that of another person authorized to act on your behalf, or if it is believed potential criminal activity has been identified, the Funds reserve the right to take such action as deemed appropriate, which may include closing your account.
Before you can use TIAA’s Web Center, you must enter the last four digits of your Social Security number, date of birth and last name. You will then be given an opportunity to create a user name and password. TIAA’s Web Center will lead you through the transaction process, and the Funds will use reasonable procedures to confirm that the instructions given are genuine. All transactions over TIAA’s Web Center and the Automated Telephone Service are recorded electronically.
All purchases must be in U.S. dollars and all checks must be drawn on U.S. banks. The Funds generally will only accept accounts with a U.S. address of record, but the Funds have the discretion to accept accounts with a non-U.S. address of record. Non-U.S. investors should be aware that U.S. withholding and estate taxes and certain U.S. tax reporting requirements may apply to any investment in the Funds. The Funds generally will not accept a P.O. Box as the address of record. For payments made by check, the Funds can only accept payment to establish a new account if the check presented for deposit into the new account is drawn against an account registered in the same name as the prospective investor.
If your purchase check does not clear or payment on it is stopped, or if the Funds do not receive good funds through wire transfer or EFT, the Funds may treat this as a redemption of the shares purchased when your check or electronic funds were received. You will be responsible for any resulting loss incurred by the Funds or Advisors and you may be subject to investment losses and tax consequences on such a redemption. If you are already a shareholder, the Funds
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can redeem shares from any of your account(s) as reimbursement for all losses. There is a $25 fee for all returned items, including checks and EFTs. Please note that there is a 10 calendar day hold on all purchases by check, or through EFT.
There may be circumstances when the Funds will not accept new investments. The Funds reserve the right to suspend or terminate the offering of their shares at any time without prior notice. The Funds also reserve the right to restrict you from making future purchases in the Funds or any other series of the Trust. In addition, the Funds reserve the right to reject any application or investment or any other specific purchase request.
All share classes
You can redeem (sell) your shares on any Business Day. If you hold your Fund shares through a Financial Intermediary Account, please contact the intermediary to sell your shares. Your Financial Intermediary Account may have different requirements and restrictions on redemptions than the Funds. If you hold your Fund shares through an Employee Benefit Plan or Financial Intermediary Account administered by TIAA, the Employee Benefit Plan or Financial Intermediary Account may impose further restrictions on the sale of Fund shares.
You may be required to complete and return certain forms to effect your redemption. Before you complete your redemption request, please make sure you understand the possible federal and other income tax consequences of a redemption. Neither the Funds nor their transfer agent can process redemption requests that specify a certain price or date; these requests will be deemed not in “good order” and will be returned. (See the section entitled “Important transaction information—Good order” below.) The Funds will only process redemption requests received in “good order” as determined by the Funds’ transfer agent (or other authorized Fund agent).
For Direct Purchasers, the length of time that the Funds typically expect to pay redemption proceeds depends on whether payment is made by EFT or by check. The Funds typically expect to make payments of redemption proceeds by EFT on the next Business Day following receipt of the redemption request in good order. For payment by check, the Funds typically expect to mail the check on the next Business Day following receipt of the redemption request by the Funds in good order.
For Fund shares held through a Financial Intermediary Account, the length of time that the Funds typically expect to pay redemption proceeds may depend on your intermediary. For payments that are made to your intermediary for transmittal to you, the Funds expect to pay redemption proceeds to the intermediary the next Business Day following the Funds’ receipt of the redemption request received in good order from the intermediary. Please contact your intermediary for additional information.
Payment of redemption proceeds may take longer than the time a Fund typically expects. However, in certain circumstances, the payment of redemption
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proceeds may take up to seven days as permitted by applicable law. For example, the payment of redemption proceeds may be delayed up to seven days (i) during periods of market stress or volatility, (ii) during any period in which an emergency exists so that disposal of a Fund’s investments or determination of its NAV is not reasonably practicable or (iii) when a Fund seeks to satisfy especially large redemption requests.
If a redemption is requested after a recent purchase of shares, the Funds may delay payment of the redemption proceeds until the check or an EFT transaction clears. This can take up to 10 days. There is a 10 calendar day hold from the date of purchase to the first available redemption for all Direct Purchasers redeeming through www.nuveen.com or the TIAA Web Center.
If you request a redemption, the Funds will send the redemption proceeds by check to the address of record, or by EFT to the bank account on file. A letter of instruction with a bank Medallion Signature Guarantee of all owners exactly as registered on the account is required if the redemption proceeds are sent to (i) a bank account not on file, (ii) an address other than the address of record, or (iii) an address of record that has been changed within the last 30 calendar days. You may obtain a Medallion Signature Guarantee from some commercial or savings banks, credit unions, trust companies or member firms of a U.S. stock exchange. A notary public cannot provide a Medallion Signature Guarantee.
The Funds can suspend the right of redemption of Fund shares or postpone payment beyond seven days if: (a) the NYSE is closed for other than usual holidays or weekends, or trading on the NYSE is restricted; (b) an emergency exists as defined by the SEC, or when the SEC requires that trading be restricted; or (c) the SEC permits a delay for the protection of investors.
The Funds’ transfer agent, acting on behalf of a Fund and acting in reliance on relief granted by the SEC staff, may place a temporary hold on the payment of redemption proceeds from the account of a Direct Purchaser if the transfer agent reasonably believes that financial exploitation of a Specified Adult (as defined below) has occurred, is occurring, has been attempted, or will be attempted. For purposes of this paragraph, the term “Specified Adult” refers to an individual who is a natural person (a) age 65 and older, or (b) age 18 and older and whom the Funds’ transfer agent reasonably believes has a mental or physical impairment that renders the individual unable to protect his or her own interests.
The Funds reserve the right to require a Medallion Signature Guarantee for a redemption of any class. The Funds can suspend or terminate your ability to transact by telephone, Internet, or fax at any time, for any reason. Also, telephone, Internet or fax transactions may not always be available.
Once mailed to the Funds, your redemption request is irrevocable and cannot be modified or canceled.
Each Fund typically will pay redemption proceeds using holdings of cash (including cash flows into the Funds) in the Fund’s portfolio, or using the proceeds from sales of portfolio securities. The Funds also may meet redemption requests through overdrafts at the Funds’ custodian, by borrowing under a credit
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agreement to which the Funds are parties or by borrowing from certain other registered investment companies advised by Advisors or TCIM, including the Funds, under an inter-fund lending program maintained by the Funds and such other registered investment companies pursuant to exemptive relief granted by the SEC. These methods listed in the foregoing sentence are more likely to be used to meet large redemption requests or in times of stressed market conditions. Each Fund also reserves the right to honor redemptions in liquid portfolio securities instead of cash when your redemptions over a 90-day period exceed $250,000 or 1% of a Fund’s assets, whichever is less. For additional information, please see the “In-kind redemptions of shares” section below.
For participants holding shares through an Employee Benefit Plan (Class I, Premier Class, Class R6 and Retirement Class shares)
A redemption can be part of an exchange into (1) another fund available through your Employee Benefit Plan or (2) another account or IRA.
If you are married, and all or part of your investment is attributable to purchases made under either (i) an employer plan subject to the Employee Retirement Income Security Act of 1974 (“ERISA”) or (ii) an employer plan that provides for spousal rights to benefits, then to the extent required by the Code or ERISA or the terms of your employer plan, your rights to make certain redemptions may be restricted by the rights of your spouse to such benefits.
For Direct Purchasers, Eligible Investors and their clients (Class I and Class R6 shares)
Requests must include: account number, transaction amount (in dollars or shares), signatures of all owners exactly as registered on the account, Medallion Signature Guarantees (if required), and any other required supporting legal documentation. All other requests, including those specifying a certain price or date, will not be deemed to be in “good order” and will be returned. (See the section entitled “Important transaction information—Good order” below.)
Transaction methods for redemptions
If your shares are held through a Financial Intermediary Account, please contact the intermediary for redemption requirements. Your intermediary may charge for this service.
Over the Internet: With TIAA’s Web Center, Class I, Premier Class, Class R6 and Retirement Class shares held through an Employee Benefit Plan or Financial Intermediary Account administered by TIAA can be redeemed over the Internet subject to any rules imposed by the Employee Benefit Plan or Financial Intermediary Account. TIAA’s Web Center can be accessed through TIAA’s homepage at www.tiaa.org. Before you can use the Web Center, you must enter the last four digits of your Social Security number, date of birth and last name. The Funds will use reasonable procedures to confirm that the instructions given are genuine. All transactions over the Web Center are recorded electronically.
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By telephone: Call the appropriate person or number provided in the section entitled “Purchasing shares” above. If you do not want to be able to redeem by telephone, contact either your TIAA Relationship Manager or Financial Intermediary Account.
· Participants holding Class I, Premier Class, Class R6 and Retirement Class shares through an Employee Benefit Plan or Financial Intermediary Account administered by TIAA can redeem up to $50,000 every seven calendar days or any greater amount as approved from time to time.
· Direct Purchasers of Class I and Class R6 shares can redeem amounts up to $100,000 per Fund account per day by phone.
By mail: Send your written request to the appropriate address as described in the section entitled “Purchasing shares” above.
By systematic redemption plan: The applicable Fund will automatically redeem the requested dollar amount or number of shares for Class I, Premier Class, Class R6 and Retirement Class held in an Employee Benefit Plan or Financial Intermediary Account administered by TIAA on any Business Day between the 1st and 28th of the month. For all share classes, if the days selected are not Business Days, shares will be redeemed on the following Business Day. Redemptions will be made via check or electronic transfer to your bank.
All owners of an account must sign the systematic redemption plan request. Similarly, all owners must sign any request to increase the amount or frequency of the systematic redemptions or a request for payments to be sent to an address other than the address of record. A Medallion Signature Guarantee is required for this address change. The Funds can suspend, change or terminate the systematic redemption plan option at any time, although the Funds will notify you if this occurs. You can terminate the plan or reduce the amount or frequency of the redemptions by writing or by calling the Funds or through www.nuveen.com or the TIAA Web Center. Requests to establish, terminate, or change the amount or frequency of redemptions will become effective within five days after the Funds receive your instructions.
In-kind redemptions of shares: Certain large redemptions of Fund shares may be detrimental to a Fund’s other shareholders because such redemptions can adversely affect a portfolio manager’s ability to implement the Fund’s investment strategy by causing premature sale of portfolio securities that would otherwise be held. Consequently, if, in any 90-day period, an investor redeems (sells) shares in an amount that exceeds the lesser of (i) $250,000 or (ii) 1% of a Fund’s assets, then the Fund, at its sole discretion, has the right (without prior notice) to satisfy the difference between the redemption amount and the lesser of the two previously mentioned figures with securities from the Fund’s or an Underlying Fund’s portfolio (which may consist of either Class W shares of one or more Underlying Funds of the Trust, shares of Non-Trust Underlying Funds or actual securities originally held by one or more Underlying Funds) instead of cash. This is referred to as a “distribution in-kind” redemption and the securities you receive
Nuveen Lifecycle Index Funds ■ Prospectus 231
in this manner represent a portion of the Fund’s or an Underlying Fund’s portfolio. The securities you receive will be selected by the Fund in its discretion. The investor receiving the securities will be responsible for disposing of the securities and bearing any associated costs. In addition, securities redeemed on an in-kind basis will be subject to market risk until sold and taxable gains or losses may be incurred when the securities are converted to cash.
Overview
An exchange is a simultaneous redemption of shares in a Fund and a purchase of shares of the same class of another Nuveen mutual fund available in your state. Investors can exchange shares on any Business Day subject to limitations (i) described in the section entitled “Frequent trading—applicable to all investors” below, (ii) imposed by your financial intermediary or (iii) any limitations under your employer’s Employee Benefit Plan. Shareholders who own shares through an Eligible Investor such as an Employee Benefit Plan or Financial Intermediary Account should contact the Eligible Investor for exchange requests.
You may be required to complete and return certain forms to effect your exchange. Exchanges between accounts can be made only if the accounts are registered in the same name(s), address and Social Security number or taxpayer identification number. Because restrictions may apply to certain accounts or plans, you should contact your Financial Intermediary Account or Employee Benefit Plan representative for further information. An exchange is considered a sale of securities and therefore may be a taxable event. You should consult your tax advisor about the tax consequences of exchanging your shares.
For Direct Purchasers of Class I or Class R6 shares, an exchange into a fund in which you already own shares must be for at least $1,000 and an exchange to a new fund account must meet the account minimums as stated by account type above. For Class I, Premier Class, Class R6 and Retirement Class shares held through an Employee Benefit Plan or Financial Intermediary Account administered by TIAA, exchanges must generally be for at least $1,000 (except for systematic exchanges, which must be for at least $100) or your entire balance, if it is less.
Make sure you understand the investment objective, policies, strategies and risks disclosed in the prospectus of the fund into which you exchange shares. The exchange option is not designed to allow you to time the market. It gives you a convenient way to adjust the balance of your account so that it more closely matches your overall investment objectives and risk tolerance level.
The Funds reserve the right to reject any exchange request and to modify or terminate the exchange option at any time without prior notice to shareholders. The Funds may do this, in particular, when your transaction activity is deemed to be harmful to the Funds, including if it is considered to be excessive trading or market timing activity.
Once made, an exchange request by mail cannot be modified or cancelled.
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Transaction methods for exchanges
Over the Internet: You can exchange shares using www.nuveen.com or TIAA’s Web Center, which can be accessed through TIAA’s homepage at www.tiaa.org.
By telephone: If you are a Direct Purchaser of Class R6 shares, please call your Relationship Manager or 800-257-8787. For Direct Purchasers of Class I shares, please call 800-257-8787. For share classes held under Employee Benefit Plans or Financial Intermediary Accounts administered by TIAA, please call 800-842-2252. For share classes held under Employee Benefit Plans or Financial Intermediary Accounts not administered by TIAA, please contact your plan or intermediary for exchange requirements.
By mail: Send your written request to the appropriate address as described in the section entitled “Purchasing shares” above. The letter must include your name, address, and the funds and accounts you want to exchange between.
By systematic exchange: Under this feature, TIAA automatically redeems shares in a Fund and purchases shares of the same class of another Nuveen mutual fund as specified by the applicable agreement. However, the Funds do not offer systematic exchanges for Direct Purchasers in the Class I or Class R6 shares. For all systematic exchanges, you must specify the dollar amount and the funds involved in the exchange. If you want to set up a systematic exchange, contact Nuveen. You can terminate the plan or change the amount or frequency of the exchanges by writing or calling the number identified in the section entitled “Purchasing shares” above. Requests to establish, terminate, or change the amount or frequency of exchanges will become effective within five days after the Funds receive your instructions. All account owners must sign the systematic exchange request. Similarly, all account owners must sign any request to increase the amount or frequency of systematic exchanges. The Funds can suspend, change or terminate the systematic exchange feature at any time, although the Funds will notify you if this occurs.
Conversion of shares—applicable to all investors
A share conversion is a transaction where shares of one class of a Fund are exchanged for shares of another class of the Fund. Share conversions can occur between each share class of a Fund, subject to the payment of any applicable CDSC. Generally, share conversions occur where a shareholder becomes eligible for another share class of a Fund or no longer meets the eligibility of the share class they own (and another class exists for which they would be eligible). Please note that a share conversion is generally a non-taxable event, but please consult with your personal tax advisor on your particular circumstances.
A request for a share conversion will not be processed until it is received in “good order” (as defined below) by the Funds’ transfer agent (or other authorized Fund agent). Conversion requests received in “good order” prior to the time as of which a Fund’s NAV is determined on any Business Day will receive the NAV of the new class calculated that day. Please note that, because the NAV of each class of a Fund will generally vary from the NAVs of the other classes due to
Nuveen Lifecycle Index Funds ■ Prospectus 233
differences in expenses, you will receive a different number of shares in the new class than you held in the old class, but the total value of your holdings will remain the same.
The Funds’ market timing policies will not be applicable to share conversions. If you hold your shares through an Eligible Investor like an intermediary or plan sponsor, please contact the Eligible Investor for more information on share conversions. Please note that certain intermediaries or plan sponsors may not permit all types of share conversions. The Funds reserve the right to terminate, suspend or modify the share conversion privilege for any shareholder or group of shareholders.
Voluntary conversions
If you believe that you are eligible to convert your Fund shares to another class, you may place an order for a share conversion by contacting your Relationship Manager. If you hold your Fund shares through an Eligible Investor like a plan or intermediary, please contact the Eligible Investor regarding conversions. Please be sure to read the applicable sections of the prospectus for the new class in which you wish to convert prior to such a conversion in order to learn more about its different features, performance and expenses. Neither the Funds nor Advisors has any responsibility for reviewing accounts and/or contacting shareholders to apprise them that they may qualify to request a voluntary conversion. Some Eligible Investors may not allow investors who own Fund shares through them to make share conversions.
Mandatory conversions
The Funds reserve the right to automatically convert shareholders from one class to another if they no longer qualify as eligible for their existing class or if they become eligible for another class. Such mandatory conversions may be as a result of a change in value of an account due to market movements, exchanges or redemptions. The Funds will notify affected shareholders in writing prior to any mandatory conversion.
In addition, shareholders investing through a Financial Intermediary Account should be aware that the financial intermediary through which you hold shares may have the authority under the financial intermediary’s account agreement or other agreement with you to exchange the class of shares of a Fund that you currently hold for another class of shares of the same Fund (for example, the financial intermediary may convert you from Class I shares to Class A shares of a Fund) under certain circumstances. Under these circumstances, neither the Funds, Advisors nor Nuveen Securities are responsible for any actions taken by such financial intermediary in this regard. The fees and expenses of the new share class may be higher than those of the previously held class.
234 Prospectus ■ Nuveen Lifecycle Index Funds
Important transaction information
Good order. Purchase, redemption and exchange requests are not processed until received in good order by the Funds’ transfer agent at its processing center (or by another authorized Fund agent). “Good order” means actual receipt of the order along with all information and supporting legal documentation necessary to effect the transaction by the Funds’ transfer agent (or other authorized Fund agent). This information and documentation generally includes the Fund account number, the transaction amount (in dollars or shares), signatures of all account owners exactly as registered on the account and any other information or supporting documentation as the Funds, their transfer agent or other authorized Fund agent may require. With respect to purchase requests, “good order” also generally includes receipt of sufficient funds by the Funds’ transfer agent (or other authorized Fund agent) to effect the purchase. The Funds, their transfer agent or any other authorized Fund agent may, in their sole discretion, determine whether any particular transaction request is in good order and reserve the right to change or waive any good order requirement at any time.
Financial intermediaries or plan sponsors may have their own requirements for considering transaction requests to be in “good order.” If you hold your shares through a financial intermediary or plan sponsor, please contact them for their specific “good order” requirements.
Share price. If the Funds’ transfer agent (or other authorized Fund agent) receives an order to purchase, redeem or exchange shares that is in “good order” prior to the time as of which a Fund’s NAV is determined on any Business Day, the transaction price will be the NAV per share for that day. If the Funds’ transfer agent (or other authorized Fund agent) receives an order to purchase, redeem or exchange shares that is in “good order” any time after the time as of which a Fund’s NAV is determined on any Business Day, the transaction price will be the NAV per share calculated the next Business Day.
If you hold Class I, Premier Class, Class R6 or Retirement Class shares through an Eligible Investor, the Eligible Investor, or financial intermediary, as applicable, may require you to communicate to it any purchase, redemption or exchange request by a specified deadline earlier than the close of that Business Day in order to receive that day’s NAV per share as the transaction price.
Large redemptions—applicable to all investors. Please contact the Fund before attempting to redeem a large dollar amount of shares (including exchange requests since they include redemption transactions). Large redemptions of Fund shares may be detrimental to the Fund’s other shareholders because such transactions can adversely affect a portfolio manager’s ability to efficiently manage the Fund. By contacting the Fund before you attempt to redeem a large dollar amount, you may avoid in-kind payment of your request.
Minimum account size.
· Class I, Premier Class and Retirement Class. There is currently no minimum account size for maintaining a Class I, Premier Class or Retirement Class
Nuveen Lifecycle Index Funds ■ Prospectus 235
account. The Funds reserve the right, without prior notice, to establish a minimum amount required to open, maintain or add to an account.
· Class R6. While there is currently no minimum account size for maintaining a Class R6 account, the Funds reserve the right, without prior notice, to establish a minimum amount required to maintain an account.
Taxpayer identification number. Regardless of whether you hold your Fund shares directly or through a Financial Intermediary Account, you must give the Funds your taxpayer identification number (which, for most individuals, is your Social Security number) and tell the Funds whether or not you are subject to backup withholding. If you do not furnish your taxpayer identification number, redemptions or exchanges of shares, as well as dividends and capital gains distributions, will be subject to backup tax withholding. In addition, if you hold Fund shares directly and do not furnish your taxpayer identification number, then your account application will be rejected and returned.
Changing your address.
· Class I, Premier Class and Retirement Class. To change the address on an Eligible Investor account, please send the Funds a written notification.
· Class R6. To change the address on an account, please contact your Relationship Manager (for Direct Purchasers) or send the Funds a written notification.
Medallion Signature Guarantee. For some transaction requests (for example, when you are redeeming shares within 30 days (for direct investors) or 14 days (for participants holding shares through an Employee Benefit Plan or Financial Intermediary Account administered by TIAA) of changing your address, bank or bank account or adding certain new services to an existing account), the Funds may require a Medallion Signature Guarantee of each owner of record of an account. This requirement is designed to protect you and the Funds from fraud, and to comply with rules on stock transfers. A Medallion Signature Guarantee is a written endorsement from an eligible guarantor institution that the signature(s) on the written request is (are) valid. Certain commercial banks, trust companies, savings associations, credit unions and members of U.S. stock exchanges participate in the Medallion Signature Guarantee program. No other form of signature verification will be accepted. A notary public cannot provide a signature guarantee. For more information about when a Medallion Signature Guarantee may be required, please contact the Funds or your Relationship Manager (for Direct Purchasers).
Transferring shares. For certain share classes, you can transfer ownership of your account to another person or organization that also qualifies to own the class of shares or change the name on your account by sending the Funds written instructions. Generally, each registered owner of the account must sign the request and provide Medallion Signature Guarantees. When you change the name on an account, shares in that account are transferred to a new account.
Limitations. Federal laws designed to counter terrorism and prevent money laundering might, in certain circumstances, require the Funds to block an account
236 Prospectus ■ Nuveen Lifecycle Index Funds
owner’s ability to make certain transactions and thereby refuse to accept a purchase order or any request for transfers or withdrawals, until instructions are received from the appropriate regulator. The Funds may also be required to provide additional information about you and your account to government regulators.
Advice about your account—Direct Purchasers only. Neither the Funds nor any affiliate of Advisors nor any service provider to the Funds has provided advice, recommendations or suggestions as to any specific investment decision in the Funds. Shareholders are urged to consult their own advisors before making investment-related decisions, including but not limited to those related to transfers or rollovers from retirement plans, purchases or sales of investments, selection or retention of investment managers, or selection of account beneficiaries.
Customer complaints. Customer complaints may be directed to Nuveen Funds, 730 Third Avenue, New York, NY 10017-3206, Attention: Shareholder Services.
Internet and telephone transactions. The Funds are not liable for losses from unauthorized www.nuveen.com, TIAA Web Center and telephone transactions so long as reasonable procedures designed to verify the identity of the person effecting the transaction are followed. The Funds require the use of personal identification numbers, codes and other procedures designed to reasonably confirm that instructions given through www.nuveen.com, TIAA’s Web Center or by telephone are genuine. The Funds also record telephone instructions and provide written confirmations of such instructions. The Funds accept all telephone instructions that are reasonably believed to be genuine and accurate. However, you should verify the accuracy of your confirmation statements immediately after you receive them. The Funds may suspend or terminate Internet or telephone transaction facilities at any time, for any reason. If you do not want to be able to effect transactions over the telephone, call the Funds for instructions.
Frequent trading—applicable to all investors
There are shareholders who may try to profit from making transactions back and forth among the Funds and other funds in an effort to “time” the market. As money is shifted in and out of a Fund, the Fund may incur transaction costs, including, among other things, expenses for buying and selling securities. These costs are borne by all Fund shareholders, including long-term investors who do not generate these costs. In addition, market timing can interfere with efficient portfolio management and cause dilution, if timers are able to take advantage of pricing inefficiencies. Consequently, the Funds are not appropriate for such market timing and you should not invest in the Funds if you want to engage in market timing activity.
The Board of Trustees has adopted policies and procedures to discourage this market timing activity. Under these policies and procedures, if, within a 60 calendar day period, a shareholder redeems or exchanges any monies out of a Fund, subsequently purchases or exchanges any monies back into the same
Nuveen Lifecycle Index Funds ■ Prospectus 237
Fund and then redeems or exchanges any monies out of that Fund, the shareholder will not be permitted to transfer back into the Fund through a purchase or exchange for 90 calendar days.
These market timing policies and procedures may not be applied to certain types of transactions like reinvestments of dividends and capital gains distributions, systematic withdrawals, systematic purchases, automatic rebalancings, death and hardship withdrawals, certain transactions made within a retirement or employee benefit plan, such as contributions, mandatory distributions, loans and plan sponsor-initiated transactions, and other types of transactions specified by the Funds. In addition, the market timing policies and procedures may not apply to certain tuition (529) plan programs, funds of funds, wrap programs, asset allocation programs and other similar programs that are approved by the Funds.
The Funds may also waive the market timing policies and procedures when it is believed that such waiver is in a Fund’s best interests, including but not limited to when it is determined that enforcement of these policies and procedures is not necessary to protect the Fund from the effects of short-term trading.
The Funds also reserve the right to reject any purchase or exchange request, including when it is believed that a request would be disruptive to a Fund’s efficient portfolio management. The Funds also may suspend or terminate your ability to transact by telephone, fax or Internet for any reason, including the prevention of market timing activity. A purchase or exchange request could be rejected or electronic trading privileges could be suspended because of the timing or amount of the investment or because of a history of excessive trading by the investor. Because the Funds have discretion in applying this policy, it is possible that similar transaction activity could be handled differently because of the surrounding circumstances.
Each Fund’s portfolio securities are fair valued, as necessary (most frequently with respect to international holdings), to help ensure that a portfolio security’s true value is reflected in the Fund’s NAV, thereby minimizing any potential stale price arbitrage.
The Funds seek to apply their market timing policies and procedures uniformly to all shareholders, and not to make exceptions with respect to these policies and procedures (beyond the exemptions noted above). The Funds make reasonable efforts to apply these policies and procedures to shareholders who own shares through omnibus accounts. However, an intermediary’s omnibus accounts, by their nature, do not initially identify their individual investors to the Funds, thereby making it more difficult for the Funds to identify market timing activity by such individual investors. At times, the Funds may agree to defer to an intermediary’s market timing policy if the Funds believe that the intermediary’s policy provides comparable protection of Fund shareholders’ interests. The Funds have the right to modify their market timing policies and procedures at any time without advance notice. These efforts may include requesting transaction data
238 Prospectus ■ Nuveen Lifecycle Index Funds
from intermediaries from time to time to verify whether a Fund’s policies are being followed and/or to instruct intermediaries to take action against shareholders who have violated a Fund’s market timing policies.
The Funds are not appropriate for market timing. You should not invest in the Funds if you want to engage in market timing activity.
Shareholders seeking to engage in market timing may deploy a variety of strategies to avoid detection, and, despite efforts to discourage market timing, there is no guarantee that the Funds or their agents will be able to identify such shareholders or curtail their trading practices.
If you invest in the Funds through an intermediary, including through a retirement plan or Employee Benefit Plan, you may be subject to additional market timing or excessive trading policies implemented by the intermediary or plan. Please contact your intermediary or plan sponsor for more details.
If you received this Prospectus electronically and would like a paper copy, please contact the Funds and one will be sent to you.
Additional information about index providers
Russell index
Source: London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®,” “Russell®” and “FTSE Russell®” are trademarks of the relevant LSE Group companies and are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
MSCI indices
Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and
Nuveen Lifecycle Index Funds ■ Prospectus 239
the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)
Bloomberg indices
Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). Bloomberg or Bloomberg’s licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall not have any liability or responsibility for injury or damages arising in connection therewith.
Standard & Poor’s indices
The Indexes in the S&P Target Date Index Series are products of S&P Dow Jones Indices LLC, a division of S&P Global, or its affiliates (“SPDJI”), and have been licensed for use by the Funds. Standard & Poor’s®and S&P®are registered trademarks of Standard & Poor’s Financial Services LLC, a division of S&P Global (“S&P”); Dow Jones®is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”). It is not possible to invest directly in an index. The Funds are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, any of their respective affiliates (collectively, “S&P Dow Jones Indices”). S&P Dow Jones Indices does not make any representation or warranty, express or implied, to the owners of the Funds or any member of the public regarding the advisability of investing in securities generally or in the Funds particularly or the ability of the S&P Target Date Index Series to track general market performance. Past performance of an index is not an indication or guarantee of future results. S&P Dow Jones Indices’ only relationship to the Funds with respect to the S&P Target Date Index Series is the licensing of the Indexes and certain trademarks, service marks and/or trade names of S&P Dow Jones Indices and/or its licensors. The Indexes in the S&P Target Date Index Series are determined, composed and calculated by S&P Dow Jones Indices without regard to the Funds. S&P Dow Jones Indices has no obligation to take the needs of the Funds or the owners of the Funds into consideration in determining, composing or calculating the S&P Target Date Index Series. S&P Dow Jones Indices is not responsible for and has not participated in the determination of the prices, and amount of the Funds or
240 Prospectus ■ Nuveen Lifecycle Index Funds
the timing of the issuance or sale of Fund shares or in the determination or calculation of the equation by which Fund shares are to be converted into cash, surrendered or redeemed, as the case may be. S&P Dow Jones Indices has no obligation or liability in connection with the administration, marketing or trading of the Funds. There is no assurance that investment products based on the S&P Target Date Index Series will accurately track index performance or provide positive investment returns. S&P Dow Jones Indices LLC is not an investment or tax advisor. A tax advisor should be consulted to evaluate the impact of any tax-exempt securities on portfolios and the tax consequences of making any particular investment decision. Inclusion of a security within an index is not a recommendation by S&P Dow Jones Indices to buy, sell, or hold such security, nor is it considered to be investment advice.
s&p dow jones indices does not guarantee the adequacy, accuracy, timeliness and/or the completeness of the s&p target date index series or any data related thereto or any communication, including but not limited to, oral or written communication (including electronic communications) with respect thereto. s&p dow jones indices shall not be subject to any damages or liability for any errors, omissions, or delays therein. s&p dow jones indices makes no express or implied warranties, and expressly disclaims all warranties, of merchantability or fitness for a particular purpose or use or as to results to be obtained by the funds, owners of the funds, or any other person or entity from the use of the s&p target date index series or with respect to any data related thereto. without limiting any of the foregoing, in no event whatsoever shall s&p dow jones indices be liable for any indirect, special, incidental, punitive, or consequential damages including but not limited to, loss of profits, trading losses, lost time or goodwill, even if they have been advised of the possibility of such damages, whether in contract, tort, strict liability, or otherwise. there are no third party beneficiaries of any agreements or arrangements between s&p dow jones indices and the funds, other than the licensors of s&p dow jones indices.
Additional information about the Trust and the Board of Trustees
A trustee of the Trust (a “Trustee”) who is not an “interested person” of the Trust for purposes of the 1940 Act is deemed to be independent and disinterested when taking action as a Trustee. The Trustees oversee the management of the Trust and each of the Funds on behalf of the Trust, and not on behalf of individual owners of shares of beneficial interest in the Trust. The Trustees, on behalf of the Trust, approve certain service agreements with Advisors and certain other service providers in order to procure necessary or desirable services on behalf of the Trust and the Funds. Shareholders are not third-party beneficiaries of such service agreements. Neither this Prospectus nor any other communication from or on behalf of the Trust creates a contract between a shareholder of a Fund and the Trust, a Fund and/or the Trustees. The
Nuveen Lifecycle Index Funds ■ Prospectus 241
Trustees and Trust management may amend this Prospectus and interpret the investment objective, policies and restrictions applicable to any Fund without shareholder input or approval, except as otherwise provided by law or as disclosed by the Trust.
Code: The Internal Revenue Code of 1986, as amended, including any applicable regulations and Revenue Rulings.
Duration: Duration is a measure of volatility in the price of a bond in response to a change in prevailing interest rates, with a longer duration indicating more volatility. It can be understood as the weighted average of the time to each coupon and principal payment of such a security. For an investment portfolio of fixed-income securities, duration is the weighted average of each security’s duration. For example, the price of a bond with a duration of two years will rise (fall) two percent for every one percent decrease (increase) in its interest rate.
Equity Investments: Primarily, common stock, preferred stock and securities convertible or exchangeable into common stock, including convertible debt securities, convertible preferred stock and warrants or rights to acquire common stock, and depositary receipts.
Fixed-Income or Fixed-Income Investments: Primarily, bonds and notes (such as corporate and government debt obligations), mortgage-backed securities, asset-backed securities, and structured securities that generally pay fixed or variable rates of interest; debt obligations issued at a discount from face value (i.e., that have an imputed rate of interest); non-interest-bearing debt securities (i.e., zero coupon bonds); and other non-equity securities that pay dividends.
Foreign Investments: Foreign investments may include securities of foreign issuers, securities or contracts traded or acquired in non-U.S. markets or on non-U.S. exchanges, or securities or contracts payable or denominated in non-U.S. currencies. Obligations issued by U.S. companies in non-U.S. currencies are not considered to be foreign investments.
Foreign Issuers: Foreign issuers generally include (1) companies whose securities
are principally traded outside of the United States, (2) companies having their principal business operations
outside of the United States,
(3) companies organized outside the United States, and (4)
foreign governments and agencies or instrumentalities of foreign governments.
High-Yield Bond: Usually called a “junk bond,” a bond that has been rated lower than investment-grade by rating agencies or is deemed as such by Advisors and that generally pays a higher yield to compensate for its greater risk of default than an investment-grade bond.
Investment Glidepath: The general movement of the target allocations of the Funds (other than the Lifecycle Index Retirement Income Fund) from Underlying
242 Prospectus ■ Nuveen Lifecycle Index Funds
Funds that invest in equity securities to Underlying Funds that invest in fixed-income securities as a Fund’s target retirement year approaches, as well as after that target retirement year is reached.
Investment-Grade: A fixed-income security is investment-grade if it is rated in the four highest categories by a nationally recognized statistical rating organization (“NRSRO”) or an unrated security that Advisors determines is of comparable quality.
Short-Term Fixed-Income: Fixed-income securities with maturities from less than one year to five years.
U.S. Government Securities: Securities issued or guaranteed by the U.S. Government or its agencies or instrumentalities.
The Financial highlights tables are intended to help you understand the financial performance of each class of shares of the Funds for the past five years (or, if the class has not been in operation for five years, since commencement of operations of that class). Certain information reflects financial results for a single share of the Fund. The total returns in the table show the rates that an investor would have earned or lost on an investment in the Fund (assuming reinvestment of all dividends and distributions).
PricewaterhouseCoopers LLP serves as the Funds’ independent registered public accounting firm and has audited the financial statements of each of the Funds for each of the periods presented. Its report appears in the Funds’ Annual Report, which is available without charge upon request by visiting the Funds’ website at www.nuveen.com, by visiting the SEC’s website at www.sec.gov or by calling 800-257-8787.
Nuveen Lifecycle Index Funds ■ Prospectus 243
Financial highlights
Nuveen Lifecycle Index Retirement Income Fund
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the |
| Net asset
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| j | Total gain
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Class I |
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| 5/31/24 |
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| $ 14.90 |
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| $ 0.43 |
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| $ 1.08 |
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| $ 1.51 |
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| $ (0.41 | ) |
| $ (0.01 | ) | ||
| 5/31/23 |
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| 15.47 |
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| 0.37 |
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| (0.46 | ) |
| (0.09 | ) |
| (0.36 | ) |
| (0.12 | ) | ||
| 5/31/22 |
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| 17.19 |
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| 0.35 |
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| (1.38 | ) |
| (1.03 | ) |
| (0.36 | ) |
| (0.33 | ) | ||
| 5/31/21 |
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| 15.10 |
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| 0.24 |
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| 2.18 |
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| 2.42 |
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| (0.28 | ) |
| (0.05 | ) | ||
| 5/31/20 |
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| 14.31 |
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| 0.36 |
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| 0.79 |
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| 1.15 |
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| (0.34 | ) |
| (0.02 | ) | ||
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Premier Class |
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| 5/31/24 |
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| 14.89 |
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| 0.42 |
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| 1.08 |
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| 1.50 |
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| (0.40 | ) |
| (0.01 | ) | ||
| 5/31/23 |
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| 15.46 |
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| 0.37 |
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| (0.46 | ) |
| (0.09 | ) |
| (0.36 | ) |
| (0.12 | ) | ||
| 5/31/22 |
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| 17.18 |
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| 0.41 |
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| (1.45 | ) |
| (1.04 | ) |
| (0.35 | ) |
| (0.33 | ) | ||
| 5/31/21 |
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| 15.09 |
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| 0.27 |
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| 2.14 |
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| 2.41 |
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| (0.27 | ) |
| (0.05 | ) | ||
| 5/31/20 |
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| 14.30 |
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| 0.32 |
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| 0.82 |
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| 1.14 |
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| (0.33 | ) |
| (0.02 | ) | ||
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Class R6 |
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| 5/31/24 |
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| 14.90 |
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| 0.44 |
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| 1.10 |
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| 1.54 |
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| (0.43 | ) |
| (0.01 | ) | ||
| 5/31/23 |
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| 15.48 |
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| 0.39 |
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| (0.47 | ) |
| (0.08 | ) |
| (0.38 | ) |
| (0.12 | ) | ||
| 5/31/22 |
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| 17.20 |
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| 0.36 |
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| (1.37 | ) |
| (1.01 | ) |
| (0.38 | ) |
| (0.33 | ) | ||
| 5/31/21 |
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| 15.10 |
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| 0.28 |
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| 2.16 |
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| 2.44 |
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| (0.29 | ) |
| (0.05 | ) | ||
| 5/31/20 |
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| 14.31 |
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| 0.34 |
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| 0.82 |
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| 1.16 |
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| (0.35 | ) |
| (0.02 | ) | ||
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Retirement Class |
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| 5/31/24 |
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| 14.87 |
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| 0.40 |
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| 1.09 |
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| 1.49 |
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| (0.39 | ) |
| (0.01 | ) | ||
| 5/31/23 |
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| 15.44 |
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| 0.35 |
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| (0.46 | ) |
| (0.11 | ) |
| (0.34 | ) |
| (0.12 | ) | ||
| 5/31/22 |
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| 17.16 |
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| 0.32 |
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| (1.38 | ) |
| (1.06 | ) |
| (0.33 | ) |
| (0.33 | ) | ||
| 5/31/21 |
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| 15.07 |
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| 0.24 |
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| 2.16 |
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| 2.40 |
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| (0.26 | ) |
| (0.05 | ) | ||
| 5/31/20 |
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| 14.28 |
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| 0.31 |
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| 0.81 |
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| 1.12 |
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| (0.31 | ) |
| (0.02 | ) | ||
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a | Based on average shares outstanding. | |||||||||||||||||||||
b | Total returns are not annualized. | |||||||||||||||||||||
g | The Fund’s expenses include the expenses of the Underlying Funds. | |||||||||||||||||||||
j | 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. | |||||||||||||||||||||
244 Prospectus ■ Nuveen Lifecycle Index Funds
(continued)
|
|
|
|
|
|
|
|
|
| Ratios and supplemental data | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
| Ratios to average net assets |
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
| Net asset
|
| Total
| b |
|
| Gross
| g | Net
| g |
|
| Portfolio
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| $ (0.42 | ) |
| $ 15.99 |
|
| 10.27 | % | $2,418 |
|
| 0.32 | % |
| 0.20 | % |
| 2.79 | % | 19 | % | ||
| (0.48 | ) |
| 14.90 |
|
| (0.45 | ) |
| 2,312 |
|
| 0.31 |
|
| 0.19 |
|
| 2.52 |
|
| 24 |
|
| (0.69 | ) |
| 15.47 |
|
| (6.30 | ) |
| 2,699 |
|
| 0.33 |
|
| 0.20 |
|
| 2.08 |
|
| 24 |
|
| (0.33 | ) |
| 17.19 |
|
| 16.16 |
|
| 2,242 |
|
| 0.34 |
|
| 0.20 |
|
| 1.49 |
|
| 23 |
|
| (0.36 | ) |
| 15.10 |
|
| 8.08 |
|
| 989 |
|
| 0.37 |
|
| 0.22 |
|
| 2.41 |
|
| 27 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (0.41 | ) |
| 15.98 |
|
| 10.20 |
|
| 3,307 |
|
| 0.37 |
|
| 0.25 |
|
| 2.72 |
|
| 19 |
|
| (0.48 | ) |
| 14.89 |
|
| (0.48 | ) |
| 3,277 |
|
| 0.37 |
|
| 0.25 |
|
| 2.53 |
|
| 24 |
|
| (0.68 | ) |
| 15.46 |
|
| (6.36 | ) |
| 3,993 |
|
| 0.38 |
|
| 0.25 |
|
| 2.37 |
|
| 24 |
|
| (0.32 | ) |
| 17.18 |
|
| 16.12 |
|
| 25,449 |
|
| 0.38 |
|
| 0.25 |
|
| 1.63 |
|
| 23 |
|
| (0.35 | ) |
| 15.09 |
|
| 8.09 |
|
| 29,105 |
|
| 0.40 |
|
| 0.25 |
|
| 2.17 |
|
| 27 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (0.44 | ) |
| 16.00 |
|
| 10.43 |
|
| 664,434 |
|
| 0.22 |
|
| 0.10 |
|
| 2.86 |
|
| 19 |
|
| (0.50 | ) |
| 14.90 |
|
| (0.40 | ) |
| 574,299 |
|
| 0.22 |
|
| 0.10 |
|
| 2.62 |
|
| 24 |
|
| (0.71 | ) |
| 15.48 |
|
| (6.20 | ) |
| 557,296 |
|
| 0.23 |
|
| 0.10 |
|
| 2.13 |
|
| 24 |
|
| (0.34 | ) |
| 17.20 |
|
| 16.36 |
|
| 547,545 |
|
| 0.23 |
|
| 0.10 |
|
| 1.69 |
|
| 23 |
|
| (0.37 | ) |
| 15.10 |
|
| 8.17 |
|
| 437,256 |
|
| 0.26 |
|
| 0.10 |
|
| 2.32 |
|
| 27 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (0.40 | ) |
| 15.96 |
|
| 10.11 |
|
| 34,847 |
|
| 0.47 |
|
| 0.35 |
|
| 2.59 |
|
| 19 |
|
| (0.46 | ) |
| 14.87 |
|
| (0.60 | ) |
| 36,227 |
|
| 0.47 |
|
| 0.35 |
|
| 2.36 |
|
| 24 |
|
| (0.66 | ) |
| 15.44 |
|
| (6.45 | ) |
| 40,901 |
|
| 0.48 |
|
| 0.35 |
|
| 1.90 |
|
| 24 |
|
| (0.31 | ) |
| 17.16 |
|
| 16.04 |
|
| 48,346 |
|
| 0.48 |
|
| 0.35 |
|
| 1.45 |
|
| 23 |
|
| (0.33 | ) |
| 15.07 |
|
| 7.91 |
|
| 35,862 |
|
| 0.50 |
|
| 0.35 |
|
| 2.09 |
|
| 27 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuveen Lifecycle Index Funds ■ Prospectus 245
Financial highlights
Nuveen Lifecycle Index 2010 Fund
|
|
|
|
| Selected per share data | |||||||||||||||||
|
|
|
|
|
|
|
| Gain (loss) from investment operations |
|
|
|
|
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Less distributions from | |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| For
the |
| Net asset
|
|
| a |
| j | Total gain
|
| Net
|
| Net
|
| ||||||
Class I |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
| 5/31/24 |
|
| $ 15.63 |
|
| $ 0.44 |
|
| $ 1.04 |
|
| $ 1.48 |
|
| $ (0.41 | ) |
| $ (0.12 | ) | ||
| 5/31/23 |
|
| 16.24 |
|
| 0.39 |
|
| (0.49 | ) |
| (0.10 | ) |
| (0.38 | ) |
| (0.13 | ) | ||
| 5/31/22 |
|
| 18.13 |
|
| 0.36 |
|
| (1.40 | ) |
| (1.04 | ) |
| (0.37 | ) |
| (0.48 | ) | ||
| 5/31/21 |
|
| 15.97 |
|
| 0.22 |
|
| 2.35 |
|
| 2.57 |
|
| (0.30 | ) |
| (0.11 | ) | ||
| 5/31/20 |
|
| 15.11 |
|
| 0.36 |
|
| 0.87 |
|
| 1.23 |
|
| (0.35 | ) |
| (0.02 | ) | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Premier Class |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
| 5/31/24 |
|
| 15.58 |
|
| 0.45 |
|
| 1.01 |
|
| 1.46 |
|
| (0.41 | ) |
| (0.12 | ) | ||
| 5/31/23 |
|
| 16.18 |
|
| 0.38 |
|
| (0.48 | ) |
| (0.10 | ) |
| (0.37 | ) |
| (0.13 | ) | ||
| 5/31/22 |
|
| 18.06 |
|
| 0.37 |
|
| (1.42 | ) |
| (1.05 | ) |
| (0.35 | ) |
| (0.48 | ) | ||
| 5/31/21 |
|
| 15.92 |
|
| 0.27 |
|
| 2.26 |
|
| 2.53 |
|
| (0.28 | ) |
| (0.11 | ) | ||
| 5/31/20 |
|
| 15.06 |
|
| 0.35 |
|
| 0.86 |
|
| 1.21 |
|
| (0.33 | ) |
| (0.02 | ) | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class R6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
| 5/31/24 |
|
| 15.63 |
|
| 0.46 |
|
| 1.04 |
|
| 1.50 |
|
| (0.43 | ) |
| (0.12 | ) | ||
| 5/31/23 |
|
| 16.24 |
|
| 0.41 |
|
| (0.50 | ) |
| (0.09 | ) |
| (0.39 | ) |
| (0.13 | ) | ||
| 5/31/22 |
|
| 18.13 |
|
| 0.38 |
|
| (1.41 | ) |
| (1.03 | ) |
| (0.38 | ) |
| (0.48 | ) | ||
| 5/31/21 |
|
| 15.97 |
|
| 0.30 |
|
| 2.28 |
|
| 2.58 |
|
| (0.31 | ) |
| (0.11 | ) | ||
| 5/31/20 |
|
| 15.11 |
|
| 0.36 |
|
| 0.87 |
|
| 1.23 |
|
| (0.35 | ) |
| (0.02 | ) | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retirement Class |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
| 5/31/24 |
|
| 15.48 |
|
| 0.42 |
|
| 1.02 |
|
| 1.44 |
|
| (0.39 | ) |
| (0.12 | ) | ||
| 5/31/23 |
|
| 16.08 |
|
| 0.37 |
|
| (0.49 | ) |
| (0.12 | ) |
| (0.35 | ) |
| (0.13 | ) | ||
| 5/31/22 |
|
| 17.96 |
|
| 0.33 |
|
| (1.39 | ) |
| (1.06 | ) |
| (0.34 | ) |
| (0.48 | ) | ||
| 5/31/21 |
|
| 15.83 |
|
| 0.25 |
|
| 2.26 |
|
| 2.51 |
|
| (0.27 | ) |
| (0.11 | ) | ||
| 5/31/20 |
|
| 14.98 |
|
| 0.32 |
|
| 0.87 |
|
| 1.19 |
|
| (0.32 | ) |
| (0.02 | ) | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
a | Based on average shares outstanding. | |||||||||||||||||||||
b | Total returns are not annualized. | |||||||||||||||||||||
g | The Fund’s expenses include the expenses of the Underlying Funds. | |||||||||||||||||||||
j | 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. | |||||||||||||||||||||
246 Prospectus ■ Nuveen Lifecycle Index Funds
(continued)
|
|
|
|
|
|
|
|
|
| Ratios and supplemental data | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
| Ratios to average net assets |
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
| Net asset
|
| Total
| b |
|
| Gross
| g | Net
| g |
|
| Portfolio
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| $ (0.53 | ) |
| $ 16.58 |
|
| 9.63 | % | $1,188 |
|
| 0.32 | % |
| 0.20 | % |
| 2.74 | % | 17 | % | ||
| (0.51 | ) |
| 15.63 |
|
| (0.53 | ) |
| 2,024 |
|
| 0.31 |
|
| 0.19 |
|
| 2.52 |
|
| 22 |
|
| (0.85 | ) |
| 16.24 |
|
| (6.16 | ) |
| 1,715 |
|
| 0.32 |
|
| 0.20 |
|
| 2.03 |
|
| 23 |
|
| (0.41 | ) |
| 18.13 |
|
| 16.18 |
|
| 1,950 |
|
| 0.32 |
|
| 0.19 |
|
| 1.28 |
|
| 28 |
|
| (0.37 | ) |
| 15.97 |
|
| 8.16 |
|
| 123 |
|
| 0.26 |
|
| 0.12 |
|
| 2.30 |
|
| 22 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (0.53 | ) |
| 16.51 |
|
| 9.57 |
|
| 17,901 |
|
| 0.37 |
|
| 0.25 |
|
| 2.79 |
|
| 17 |
|
| (0.50 | ) |
| 15.58 |
|
| (0.60 | ) |
| 19,016 |
|
| 0.37 |
|
| 0.25 |
|
| 2.47 |
|
| 22 |
|
| (0.83 | ) |
| 16.18 |
|
| (6.19 | ) |
| 21,048 |
|
| 0.38 |
|
| 0.25 |
|
| 2.07 |
|
| 23 |
|
| (0.39 | ) |
| 18.06 |
|
| 15.99 |
|
| 43,665 |
|
| 0.38 |
|
| 0.25 |
|
| 1.56 |
|
| 28 |
|
| (0.35 | ) |
| 15.92 |
|
| 8.06 |
|
| 31,580 |
|
| 0.40 |
|
| 0.25 |
|
| 2.20 |
|
| 22 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (0.55 | ) |
| 16.58 |
|
| 9.76 |
|
| 559,325 |
|
| 0.22 |
|
| 0.10 |
|
| 2.90 |
|
| 17 |
|
| (0.52 | ) |
| 15.63 |
|
| (0.44 | ) |
| 553,938 |
|
| 0.22 |
|
| 0.10 |
|
| 2.63 |
|
| 22 |
|
| (0.86 | ) |
| 16.24 |
|
| (6.07 | ) |
| 526,583 |
|
| 0.22 |
|
| 0.10 |
|
| 2.12 |
|
| 23 |
|
| (0.42 | ) |
| 18.13 |
|
| 16.22 |
|
| 560,852 |
|
| 0.23 |
|
| 0.10 |
|
| 1.71 |
|
| 28 |
|
| (0.37 | ) |
| 15.97 |
|
| 8.18 |
|
| 442,192 |
|
| 0.25 |
|
| 0.10 |
|
| 2.32 |
|
| 22 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (0.51 | ) |
| 16.41 |
|
| 9.44 |
|
| 50,800 |
|
| 0.47 |
|
| 0.35 |
|
| 2.66 |
|
| 17 |
|
| (0.48 | ) |
| 15.48 |
|
| (0.66 | ) |
| 55,650 |
|
| 0.47 |
|
| 0.35 |
|
| 2.39 |
|
| 22 |
|
| (0.82 | ) |
| 16.08 |
|
| (6.32 | ) |
| 68,666 |
|
| 0.47 |
|
| 0.35 |
|
| 1.88 |
|
| 23 |
|
| (0.38 | ) |
| 17.96 |
|
| 15.91 |
|
| 81,534 |
|
| 0.48 |
|
| 0.35 |
|
| 1.46 |
|
| 28 |
|
| (0.34 | ) |
| 15.83 |
|
| 7.93 |
|
| 74,599 |
|
| 0.50 |
|
| 0.35 |
|
| 2.08 |
|
| 22 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuveen Lifecycle Index Funds ■ Prospectus 247
Financial highlights
Nuveen Lifecycle Index 2015 Fund
|
|
|
|
| Selected per share data | |||||||||||||||||
|
|
|
|
|
|
|
| Gain (loss) from investment operations |
|
|
|
|
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Less distributions from | |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| For
the |
| Net asset
|
|
| a |
| j | Total gain
|
| Net
|
| Net
|
| ||||||
Class I |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
| 5/31/24 |
|
| $ 16.45 |
|
| $ 0.45 |
|
| $ 1.26 |
|
| $ 1.71 |
|
| $ (0.43 | ) |
| $ (0.23 | ) | ||
| 5/31/23 |
|
| 17.04 |
|
| 0.40 |
|
| (0.48 | ) |
| (0.08 | ) |
| (0.40 | ) |
| (0.11 | ) | ||
| 5/31/22 |
|
| 19.14 |
|
| 0.40 |
|
| (1.55 | ) |
| (1.15 | ) |
| (0.38 | ) |
| (0.57 | ) | ||
| 5/31/21 |
|
| 16.65 |
|
| 0.23 |
|
| 2.75 |
|
| 2.98 |
|
| (0.33 | ) |
| (0.16 | ) | ||
| 5/31/20 |
|
| 15.76 |
|
| 0.39 |
|
| 0.90 |
|
| 1.29 |
|
| (0.37 | ) |
| (0.03 | ) | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Premier Class |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
| 5/31/24 |
|
| 16.37 |
|
| 0.45 |
|
| 1.25 |
|
| 1.70 |
|
| (0.42 | ) |
| (0.23 | ) | ||
| 5/31/23 |
|
| 16.97 |
|
| 0.39 |
|
| (0.49 | ) |
| (0.10 | ) |
| (0.39 | ) |
| (0.11 | ) | ||
| 5/31/22 |
|
| 19.07 |
|
| 0.41 |
|
| (1.57 | ) |
| (1.16 | ) |
| (0.37 | ) |
| (0.57 | ) | ||
| 5/31/21 |
|
| 16.58 |
|
| 0.28 |
|
| 2.68 |
|
| 2.96 |
|
| (0.31 | ) |
| (0.16 | ) | ||
| 5/31/20 |
|
| 15.69 |
|
| 0.36 |
|
| 0.91 |
|
| 1.27 |
|
| (0.35 | ) |
| (0.03 | ) | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class R6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
| 5/31/24 |
|
| 16.46 |
|
| 0.48 |
|
| 1.25 |
|
| 1.73 |
|
| (0.45 | ) |
| (0.23 | ) | ||
| 5/31/23 |
|
| 17.05 |
|
| 0.42 |
|
| (0.48 | ) |
| (0.06 | ) |
| (0.42 | ) |
| (0.11 | ) | ||
| 5/31/22 |
|
| 19.15 |
|
| 0.39 |
|
| (1.52 | ) |
| (1.13 | ) |
| (0.40 | ) |
| (0.57 | ) | ||
| 5/31/21 |
|
| 16.65 |
|
| 0.31 |
|
| 2.69 |
|
| 3.00 |
|
| (0.34 | ) |
| (0.16 | ) | ||
| 5/31/20 |
|
| 15.76 |
|
| 0.38 |
|
| 0.92 |
|
| 1.30 |
|
| (0.38 | ) |
| (0.03 | ) | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retirement Class |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
| 5/31/24 |
|
| 16.32 |
|
| 0.43 |
|
| 1.25 |
|
| 1.68 |
|
| (0.41 | ) |
| (0.23 | ) | ||
| 5/31/23 |
|
| 16.92 |
|
| 0.37 |
|
| (0.48 | ) |
| (0.11 | ) |
| (0.38 | ) |
| (0.11 | ) | ||
| 5/31/22 |
|
| 19.00 |
|
| 0.34 |
|
| (1.50 | ) |
| (1.16 | ) |
| (0.35 | ) |
| (0.57 | ) | ||
| 5/31/21 |
|
| 16.52 |
|
| 0.26 |
|
| 2.67 |
|
| 2.93 |
|
| (0.29 | ) |
| (0.16 | ) | ||
| 5/31/20 |
|
| 15.64 |
|
| 0.33 |
|
| 0.91 |
|
| 1.24 |
|
| (0.33 | ) |
| (0.03 | ) | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
a | Based on average shares outstanding. | |||||||||||||||||||||
b | Total returns are not annualized. | |||||||||||||||||||||
g | The Fund’s expenses include the expenses of the Underlying Funds. | |||||||||||||||||||||
j | 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. | |||||||||||||||||||||
248 Prospectus ■ Nuveen Lifecycle Index Funds
(continued)
|
|
|
|
|
|
|
|
|
| Ratios and supplemental data | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
| Ratios to average net assets |
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
| Net asset
|
| Total
| b |
|
| Gross
| g | Net
| g |
|
| Portfolio
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| $ (0.66 | ) |
| $ 17.50 |
|
| 10.57 | % | $1,259 |
|
| 0.30 | % |
| 0.20 | % |
| 2.65 | % | 15 | % | ||
| (0.51 | ) |
| 16.45 |
|
| (0.33 | ) |
| 1,700 |
|
| 0.30 |
|
| 0.20 |
|
| 2.48 |
|
| 18 |
|
| (0.95 | ) |
| 17.04 |
|
| (6.40 | ) |
| 1,657 |
|
| 0.31 |
|
| 0.20 |
|
| 2.13 |
|
| 19 |
|
| (0.49 | ) |
| 19.14 |
|
| 18.05 |
|
| 1,396 |
|
| 0.31 |
|
| 0.20 |
|
| 1.28 |
|
| 26 |
|
| (0.40 | ) |
| 16.65 |
|
| 8.19 |
|
| 592 |
|
| 0.30 |
|
| 0.18 |
|
| 2.38 |
|
| 25 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (0.65 | ) |
| 17.42 |
|
| 10.57 |
|
| 29,222 |
|
| 0.36 |
|
| 0.25 |
|
| 2.67 |
|
| 15 |
|
| (0.50 | ) |
| 16.37 |
|
| (0.45 | ) |
| 30,386 |
|
| 0.35 |
|
| 0.25 |
|
| 2.41 |
|
| 18 |
|
| (0.94 | ) |
| 16.97 |
|
| (6.49 | ) |
| 34,529 |
|
| 0.36 |
|
| 0.25 |
|
| 2.16 |
|
| 19 |
|
| (0.47 | ) |
| 19.07 |
|
| 18.00 |
|
| 98,140 |
|
| 0.36 |
|
| 0.25 |
|
| 1.55 |
|
| 26 |
|
| (0.38 | ) |
| 16.58 |
|
| 8.12 |
|
| 85,350 |
|
| 0.37 |
|
| 0.25 |
|
| 2.18 |
|
| 25 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (0.68 | ) |
| 17.51 |
|
| 10.75 |
|
| 934,070 |
|
| 0.21 |
|
| 0.10 |
|
| 2.82 |
|
| 15 |
|
| (0.53 | ) |
| 16.46 |
|
| (0.28 | ) |
| 921,164 |
|
| 0.20 |
|
| 0.10 |
|
| 2.55 |
|
| 18 |
|
| (0.97 | ) |
| 17.05 |
|
| (6.32 | ) |
| 966,867 |
|
| 0.21 |
|
| 0.10 |
|
| 2.08 |
|
| 19 |
|
| (0.50 | ) |
| 19.15 |
|
| 18.16 |
|
| 962,220 |
|
| 0.21 |
|
| 0.10 |
|
| 1.71 |
|
| 26 |
|
| (0.41 | ) |
| 16.65 |
|
| 8.24 |
|
| 819,474 |
|
| 0.23 |
|
| 0.10 |
|
| 2.33 |
|
| 25 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (0.64 | ) |
| 17.36 |
|
| 10.43 |
|
| 82,794 |
|
| 0.46 |
|
| 0.35 |
|
| 2.58 |
|
| 15 |
|
| (0.49 | ) |
| 16.32 |
|
| (0.56 | ) |
| 88,804 |
|
| 0.45 |
|
| 0.35 |
|
| 2.31 |
|
| 18 |
|
| (0.92 | ) |
| 16.92 |
|
| (6.51 | ) |
| 100,537 |
|
| 0.46 |
|
| 0.35 |
|
| 1.83 |
|
| 19 |
|
| (0.45 | ) |
| 19.00 |
|
| 17.88 |
|
| 126,902 |
|
| 0.46 |
|
| 0.35 |
|
| 1.44 |
|
| 26 |
|
| (0.36 | ) |
| 16.52 |
|
| 7.96 |
|
| 122,731 |
|
| 0.47 |
|
| 0.35 |
|
| 2.05 |
|
| 25 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuveen Lifecycle Index Funds ■ Prospectus 249
Financial highlights
Nuveen Lifecycle Index 2020 Fund
|
|
|
|
| Selected per share data | |||||||||||||||||
|
|
|
|
|
|
|
| Gain (loss) from investment operations |
|
|
|
|
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Less distributions from | |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| For
the |
| Net asset
|
|
| a |
| j | Total gain
|
| Net
|
| Net
|
| ||||||
Class I |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
| 5/31/24 |
|
| $ 17.76 |
|
| $ 0.49 |
|
| $ 1.54 |
|
| $ 2.03 |
|
| $ (0.46 | ) |
| $ (0.16 | ) | ||
| 5/31/23 |
|
| 18.36 |
|
| 0.41 |
|
| (0.48 | ) |
| (0.07 | ) |
| (0.41 | ) |
| (0.12 | ) | ||
| 5/31/22 |
|
| 20.67 |
|
| 0.41 |
|
| (1.68 | ) |
| (1.27 | ) |
| (0.41 | ) |
| (0.63 | ) | ||
| 5/31/21 |
|
| 17.61 |
|
| 0.27 |
|
| 3.23 |
|
| 3.50 |
|
| (0.34 | ) |
| (0.10 | ) | ||
| 5/31/20 |
|
| 16.64 |
|
| 0.43 |
|
| 0.94 |
|
| 1.37 |
|
| (0.38 | ) |
| (0.02 | ) | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Premier Class |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
| 5/31/24 |
|
| 17.69 |
|
| 0.48 |
|
| 1.54 |
|
| 2.02 |
|
| (0.45 | ) |
| (0.16 | ) | ||
| 5/31/23 |
|
| 18.29 |
|
| 0.40 |
|
| (0.48 | ) |
| (0.08 | ) |
| (0.40 | ) |
| (0.12 | ) | ||
| 5/31/22 |
|
| 20.59 |
|
| 0.44 |
|
| (1.72 | ) |
| (1.28 | ) |
| (0.39 | ) |
| (0.63 | ) | ||
| 5/31/21 |
|
| 17.55 |
|
| 0.30 |
|
| 3.17 |
|
| 3.47 |
|
| (0.33 | ) |
| (0.10 | ) | ||
| 5/31/20 |
|
| 16.57 |
|
| 0.38 |
|
| 0.99 |
|
| 1.37 |
|
| (0.37 | ) |
| (0.02 | ) | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class R6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
| 5/31/24 |
|
| 17.79 |
|
| 0.50 |
|
| 1.55 |
|
| 2.05 |
|
| (0.48 | ) |
| (0.16 | ) | ||
| 5/31/23 |
|
| 18.39 |
|
| 0.43 |
|
| (0.48 | ) |
| (0.05 | ) |
| (0.43 | ) |
| (0.12 | ) | ||
| 5/31/22 |
|
| 20.70 |
|
| 0.41 |
|
| (1.66 | ) |
| (1.25 | ) |
| (0.43 | ) |
| (0.63 | ) | ||
| 5/31/21 |
|
| 17.63 |
|
| 0.33 |
|
| 3.20 |
|
| 3.53 |
|
| (0.36 | ) |
| (0.10 | ) | ||
| 5/31/20 |
|
| 16.65 |
|
| 0.40 |
|
| 0.99 |
|
| 1.39 |
|
| (0.39 | ) |
| (0.02 | ) | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retirement Class |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
| 5/31/24 |
|
| 17.63 |
|
| 0.45 |
|
| 1.53 |
|
| 1.98 |
|
| (0.43 | ) |
| (0.16 | ) | ||
| 5/31/23 |
|
| 18.22 |
|
| 0.38 |
|
| (0.47 | ) |
| (0.09 | ) |
| (0.38 | ) |
| (0.12 | ) | ||
| 5/31/22 |
|
| 20.52 |
|
| 0.36 |
|
| (1.66 | ) |
| (1.30 | ) |
| (0.37 | ) |
| (0.63 | ) | ||
| 5/31/21 |
|
| 17.48 |
|
| 0.28 |
|
| 3.17 |
|
| 3.45 |
|
| (0.31 | ) |
| (0.10 | ) | ||
| 5/31/20 |
|
| 16.51 |
|
| 0.35 |
|
| 0.99 |
|
| 1.34 |
|
| (0.35 | ) |
| (0.02 | ) | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
a | Based on average shares outstanding. | |||||||||||||||||||||
b | Total returns are not annualized. | |||||||||||||||||||||
g | The Fund’s expenses include the expenses of the Underlying Funds. | |||||||||||||||||||||
j | 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. | |||||||||||||||||||||
250 Prospectus ■ Nuveen Lifecycle Index Funds
(continued)
|
|
|
|
|
|
|
|
|
| Ratios and supplemental data | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
| Ratios to average net assets |
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
| Net asset
|
| Total
| b |
|
| Gross
| g | Net
| g |
|
| Portfolio
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| $ (0.62 | ) |
| $ 19.17 |
|
| 11.60 | % | $8,484 |
|
| 0.29 | % |
| 0.20 | % |
| 2.66 | % | 14 | % | ||
| (0.53 | ) |
| 17.76 |
|
| (0.27 | ) |
| 10,266 |
|
| 0.29 |
|
| 0.20 |
|
| 2.36 |
|
| 19 |
|
| (1.04 | ) |
| 18.36 |
|
| (6.60 | ) |
| 10,672 |
|
| 0.30 |
|
| 0.20 |
|
| 2.03 |
|
| 19 |
|
| (0.44 | ) |
| 20.67 |
|
| 20.00 |
|
| 11,420 |
|
| 0.30 |
|
| 0.20 |
|
| 1.37 |
|
| 21 |
|
| (0.40 | ) |
| 17.61 |
|
| 8.25 |
|
| 4,832 |
|
| 0.31 |
|
| 0.21 |
|
| 2.51 |
|
| 20 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (0.61 | ) |
| 19.10 |
|
| 11.59 |
|
| 72,849 |
|
| 0.34 |
|
| 0.25 |
|
| 2.63 |
|
| 14 |
|
| (0.52 | ) |
| 17.69 |
|
| (0.32 | ) |
| 78,463 |
|
| 0.34 |
|
| 0.25 |
|
| 2.30 |
|
| 19 |
|
| (1.02 | ) |
| 18.29 |
|
| (6.65 | ) |
| 82,754 |
|
| 0.35 |
|
| 0.25 |
|
| 2.13 |
|
| 19 |
|
| (0.43 | ) |
| 20.59 |
|
| 19.89 |
|
| 316,253 |
|
| 0.35 |
|
| 0.25 |
|
| 1.55 |
|
| 21 |
|
| (0.39 | ) |
| 17.55 |
|
| 8.25 |
|
| 268,403 |
|
| 0.36 |
|
| 0.25 |
|
| 2.16 |
|
| 20 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (0.64 | ) |
| 19.20 |
|
| 11.75 |
|
| 2,805,493 |
|
| 0.19 |
|
| 0.10 |
|
| 2.73 |
|
| 14 |
|
| (0.55 | ) |
| 17.79 |
|
| (0.21 | ) |
| 2,736,922 |
|
| 0.19 |
|
| 0.10 |
|
| 2.44 |
|
| 19 |
|
| (1.06 | ) |
| 18.39 |
|
| (6.51 | ) |
| 2,756,707 |
|
| 0.19 |
|
| 0.10 |
|
| 2.01 |
|
| 19 |
|
| (0.46 | ) |
| 20.70 |
|
| 20.14 |
|
| 2,729,084 |
|
| 0.20 |
|
| 0.10 |
|
| 1.72 |
|
| 21 |
|
| (0.41 | ) |
| 17.63 |
|
| 8.36 |
|
| 2,221,699 |
|
| 0.21 |
|
| 0.10 |
|
| 2.32 |
|
| 20 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (0.59 | ) |
| 19.02 |
|
| 11.39 |
|
| 196,934 |
|
| 0.44 |
|
| 0.35 |
|
| 2.48 |
|
| 14 |
|
| (0.50 | ) |
| 17.63 |
|
| (0.39 | ) |
| 208,039 |
|
| 0.44 |
|
| 0.35 |
|
| 2.20 |
|
| 19 |
|
| (1.00 | ) |
| 18.22 |
|
| (6.76 | ) |
| 247,101 |
|
| 0.44 |
|
| 0.35 |
|
| 1.78 |
|
| 19 |
|
| (0.41 | ) |
| 20.52 |
|
| 19.85 |
|
| 310,428 |
|
| 0.45 |
|
| 0.35 |
|
| 1.46 |
|
| 21 |
|
| (0.37 | ) |
| 17.48 |
|
| 8.10 |
|
| 303,700 |
|
| 0.46 |
|
| 0.35 |
|
| 2.05 |
|
| 20 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuveen Lifecycle Index Funds ■ Prospectus 251
Financial highlights
Nuveen Lifecycle Index 2025 Fund
|
|
|
|
| Selected per share data | |||||||||||||||||
|
|
|
|
|
|
|
| Gain (loss) from investment operations |
|
|
|
|
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Less distributions from | |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| For
the |
| Net asset
|
|
| a |
| j | Total gain
|
| Net
|
| Net
|
| ||||||
Class I |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
| 5/31/24 |
|
| $ 19.45 |
|
| $ 0.51 |
|
| $ 1.96 |
|
| $ 2.47 |
|
| $ (0.48 | ) |
| $ (0.03 | ) | ||
| 5/31/23 |
|
| 20.02 |
|
| 0.44 |
|
| (0.47 | ) |
| (0.03 | ) |
| (0.42 | ) |
| (0.12 | ) | ||
| 5/31/22 |
|
| 22.32 |
|
| 0.42 |
|
| (1.85 | ) |
| (1.43 | ) |
| (0.43 | ) |
| (0.44 | ) | ||
| 5/31/21 |
|
| 18.50 |
|
| 0.31 |
|
| 3.96 |
|
| 4.27 |
|
| (0.36 | ) |
| (0.09 | ) | ||
| 5/31/20 |
|
| 17.47 |
|
| 0.42 |
|
| 1.03 |
|
| 1.45 |
|
| (0.40 | ) |
| (0.02 | ) | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Premier Class |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
| 5/31/24 |
|
| 19.40 |
|
| 0.51 |
|
| 1.95 |
|
| 2.46 |
|
| (0.47 | ) |
| (0.03 | ) | ||
| 5/31/23 |
|
| 19.98 |
|
| 0.42 |
|
| (0.47 | ) |
| (0.05 | ) |
| (0.41 | ) |
| (0.12 | ) | ||
| 5/31/22 |
|
| 22.26 |
|
| 0.47 |
|
| (1.90 | ) |
| (1.43 | ) |
| (0.41 | ) |
| (0.44 | ) | ||
| 5/31/21 |
|
| 18.45 |
|
| 0.32 |
|
| 3.92 |
|
| 4.24 |
|
| (0.34 | ) |
| (0.09 | ) | ||
| 5/31/20 |
|
| 17.41 |
|
| 0.39 |
|
| 1.05 |
|
| 1.44 |
|
| (0.38 | ) |
| (0.02 | ) | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class R6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
| 5/31/24 |
|
| 19.49 |
|
| 0.53 |
|
| 1.97 |
|
| 2.50 |
|
| (0.50 | ) |
| (0.03 | ) | ||
| 5/31/23 |
|
| 20.07 |
|
| 0.45 |
|
| (0.47 | ) |
| (0.02 | ) |
| (0.44 | ) |
| (0.12 | ) | ||
| 5/31/22 |
|
| 22.36 |
|
| 0.43 |
|
| (1.83 | ) |
| (1.40 | ) |
| (0.45 | ) |
| (0.44 | ) | ||
| 5/31/21 |
|
| 18.53 |
|
| 0.35 |
|
| 3.94 |
|
| 4.29 |
|
| (0.37 | ) |
| (0.09 | ) | ||
| 5/31/20 |
|
| 17.49 |
|
| 0.42 |
|
| 1.05 |
|
| 1.47 |
|
| (0.41 | ) |
| (0.02 | ) | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retirement Class |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
| 5/31/24 |
|
| 19.30 |
|
| 0.48 |
|
| 1.95 |
|
| 2.43 |
|
| (0.45 | ) |
| (0.03 | ) | ||
| 5/31/23 |
|
| 19.87 |
|
| 0.40 |
|
| (0.47 | ) |
| (0.07 | ) |
| (0.38 | ) |
| (0.12 | ) | ||
| 5/31/22 |
|
| 22.15 |
|
| 0.37 |
|
| (1.82 | ) |
| (1.45 | ) |
| (0.39 | ) |
| (0.44 | ) | ||
| 5/31/21 |
|
| 18.36 |
|
| 0.30 |
|
| 3.90 |
|
| 4.20 |
|
| (0.32 | ) |
| (0.09 | ) | ||
| 5/31/20 |
|
| 17.34 |
|
| 0.37 |
|
| 1.03 |
|
| 1.40 |
|
| (0.36 | ) |
| (0.02 | ) | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
a | Based on average shares outstanding. | |||||||||||||||||||||
b | Total returns are not annualized. | |||||||||||||||||||||
g | The Fund’s expenses include the expenses of the Underlying Funds. | |||||||||||||||||||||
j | 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. | |||||||||||||||||||||
252 Prospectus ■ Nuveen Lifecycle Index Funds
(continued)
|
|
|
|
|
|
|
|
|
| Ratios and supplemental data | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
| Ratios to average net assets |
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
| Net asset
|
| Total
| b |
|
| Gross
| g | Net
| g |
|
| Portfolio
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| $ (0.51 | ) |
| $ 21.41 |
|
| 12.84 | % | $20,650 |
|
| 0.29 | % |
| 0.21 | % |
| 2.50 | % | 15 | % | ||
| (0.54 | ) |
| 19.45 |
|
| (0.06 | ) |
| 22,052 |
|
| 0.28 |
|
| 0.20 |
|
| 2.30 |
|
| 14 |
|
| (0.87 | ) |
| 20.02 |
|
| (6.78 | ) |
| 21,746 |
|
| 0.29 |
|
| 0.21 |
|
| 1.92 |
|
| 14 |
|
| (0.45 | ) |
| 22.32 |
|
| 23.20 |
|
| 17,472 |
|
| 0.29 |
|
| 0.20 |
|
| 1.47 |
|
| 18 |
|
| (0.42 | ) |
| 18.50 |
|
| 8.23 |
|
| 2,837 |
|
| 0.30 |
|
| 0.21 |
|
| 2.30 |
|
| 17 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (0.50 | ) |
| 21.36 |
|
| 12.83 |
|
| 128,403 |
|
| 0.33 |
|
| 0.25 |
|
| 2.50 |
|
| 15 |
|
| (0.53 | ) |
| 19.40 |
|
| (0.17 | ) |
| 119,308 |
|
| 0.33 |
|
| 0.25 |
|
| 2.20 |
|
| 14 |
|
| (0.85 | ) |
| 19.98 |
|
| (6.79 | ) |
| 123,482 |
|
| 0.34 |
|
| 0.25 |
|
| 2.06 |
|
| 14 |
|
| (0.43 | ) |
| 22.26 |
|
| 23.11 |
|
| 466,892 |
|
| 0.34 |
|
| 0.25 |
|
| 1.55 |
|
| 18 |
|
| (0.40 | ) |
| 18.45 |
|
| 8.24 |
|
| 357,784 |
|
| 0.35 |
|
| 0.26 |
|
| 2.15 |
|
| 17 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (0.53 | ) |
| 21.46 |
|
| 12.98 |
|
| 5,430,992 |
|
| 0.18 |
|
| 0.10 |
|
| 2.62 |
|
| 15 |
|
| (0.56 | ) |
| 19.49 |
|
| (0.01 | ) |
| 4,888,761 |
|
| 0.18 |
|
| 0.10 |
|
| 2.33 |
|
| 14 |
|
| (0.89 | ) |
| 20.07 |
|
| (6.65 | ) |
| 4,582,423 |
|
| 0.19 |
|
| 0.10 |
|
| 1.95 |
|
| 14 |
|
| (0.46 | ) |
| 22.36 |
|
| 23.29 |
|
| 4,263,286 |
|
| 0.19 |
|
| 0.10 |
|
| 1.71 |
|
| 18 |
|
| (0.43 | ) |
| 18.53 |
|
| 8.35 |
|
| 3,152,216 |
|
| 0.20 |
|
| 0.11 |
|
| 2.31 |
|
| 17 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (0.48 | ) |
| 21.25 |
|
| 12.73 |
|
| 371,965 |
|
| 0.43 |
|
| 0.35 |
|
| 2.39 |
|
| 15 |
|
| (0.50 | ) |
| 19.30 |
|
| (0.23 | ) |
| 391,021 |
|
| 0.43 |
|
| 0.35 |
|
| 2.10 |
|
| 14 |
|
| (0.83 | ) |
| 19.87 |
|
| (6.91 | ) |
| 420,997 |
|
| 0.44 |
|
| 0.35 |
|
| 1.71 |
|
| 14 |
|
| (0.41 | ) |
| 22.15 |
|
| 22.99 |
|
| 481,282 |
|
| 0.44 |
|
| 0.35 |
|
| 1.46 |
|
| 18 |
|
| (0.38 | ) |
| 18.36 |
|
| 8.05 |
|
| 424,099 |
|
| 0.46 |
|
| 0.36 |
|
| 2.05 |
|
| 17 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuveen Lifecycle Index Funds ■ Prospectus 253
Financial highlights
Nuveen Lifecycle Index 2030 Fund
|
|
|
|
| Selected per share data | |||||||||||||||||
|
|
|
|
|
|
|
| Gain (loss) from investment operations |
|
|
|
|
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Less distributions from | |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| For
the |
| Net asset
|
|
| a |
| j | Total gain
|
| Net
|
| Net
|
| ||||||
Class I |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
| 5/31/24 |
|
| $ 21.14 |
|
| $ 0.53 |
|
| $ 2.52 |
|
| $ 3.05 |
|
| $ (0.50 | ) |
| $ (0.03 | ) | ||
| 5/31/23 |
|
| 21.68 |
|
| 0.45 |
|
| (0.45 | ) |
| — |
|
| (0.42 | ) |
| (0.12 | ) | ||
| 5/31/22 |
|
| 24.04 |
|
| 0.43 |
|
| (2.03 | ) |
| (1.60 | ) |
| (0.45 | ) |
| (0.31 | ) | ||
| 5/31/21 |
|
| 19.38 |
|
| 0.31 |
|
| 4.80 |
|
| 5.11 |
|
| (0.37 | ) |
| (0.08 | ) | ||
| 5/31/20 |
|
| 18.31 |
|
| 0.42 |
|
| 1.09 |
|
| 1.51 |
|
| (0.42 | ) |
| (0.02 | ) | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Premier Class |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
| 5/31/24 |
|
| 21.06 |
|
| 0.53 |
|
| 2.50 |
|
| 3.03 |
|
| (0.49 | ) |
| (0.03 | ) | ||
| 5/31/23 |
|
| 21.60 |
|
| 0.43 |
|
| (0.44 | ) |
| (0.01 | ) |
| (0.41 | ) |
| (0.12 | ) | ||
| 5/31/22 |
|
| 23.96 |
|
| 0.50 |
|
| (2.12 | ) |
| (1.62 | ) |
| (0.43 | ) |
| (0.31 | ) | ||
| 5/31/21 |
|
| 19.31 |
|
| 0.34 |
|
| 4.75 |
|
| 5.09 |
|
| (0.36 | ) |
| (0.08 | ) | ||
| 5/31/20 |
|
| 18.24 |
|
| 0.41 |
|
| 1.09 |
|
| 1.50 |
|
| (0.41 | ) |
| (0.02 | ) | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class R6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
| 5/31/24 |
|
| 21.18 |
|
| 0.56 |
|
| 2.51 |
|
| 3.07 |
|
| (0.52 | ) |
| (0.03 | ) | ||
| 5/31/23 |
|
| 21.72 |
|
| 0.46 |
|
| (0.44 | ) |
| 0.02 |
|
| (0.44 | ) |
| (0.12 | ) | ||
| 5/31/22 |
|
| 24.08 |
|
| 0.45 |
|
| (2.03 | ) |
| (1.58 | ) |
| (0.47 | ) |
| (0.31 | ) | ||
| 5/31/21 |
|
| 19.40 |
|
| 0.38 |
|
| 4.77 |
|
| 5.15 |
|
| (0.39 | ) |
| (0.08 | ) | ||
| 5/31/20 |
|
| 18.33 |
|
| 0.44 |
|
| 1.08 |
|
| 1.52 |
|
| (0.43 | ) |
| (0.02 | ) | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retirement Class |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
| 5/31/24 |
|
| 20.97 |
|
| 0.50 |
|
| 2.49 |
|
| 2.99 |
|
| (0.47 | ) |
| (0.03 | ) | ||
| 5/31/23 |
|
| 21.51 |
|
| 0.41 |
|
| (0.44 | ) |
| (0.03 | ) |
| (0.39 | ) |
| (0.12 | ) | ||
| 5/31/22 |
|
| 23.85 |
|
| 0.39 |
|
| (2.01 | ) |
| (1.62 | ) |
| (0.41 | ) |
| (0.31 | ) | ||
| 5/31/21 |
|
| 19.22 |
|
| 0.32 |
|
| 4.72 |
|
| 5.04 |
|
| (0.33 | ) |
| (0.08 | ) | ||
| 5/31/20 |
|
| 18.16 |
|
| 0.39 |
|
| 1.08 |
|
| 1.47 |
|
| (0.39 | ) |
| (0.02 | ) | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
a | Based on average shares outstanding. | |||||||||||||||||||||
b | Total returns are not annualized. | |||||||||||||||||||||
g | The Fund’s expenses include the expenses of the Underlying Funds. | |||||||||||||||||||||
j | 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. | |||||||||||||||||||||
254 Prospectus ■ Nuveen Lifecycle Index Funds
(continued)
|
|
|
|
|
|
|
|
|
| Ratios and supplemental data | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
| Ratios to average net assets |
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
| Net asset
|
| Total
| b |
|
| Gross
| g | Net
| g |
|
| Portfolio
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| $ (0.53 | ) |
| $ 23.66 |
|
| 14.57 | % | $34,837 |
|
| 0.28 | % |
| 0.21 | % |
| 2.37 | % | 12 | % | ||
| (0.54 | ) |
| 21.14 |
|
| 0.15 |
|
| 33,509 |
|
| 0.28 |
|
| 0.20 |
|
| 2.17 |
|
| 12 |
|
| (0.76 | ) |
| 21.68 |
|
| (6.94 | ) |
| 26,880 |
|
| 0.28 |
|
| 0.20 |
|
| 1.83 |
|
| 13 |
|
| (0.45 | ) |
| 24.04 |
|
| 26.54 |
|
| 23,352 |
|
| 0.29 |
|
| 0.20 |
|
| 1.38 |
|
| 16 |
|
| (0.44 | ) |
| 19.38 |
|
| 8.20 |
|
| 5,671 |
|
| 0.30 |
|
| 0.21 |
|
| 2.20 |
|
| 15 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (0.52 | ) |
| 23.57 |
|
| 14.53 |
|
| 161,501 |
|
| 0.33 |
|
| 0.26 |
|
| 2.41 |
|
| 12 |
|
| (0.53 | ) |
| 21.06 |
|
| 0.09 |
|
| 150,728 |
|
| 0.33 |
|
| 0.25 |
|
| 2.09 |
|
| 12 |
|
| (0.74 | ) |
| 21.60 |
|
| (7.00 | ) |
| 150,515 |
|
| 0.33 |
|
| 0.25 |
|
| 2.04 |
|
| 13 |
|
| (0.44 | ) |
| 23.96 |
|
| 26.45 |
|
| 475,693 |
|
| 0.34 |
|
| 0.25 |
|
| 1.54 |
|
| 16 |
|
| (0.43 | ) |
| 19.31 |
|
| 8.14 |
|
| 344,547 |
|
| 0.35 |
|
| 0.25 |
|
| 2.14 |
|
| 15 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (0.55 | ) |
| 23.70 |
|
| 14.66 |
|
| 7,365,843 |
|
| 0.18 |
|
| 0.11 |
|
| 2.50 |
|
| 12 |
|
| (0.56 | ) |
| 21.18 |
|
| 0.24 |
|
| 6,168,804 |
|
| 0.18 |
|
| 0.10 |
|
| 2.22 |
|
| 12 |
|
| (0.78 | ) |
| 21.72 |
|
| (6.86 | ) |
| 5,483,743 |
|
| 0.18 |
|
| 0.10 |
|
| 1.88 |
|
| 13 |
|
| (0.47 | ) |
| 24.08 |
|
| 26.70 |
|
| 4,966,053 |
|
| 0.19 |
|
| 0.10 |
|
| 1.70 |
|
| 16 |
|
| (0.45 | ) |
| 19.40 |
|
| 8.25 |
|
| 3,449,438 |
|
| 0.20 |
|
| 0.10 |
|
| 2.30 |
|
| 15 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (0.50 | ) |
| 23.46 |
|
| 14.39 |
|
| 456,305 |
|
| 0.43 |
|
| 0.36 |
|
| 2.28 |
|
| 12 |
|
| (0.51 | ) |
| 20.97 |
|
| (0.02 | ) |
| 430,522 |
|
| 0.43 |
|
| 0.35 |
|
| 1.97 |
|
| 12 |
|
| (0.72 | ) |
| 21.51 |
|
| (7.07 | ) |
| 445,022 |
|
| 0.43 |
|
| 0.35 |
|
| 1.66 |
|
| 13 |
|
| (0.41 | ) |
| 23.85 |
|
| 26.40 |
|
| 496,871 |
|
| 0.44 |
|
| 0.35 |
|
| 1.45 |
|
| 16 |
|
| (0.41 | ) |
| 19.22 |
|
| 8.02 |
|
| 419,628 |
|
| 0.45 |
|
| 0.35 |
|
| 2.04 |
|
| 15 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuveen Lifecycle Index Funds ■ Prospectus 255
Financial highlights
Nuveen Lifecycle Index 2035 Fund
|
|
|
|
| Selected per share data | |||||||||||||||||
|
|
|
|
|
|
|
| Gain (loss) from investment operations |
|
|
|
|
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Less distributions from | |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| For
the |
| Net asset
|
|
| a |
| j | Total gain
|
| Net
|
| Net
|
| ||||||
Class I |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
| 5/31/24 |
|
| $ 22.78 |
|
| $ 0.55 |
|
| $ 3.19 |
|
| $ 3.74 |
|
| $ (0.52 | ) |
| $ — |
| ||
| 5/31/23 |
|
| 23.24 |
|
| 0.45 |
|
| (0.35 | ) |
| 0.10 |
|
| (0.43 | ) |
| (0.13 | ) | ||
| 5/31/22 |
|
| 25.73 |
|
| 0.44 |
|
| (2.19 | ) |
| (1.75 | ) |
| (0.47 | ) |
| (0.27 | ) | ||
| 5/31/21 |
|
| 20.18 |
|
| 0.32 |
|
| 5.70 |
|
| 6.02 |
|
| (0.39 | ) |
| (0.08 | ) | ||
| 5/31/20 |
|
| 19.10 |
|
| 0.50 |
|
| 1.04 |
|
| 1.54 |
|
| (0.44 | ) |
| (0.02 | ) | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Premier Class |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
| 5/31/24 |
|
| 22.69 |
|
| 0.54 |
|
| 3.17 |
|
| 3.71 |
|
| (0.51 | ) |
| — |
| ||
| 5/31/23 |
|
| 23.14 |
|
| 0.43 |
|
| (0.33 | ) |
| 0.10 |
|
| (0.42 | ) |
| (0.13 | ) | ||
| 5/31/22 |
|
| 25.63 |
|
| 0.51 |
|
| (2.27 | ) |
| (1.76 | ) |
| (0.46 | ) |
| (0.27 | ) | ||
| 5/31/21 |
|
| 20.11 |
|
| 0.36 |
|
| 5.61 |
|
| 5.97 |
|
| (0.37 | ) |
| (0.08 | ) | ||
| 5/31/20 |
|
| 19.02 |
|
| 0.43 |
|
| 1.11 |
|
| 1.54 |
|
| (0.43 | ) |
| (0.02 | ) | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class R6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
| 5/31/24 |
|
| 22.83 |
|
| 0.58 |
|
| 3.19 |
|
| 3.77 |
|
| (0.54 | ) |
| — |
| ||
| 5/31/23 |
|
| 23.28 |
|
| 0.47 |
|
| (0.34 | ) |
| 0.13 |
|
| (0.45 | ) |
| (0.13 | ) | ||
| 5/31/22 |
|
| 25.77 |
|
| 0.46 |
|
| (2.18 | ) |
| (1.72 | ) |
| (0.50 | ) |
| (0.27 | ) | ||
| 5/31/21 |
|
| 20.21 |
|
| 0.40 |
|
| 5.64 |
|
| 6.04 |
|
| (0.40 | ) |
| (0.08 | ) | ||
| 5/31/20 |
|
| 19.12 |
|
| 0.46 |
|
| 1.11 |
|
| 1.57 |
|
| (0.46 | ) |
| (0.02 | ) | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retirement Class |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
| 5/31/24 |
|
| 22.59 |
|
| 0.52 |
|
| 3.14 |
|
| 3.66 |
|
| (0.48 | ) |
| — |
| ||
| 5/31/23 |
|
| 23.04 |
|
| 0.41 |
|
| (0.33 | ) |
| 0.08 |
|
| (0.40 | ) |
| (0.13 | ) | ||
| 5/31/22 |
|
| 25.52 |
|
| 0.40 |
|
| (2.18 | ) |
| (1.78 | ) |
| (0.43 | ) |
| (0.27 | ) | ||
| 5/31/21 |
|
| 20.02 |
|
| 0.33 |
|
| 5.60 |
|
| 5.93 |
|
| (0.35 | ) |
| (0.08 | ) | ||
| 5/31/20 |
|
| 18.94 |
|
| 0.41 |
|
| 1.10 |
|
| 1.51 |
|
| (0.41 | ) |
| (0.02 | ) | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
a | Based on average shares outstanding. | |||||||||||||||||||||
b | Total returns are not annualized. | |||||||||||||||||||||
g | The Fund’s expenses include the expenses of the Underlying Funds. | |||||||||||||||||||||
j | 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. | |||||||||||||||||||||
256 Prospectus ■ Nuveen Lifecycle Index Funds
(continued)
|
|
|
|
|
|
|
|
|
| Ratios and supplemental data | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
| Ratios to average net assets |
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
| Net asset
|
| Total
| b |
|
| Gross
| g | Net
| g |
|
| Portfolio
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| $ (0.52 | ) |
| $ 26.00 |
|
| 16.57 | % | $27,533 |
|
| 0.28 | % |
| 0.21 | % |
| 2.26 | % | 11 | % | ||
| (0.56 | ) |
| 22.78 |
|
| 0.56 |
|
| 25,308 |
|
| 0.27 |
|
| 0.20 |
|
| 2.03 |
|
| 12 |
|
| (0.74 | ) |
| 23.24 |
|
| (7.09 | ) |
| 18,143 |
|
| 0.28 |
|
| 0.20 |
|
| 1.72 |
|
| 12 |
|
| (0.47 | ) |
| 25.73 |
|
| 30.03 |
|
| 15,231 |
|
| 0.28 |
|
| 0.20 |
|
| 1.37 |
|
| 15 |
|
| (0.46 | ) |
| 20.18 |
|
| 8.02 |
|
| 3,623 |
|
| 0.29 |
|
| 0.20 |
|
| 2.51 |
|
| 14 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (0.51 | ) |
| 25.89 |
|
| 16.49 |
|
| 194,855 |
|
| 0.33 |
|
| 0.26 |
|
| 2.25 |
|
| 11 |
|
| (0.55 | ) |
| 22.69 |
|
| 0.54 |
|
| 169,166 |
|
| 0.32 |
|
| 0.25 |
|
| 1.96 |
|
| 12 |
|
| (0.73 | ) |
| 23.14 |
|
| (7.18 | ) |
| 161,087 |
|
| 0.33 |
|
| 0.25 |
|
| 1.97 |
|
| 12 |
|
| (0.45 | ) |
| 25.63 |
|
| 29.90 |
|
| 470,422 |
|
| 0.33 |
|
| 0.25 |
|
| 1.54 |
|
| 15 |
|
| (0.45 | ) |
| 20.11 |
|
| 8.02 |
|
| 331,062 |
|
| 0.34 |
|
| 0.26 |
|
| 2.15 |
|
| 14 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (0.54 | ) |
| 26.06 |
|
| 16.68 |
|
| 7,806,878 |
|
| 0.18 |
|
| 0.11 |
|
| 2.37 |
|
| 11 |
|
| (0.58 | ) |
| 22.83 |
|
| 0.69 |
|
| 6,172,055 |
|
| 0.17 |
|
| 0.10 |
|
| 2.11 |
|
| 12 |
|
| (0.77 | ) |
| 23.28 |
|
| (7.00 | ) |
| 5,330,114 |
|
| 0.18 |
|
| 0.10 |
|
| 1.81 |
|
| 12 |
|
| (0.48 | ) |
| 25.77 |
|
| 30.12 |
|
| 4,697,189 |
|
| 0.18 |
|
| 0.10 |
|
| 1.70 |
|
| 15 |
|
| (0.48 | ) |
| 20.21 |
|
| 8.12 |
|
| 3,151,680 |
|
| 0.19 |
|
| 0.11 |
|
| 2.30 |
|
| 14 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (0.48 | ) |
| 25.77 |
|
| 16.36 |
|
| 428,608 |
|
| 0.43 |
|
| 0.36 |
|
| 2.14 |
|
| 11 |
|
| (0.53 | ) |
| 22.59 |
|
| 0.43 |
|
| 398,405 |
|
| 0.42 |
|
| 0.35 |
|
| 1.86 |
|
| 12 |
|
| (0.70 | ) |
| 23.04 |
|
| (7.26 | ) |
| 401,495 |
|
| 0.43 |
|
| 0.35 |
|
| 1.58 |
|
| 12 |
|
| (0.43 | ) |
| 25.52 |
|
| 29.81 |
|
| 451,962 |
|
| 0.43 |
|
| 0.35 |
|
| 1.45 |
|
| 15 |
|
| (0.43 | ) |
| 20.02 |
|
| 7.89 |
|
| 372,294 |
|
| 0.44 |
|
| 0.36 |
|
| 2.04 |
|
| 14 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuveen Lifecycle Index Funds ■ Prospectus 257
Financial highlights
Nuveen Lifecycle Index 2040 Fund
|
|
|
|
| Selected per share data | |||||||||||||||||
|
|
|
|
|
|
|
| Gain (loss) from investment operations |
|
|
|
|
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Less distributions from | |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| For
the |
| Net asset
|
|
| a |
| j | Total gain
|
| Net
|
| Net
|
| ||||||
Class I |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
| 5/31/24 |
|
| $ 24.16 |
|
| $ 0.55 |
|
| $ 3.97 |
|
| $ 4.52 |
|
| $ (0.53 | ) |
| $ — |
| ||
| 5/31/23 |
|
| 24.51 |
|
| 0.47 |
|
| (0.24 | ) |
| 0.23 |
|
| (0.45 | ) |
| (0.13 | ) | ||
| 5/31/22 |
|
| 27.16 |
|
| 0.47 |
|
| (2.32 | ) |
| (1.85 | ) |
| (0.51 | ) |
| (0.29 | ) | ||
| 5/31/21 |
|
| 20.69 |
|
| 0.31 |
|
| 6.64 |
|
| 6.95 |
|
| (0.40 | ) |
| (0.08 | ) | ||
| 5/31/20 |
|
| 19.63 |
|
| 0.47 |
|
| 1.07 |
|
| 1.54 |
|
| (0.46 | ) |
| (0.02 | ) | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Premier Class |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
| 5/31/24 |
|
| 24.05 |
|
| 0.56 |
|
| 3.93 |
|
| 4.49 |
|
| (0.52 | ) |
| — |
| ||
| 5/31/23 |
|
| 24.40 |
|
| 0.44 |
|
| (0.23 | ) |
| 0.21 |
|
| (0.43 | ) |
| (0.13 | ) | ||
| 5/31/22 |
|
| 27.04 |
|
| 0.54 |
|
| (2.40 | ) |
| (1.86 | ) |
| (0.49 | ) |
| (0.29 | ) | ||
| 5/31/21 |
|
| 20.60 |
|
| 0.36 |
|
| 6.54 |
|
| 6.90 |
|
| (0.38 | ) |
| (0.08 | ) | ||
| 5/31/20 |
|
| 19.55 |
|
| 0.44 |
|
| 1.07 |
|
| 1.51 |
|
| (0.44 | ) |
| (0.02 | ) | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class R6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
| 5/31/24 |
|
| 24.20 |
|
| 0.58 |
|
| 3.98 |
|
| 4.56 |
|
| (0.56 | ) |
| — |
| ||
| 5/31/23 |
|
| 24.55 |
|
| 0.48 |
|
| (0.23 | ) |
| 0.25 |
|
| (0.47 | ) |
| (0.13 | ) | ||
| 5/31/22 |
|
| 27.19 |
|
| 0.48 |
|
| (2.30 | ) |
| (1.82 | ) |
| (0.53 | ) |
| (0.29 | ) | ||
| 5/31/21 |
|
| 20.71 |
|
| 0.41 |
|
| 6.56 |
|
| 6.97 |
|
| (0.41 | ) |
| (0.08 | ) | ||
| 5/31/20 |
|
| 19.65 |
|
| 0.47 |
|
| 1.08 |
|
| 1.55 |
|
| (0.47 | ) |
| (0.02 | ) | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retirement Class |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
| 5/31/24 |
|
| 23.96 |
|
| 0.52 |
|
| 3.93 |
|
| 4.45 |
|
| (0.50 | ) |
| — |
| ||
| 5/31/23 |
|
| 24.30 |
|
| 0.42 |
|
| (0.22 | ) |
| 0.20 |
|
| (0.41 | ) |
| (0.13 | ) | ||
| 5/31/22 |
|
| 26.93 |
|
| 0.42 |
|
| (2.30 | ) |
| (1.88 | ) |
| (0.46 | ) |
| (0.29 | ) | ||
| 5/31/21 |
|
| 20.52 |
|
| 0.34 |
|
| 6.51 |
|
| 6.85 |
|
| (0.36 | ) |
| (0.08 | ) | ||
| 5/31/20 |
|
| 19.47 |
|
| 0.42 |
|
| 1.07 |
|
| 1.49 |
|
| (0.42 | ) |
| (0.02 | ) | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
a | Based on average shares outstanding. | |||||||||||||||||||||
b | Total returns are not annualized. | |||||||||||||||||||||
g | The Fund’s expenses include the expenses of the Underlying Funds. | |||||||||||||||||||||
j | 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. | |||||||||||||||||||||
258 Prospectus ■ Nuveen Lifecycle Index Funds
(continued)
|
|
|
|
|
|
|
|
|
| Ratios and supplemental data | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
| Ratios to average net assets |
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
| Net asset
|
| Total
| b |
|
| Gross
| g | Net
| g |
|
| Portfolio
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| $ (0.53 | ) |
| $ 28.15 |
|
| 18.90 | % | $28,684 |
|
| 0.27 | % |
| 0.21 | % |
| 2.10 | % | 9 | % | ||
| (0.58 | ) |
| 24.16 |
|
| 1.05 |
|
| 24,491 |
|
| 0.27 |
|
| 0.20 |
|
| 2.00 |
|
| 13 |
|
| (0.80 | ) |
| 24.51 |
|
| (7.12 | ) |
| 21,468 |
|
| 0.27 |
|
| 0.20 |
|
| 1.75 |
|
| 12 |
|
| (0.48 | ) |
| 27.16 |
|
| 33.78 |
|
| 16,071 |
|
| 0.28 |
|
| 0.20 |
|
| 1.25 |
|
| 14 |
|
| (0.48 | ) |
| 20.69 |
|
| 7.75 |
|
| 3,215 |
|
| 0.28 |
|
| 0.19 |
|
| 2.30 |
|
| 11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (0.52 | ) |
| 28.02 |
|
| 18.86 |
|
| 200,053 |
|
| 0.32 |
|
| 0.26 |
|
| 2.14 |
|
| 9 |
|
| (0.56 | ) |
| 24.05 |
|
| 0.99 |
|
| 176,064 |
|
| 0.32 |
|
| 0.25 |
|
| 1.88 |
|
| 13 |
|
| (0.78 | ) |
| 24.40 |
|
| (7.18 | ) |
| 172,180 |
|
| 0.32 |
|
| 0.25 |
|
| 1.98 |
|
| 12 |
|
| (0.46 | ) |
| 27.04 |
|
| 33.69 |
|
| 447,061 |
|
| 0.33 |
|
| 0.25 |
|
| 1.50 |
|
| 14 |
|
| (0.46 | ) |
| 20.60 |
|
| 7.65 |
|
| 291,837 |
|
| 0.34 |
|
| 0.25 |
|
| 2.12 |
|
| 11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (0.56 | ) |
| 28.20 |
|
| 19.02 |
|
| 8,245,416 |
|
| 0.17 |
|
| 0.11 |
|
| 2.23 |
|
| 9 |
|
| (0.60 | ) |
| 24.20 |
|
| 1.15 |
|
| 6,388,981 |
|
| 0.17 |
|
| 0.10 |
|
| 2.03 |
|
| 13 |
|
| (0.82 | ) |
| 24.55 |
|
| (7.00 | ) |
| 5,515,470 |
|
| 0.17 |
|
| 0.10 |
|
| 1.78 |
|
| 12 |
|
| (0.49 | ) |
| 27.19 |
|
| 33.87 |
|
| 4,914,220 |
|
| 0.18 |
|
| 0.10 |
|
| 1.68 |
|
| 14 |
|
| (0.49 | ) |
| 20.71 |
|
| 7.81 |
|
| 3,297,735 |
|
| 0.19 |
|
| 0.10 |
|
| 2.28 |
|
| 11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (0.50 | ) |
| 27.91 |
|
| 18.72 |
|
| 400,006 |
|
| 0.42 |
|
| 0.36 |
|
| 2.02 |
|
| 9 |
|
| (0.54 | ) |
| 23.96 |
|
| 0.93 |
|
| 374,723 |
|
| 0.42 |
|
| 0.35 |
|
| 1.79 |
|
| 13 |
|
| (0.75 | ) |
| 24.30 |
|
| (7.26 | ) |
| 385,438 |
|
| 0.42 |
|
| 0.35 |
|
| 1.55 |
|
| 12 |
|
| (0.44 | ) |
| 26.93 |
|
| 33.55 |
|
| 435,795 |
|
| 0.43 |
|
| 0.35 |
|
| 1.42 |
|
| 14 |
|
| (0.44 | ) |
| 20.52 |
|
| 7.58 |
|
| 348,208 |
|
| 0.44 |
|
| 0.35 |
|
| 2.02 |
|
| 11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuveen Lifecycle Index Funds ■ Prospectus 259
Financial highlights
Nuveen Lifecycle Index 2045 Fund
|
|
|
|
| Selected per share data | |||||||||||||||||
|
|
|
|
|
|
|
| Gain (loss) from investment operations |
|
|
|
|
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Less distributions from | |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| For
the |
| Net asset
|
|
| a |
| j | Total gain
|
| Net
|
| Net
|
| ||||||
Class I |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
| 5/31/24 |
|
| $ 25.00 |
|
| $ 0.55 |
|
| $ 4.51 |
|
| $ 5.06 |
|
| $ (0.54 | ) |
| $ — |
| ||
| 5/31/23 |
|
| 25.33 |
|
| 0.46 |
|
| (0.23 | ) |
| 0.23 |
|
| (0.45 | ) |
| (0.11 | ) | ||
| 5/31/22 |
|
| 27.93 |
|
| 0.49 |
|
| (2.38 | ) |
| (1.89 | ) |
| (0.53 | ) |
| (0.18 | ) | ||
| 5/31/21 |
|
| 20.65 |
|
| 0.32 |
|
| 7.39 |
|
| 7.71 |
|
| (0.39 | ) |
| (0.04 | ) | ||
| 5/31/20 |
|
| 19.66 |
|
| 0.48 |
|
| 0.99 |
|
| 1.47 |
|
| (0.46 | ) |
| (0.02 | ) | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Premier Class |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
| 5/31/24 |
|
| 24.92 |
|
| 0.56 |
|
| 4.48 |
|
| 5.04 |
|
| (0.53 | ) |
| — |
| ||
| 5/31/23 |
|
| 25.25 |
|
| 0.44 |
|
| (0.23 | ) |
| 0.21 |
|
| (0.43 | ) |
| (0.11 | ) | ||
| 5/31/22 |
|
| 27.83 |
|
| 0.62 |
|
| (2.51 | ) |
| (1.89 | ) |
| (0.51 | ) |
| (0.18 | ) | ||
| 5/31/21 |
|
| 20.58 |
|
| 0.36 |
|
| 7.31 |
|
| 7.67 |
|
| (0.38 | ) |
| (0.04 | ) | ||
| 5/31/20 |
|
| 19.60 |
|
| 0.44 |
|
| 1.01 |
|
| 1.45 |
|
| (0.45 | ) |
| (0.02 | ) | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class R6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
| 5/31/24 |
|
| 25.05 |
|
| 0.59 |
|
| 4.52 |
|
| 5.11 |
|
| (0.57 | ) |
| — |
| ||
| 5/31/23 |
|
| 25.39 |
|
| 0.48 |
|
| (0.24 | ) |
| 0.24 |
|
| (0.47 | ) |
| (0.11 | ) | ||
| 5/31/22 |
|
| 27.98 |
|
| 0.49 |
|
| (2.35 | ) |
| (1.86 | ) |
| (0.55 | ) |
| (0.18 | ) | ||
| 5/31/21 |
|
| 20.68 |
|
| 0.41 |
|
| 7.34 |
|
| 7.75 |
|
| (0.41 | ) |
| (0.04 | ) | ||
| 5/31/20 |
|
| 19.69 |
|
| 0.47 |
|
| 1.02 |
|
| 1.49 |
|
| (0.48 | ) |
| (0.02 | ) | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retirement Class |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
| 5/31/24 |
|
| 24.79 |
|
| 0.52 |
|
| 4.47 |
|
| 4.99 |
|
| (0.51 | ) |
| — |
| ||
| 5/31/23 |
|
| 25.12 |
|
| 0.42 |
|
| (0.23 | ) |
| 0.19 |
|
| (0.41 | ) |
| (0.11 | ) | ||
| 5/31/22 |
|
| 27.70 |
|
| 0.43 |
|
| (2.35 | ) |
| (1.92 | ) |
| (0.48 | ) |
| (0.18 | ) | ||
| 5/31/21 |
|
| 20.49 |
|
| 0.34 |
|
| 7.26 |
|
| 7.60 |
|
| (0.35 | ) |
| (0.04 | ) | ||
| 5/31/20 |
|
| 19.51 |
|
| 0.42 |
|
| 1.01 |
|
| 1.43 |
|
| (0.43 | ) |
| (0.02 | ) | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
a | Based on average shares outstanding. | |||||||||||||||||||||
b | Total returns are not annualized. | |||||||||||||||||||||
g | The Fund’s expenses include the expenses of the Underlying Funds. | |||||||||||||||||||||
j | 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. | |||||||||||||||||||||
260 Prospectus ■ Nuveen Lifecycle Index Funds
(continued)
|
|
|
|
|
|
|
|
|
| Ratios and supplemental data | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
| Ratios to average net assets |
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
| Net asset
|
| Total
| b |
|
| Gross
| g | Net
| g |
|
| Portfolio
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| $ (0.54 | ) |
| $ 29.52 |
|
| 20.46 | % | $27,460 |
|
| 0.27 | % |
| 0.21 | % |
| 2.01 | % | 8 | % | ||
| (0.56 | ) |
| 25.00 |
|
| 1.05 |
|
| 24,082 |
|
| 0.27 |
|
| 0.20 |
|
| 1.90 |
|
| 10 |
|
| (0.71 | ) |
| 25.33 |
|
| (7.04 | ) |
| 18,259 |
|
| 0.27 |
|
| 0.20 |
|
| 1.77 |
|
| 11 |
|
| (0.43 | ) |
| 27.93 |
|
| 37.58 |
|
| 12,840 |
|
| 0.28 |
|
| 0.20 |
|
| 1.29 |
|
| 11 |
|
| (0.48 | ) |
| 20.65 |
|
| 7.37 |
|
| 2,504 |
|
| 0.29 |
|
| 0.21 |
|
| 2.31 |
|
| 6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (0.53 | ) |
| 29.43 |
|
| 20.44 |
|
| 131,291 |
|
| 0.32 |
|
| 0.25 |
|
| 2.06 |
|
| 8 |
|
| (0.54 | ) |
| 24.92 |
|
| 0.99 |
|
| 103,386 |
|
| 0.32 |
|
| 0.25 |
|
| 1.84 |
|
| 10 |
|
| (0.69 | ) |
| 25.25 |
|
| (7.06 | ) |
| 90,924 |
|
| 0.32 |
|
| 0.25 |
|
| 2.17 |
|
| 11 |
|
| (0.42 | ) |
| 27.83 |
|
| 37.48 |
|
| 352,496 |
|
| 0.32 |
|
| 0.25 |
|
| 1.47 |
|
| 11 |
|
| (0.47 | ) |
| 20.58 |
|
| 7.28 |
|
| 225,642 |
|
| 0.34 |
|
| 0.25 |
|
| 2.12 |
|
| 6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (0.57 | ) |
| 29.59 |
|
| 20.61 |
|
| 6,926,481 |
|
| 0.17 |
|
| 0.11 |
|
| 2.16 |
|
| 8 |
|
| (0.58 | ) |
| 25.05 |
|
| 1.11 |
|
| 5,095,781 |
|
| 0.17 |
|
| 0.10 |
|
| 1.96 |
|
| 10 |
|
| (0.73 | ) |
| 25.39 |
|
| (6.92 | ) |
| 4,224,772 |
|
| 0.17 |
|
| 0.10 |
|
| 1.75 |
|
| 11 |
|
| (0.45 | ) |
| 27.98 |
|
| 37.71 |
|
| 3,640,347 |
|
| 0.17 |
|
| 0.10 |
|
| 1.65 |
|
| 11 |
|
| (0.50 | ) |
| 20.68 |
|
| 7.43 |
|
| 2,269,913 |
|
| 0.19 |
|
| 0.10 |
|
| 2.27 |
|
| 6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (0.51 | ) |
| 29.27 |
|
| 20.30 |
|
| 334,163 |
|
| 0.42 |
|
| 0.35 |
|
| 1.94 |
|
| 8 |
|
| (0.52 | ) |
| 24.79 |
|
| 0.89 |
|
| 297,992 |
|
| 0.42 |
|
| 0.35 |
|
| 1.76 |
|
| 10 |
|
| (0.66 | ) |
| 25.12 |
|
| (7.18 | ) |
| 308,109 |
|
| 0.42 |
|
| 0.35 |
|
| 1.54 |
|
| 11 |
|
| (0.39 | ) |
| 27.70 |
|
| 37.32 |
|
| 328,342 |
|
| 0.42 |
|
| 0.35 |
|
| 1.40 |
|
| 11 |
|
| (0.45 | ) |
| 20.49 |
|
| 7.21 |
|
| 256,314 |
|
| 0.44 |
|
| 0.35 |
|
| 2.03 |
|
| 6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuveen Lifecycle Index Funds ■ Prospectus 261
Financial highlights
Nuveen Lifecycle Index 2050 Fund
|
|
|
|
| Selected per share data | |||||||||||||||||
|
|
|
|
|
|
|
| Gain (loss) from investment operations |
|
|
|
|
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Less distributions from | |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| For
the |
| Net asset
|
|
| a |
| j | Total gain
|
| Net
|
| Net
|
| ||||||
Class I |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
| 5/31/24 |
|
| $ 25.32 |
|
| $ 0.54 |
|
| $ 4.78 |
|
| $ 5.32 |
|
| $ (0.55 | ) |
| $ (0.03 | ) | ||
| 5/31/23 |
|
| 25.64 |
|
| 0.48 |
|
| (0.26 | ) |
| 0.22 |
|
| (0.45 | ) |
| (0.09 | ) | ||
| 5/31/22 |
|
| 28.21 |
|
| 0.49 |
|
| (2.40 | ) |
| (1.91 | ) |
| (0.54 | ) |
| (0.12 | ) | ||
| 5/31/21 |
|
| 20.72 |
|
| 0.33 |
|
| 7.58 |
|
| 7.91 |
|
| (0.39 | ) |
| (0.03 | ) | ||
| 5/31/20 |
|
| 19.73 |
|
| 0.50 |
|
| 0.97 |
|
| 1.47 |
|
| (0.46 | ) |
| (0.02 | ) | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Premier Class |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
| 5/31/24 |
|
| 25.23 |
|
| 0.56 |
|
| 4.72 |
|
| 5.28 |
|
| (0.54 | ) |
| (0.03 | ) | ||
| 5/31/23 |
|
| 25.54 |
|
| 0.44 |
|
| (0.23 | ) |
| 0.21 |
|
| (0.43 | ) |
| (0.09 | ) | ||
| 5/31/22 |
|
| 28.09 |
|
| 0.64 |
|
| (2.55 | ) |
| (1.91 | ) |
| (0.52 | ) |
| (0.12 | ) | ||
| 5/31/21 |
|
| 20.63 |
|
| 0.36 |
|
| 7.51 |
|
| 7.87 |
|
| (0.38 | ) |
| (0.03 | ) | ||
| 5/31/20 |
|
| 19.65 |
|
| 0.44 |
|
| 1.01 |
|
| 1.45 |
|
| (0.45 | ) |
| (0.02 | ) | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class R6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
| 5/31/24 |
|
| 25.37 |
|
| 0.59 |
|
| 4.77 |
|
| 5.36 |
|
| (0.58 | ) |
| (0.03 | ) | ||
| 5/31/23 |
|
| 25.69 |
|
| 0.47 |
|
| (0.23 | ) |
| 0.24 |
|
| (0.47 | ) |
| (0.09 | ) | ||
| 5/31/22 |
|
| 28.25 |
|
| 0.49 |
|
| (2.37 | ) |
| (1.88 | ) |
| (0.56 | ) |
| (0.12 | ) | ||
| 5/31/21 |
|
| 20.75 |
|
| 0.41 |
|
| 7.53 |
|
| 7.94 |
|
| (0.41 | ) |
| (0.03 | ) | ||
| 5/31/20 |
|
| 19.75 |
|
| 0.47 |
|
| 1.03 |
|
| 1.50 |
|
| (0.48 | ) |
| (0.02 | ) | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retirement Class |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
| 5/31/24 |
|
| 25.09 |
|
| 0.52 |
|
| 4.70 |
|
| 5.22 |
|
| (0.51 | ) |
| (0.03 | ) | ||
| 5/31/23 |
|
| 25.41 |
|
| 0.42 |
|
| (0.25 | ) |
| 0.17 |
|
| (0.40 | ) |
| (0.09 | ) | ||
| 5/31/22 |
|
| 27.95 |
|
| 0.42 |
|
| (2.35 | ) |
| (1.93 | ) |
| (0.49 | ) |
| (0.12 | ) | ||
| 5/31/21 |
|
| 20.54 |
|
| 0.34 |
|
| 7.45 |
|
| 7.79 |
|
| (0.35 | ) |
| (0.03 | ) | ||
| 5/31/20 |
|
| 19.56 |
|
| 0.42 |
|
| 1.01 |
|
| 1.43 |
|
| (0.43 | ) |
| (0.02 | ) | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
a | Based on average shares outstanding. | |||||||||||||||||||||
b | Total returns are not annualized. | |||||||||||||||||||||
g | The Fund’s expenses include the expenses of the Underlying Funds. | |||||||||||||||||||||
j | 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. | |||||||||||||||||||||
262 Prospectus ■ Nuveen Lifecycle Index Funds
(continued)
|
|
|
|
|
|
|
|
|
| Ratios and supplemental data | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
| Ratios to average net assets |
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
| Net asset
|
| Total
| b |
|
| Gross
| g | Net
| g |
|
| Portfolio
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| $ (0.58 | ) |
| $ 30.06 |
|
| 21.23 | % | $22,004 |
|
| 0.27 | % |
| 0.21 | % |
| 1.98 | % | 7 | % | ||
| (0.54 | ) |
| 25.32 |
|
| 0.99 |
|
| 19,403 |
|
| 0.27 |
|
| 0.20 |
|
| 1.96 |
|
| 8 |
|
| (0.66 | ) |
| 25.64 |
|
| (7.04 | ) |
| 14,242 |
|
| 0.27 |
|
| 0.20 |
|
| 1.75 |
|
| 11 |
|
| (0.42 | ) |
| 28.21 |
|
| 38.42 |
|
| 10,851 |
|
| 0.27 |
|
| 0.20 |
|
| 1.30 |
|
| 9 |
|
| (0.48 | ) |
| 20.72 |
|
| 7.35 |
|
| 2,546 |
|
| 0.28 |
|
| 0.20 |
|
| 2.41 |
|
| 5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (0.57 | ) |
| 29.94 |
|
| 21.13 |
|
| 96,700 |
|
| 0.32 |
|
| 0.26 |
|
| 2.03 |
|
| 7 |
|
| (0.52 | ) |
| 25.23 |
|
| 0.96 |
|
| 83,196 |
|
| 0.32 |
|
| 0.25 |
|
| 1.79 |
|
| 8 |
|
| (0.64 | ) |
| 25.54 |
|
| (7.06 | ) |
| 80,318 |
|
| 0.32 |
|
| 0.25 |
|
| 2.20 |
|
| 11 |
|
| (0.41 | ) |
| 28.09 |
|
| 38.36 |
|
| 295,691 |
|
| 0.33 |
|
| 0.25 |
|
| 1.47 |
|
| 9 |
|
| (0.47 | ) |
| 20.63 |
|
| 7.26 |
|
| 188,481 |
|
| 0.34 |
|
| 0.25 |
|
| 2.11 |
|
| 5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (0.61 | ) |
| 30.12 |
|
| 21.34 |
|
| 5,863,809 |
|
| 0.17 |
|
| 0.11 |
|
| 2.12 |
|
| 7 |
|
| (0.56 | ) |
| 25.37 |
|
| 1.07 |
|
| 4,258,463 |
|
| 0.17 |
|
| 0.10 |
|
| 1.93 |
|
| 8 |
|
| (0.68 | ) |
| 25.69 |
|
| (6.92 | ) |
| 3,473,689 |
|
| 0.17 |
|
| 0.10 |
|
| 1.75 |
|
| 11 |
|
| (0.44 | ) |
| 28.25 |
|
| 38.50 |
|
| 2,948,578 |
|
| 0.18 |
|
| 0.10 |
|
| 1.63 |
|
| 9 |
|
| (0.50 | ) |
| 20.75 |
|
| 7.46 |
|
| 1,786,312 |
|
| 0.19 |
|
| 0.10 |
|
| 2.26 |
|
| 5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (0.54 | ) |
| 29.77 |
|
| 21.01 |
|
| 282,437 |
|
| 0.42 |
|
| 0.36 |
|
| 1.91 |
|
| 7 |
|
| (0.49 | ) |
| 25.09 |
|
| 0.82 |
|
| 251,668 |
|
| 0.42 |
|
| 0.35 |
|
| 1.74 |
|
| 8 |
|
| (0.61 | ) |
| 25.41 |
|
| (7.15 | ) |
| 271,085 |
|
| 0.42 |
|
| 0.35 |
|
| 1.52 |
|
| 11 |
|
| (0.38 | ) |
| 27.95 |
|
| 38.15 |
|
| 285,738 |
|
| 0.43 |
|
| 0.35 |
|
| 1.41 |
|
| 9 |
|
| (0.45 | ) |
| 20.54 |
|
| 7.19 |
|
| 218,846 |
|
| 0.45 |
|
| 0.35 |
|
| 2.04 |
|
| 5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuveen Lifecycle Index Funds ■ Prospectus 263
Financial highlights
Nuveen Lifecycle Index 2055 Fund
|
|
|
|
| Selected per share data | |||||||||||||||||
|
|
|
|
|
|
|
| Gain (loss) from investment operations |
|
|
|
|
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Less distributions from | |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| For
the |
| Net asset
|
|
| a |
| j | Total gain
|
| Net
|
| Net
|
| ||||||
Class I |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
| 5/31/24 |
|
| $ 20.42 |
|
| $ 0.42 |
|
| $ 3.92 |
|
| $ 4.34 |
|
| $ (0.44 | ) |
| $ (0.02 | ) | ||
| 5/31/23 |
|
| 20.66 |
|
| 0.36 |
|
| (0.18 | ) |
| 0.18 |
|
| (0.36 | ) |
| (0.06 | ) | ||
| 5/31/22 |
|
| 22.66 |
|
| 0.38 |
|
| (1.92 | ) |
| (1.54 | ) |
| (0.43 | ) |
| (0.03 | ) | ||
| 5/31/21 |
|
| 16.57 |
|
| 0.29 |
|
| 6.13 |
|
| 6.42 |
|
| (0.31 | ) |
| (0.02 | ) | ||
| 5/31/20 |
|
| 15.79 |
|
| 0.35 |
|
| 0.82 |
|
| 1.17 |
|
| (0.37 | ) |
| (0.02 | ) | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Premier Class |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
| 5/31/24 |
|
| 20.39 |
|
| 0.47 |
|
| 3.86 |
|
| 4.33 |
|
| (0.43 | ) |
| (0.02 | ) | ||
| 5/31/23 |
|
| 20.63 |
|
| 0.35 |
|
| (0.19 | ) |
| 0.16 |
|
| (0.34 | ) |
| (0.06 | ) | ||
| 5/31/22 |
|
| 22.62 |
|
| 0.53 |
|
| (2.07 | ) |
| (1.54 | ) |
| (0.42 | ) |
| (0.03 | ) | ||
| 5/31/21 |
|
| 16.54 |
|
| 0.29 |
|
| 6.11 |
|
| 6.40 |
|
| (0.30 | ) |
| (0.02 | ) | ||
| 5/31/20 |
|
| 15.76 |
|
| 0.35 |
|
| 0.81 |
|
| 1.16 |
|
| (0.36 | ) |
| (0.02 | ) | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class R6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
| 5/31/24 |
|
| 20.46 |
|
| 0.47 |
|
| 3.90 |
|
| 4.37 |
|
| (0.46 | ) |
| (0.02 | ) | ||
| 5/31/23 |
|
| 20.70 |
|
| 0.38 |
|
| (0.19 | ) |
| 0.19 |
|
| (0.37 | ) |
| (0.06 | ) | ||
| 5/31/22 |
|
| 22.70 |
|
| 0.40 |
|
| (1.92 | ) |
| (1.52 | ) |
| (0.45 | ) |
| (0.03 | ) | ||
| 5/31/21 |
|
| 16.59 |
|
| 0.32 |
|
| 6.14 |
|
| 6.46 |
|
| (0.33 | ) |
| (0.02 | ) | ||
| 5/31/20 |
|
| 15.80 |
|
| 0.37 |
|
| 0.82 |
|
| 1.19 |
|
| (0.38 | ) |
| (0.02 | ) | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retirement Class |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
| 5/31/24 |
|
| 20.33 |
|
| 0.42 |
|
| 3.87 |
|
| 4.29 |
|
| (0.41 | ) |
| (0.02 | ) | ||
| 5/31/23 |
|
| 20.57 |
|
| 0.35 |
|
| (0.20 | ) |
| 0.15 |
|
| (0.33 | ) |
| (0.06 | ) | ||
| 5/31/22 |
|
| 22.56 |
|
| 0.34 |
|
| (1.91 | ) |
| (1.57 | ) |
| (0.39 | ) |
| (0.03 | ) | ||
| 5/31/21 |
|
| 16.50 |
|
| 0.28 |
|
| 6.08 |
|
| 6.36 |
|
| (0.28 | ) |
| (0.02 | ) | ||
| 5/31/20 |
|
| 15.73 |
|
| 0.34 |
|
| 0.79 |
|
| 1.13 |
|
| (0.34 | ) |
| (0.02 | ) | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
a | Based on average shares outstanding. | |||||||||||||||||||||
b | Total returns are not annualized. | |||||||||||||||||||||
g | The Fund’s expenses include the expenses of the Underlying Funds. | |||||||||||||||||||||
j | 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. | |||||||||||||||||||||
264 Prospectus ■ Nuveen Lifecycle Index Funds
(continued)
|
|
|
|
|
|
|
|
|
| Ratios and supplemental data | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
| Ratios to average net assets |
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
| Net asset
|
| Total
| b |
|
| Gross
| g | Net
| g |
|
| Portfolio
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| $ (0.46 | ) |
| $ 24.30 |
|
| 21.49 | % | $19,948 |
|
| 0.27 | % |
| 0.20 | % |
| 1.90 | % | 7 | % | ||
| (0.42 | ) |
| 20.42 |
|
| 1.02 |
|
| 16,680 |
|
| 0.27 |
|
| 0.20 |
|
| 1.85 |
|
| 7 |
|
| (0.46 | ) |
| 20.66 |
|
| (7.00 | ) |
| 12,050 |
|
| 0.28 |
|
| 0.20 |
|
| 1.71 |
|
| 11 |
|
| (0.33 | ) |
| 22.66 |
|
| 38.98 |
|
| 8,251 |
|
| 0.28 |
|
| 0.20 |
|
| 1.46 |
|
| 6 |
|
| (0.39 | ) |
| 16.57 |
|
| 7.24 |
|
| 1,534 |
|
| 0.29 |
|
| 0.20 |
|
| 2.13 |
|
| 7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (0.45 | ) |
| 24.27 |
|
| 21.47 |
|
| 41,614 |
|
| 0.33 |
|
| 0.26 |
|
| 2.11 |
|
| 7 |
|
| (0.40 | ) |
| 20.39 |
|
| 0.95 |
|
| 37,212 |
|
| 0.33 |
|
| 0.25 |
|
| 1.78 |
|
| 7 |
|
| (0.45 | ) |
| 20.63 |
|
| (7.02 | ) |
| 33,219 |
|
| 0.33 |
|
| 0.25 |
|
| 2.28 |
|
| 11 |
|
| (0.32 | ) |
| 22.62 |
|
| 38.91 |
|
| 142,662 |
|
| 0.33 |
|
| 0.25 |
|
| 1.45 |
|
| 6 |
|
| (0.38 | ) |
| 16.54 |
|
| 7.19 |
|
| 79,521 |
|
| 0.35 |
|
| 0.26 |
|
| 2.09 |
|
| 7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (0.48 | ) |
| 24.35 |
|
| 21.61 |
|
| 3,521,489 |
|
| 0.18 |
|
| 0.11 |
|
| 2.11 |
|
| 7 |
|
| (0.43 | ) |
| 20.46 |
|
| 1.10 |
|
| 2,428,738 |
|
| 0.18 |
|
| 0.10 |
|
| 1.92 |
|
| 7 |
|
| (0.48 | ) |
| 20.70 |
|
| (6.91 | ) |
| 1,822,272 |
|
| 0.18 |
|
| 0.10 |
|
| 1.75 |
|
| 11 |
|
| (0.35 | ) |
| 22.70 |
|
| 39.14 |
|
| 1,478,111 |
|
| 0.18 |
|
| 0.10 |
|
| 1.61 |
|
| 6 |
|
| (0.40 | ) |
| 16.59 |
|
| 7.37 |
|
| 801,496 |
|
| 0.20 |
|
| 0.11 |
|
| 2.23 |
|
| 7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (0.43 | ) |
| 24.19 |
|
| 21.32 |
|
| 165,330 |
|
| 0.43 |
|
| 0.36 |
|
| 1.89 |
|
| 7 |
|
| (0.39 | ) |
| 20.33 |
|
| 0.85 |
|
| 135,316 |
|
| 0.43 |
|
| 0.35 |
|
| 1.76 |
|
| 7 |
|
| (0.42 | ) |
| 20.57 |
|
| (7.13 | ) |
| 149,174 |
|
| 0.43 |
|
| 0.35 |
|
| 1.52 |
|
| 11 |
|
| (0.30 | ) |
| 22.56 |
|
| 38.76 |
|
| 149,564 |
|
| 0.43 |
|
| 0.35 |
|
| 1.44 |
|
| 6 |
|
| (0.36 | ) |
| 16.50 |
|
| 7.05 |
|
| 114,986 |
|
| 0.46 |
|
| 0.36 |
|
| 2.02 |
|
| 7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuveen Lifecycle Index Funds ■ Prospectus 265
Financial highlights
Nuveen Lifecycle Index 2060 Fund
|
|
|
|
| Selected per share data | |||||||||||||||||
|
|
|
|
|
|
|
| Gain (loss) from investment operations |
|
|
|
|
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Less distributions from | |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| For
the |
| Net asset
|
|
| a |
| j | Total gain
|
| Net
|
| Net
|
| ||||||
Class I |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
| 5/31/24 |
|
| $ 15.81 |
|
| $ 0.33 |
|
| $ 3.09 |
|
| $ 3.42 |
|
| $ (0.34 | ) |
| $ (0.02 | ) | ||
| 5/31/23 |
|
| 15.98 |
|
| 0.29 |
|
| (0.15 | ) |
| 0.14 |
|
| (0.27 | ) |
| (0.04 | ) | ||
| 5/31/22 |
|
| 17.51 |
|
| 0.29 |
|
| (1.48 | ) |
| (1.19 | ) |
| (0.33 | ) |
| (0.01 | ) | ||
| 5/31/21 |
|
| 12.75 |
|
| 0.20 |
|
| 4.81 |
|
| 5.01 |
|
| (0.24 | ) |
| (0.01 | ) | ||
| 5/31/20 |
|
| 12.15 |
|
| 0.27 |
|
| 0.62 |
|
| 0.89 |
|
| (0.28 | ) |
| (0.01 | ) | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Premier Class |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
| 5/31/24 |
|
| 15.79 |
|
| 0.34 |
|
| 3.06 |
|
| 3.40 |
|
| (0.33 | ) |
| (0.02 | ) | ||
| 5/31/23 |
|
| 15.96 |
|
| 0.27 |
|
| (0.13 | ) |
| 0.14 |
|
| (0.27 | ) |
| (0.04 | ) | ||
| 5/31/22 |
|
| 17.48 |
|
| 0.40 |
|
| (1.59 | ) |
| (1.19 | ) |
| (0.32 | ) |
| (0.01 | ) | ||
| 5/31/21 |
|
| 12.73 |
|
| 0.22 |
|
| 4.77 |
|
| 4.99 |
|
| (0.23 | ) |
| (0.01 | ) | ||
| 5/31/20 |
|
| 12.13 |
|
| 0.27 |
|
| 0.61 |
|
| 0.88 |
|
| (0.27 | ) |
| (0.01 | ) | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class R6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
| 5/31/24 |
|
| 15.83 |
|
| 0.36 |
|
| 3.08 |
|
| 3.44 |
|
| (0.36 | ) |
| (0.02 | ) | ||
| 5/31/23 |
|
| 15.99 |
|
| 0.29 |
|
| (0.12 | ) |
| 0.17 |
|
| (0.29 | ) |
| (0.04 | ) | ||
| 5/31/22 |
|
| 17.52 |
|
| 0.30 |
|
| (1.47 | ) |
| (1.17 | ) |
| (0.35 | ) |
| (0.01 | ) | ||
| 5/31/21 |
|
| 12.75 |
|
| 0.25 |
|
| 4.78 |
|
| 5.03 |
|
| (0.25 | ) |
| (0.01 | ) | ||
| 5/31/20 |
|
| 12.14 |
|
| 0.28 |
|
| 0.63 |
|
| 0.91 |
|
| (0.29 | ) |
| (0.01 | ) | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retirement Class |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
| 5/31/24 |
|
| 15.75 |
|
| 0.32 |
|
| 3.06 |
|
| 3.38 |
|
| (0.32 | ) |
| (0.02 | ) | ||
| 5/31/23 |
|
| 15.92 |
|
| 0.27 |
|
| (0.15 | ) |
| 0.12 |
|
| (0.25 | ) |
| (0.04 | ) | ||
| 5/31/22 |
|
| 17.44 |
|
| 0.26 |
|
| (1.46 | ) |
| (1.20 | ) |
| (0.31 | ) |
| (0.01 | ) | ||
| 5/31/21 |
|
| 12.70 |
|
| 0.22 |
|
| 4.75 |
|
| 4.97 |
|
| (0.22 | ) |
| (0.01 | ) | ||
| 5/31/20 |
|
| 12.11 |
|
| 0.26 |
|
| 0.60 |
|
| 0.86 |
|
| (0.26 | ) |
| (0.01 | ) | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
a | Based on average shares outstanding. | |||||||||||||||||||||
b | Total returns are not annualized. | |||||||||||||||||||||
g | The Fund’s expenses include the expenses of the Underlying Funds. | |||||||||||||||||||||
j | 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. | |||||||||||||||||||||
266 Prospectus ■ Nuveen Lifecycle Index Funds
(continued)
|
|
|
|
|
|
|
|
|
| Ratios and supplemental data | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
| Ratios to average net assets |
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
| Net asset
|
| Total
| b |
|
| Gross
| g | Net
| g |
|
| Portfolio
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| $ (0.36 | ) |
| $ 18.87 |
|
| 21.83 | % | $13,382 |
|
| 0.28 | % |
| 0.21 | % |
| 1.94 | % | 7 | % | ||
| (0.31 | ) |
| 15.81 |
|
| 1.05 |
|
| 10,940 |
|
| 0.28 |
|
| 0.20 |
|
| 1.89 |
|
| 7 |
|
| (0.34 | ) |
| 15.98 |
|
| (7.01 | ) |
| 9,092 |
|
| 0.29 |
|
| 0.20 |
|
| 1.69 |
|
| 10 |
|
| (0.25 | ) |
| 17.51 |
|
| 39.51 |
|
| 5,527 |
|
| 0.30 |
|
| 0.20 |
|
| 1.31 |
|
| 6 |
|
| (0.29 | ) |
| 12.75 |
|
| 7.21 |
|
| 1,292 |
|
| 0.35 |
|
| 0.20 |
|
| 2.11 |
|
| 16 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (0.35 | ) |
| 18.84 |
|
| 21.74 |
|
| 25,989 |
|
| 0.33 |
|
| 0.26 |
|
| 1.99 |
|
| 7 |
|
| (0.31 | ) |
| 15.79 |
|
| 0.99 |
|
| 21,158 |
|
| 0.34 |
|
| 0.25 |
|
| 1.76 |
|
| 7 |
|
| (0.33 | ) |
| 15.96 |
|
| (7.01 | ) |
| 15,601 |
|
| 0.34 |
|
| 0.25 |
|
| 2.23 |
|
| 10 |
|
| (0.24 | ) |
| 17.48 |
|
| 39.44 |
|
| 40,943 |
|
| 0.35 |
|
| 0.25 |
|
| 1.42 |
|
| 6 |
|
| (0.28 | ) |
| 12.73 |
|
| 7.17 |
|
| 17,927 |
|
| 0.41 |
|
| 0.26 |
|
| 2.09 |
|
| 16 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (0.38 | ) |
| 18.89 |
|
| 21.91 |
|
| 1,951,599 |
|
| 0.18 |
|
| 0.11 |
|
| 2.09 |
|
| 7 |
|
| (0.33 | ) |
| 15.83 |
|
| 1.20 |
|
| 1,257,068 |
|
| 0.19 |
|
| 0.10 |
|
| 1.92 |
|
| 7 |
|
| (0.36 | ) |
| 15.99 |
|
| (6.93 | ) |
| 828,871 |
|
| 0.19 |
|
| 0.10 |
|
| 1.75 |
|
| 10 |
|
| (0.26 | ) |
| 17.52 |
|
| 39.68 |
|
| 600,348 |
|
| 0.21 |
|
| 0.10 |
|
| 1.59 |
|
| 6 |
|
| (0.30 | ) |
| 12.75 |
|
| 7.36 |
|
| 267,485 |
|
| 0.26 |
|
| 0.11 |
|
| 2.21 |
|
| 16 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (0.34 | ) |
| 18.79 |
|
| 21.62 |
|
| 87,137 |
|
| 0.43 |
|
| 0.36 |
|
| 1.89 |
|
| 7 |
|
| (0.29 | ) |
| 15.75 |
|
| 0.90 |
|
| 63,746 |
|
| 0.44 |
|
| 0.35 |
|
| 1.79 |
|
| 7 |
|
| (0.32 | ) |
| 15.92 |
|
| (7.11 | ) |
| 67,009 |
|
| 0.44 |
|
| 0.35 |
|
| 1.50 |
|
| 10 |
|
| (0.23 | ) |
| 17.44 |
|
| 39.33 |
|
| 55,903 |
|
| 0.45 |
|
| 0.35 |
|
| 1.43 |
|
| 6 |
|
| (0.27 | ) |
| 12.70 |
|
| 7.01 |
|
| 37,293 |
|
| 0.51 |
|
| 0.36 |
|
| 2.00 |
|
| 16 |
|
|
|
|
|
|
|
|
|
|
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Nuveen Lifecycle Index Funds ■ Prospectus 267
Financial highlights
Nuveen Lifecycle Index 2065 Fund
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| Selected per share data | |||||||||||||||||
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| For
the |
| Net asset
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| j | Total gain
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Class I |
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| 5/31/24 |
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| $ 11.17 |
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| $ 0.25 |
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| $ 2.19 |
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| $ 2.44 |
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| $ (0.24 | ) |
| $ (0.01 | ) | ||
| 5/31/23 |
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| 11.27 |
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| 0.12 |
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| 0.00 | d |
| 0.12 |
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| (0.20 | ) |
| (0.02 | ) | ||
| 5/31/22 |
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| 12.46 |
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| 0.22 |
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| (1.04 | ) |
| (0.82 | ) |
| (0.36 | ) |
| (0.01 | ) | ||
| 5/31/21 | † | 10.00 |
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| 0.16 |
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| 2.48 |
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| 2.64 |
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| (0.18 | ) |
| — |
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Premier Class |
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| 5/31/24 |
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| 11.16 |
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| 0.30 |
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| 2.14 |
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| 2.44 |
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| (0.24 | ) |
| (0.01 | ) | ||
| 5/31/23 |
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| 11.26 |
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| 0.19 |
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| (0.08 | ) |
| 0.11 |
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| (0.19 | ) |
| (0.02 | ) | ||
| 5/31/22 |
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| 12.46 |
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| 0.18 |
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| (1.01 | ) |
| (0.83 | ) |
| (0.36 | ) |
| (0.01 | ) | ||
| 5/31/21 | † | 10.00 |
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| 0.16 |
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| 2.48 |
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| 2.64 |
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| (0.18 | ) |
| — |
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Class R6 |
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| 5/31/24 |
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| 11.31 |
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| 0.26 |
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| 2.22 |
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| 2.48 |
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| (0.25 | ) |
| (0.01 | ) | ||
| 5/31/23 |
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| 11.40 |
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| 0.21 |
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| (0.08 | ) |
| 0.13 |
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| (0.20 | ) |
| (0.02 | ) | ||
| 5/31/22 |
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| 12.45 |
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| 0.21 |
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| (1.02 | ) |
| (0.81 | ) |
| (0.23 | ) |
| (0.01 | ) | ||
| 5/31/21 | † | 10.00 |
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| 0.15 |
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| 2.48 |
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| 2.63 |
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| (0.18 | ) |
| — |
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Retirement Class |
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| 5/31/24 |
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| 11.17 |
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| 0.23 |
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| 2.20 |
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| 2.43 |
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| (0.23 | ) |
| (0.01 | ) | ||
| 5/31/23 |
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| 11.27 |
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| 0.17 |
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| (0.07 | ) |
| 0.10 |
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| (0.18 | ) |
| (0.02 | ) | ||
| 5/31/22 |
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| 12.44 |
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| 0.17 |
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| (1.04 | ) |
| (0.87 | ) |
| (0.29 | ) |
| (0.01 | ) | ||
| 5/31/21 | † | 10.00 |
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| 0.15 |
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| 2.46 |
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| 2.61 |
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| (0.17 | ) |
| — |
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a | Based on average shares outstanding. | |||||||||||||||||||||
b | Total returns are not annualized. | |||||||||||||||||||||
c | Percentage is annualized. | |||||||||||||||||||||
d | Value rounded to zero. | |||||||||||||||||||||
g | The Fund’s expenses include the expenses of the Underlying Funds. | |||||||||||||||||||||
j | 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. | |||||||||||||||||||||
† | The Fund commenced operations on September 30, 2020. | |||||||||||||||||||||
268 Prospectus ■ Nuveen Lifecycle Index Funds
(concluded)
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Total
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| Net asset
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| Total
| b |
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| Gross
| g | Net
| g |
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| Portfolio
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| $ (0.25 | ) |
| $ 13.36 |
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| 22.08 | % | $3,787 |
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| 0.35 | % |
| 0.19 | % |
| 2.01 | % | 14 | % | ||
| (0.22 | ) |
| 11.17 |
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| 1.22 |
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| 2,377 |
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| 0.45 |
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| 0.18 |
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| 1.11 |
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| 22 |
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| (0.37 | ) |
| 11.27 |
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| (6.83 | ) |
| 716 |
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| 0.83 |
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| 0.13 |
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| 1.81 |
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| 108 |
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| (0.18 | ) |
| 12.46 |
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| 26.48 |
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| 626 |
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| 4.26 | c |
| 0.25 | c |
| 2.16 | c |
| 36 | |
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| (0.25 | ) |
| 13.35 |
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| 22.03 |
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| 2,811 |
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| 0.41 |
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| 0.26 |
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| 2.49 |
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| 14 |
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| (0.21 | ) |
| 11.16 |
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| 1.11 |
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| 1,229 |
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| 0.53 |
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| 0.25 |
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| 1.75 |
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| 22 |
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| (0.37 | ) |
| 11.26 |
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| (6.90 | ) |
| 808 |
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| 0.97 |
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| 0.25 |
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| 1.49 |
|
| 108 |
|
| (0.18 | ) |
| 12.46 |
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| 26.48 |
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| 637 |
|
| 4.41 | c |
| 0.25 | c |
| 2.14 | c |
| 36 | |
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| (0.26 | ) |
| 13.53 |
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| 22.12 |
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| 322,206 |
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| 0.26 |
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| 0.11 |
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| 2.10 |
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| 14 |
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| (0.22 | ) |
| 11.31 |
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| 1.29 |
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| 119,873 |
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| 0.38 |
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| 0.10 |
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| 1.90 |
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| 22 |
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| (0.24 | ) |
| 11.40 |
|
| (6.70 | ) |
| 44,526 |
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| 0.82 |
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| 0.11 |
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| 1.76 |
|
| 108 |
|
| (0.18 | ) |
| 12.45 |
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| 26.45 |
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| 7,131 |
|
| 3.91 | c |
| 0.10 | c |
| 2.02 | c |
| 36 | |
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| (0.24 | ) |
| 13.36 |
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| 21.93 |
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| 10,219 |
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| 0.51 |
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| 0.36 |
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| 1.90 |
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| 14 |
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| (0.20 | ) |
| 11.17 |
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| 1.03 |
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| 4,689 |
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| 0.63 |
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| 0.35 |
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| 1.62 |
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| 22 |
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| (0.30 | ) |
| 11.27 |
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| (7.26 | ) |
| 1,740 |
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| 1.08 |
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| 0.36 |
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| 1.42 |
|
| 108 |
|
| (0.17 | ) |
| 12.44 |
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| 26.35 |
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| 693 |
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| 4.54 | c |
| 0.35 | c |
| 2.00 | c |
| 36 | |
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Nuveen Lifecycle Index Funds ■ Prospectus 269
[This page intentionally left blank.]
[This page intentionally left blank.]
For more information about Nuveen Funds
Statement of Additional Information (“SAI”). The Funds’ SAI contains more information about certain aspects of the Funds. A current SAI has been filed with the SEC and is incorporated into this Prospectus by reference. This means that the Funds’ SAI is legally a part of the Prospectus.
Annual and Semi-annual Reports. The Funds’ annual and semi-annual reports and Form N-CSR provide additional information about the Funds’ investments. In the Funds’ annual report, you will find a discussion of the market conditions and investment strategies that significantly affected the Funds’ performance during the preceding fiscal year. In the Funds’ Form N-CSR, you will find the Funds’ annual and semi-annual financial statements.
Requesting documents. You can request a copy of the Funds’ SAI, these reports, and other information such as the Funds’ financial statements, without charge, or contact the Funds for any other purpose, in any of the following ways:
Over the Internet:
www.nuveen.com
By telephone:
Call 800-257-8787
In writing:
Nuveen
Funds
P.O. Box 1259
Charlotte, NC 28201
The reports and other information are also available through the EDGAR Database on the SEC’s Internet website at www.sec.gov. Copies of the information can also be obtained, upon payment of a duplicating fee, by electronic request at the following e-mail address: publicinfo@sec.gov.
To lower costs and eliminate duplicate documents sent to your home, the Funds may mail only one copy of the Funds’ Prospectus, prospectus supplements, annual and semi-annual reports, or any other required documents to your household, even if more than one shareholder lives there. If you would prefer to continue receiving your own copy of any of these documents, you may call the Funds toll-free or write to the Funds as follows:
By telephone:
Call 800-257-8787
In writing:
Nuveen Funds
P.O.
Box 1259
Charlotte, NC 28201
Important information about procedures for opening a new account:
To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions, including the Funds, to obtain, verify and record information that identifies each person who opens an account.
What this means for you: When you open an account, the Funds will ask for your name, address, date of birth, Social Security number and other information that will allow the Funds to identify you, such as your home telephone number. Until you provide the Funds with the information they need, the Funds may not be able to open an account or effect any transactions for you.
1940 Act File No. 811-9301 | A12014 (10/24) |
| Mutual | Prospectus |
Nuveen Lifestyle Funds
OCTOBER 1, 2024
Ticker | |||||
Fund |
|
| Premier |
| Retirement |
Nuveen Lifestyle Income Fund (formerly TIAA-CREF Lifestyle Income Fund) | TSILX | TSIHX | TSIPX | TSITX | TLSRX |
Nuveen Lifestyle Conservative Fund (formerly TIAA-CREF Lifestyle Conservative Fund) | TSCLX | TLSHX | TLSPX | TCSIX | TSCTX |
Nuveen Lifestyle Moderate Fund (formerly TIAA-CREF Lifestyle Moderate Fund) | TSMLX | TSMHX | TSMPX | TSIMX | TSMTX |
Nuveen Lifestyle Growth Fund (formerly TIAA-CREF Lifestyle Growth Fund) | TSGLX | TSGHX | TSGPX | TSGGX | TSGRX |
Nuveen Lifestyle
Aggressive Growth | TSALX | TSAHX | TSAPX | TSAIX | TSARX |
This Prospectus describes the Class A, Class I, Premier Class, Class R6 and Retirement Class shares offered by the investment portfolios listed above (each, a “Fund” and, collectively, the “Funds”) of the TIAA-CREF Funds (the “Trust”). These Funds comprise the Nuveen Lifestyle Funds (the “Lifestyle Funds”), a sub-family of funds offered by the Trust.
An investment in a Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. An investor can lose money in any of the Funds and the Funds could perform more poorly than other investments.
The Securities and Exchange Commission (“SEC”) has not approved or disapproved these securities or passed upon the adequacy of this Prospectus. Any representation to the contrary is a criminal offense.
Table of contents
Summary information Lifestyle Income Fund Annual Fund operating expenses 6 Principal investment strategies 7 Purchase and sale of Fund shares 17 Payments to broker-dealers and other financial intermediary compensation 18 Summary information Lifestyle Conservative Fund Annual Fund operating expenses 20 Principal investment strategies 21 Purchase and sale of Fund shares 31 Payments to broker-dealers and other financial intermediary compensation 32 | Summary information Lifestyle Moderate Fund Annual Fund operating expenses 34 Principal investment strategies 35 Purchase and sale of Fund shares 45 Payments to broker-dealers and other financial intermediary compensation 46 Summary information Lifestyle Growth Fund Annual Fund operating expenses 48 Principal investment strategies 49 Purchase and sale of Fund shares 59 Payments to broker-dealers and other financial intermediary compensation 60 |
Table of contents
Summary information |
(formerly TIAA-CREF Lifestyle Income Fund)
The Fund seeks current income with some capital appreciation.
The following tables describe the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund or in other Nuveen mutual funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial advisor and in “How You Can Buy and Sell Shares” on page 122 of the Fund’s Prospectus and “Purchase and Redemption of Fund Shares” on page 85 of the Fund’s Statement of Additional Information. In addition, more information about sales charge discounts and waivers for purchases of shares through specific financial intermediaries is set forth in the appendix to the Fund’s Prospectus entitled “Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries.”
The tables and examples below do not reflect any commissions that shareholders may be required to pay directly to their financial intermediaries when buying or selling Class I shares.
Nuveen Lifestyle Funds ■ Prospectus 5
|
| Premier | Class R6 |
| ||||||
Maximum sales charge (load) imposed on purchases (as a percentage of offering price) | ||||||||||
Maximum deferred sales charge (load) | ||||||||||
Maximum sales charge (load) imposed on reinvested dividends and other distributions | ||||||||||
Redemption or exchange fee | ||||||||||
Annual low balance account fee | $ |
ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)
|
| Class A |
| Class I |
| Premier
|
| Class R6 |
| Retirement |
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Management fees |
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Distribution (Rule 12b-1) fees |
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Other expenses |
| 1 |
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Acquired fund fees and expenses1,2 |
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Total annual Fund operating expenses |
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Waivers and expense reimbursements3 | ( |
| ( |
| ( |
| ( |
| ( |
| |
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Total
annual Fund operating expenses after fee |
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1 | Restated to reflect estimate for the current fiscal year. | ||||||||||
2 | “Acquired fund fees and expenses” are the Fund’s proportionate amount of the expenses of any investment companies or pools in which it invests. These expenses are not paid directly by Fund shareholders. Instead, Fund shareholders bear these expenses indirectly because they reduce Fund performance. Because “Acquired fund fees and expenses” are included in the chart above, the Fund’s operating expenses here will not correlate with the expenses included in the Financial highlights in this Prospectus and the Fund’s annual report. | ||||||||||
3 | Under the Fund’s expense reimbursement arrangements, the Fund’s investment adviser, Teachers Advisors, LLC (“Advisors”), has contractually agreed to reimburse the Fund for any Total annual Fund operating expenses (excluding interest, taxes, brokerage commissions or other transactional expenses, Acquired fund fees and expenses and extraordinary expenses) that exceed: (i) 0.45% of average daily net assets for Class A shares; (ii) 0.25% of average daily net assets for Class I shares; (iii) 0.25% of average daily net assets for Premier Class shares; (iv) 0.10% of average daily net assets for Class R6 shares; and (v) 0.35% of average daily net assets for Retirement Class shares of the Fund. These expense reimbursement arrangements will continue through at least September 30, 2025, unless changed with approval of the Board of Trustees. | ||||||||||
This example is intended to help you compare the cost of investing in shares of the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s
6 Prospectus ■ Nuveen Lifestyle Funds
operating expenses, before fee waivers and/or expense reimbursements, remain the same. The example assumes that the Fund’s fee waiver and/or expense reimbursement arrangements will each remain in place for the duration noted in the table above. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
| Class A |
| Class I |
| Premier
|
| Class R6 |
| Retirement |
| |||||
1 year | $ | |
| $ |
|
| $ | |
| $ | |
| $ |
|
|
3 years | $ | |
| $ |
|
| $ | |
| $ | |
| $ |
|
|
5 years | $ | |
| $ |
|
| $ | |
| $ | |
| $ |
|
|
10 years | $ |
|
| $ | |
| $ | |
| $ | |
| $ | |
|
The
Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns
over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and
may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not
reflected in annual fund operating expenses or in the example, affect the Fund’s performance.
During the fiscal year ended May 31, 2024, the Fund’s portfolio turnover rate was
The Fund is a “fund of funds” that invests in Class R6 shares of other Nuveen mutual funds and in other investment pools or investment products, including other funds or exchange-traded funds (“ETFs”) advised by the Fund’s investment adviser, Teachers Advisors, LLC (“Advisors”), or its affiliates (collectively, the “Underlying Funds”). The Fund is designed for investors seeking current income with some capital appreciation through a relatively stable asset allocation strategy targeting an income-oriented and conservative risk-return profile. Advisors generally seeks to meet the Fund’s investment objective by investing: (1) approximately 20% of the Fund’s assets in equity Underlying Funds and (2) approximately 80% of the Fund’s assets in fixed-income Underlying Funds. The Fund may deviate from these target allocations by up to ten percentage points depending upon current market conditions and outlook.
The Underlying Funds’ allocation targets generally represent targets for investments in equity and fixed-income asset classes. Within the equity and fixed-income asset classes, Advisors allocates the Fund’s investments to particular market sectors (which may include U.S. equity, international equity, fixed-income and short-term fixed-income) represented by various Underlying Funds. To maintain an appropriate allocation among the Underlying Funds, the portfolio managers monitor the domestic and foreign equity markets, as well as overall financial and economic conditions. The Fund may sometimes be more heavily weighted toward equities or fixed-income than the target allocations, if the portfolio managers believe market conditions warrant. For example, the Fund may
Nuveen Lifestyle Funds ■ Prospectus 7
increase its holdings in fixed-income Underlying Funds in periods when the portfolio managers believe the equity markets will decline. The market sector allocations and Underlying Fund allocations may also be changed over time by the portfolio managers, including the addition and removal of market sectors and Underlying Funds in which the Fund invests in light of the Fund’s desired level of risk and potential return at a particular time as evaluated by the portfolio managers based on a mix of qualitative and quantitative factors. The portfolio managers may also opportunistically purchase other Funds or other investment pools or investment products, based on the portfolio managers’ evaluation of the market sectors and/or Underlying Funds, without prior notice to shareholders. If 10% or more of the Fund’s assets are expected to be invested in any Underlying Fund, market sector or asset class not listed in the chart below, shareholders will receive prior notice of such change.
As a result of its investments in the Underlying Funds, the Fund’s returns will reflect investments in a mix of domestic and foreign equities of companies of various sizes and market capitalizations and a variety of domestic and foreign fixed-income instruments of private and governmental issuers of varying maturities and credit qualities.
As part of the Fund’s ability to invest in other investment pools or investment products noted above, the Fund may invest in ETFs and exchange-traded notes (“ETNs”) to gain exposure to various market sectors or securities in order to effect its asset allocation strategy. Additionally, the Fund may use ETFs and ETNs for cash management, hedging or defensive purposes. ETFs and ETNs will be subject to the risks associated with the types of securities or sectors that they track, while ETNs, which are structured as fixed-income obligations, will also be subject to the general risks of fixed-income securities, including credit risk.
The Fund’s asset class allocations, market sector allocations within each asset class, and Underlying Fund allocations within each market sector as of June 30, 2024, are listed in the chart below. These allocations may change over time. Underlying Fund allocations in particular may change from year to year.
8 Prospectus ■ Nuveen Lifestyle Funds
Asset Class | Allocation |
| Market Sector | Allocation |
| Underlying Funds | Allocation |
Equity | 20.10% |
| U.S. Equity | 13.13% |
| Nuveen Growth Opportunities ETF | 2.35% |
Nuveen Large Cap Growth | 2.28% | ||||||
Nuveen Dividend Growth | 1.93% | ||||||
Nuveen Core Equity | 1.92% | ||||||
Nuveen Large Cap Value | 1.87% | ||||||
Nuveen Dividend Value | 1.86% | ||||||
Nuveen Quant Small/Mid Cap Equity | 0.50% | ||||||
Nuveen Quant Small Cap Equity | 0.42% | ||||||
International Equity | 6.97% | Nuveen International Equity | 2.99% | ||||
Nuveen International Opportunities | 1.79% | ||||||
Nuveen Emerging Markets Equity | 1.21% | ||||||
Nuveen Quant International Small Cap Equity | 0.98% | ||||||
Fixed-Income | 79.90% |
| Fixed-Income | 39.95% |
| Nuveen Core Bond | 19.98% |
Nuveen Core Plus Bond | 19.97% | ||||||
Short-Term | 39.95% | Nuveen Short Term Bond | 39.95% |
Total | 100.00% | 100.00% | 100.00% |
· Asset Allocation Risk—The risk that the Fund may not achieve its target allocations. In addition, there is the risk that the asset allocations may not achieve the desired risk-return characteristic or that the selection of Underlying Funds and the allocations among them will result in the Fund underperforming other similar funds or cause an investor to lose money.
· Underlying Funds Risks—The Fund is exposed to the risks of the Underlying Funds in which it invests in direct proportion to the amount of assets the Fund allocates to each Underlying Fund. Because the Fund targets its investments in a higher percentage of fixed-income Underlying Funds, Fixed-Income Underlying Funds Risks are expected to predominate.
· Fixed-Income Underlying Funds Risks—The risks of investing in fixed-income Underlying Funds include risks specific to their investment strategies, as well as risks related to the fixed-income markets in general, such as:
· interest rate risk—The risk that changes in interest rates can adversely affect the value or liquidity of, and income generated by, fixed-income investments. This risk is heightened to the extent a Fund invests in longer duration fixed-income investments and during periods when prevailing interest rates are changing. There is a risk that interest rates across the financial system may change, possibly significantly and/or rapidly. In general, changing interest rates,
Nuveen Lifestyle Funds ■ Prospectus 9
including rates that fall below zero, or a lack of market participants may lead to decreased liquidity and increased volatility in the fixed-income or debt markets, making it more difficult for the Fund to sell fixed-income investments. When interest rates change, the values of longer duration fixed-income securities usually change more than the values of shorter duration fixed-income securities. Conversely, fixed-income securities with shorter durations or maturities will be less volatile but may provide lower returns than fixed-income securities with longer durations or maturities. Other factors that may affect the value of debt securities include, but are not limited to, economic, political, public health, and other crises and responses by governments and companies to such crises;
· prepayment risk—The risk that, during periods of falling interest rates, borrowers may pay off their mortgage loans sooner than expected, forcing a Fund to reinvest the unanticipated proceeds at lower interest rates and resulting in a decline in income;
· extension risk—The risk that, during periods of rising interest rates, borrowers may pay off their mortgage loans later than expected, preventing a Fund from reinvesting principal proceeds at higher interest rates and resulting in less income than potentially available;
· issuer risk—The risk that an issuer’s earnings prospects, credit rating and overall financial position will deteriorate, causing a decline in the value of the issuer’s financial instruments over short or extended periods of time;
· credit risk—The risk that the issuer of fixed-income investments may not be able or willing, or may be perceived (whether by market participants, rating agencies, pricing services or otherwise) as not able or willing, to meet interest or principal payments when the payments become due;
· credit spread risk—The risk that credit spreads (i.e., the difference in yield between securities that is due to differences in each security’s respective credit quality) may increase when market participants believe that bonds generally have a greater risk of default, which could result in a decline in the market values of a Fund’s debt securities;
· income volatility risk—The risk that the level of current income from a portfolio of fixed-income investments may decline in certain interest rate environments;
· market volatility, liquidity and valuation risk (types of market risk)—The risk that volatile or dramatic reductions in trading activity make it difficult for a Fund to properly value its investments and that a Fund may not be able to purchase or sell an investment at an attractive price, if at all;
10 Prospectus ■ Nuveen Lifestyle Funds
· fixed-income foreign investment risk—Investment in fixed-income securities or financial instruments of foreign issuers involves increased risks due to adverse issuer, political, regulatory, currency, market or economic developments as well as armed conflicts. These developments may impact the ability of a foreign debt issuer to make timely and ultimate payments on its debt obligations to a Fund or impair a Fund’s ability to enforce its rights against the foreign debt issuer. These risks are heightened in emerging or developing markets. Foreign investments may also have lower overall liquidity and be more difficult to value than investments in U.S. issuers. To the extent a Fund invests a significant portion of its assets in the securities of companies in a single country or region, it may be more susceptible to adverse economic, market, political or regulatory events or conditions affecting that country or region. Foreign investments may also be subject to risk of loss because of more or less foreign government regulation, less public information, less stringent investor protections and less stringent accounting, corporate governance, financial reporting and disclosure standards. Changes in the value of foreign currencies may make the return on an investment increase or decrease, unrelated to the quality or performance of the investment itself. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs) and other restrictions by the United States and other governments may also negatively impact a Fund’s investments. Economic sanctions and other similar governmental actions or developments could, among other things, effectively restrict or eliminate a Fund’s ability to purchase or sell certain foreign securities or groups of foreign securities, and/or thus may make a Fund’s investments in such securities less liquid (or illiquid) or more difficult to value. The type and severity of sanctions and other measures that may be imposed could vary broadly in scope, and their impact is impossible to predict; and
· call risk—The risk that, during periods of falling interest rates, an issuer may call (or repay) a fixed-income security prior to maturity, resulting in a decline in a Fund’s income.
· Equity Underlying Funds Risks—The risks of investing in equity Underlying Funds include risks specific to their investment strategies, as well as risks related to the equity markets in general, such as:
· market risk—The risk that market prices of portfolio investments held by a Fund may fall rapidly or unpredictably due to a variety of factors, including changing economic, political or market conditions. Market risk may affect a single issuer, industry or sector of the economy, or it may affect the market as a whole. Such conditions may add significantly to the risk of volatility in the net asset value (“NAV”) of the Fund’s
Nuveen Lifestyle Funds ■ Prospectus 11
shares and adversely affect the Fund and its investments. From time to time, a Fund may invest a significant portion of its assets in companies in one or more related sectors or industries, which would make the Fund more vulnerable to adverse developments affecting such sectors or industries;
· issuer risk—The risk that an issuer’s earnings prospects, credit rating and overall financial position will deteriorate, causing a decline in the value of the issuer’s financial instruments over short or extended periods of time;
· foreign investment risk—Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, currency, market or economic developments as well as armed conflicts and can result in greater price volatility and perform differently from financial instruments of U.S. issuers. This risk may be heightened in emerging or developing markets. Foreign investments may also have lower liquidity and be more difficult to value than investments in U.S. issuers. To the extent a Fund invests a significant portion of its assets in the securities of companies in a single country or region, it may be more susceptible to adverse economic, market, political or regulatory events or conditions affecting that country or region. Foreign investments may also be subject to risk of loss because of more or less foreign government regulation, less public information, less stringent investor protections and less stringent accounting, corporate governance, financial reporting and disclosure standards. Changes in the value of foreign currencies may make the return on an investment increase or decrease, unrelated to the quality or performance of the investment itself. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs) and other restrictions by the United States or other governments may also negatively impact a Fund’s investments. Economic sanctions and other similar governmental actions or developments could, among other things, effectively restrict or eliminate a Fund’s ability to purchase or sell certain foreign securities or groups of foreign securities, and/or thus may make a Fund’s investments in such securities less liquid (or illiquid) or more difficult to value. The type and severity of sanctions and other measures that may be imposed could vary broadly in scope, and their impact is impossible to predict;
· small- and mid-cap risk—The risk that the stocks of small-capitalization companies often experience greater price volatility than large- or mid-sized companies because small-cap companies are often newer or less established than larger companies and are likely to have more limited resources, products and markets. Securities of small-cap companies often have lower overall liquidity than securities
12 Prospectus ■ Nuveen Lifestyle Funds
of larger companies as a result of there being a smaller market for their securities, which can have an adverse effect on the pricing of these securities and on the ability to sell these securities when a Fund’s investment adviser or sub-adviser deems it appropriate. Stocks of mid-capitalization companies often experience greater price volatility, lower trading volume and lower overall liquidity than the stocks of larger, more established companies;
· style risk—The risk that use of a particular investing style (such as growth or value investing) may fall out of favor in the marketplace for various periods of time and result in underperformance relative to the broader market sector or significant declines in the value of a Fund’s portfolio investments; and
· dividend-paying security risk—The risk that investments in dividend-paying securities could cause a Fund to underperform similar funds that invest without consideration of an issuer’s track record of paying dividends.
· Underlying ETF Risk—In addition to the same principal risks as an investment in a mutual fund with the same investment objectives, strategies and policies as the ETF, investments in an Underlying Fund that is an ETF are subject to additional risks, including: (i) the market price of the ETF’s shares may trade at a premium or a discount to their NAV; (ii) an active trading market for an ETF’s shares may not develop or be maintained; and (iii) there is no assurance that the requirements of the exchange necessary to maintain the listing of an ETF will continue to be met or remain unchanged.
· Emerging Markets Underlying Funds Risk—The risk of foreign investment often increases in countries with emerging markets or otherwise economically tied to emerging market countries. For example, these countries may have more unstable governments than developed countries, and their economies may be based on only a few industries. Emerging market countries may also have less stringent regulation of accounting, auditing, financial reporting and recordkeeping requirements, which would affect a Fund’s ability to evaluate potential portfolio companies. As a result, there could be less information available about issuers in emerging market countries, which could negatively affect Advisors’ ability to evaluate local companies or their potential impact on a Fund’s performance. Because the financial markets of emerging market countries may be very small, share prices of financial instruments in emerging market countries may be volatile and difficult to determine. Financial instruments of issuers in these countries may have lower overall liquidity than those of issuers in more developed countries. In addition, foreign investors such as a Fund are subject to a variety of special restrictions in many emerging market countries. Moreover, legal remedies for investors in emerging
Nuveen Lifestyle Funds ■ Prospectus 13
markets may be more limited, and U.S. authorities may have less ability to bring actions against bad actors in emerging market countries.
· Illiquid Investments Underlying Funds Risk—The risk that illiquid investments may be difficult to sell for the value at which they are carried, if at all, or at any price within the desired time frame.
· Currency Underlying Funds Risk—The risk that foreign (non-U.S.) currencies may decline in value relative to the U.S. dollar and adversely affect the value of a Fund’s investments in foreign currencies, securities denominated in foreign currencies or derivative instruments that provide exposure to foreign currencies.
· Active Management Risk—The risk that the strategy, investment selection or trading execution of Advisors or another investment adviser or sub-adviser of an Underlying Fund could cause the Fund or an Underlying Fund to underperform its benchmark index or mutual funds with similar investment objectives and may not produce expected returns.
· Fund of Funds Risk—The ability of the Fund to achieve its investment objective will depend in part upon the ability of the Underlying Funds to achieve their investment objectives. There can be no guarantee that any Underlying Fund will achieve its investment objective.
There can be no assurances that the Fund will achieve its investment objective. You should not consider the Fund to be a complete investment program. Please see the non-summary portion of the Prospectus for more detailed information about the risks described above, including the risks of the Underlying Funds.
14 Prospectus ■ Nuveen Lifestyle Funds
The returns shown below reflect previous agreements by Advisors to waive or reimburse
the Fund and certain Underlying Funds for certain fees and expenses. Without these waivers and reimbursements,
the returns of the Fund would have been lower.
For current performance information of each share class, including
performance to the most recent month-end, please visit
ANNUAL TOTAL RETURNS FOR CLASS R6 SHARES (%)†
Nuveen Lifestyle Income Fund
†
Nuveen Lifestyle Funds ■ Prospectus 15
For the Periods Ended December 31, 2023
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# | The performance shown for Class I that is prior to its inception date is based on performance of the Fund’s Class R6. The performance for these periods has not been restated to reflect higher expenses of Class I. If those expenses had been reflected, the performance would have been lower. | |||||||||||
* | The Class A average annual total returns have been restated to reflect a maximum up-front sales charge of 5.75% applicable to the purchase of Class A shares, which was effective as of May 6, 2024. | |||||||||||
‡ | As of the close of business on December 31, 2023, the Lifestyle Income Fund 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. The Fund’s composite benchmark, the components that make up a composite benchmark and the method of calculating a composite benchmark’s performance may vary over time. | |||||||||||
16 Prospectus ■ Nuveen Lifestyle Funds
Investment Adviser. Teachers Advisors, LLC.
Portfolio Managers.
Name: | John Cunniff, CFA | Steve Sedmak, CFA | |
Title: | Managing Director | Managing Director | |
Experience on Fund: | since 2011 | since 2020 |
Purchase and sale of Fund shares
You may purchase, redeem or exchange shares of the Fund on any day that the New York Stock Exchange (“NYSE”) or its affiliated exchanges, NYSE Arca Equities or NYSE American, are open for trading (each such day a “Business Day”) directly from the Fund (for certain share classes) or through a financial advisor, employee benefit plan or other financial intermediary. The Fund’s initial and subsequent investment minimums generally are as follows, although certain financial intermediaries may impose their own investment minimums and the Fund may reduce or waive the minimums in some cases:
Eligibility and Minimum Initial Investment | Minimum Additional Investment | |
Class A | Available only through certain financial intermediaries or by contacting the Fund directly as described in the Prospectus. $2,500 for all accounts except: · $2,000 for Traditional/Roth IRA accounts and Coverdell Education Savings Accounts. · $250 for accounts opened through fee-based programs. · No minimum for retirement plans. | $100 |
Class I | Available only through fee-based programs and certain retirement plans, and to other limited categories of investors as described in the Prospectus. $100,000 for all accounts except: · $250 for clients of financial intermediaries and family offices that have accounts holding Class I shares with an aggregate value of at least $100,000 (or that are expected to reach this level). · No minimum for eligible retirement plans and certain other categories of eligible investors as described in the Prospectus. | No minimum. |
Premier Class, Retirement Class | Available only through certain employee benefit plans, other types of savings plans or accounts and certain financial intermediaries as described in the Prospectus. No minimum. | No minimum. |
Nuveen Lifestyle Funds ■ Prospectus 17
Eligibility and Minimum Initial Investment | Minimum Additional Investment | |
Class R6 | Available only to certain eligible investors as described in the Prospectus and through fee-based programs. $1 million for all accounts except: · $1,000 for clients of financial intermediaries who charge such clients an ongoing fee for advisory, investment, consulting or related services. | No minimum. |
The Fund intends to make distributions to shareholders that may be taxed as ordinary income or capital gains. Distributions made to tax-exempt shareholders or shareholders who hold Fund shares in a tax-deferred account are generally not subject to income tax in the current year, but redemptions made from tax-deferred accounts may be subject to income tax.
Payments to broker-dealers and other financial intermediary compensation
If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and/or its related companies may pay the financial intermediary for providing investor services. The Fund’s related companies may also pay the financial intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other financial intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary’s website for more information.
18 Prospectus ■ Nuveen Lifestyle Funds
Summary information |
(formerly TIAA-CREF Lifestyle Conservative Fund)
The Fund seeks long-term total return, consisting of current income and capital appreciation.
The following tables describe the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund or in other Nuveen mutual funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial advisor and in “How You Can Buy and Sell Shares” on page 122 of the Fund’s Prospectus and “Purchase and Redemption of Fund Shares” on page 85 of the Fund’s Statement of Additional Information. In addition, more information about sales charge discounts and waivers for purchases of shares through specific financial intermediaries is set forth in the appendix to the Fund’s Prospectus entitled “Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries.”
The tables and examples below do not reflect any commissions that shareholders may be required to pay directly to their financial intermediaries when buying or selling Class I shares.
Nuveen Lifestyle Funds ■ Prospectus 19
|
| Premier | Class R6 |
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Maximum sales charge (load) imposed on purchases (as a percentage of offering price) | ||||||||||
Maximum deferred sales charge (load) | ||||||||||
Maximum sales charge (load) imposed on reinvested dividends and other distributions | ||||||||||
Redemption or exchange fee | ||||||||||
Annual low balance account fee | $ |
ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)
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Waivers and expense reimbursements3 | ( |
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1 | Restated to reflect estimate for the current fiscal year. | ||||||||||
2 | “Acquired fund fees and expenses” are the Fund’s proportionate amount of the expenses of any investment companies or pools in which it invests. These expenses are not paid directly by Fund shareholders. Instead, Fund shareholders bear these expenses indirectly because they reduce Fund performance. Because “Acquired fund fees and expenses” are included in the chart above, the Fund’s operating expenses here will not correlate with the expenses included in the Financial highlights in this Prospectus and the Fund’s annual report. | ||||||||||
3 | Under the Fund’s expense reimbursement arrangements, the Fund’s investment adviser, Teachers Advisors, LLC (“Advisors”), has contractually agreed to reimburse the Fund for any Total annual Fund operating expenses (excluding interest, taxes, brokerage commissions or other transactional expenses, Acquired fund fees and expenses and extraordinary expenses) that exceed: (i) 0.45% of average daily net assets for Class A shares; (ii) 0.25% of average daily net assets for Class I shares; (iii) 0.25% of average daily net assets for Premier Class shares; (iv) 0.10% of average daily net assets for Class R6 shares; and (v) 0.35% of average daily net assets for Retirement Class shares of the Fund. These expense reimbursement arrangements will continue through at least September 30, 2025, unless changed with approval of the Board of Trustees. | ||||||||||
This example is intended to help you compare the cost of investing in shares of the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s
20 Prospectus ■ Nuveen Lifestyle Funds
operating expenses, before fee waivers and/or expense reimbursements, remain the same. The example assumes that the Fund’s fee waiver and/or expense reimbursement arrangements will each remain in place for the duration noted in the table above. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
| Class A |
| Class I |
| Premier
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| Retirement |
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1 year | $ | |
| $ |
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3 years | $ | |
| $ |
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| $ | |
| $ |
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5 years | $ | |
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| $ | |
| $ |
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| $ | |
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The
Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns
over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and
may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not
reflected in annual fund operating expenses or in the example, affect the Fund’s performance.
During the fiscal year ended May 31, 2024, the Fund’s portfolio turnover rate was
The Fund is a “fund of funds” that invests in Class R6 shares of other Nuveen mutual funds and in other investment pools or investment products, including other funds or exchange-traded funds (“ETFs”) advised by the Fund’s investment adviser, Teachers Advisors, LLC (“Advisors”), or its affiliates (collectively, the “Underlying Funds”). The Fund is designed for investors seeking long-term total return, consisting of current income and capital appreciation, through a relatively stable asset allocation strategy targeting a conservative risk-return profile. Advisors generally seeks to meet the Fund’s investment objective by investing: (1) approximately 40% of the Fund’s assets in equity Underlying Funds and (2) approximately 60% of the Fund’s assets in fixed-income Underlying Funds. The Fund may deviate from these target allocations by up to ten percentage points depending upon current market conditions and outlook.
The Underlying Funds’ allocation targets generally represent targets for investments in equity and fixed-income asset classes. Within the equity and fixed-income asset classes, Advisors allocates the Fund’s investments to particular market sectors (which may include U.S. equity, international equity, fixed-income and short-term fixed-income) represented by various Underlying Funds. To maintain an appropriate allocation among the Underlying Funds, the portfolio managers monitor the domestic and foreign equity markets, as well as overall financial and economic conditions. The Fund may sometimes be more heavily weighted toward equities or fixed-income than the target allocations, if the portfolio managers believe market conditions warrant. For example, the Fund may
Nuveen Lifestyle Funds ■ Prospectus 21
increase its holdings in fixed-income Underlying Funds in periods when the portfolio managers believe the equity markets will decline. The market sector allocations and Underlying Fund allocations may also be changed over time by the portfolio managers, including the addition and removal of market sectors and Underlying Funds in which the Fund invests in light of the Fund’s desired level of risk and potential return at a particular time as evaluated by the portfolio managers based on a mix of qualitative and quantitative factors. The portfolio managers may also opportunistically purchase other Funds or other investment pools or investment products, based on the portfolio managers’ evaluation of the market sectors and/or Underlying Funds, without prior notice to shareholders. If 10% or more of the Fund’s assets are expected to be invested in any Underlying Fund, market sector or asset class not listed in the chart below, shareholders will receive prior notice of such change.
As a result of its investments in the Underlying Funds, the Fund’s returns will reflect investments in a mix of domestic and foreign equities of companies of various sizes and market capitalizations and a variety of domestic and foreign fixed-income instruments of private and governmental issuers of varying maturities and credit qualities.
As part of the Fund’s ability to invest in other investment pools or investment products noted above, the Fund may invest in ETFs and exchange-traded notes (“ETNs”) to gain exposure to various market sectors or securities in order to effect its asset allocation strategy. Additionally, the Fund may use ETFs and ETNs for cash management, hedging or defensive purposes. ETFs and ETNs will be subject to the risks associated with the types of securities or sectors that they track, while ETNs, which are structured as fixed-income obligations, will also be subject to the general risks of fixed-income securities, including credit risk.
The Fund’s asset class allocations, market sector allocations within each asset class, and Underlying Fund allocations within each market sector as of June 30, 2024, are listed in the chart below. These allocations may change over time. Underlying Fund allocations in particular may change from year to year.
22 Prospectus ■ Nuveen Lifestyle Funds
Asset Class | Allocation |
| Market Sector | Allocation |
| Underlying Funds | Allocation |
Equity | 40.13% |
| U.S. Equity | 26.25% |
| Nuveen Growth Opportunities ETF | 4.69% |
Nuveen Large Cap Growth | 4.58% | ||||||
Nuveen Dividend Growth | 3.87% | ||||||
Nuveen Core Equity | 3.86% | ||||||
Nuveen Large Cap Value | 3.72% | ||||||
Nuveen Dividend Value | 3.71% | ||||||
Nuveen Quant Small/Mid Cap Equity | 0.99% | ||||||
Nuveen Quant Small Cap Equity | 0.83% | ||||||
International Equity | 13.88% | Nuveen International Equity | 5.96% | ||||
Nuveen International Opportunities | 3.56% | ||||||
Nuveen Emerging Markets Equity | 2.42% | ||||||
Nuveen Quant International Small Cap Equity | 1.94% | ||||||
Fixed-Income | 59.87% |
| Fixed-Income | 39.92% |
| Nuveen Core Plus Bond | 29.94% |
Nuveen Core Bond | 9.98% | ||||||
Short-Term | 19.95% | Nuveen Short Term Bond | 19.95% |
Total | 100.00% | 100.00% | 100.00% |
· Asset Allocation Risk—The risk that the Fund may not achieve its target allocations. In addition, there is the risk that the asset allocations may not achieve the desired risk-return characteristic or that the selection of Underlying Funds and the allocations among them will result in the Fund underperforming other similar funds or cause an investor to lose money.
· Underlying Funds Risks—The Fund is exposed to the risks of the Underlying Funds in which it invests in direct proportion to the amount of assets the Fund allocates to each Underlying Fund.
· Fixed-Income Underlying Funds Risks—The risks of investing in fixed-income Underlying Funds include risks specific to their investment strategies, as well as risks related to the fixed-income markets in general, such as:
· interest rate risk—The risk that changes in interest rates can adversely affect the value or liquidity of, and income generated by, fixed-income investments. This risk is heightened to the extent a Fund invests in longer duration fixed-income investments and during periods when prevailing interest rates are changing. There is a risk that interest rates across the financial system may change, possibly significantly and/or rapidly. In general, changing interest rates, including rates that fall below zero, or a lack of market participants may lead to decreased liquidity and increased volatility in the
Nuveen Lifestyle Funds ■ Prospectus 23
fixed-income or debt markets, making it more difficult for the Fund to sell fixed-income investments. When interest rates change, the values of longer duration fixed-income securities usually change more than the values of shorter duration fixed-income securities. Conversely, fixed-income securities with shorter durations or maturities will be less volatile but may provide lower returns than fixed-income securities with longer durations or maturities. Other factors that may affect the value of debt securities include, but are not limited to, economic, political, public health, and other crises and responses by governments and companies to such crises;
· prepayment risk—The risk that, during periods of falling interest rates, borrowers may pay off their mortgage loans sooner than expected, forcing a Fund to reinvest the unanticipated proceeds at lower interest rates and resulting in a decline in income;
· extension risk—The risk that, during periods of rising interest rates, borrowers may pay off their mortgage loans later than expected, preventing a Fund from reinvesting principal proceeds at higher interest rates and resulting in less income than potentially available;
· issuer risk—The risk that an issuer’s earnings prospects, credit rating and overall financial position will deteriorate, causing a decline in the value of the issuer’s financial instruments over short or extended periods of time;
· credit risk—The risk that the issuer of fixed-income investments may not be able or willing, or may be perceived (whether by market participants, rating agencies, pricing services or otherwise) as not able or willing, to meet interest or principal payments when the payments become due;
· credit spread risk—The risk that credit spreads (i.e., the difference in yield between securities that is due to differences in each security’s respective credit quality) may increase when market participants believe that bonds generally have a greater risk of default, which could result in a decline in the market values of a Fund’s debt securities;
· income volatility risk—The risk that the level of current income from a portfolio of fixed-income investments may decline in certain interest rate environments;
· market volatility, liquidity and valuation risk (types of market risk)—The risk that volatile or dramatic reductions in trading activity make it difficult for a Fund to properly value its investments and that a Fund may not be able to purchase or sell an investment at an attractive price, if at all;
· fixed-income foreign investment risk—Investment in fixed-income securities or financial instruments of foreign issuers involves increased risks due to adverse issuer, political, regulatory, currency,
24 Prospectus ■ Nuveen Lifestyle Funds
market or economic developments as well as armed conflicts. These developments may impact the ability of a foreign debt issuer to make timely and ultimate payments on its debt obligations to a Fund or impair a Fund’s ability to enforce its rights against the foreign debt issuer. These risks are heightened in emerging or developing markets. Foreign investments may also have lower overall liquidity and be more difficult to value than investments in U.S. issuers. To the extent a Fund invests a significant portion of its assets in the securities of companies in a single country or region, it may be more susceptible to adverse economic, market, political or regulatory events or conditions affecting that country or region. Foreign investments may also be subject to risk of loss because of more or less foreign government regulation, less public information, less stringent investor protections and less stringent accounting, corporate governance, financial reporting and disclosure standards. Changes in the value of foreign currencies may make the return on an investment increase or decrease, unrelated to the quality or performance of the investment itself. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs) and other restrictions by the United States and other governments may also negatively impact a Fund’s investments. Economic sanctions and other similar governmental actions or developments could, among other things, effectively restrict or eliminate a Fund’s ability to purchase or sell certain foreign securities or groups of foreign securities, and/or thus may make a Fund’s investments in such securities less liquid (or illiquid) or more difficult to value. The type and severity of sanctions and other measures that may be imposed could vary broadly in scope, and their impact is impossible to predict; and
· call risk—The risk that, during periods of falling interest rates, an issuer may call (or repay) a fixed-income security prior to maturity, resulting in a decline in a Fund’s income.
· Equity Underlying Funds Risks—The risks of investing in equity Underlying Funds include risks specific to their investment strategies, as well as risks related to the equity markets in general, such as:
· market risk—The risk that market prices of portfolio investments held by a Fund may fall rapidly or unpredictably due to a variety of factors, including changing economic, political or market conditions. Market risk may affect a single issuer, industry or sector of the economy, or it may affect the market as a whole. Such conditions may add significantly to the risk of volatility in the net asset value (“NAV”) of the Fund’s shares and adversely affect the Fund and its investments. From time to time, a Fund may invest a significant portion of its assets in companies in one or more related sectors or industries, which would
Nuveen Lifestyle Funds ■ Prospectus 25
make the Fund more vulnerable to adverse developments affecting such sectors or industries;
· issuer risk—The risk that an issuer’s earnings prospects, credit rating and overall financial position will deteriorate, causing a decline in the value of the issuer’s financial instruments over short or extended periods of time;
· foreign investment risk—Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, currency, market or economic developments as well as armed conflicts and can result in greater price volatility and perform differently from financial instruments of U.S. issuers. This risk may be heightened in emerging or developing markets. Foreign investments may also have lower liquidity and be more difficult to value than investments in U.S. issuers. To the extent a Fund invests a significant portion of its assets in the securities of companies in a single country or region, it may be more susceptible to adverse economic, market, political or regulatory events or conditions affecting that country or region. Foreign investments may also be subject to risk of loss because of more or less foreign government regulation, less public information, less stringent investor protections and less stringent accounting, corporate governance, financial reporting and disclosure standards. Changes in the value of foreign currencies may make the return on an investment increase or decrease, unrelated to the quality or performance of the investment itself. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs) and other restrictions by the United States or other governments may also negatively impact a Fund’s investments. Economic sanctions and other similar governmental actions or developments could, among other things, effectively restrict or eliminate a Fund’s ability to purchase or sell certain foreign securities or groups of foreign securities, and/or thus may make a Fund’s investments in such securities less liquid (or illiquid) or more difficult to value. The type and severity of sanctions and other measures that may be imposed could vary broadly in scope, and their impact is impossible to predict;
· small- and mid-cap risk—The risk that the stocks of small-capitalization companies often experience greater price volatility than large- or mid-sized companies because small-cap companies are often newer or less established than larger companies and are likely to have more limited resources, products and markets. Securities of small-cap companies often have lower overall liquidity than securities of larger companies as a result of there being a smaller market for their securities, which can have an adverse effect on the pricing of these securities and on the ability to sell these securities when a
26 Prospectus ■ Nuveen Lifestyle Funds
Fund’s investment adviser or sub-adviser deems it appropriate. Stocks of mid-capitalization companies often experience greater price volatility, lower trading volume and lower overall liquidity than the stocks of larger, more established companies;
· style risk—The risk that use of a particular investing style (such as growth or value investing) may fall out of favor in the marketplace for various periods of time and result in underperformance relative to the broader market sector or significant declines in the value of a Fund’s portfolio investments; and
· dividend-paying security risk—The risk that investments in dividend-paying securities could cause a Fund to underperform similar funds that invest without consideration of an issuer’s track record of paying dividends.
· Underlying ETF Risk—In addition to the same principal risks as an investment in a mutual fund with the same investment objectives, strategies and policies as the ETF, investments in an Underlying Fund that is an ETF are subject to additional risks, including: (i) the market price of the ETF’s shares may trade at a premium or a discount to their NAV; (ii) an active trading market for an ETF’s shares may not develop or be maintained; and (iii) there is no assurance that the requirements of the exchange necessary to maintain the listing of an ETF will continue to be met or remain unchanged.
· Emerging Markets Underlying Funds Risk—The risk of foreign investment often increases in countries with emerging markets or otherwise economically tied to emerging market countries. For example, these countries may have more unstable governments than developed countries, and their economies may be based on only a few industries. Emerging market countries may also have less stringent regulation of accounting, auditing, financial reporting and recordkeeping requirements, which would affect a Fund’s ability to evaluate potential portfolio companies. As a result, there could be less information available about issuers in emerging market countries, which could negatively affect Advisors’ ability to evaluate local companies or their potential impact on a Fund’s performance. Because the financial markets of emerging market countries may be very small, share prices of financial instruments in emerging market countries may be volatile and difficult to determine. Financial instruments of issuers in these countries may have lower overall liquidity than those of issuers in more developed countries. In addition, foreign investors such as a Fund are subject to a variety of special restrictions in many emerging market countries. Moreover, legal remedies for investors in emerging markets may be more limited, and U.S. authorities may have less ability to bring actions against bad actors in emerging market countries.
Nuveen Lifestyle Funds ■ Prospectus 27
· Illiquid Investments Underlying Funds Risk—The risk that illiquid investments may be difficult to sell for the value at which they are carried, if at all, or at any price within the desired time frame.
· Currency Underlying Funds Risk—The risk that foreign (non-U.S.) currencies may decline in value relative to the U.S. dollar and adversely affect the value of a Fund’s investments in foreign currencies, securities denominated in foreign currencies or derivative instruments that provide exposure to foreign currencies.
· Active Management Risk—The risk that the strategy, investment selection or trading execution of Advisors or another investment adviser or sub-adviser of an Underlying Fund could cause the Fund or an Underlying Fund to underperform its benchmark index or mutual funds with similar investment objectives and may not produce expected returns.
· Fund of Funds Risk—The ability of the Fund to achieve its investment objective will depend in part upon the ability of the Underlying Funds to achieve their investment objectives. There can be no guarantee that any Underlying Fund will achieve its investment objective.
There can be no assurances that the Fund will achieve its investment objective. You should not consider the Fund to be a complete investment program. Please see the non-summary portion of the Prospectus for more detailed information about the risks described above, including the risks of the Underlying Funds.
The returns shown below reflect previous agreements by Advisors to waive or reimburse the Fund and certain Underlying Funds for certain fees and expenses.
28 Prospectus ■ Nuveen Lifestyle Funds
Without
these waivers and reimbursements, the returns of the Fund would have been lower.
For current performance
information of each share class, including performance to the most recent month-end, please visit
ANNUAL TOTAL RETURNS FOR CLASS R6 SHARES (%)†
Nuveen Lifestyle Conservative Fund
†
Nuveen Lifestyle Funds ■ Prospectus 29
For the Periods Ended December 31, 2023
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# | The performance shown for Class I that is prior to its inception date is based on performance of the Fund’s Class R6. The performance for these periods has not been restated to reflect higher expenses of Class I. If those expenses had been reflected, the performance would have been lower. | |||||||||||
* | The Class A average annual total returns have been restated to reflect a maximum up-front sales charge of 5.75% applicable to the purchase of Class A shares, which was effective as of May 6, 2024. | |||||||||||
‡ | As of the close of business on December 31, 2023, the Lifestyle Conservative Fund 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. The Fund’s composite benchmark, the components that make up a composite benchmark and the method of calculating a composite benchmark’s performance may vary over time. | |||||||||||
30 Prospectus ■ Nuveen Lifestyle Funds
Investment Adviser. Teachers Advisors, LLC.
Portfolio Managers.
Name: | John Cunniff, CFA | Steve Sedmak, CFA | |
Title: | Managing Director | Managing Director | |
Experience on Fund: | since 2011 | since 2020 |
Purchase and sale of Fund shares
You may purchase, redeem or exchange shares of the Fund on any day that the New York Stock Exchange (“NYSE”) or its affiliated exchanges, NYSE Arca Equities or NYSE American, are open for trading (each such day a “Business Day”) directly from the Fund (for certain share classes) or through a financial advisor, employee benefit plan or other financial intermediary. The Fund’s initial and subsequent investment minimums generally are as follows, although certain financial intermediaries may impose their own investment minimums and the Fund may reduce or waive the minimums in some cases:
Eligibility and Minimum Initial Investment | Minimum Additional Investment | |
Class A | Available only through certain financial intermediaries or by contacting the Fund directly as described in the Prospectus. $2,500 for all accounts except: · $2,000 for Traditional/Roth IRA accounts and Coverdell Education Savings Accounts. · $250 for accounts opened through fee-based programs. · No minimum for retirement plans. | $100 |
Class I | Available only through fee-based programs and certain retirement plans, and to other limited categories of investors as described in the Prospectus. $100,000 for all accounts except: · $250 for clients of financial intermediaries and family offices that have accounts holding Class I shares with an aggregate value of at least $100,000 (or that are expected to reach this level). · No minimum for eligible retirement plans and certain other categories of eligible investors as described in the Prospectus. | No minimum. |
Premier Class, Retirement Class | Available only through certain employee benefit plans, other types of savings plans or accounts and certain financial intermediaries as described in the Prospectus. No minimum. | No minimum. |
Nuveen Lifestyle Funds ■ Prospectus 31
Eligibility and Minimum Initial Investment | Minimum Additional Investment | |
Class R6 | Available only to certain eligible investors as described in the Prospectus and through fee-based programs. $1 million for all accounts except: · $1,000 for clients of financial intermediaries who charge such clients an ongoing fee for advisory, investment, consulting or related services. | No minimum. |
The Fund intends to make distributions to shareholders that may be taxed as ordinary income or capital gains. Distributions made to tax-exempt shareholders or shareholders who hold Fund shares in a tax-deferred account are generally not subject to income tax in the current year, but redemptions made from tax-deferred accounts may be subject to income tax.
Payments to broker-dealers and other financial intermediary compensation
If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and/or its related companies may pay the financial intermediary for providing investor services. The Fund’s related companies may also pay the financial intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other financial intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary’s website for more information.
32 Prospectus ■ Nuveen Lifestyle Funds
Summary information |
(formerly TIAA-CREF Lifestyle Moderate Fund)
The Fund seeks long-term total return, consisting of capital appreciation and current income.
The following tables describe the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund or in other Nuveen mutual funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial advisor and in “How You Can Buy and Sell Shares” on page 122 of the Fund’s Prospectus and “Purchase and Redemption of Fund Shares” on page 85 of the Fund’s Statement of Additional Information. In addition, more information about sales charge discounts and waivers for purchases of shares through specific financial intermediaries is set forth in the appendix to the Fund’s Prospectus entitled “Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries.”
The tables and examples below do not reflect any commissions that shareholders may be required to pay directly to their financial intermediaries when buying or selling Class I shares.
Nuveen Lifestyle Funds ■ Prospectus 33
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Maximum sales charge (load) imposed on purchases (as a percentage of offering price) | ||||||||||
Maximum deferred sales charge (load) | ||||||||||
Maximum sales charge (load) imposed on reinvested dividends and other distributions | ||||||||||
Redemption or exchange fee | ||||||||||
Annual low balance account fee | $ |
ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)
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1 | Restated to reflect estimate for the current fiscal year. | ||||||||||
2 | “Acquired fund fees and expenses” are the Fund’s proportionate amount of the expenses of any investment companies or pools in which it invests. These expenses are not paid directly by Fund shareholders. Instead, Fund shareholders bear these expenses indirectly because they reduce Fund performance. Because “Acquired fund fees and expenses” are included in the chart above, the Fund’s operating expenses here will not correlate with the expenses included in the Financial highlights in this Prospectus and the Fund’s annual report. | ||||||||||
3 | Under the Fund’s expense reimbursement arrangements, the Fund’s investment adviser, Teachers Advisors, LLC (“Advisors”), has contractually agreed to reimburse the Fund for any Total annual Fund operating expenses (excluding interest, taxes, brokerage commissions or other transactional expenses, Acquired fund fees and expenses and extraordinary expenses) that exceed: (i) 0.45% of average daily net assets for Class A shares; (ii) 0.25% of average daily net assets for Class I shares; (iii) 0.25% of average daily net assets for Premier Class shares; (iv) 0.10% of average daily net assets for Class R6 shares; and (v) 0.35% of average daily net assets for Retirement Class shares of the Fund. These expense reimbursement arrangements will continue through at least September 30, 2025, unless changed with approval of the Board of Trustees. | ||||||||||
This example is intended to help you compare the cost of investing in shares of the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s
34 Prospectus ■ Nuveen Lifestyle Funds
operating expenses, before fee waivers and/or expense reimbursements, remain the same. The example assumes that the Fund’s fee waiver and/or expense reimbursement arrangements will each remain in place for the duration noted in the table above. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
| Class A |
| Class I |
| Premier
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1 year | $ | |
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The
Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns
over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and
may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not
reflected in annual fund operating expenses or in the example, affect the Fund’s performance.
During the fiscal year ended May 31, 2024, the Fund’s portfolio turnover rate was
The Fund is a “fund of funds” that invests in Class R6 shares of other Nuveen mutual funds and in other investment pools or investment products, including other funds or exchange-traded funds (“ETFs”) advised by the Fund’s investment adviser, Teachers Advisors, LLC (“Advisors”), or its affiliates (collectively, the “Underlying Funds”). The Fund is designed for investors seeking long-term total return, consisting of capital appreciation and current income, through a relatively stable asset allocation strategy targeting a moderate risk-return profile. Advisors generally seeks to meet the Fund’s investment objective by investing: (1) approximately 60% of the Fund’s assets in equity Underlying Funds and (2) approximately 40% of the Fund’s assets in fixed-income Underlying Funds. The Fund may deviate from these target allocations by up to ten percentage points depending upon current market conditions and outlook.
The Underlying Funds’ allocation targets generally represent targets for investments in equity and fixed-income asset classes. Within the equity and fixed-income asset classes, Advisors allocates the Fund’s investments to particular market sectors (which may include U.S. equity, international equity, fixed-income and short-term fixed-income) represented by various Underlying Funds. To maintain an appropriate allocation among the Underlying Funds, the portfolio managers monitor the domestic and foreign equity markets, as well as overall financial and economic conditions. The Fund may sometimes be more heavily weighted toward equities or fixed-income than the target allocations, if the portfolio managers believe market conditions warrant. For example, the Fund may
Nuveen Lifestyle Funds ■ Prospectus 35
increase its holdings in fixed-income Underlying Funds in periods when the portfolio managers believe the equity markets will decline. The market sector allocations and Underlying Fund allocations may also be changed over time by the portfolio managers, including the addition and removal of market sectors and Underlying Funds in which the Fund invests in light of the Fund’s desired level of risk and potential return at a particular time as evaluated by the portfolio managers based on a mix of qualitative and quantitative factors. The portfolio managers may also opportunistically purchase other Funds or other investment pools or investment products, based on the portfolio managers’ evaluation of the market sectors and/or Underlying Funds, without prior notice to shareholders. If 10% or more of the Fund’s assets are expected to be invested in any Underlying Fund, market sector or asset class not listed in the chart below, shareholders will receive prior notice of such change.
As a result of its investments in the Underlying Funds, the Fund’s returns will reflect investments in a mix of domestic and foreign equities of companies of various sizes and market capitalizations and a variety of domestic and foreign fixed-income instruments of private and governmental issuers of varying maturities and credit qualities.
As part of the Fund’s ability to invest in other investment pools or investment products noted above, the Fund may invest in ETFs and exchange-traded notes (“ETNs”) to gain exposure to various market sectors or securities in order to effect its asset allocation strategy. Additionally, the Fund may use ETFs and ETNs for cash management, hedging or defensive purposes. ETFs and ETNs will be subject to the risks associated with the types of securities or sectors that they track, while ETNs, which are structured as fixed-income obligations, will also be subject to the general risks of fixed-income securities, including credit risk.
The Fund’s asset class allocations, market sector allocations within each asset class, and Underlying Fund allocations within each market sector as of June 30, 2024, are listed in the chart below. These allocations may change over time. Underlying Fund allocations in particular may change from year to year.
36 Prospectus ■ Nuveen Lifestyle Funds
Asset Class | Allocation |
| Market Sector | Allocation |
| Underlying Funds | Allocation |
Equity | 60.14% |
| U.S. Equity | 39.31% |
| Nuveen Growth Opportunities ETF | 7.01% |
Nuveen Large Cap Growth | 6.88% | ||||||
Nuveen Dividend Growth | 5.79% | ||||||
Nuveen Core Equity | 5.78% | ||||||
Nuveen Large Cap Value | 5.57% | ||||||
Nuveen Dividend Value | 5.55% | ||||||
Nuveen Quant Small/Mid Cap Equity | 1.49% | ||||||
Nuveen Quant Small Cap Equity | 1.24% | ||||||
International Equity | 20.83% | Nuveen International Equity | 8.94% | ||||
Nuveen International Opportunities | 5.35% | ||||||
Nuveen Emerging Markets Equity | 3.63% | ||||||
Nuveen Quant International Small Cap Equity | 2.91% | ||||||
Fixed-Income | 39.86% |
| Fixed-Income | 39.86% |
| Nuveen Core Plus Bond | 39.86% |
Total | 100.00% | 100.00% | 100.00% |
· Asset Allocation Risk—The risk that the Fund may not achieve its target allocations. In addition, there is the risk that the asset allocations may not achieve the desired risk-return characteristic or that the selection of Underlying Funds and the allocations among them will result in the Fund underperforming other similar funds or cause an investor to lose money.
· Underlying Funds Risks—The Fund is exposed to the risks of the Underlying Funds in which it invests in direct proportion to the amount of assets the Fund allocates to each Underlying Fund.
· Equity Underlying Funds Risks—The risks of investing in equity Underlying Funds include risks specific to their investment strategies, as well as risks related to the equity markets in general, such as:
· market risk—The risk that market prices of portfolio investments held by a Fund may fall rapidly or unpredictably due to a variety of factors, including changing economic, political or market conditions. Market risk may affect a single issuer, industry or sector of the economy, or it may affect the market as a whole. Such conditions may add significantly to the risk of volatility in the net asset value (“NAV”) of the Fund’s shares and adversely affect the Fund and its investments. From time to time, a Fund may invest a significant portion of its assets in companies in one or more related sectors or industries, which would make the Fund more vulnerable to adverse developments affecting such sectors or industries;
Nuveen Lifestyle Funds ■ Prospectus 37
· issuer risk—The risk that an issuer’s earnings prospects, credit rating and overall financial position will deteriorate, causing a decline in the value of the issuer’s financial instruments over short or extended periods of time;
· foreign investment risk—Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, currency, market or economic developments as well as armed conflicts and can result in greater price volatility and perform differently from financial instruments of U.S. issuers. This risk may be heightened in emerging or developing markets. Foreign investments may also have lower liquidity and be more difficult to value than investments in U.S. issuers. To the extent a Fund invests a significant portion of its assets in the securities of companies in a single country or region, it may be more susceptible to adverse economic, market, political or regulatory events or conditions affecting that country or region. Foreign investments may also be subject to risk of loss because of more or less foreign government regulation, less public information, less stringent investor protections and less stringent accounting, corporate governance, financial reporting and disclosure standards. Changes in the value of foreign currencies may make the return on an investment increase or decrease, unrelated to the quality or performance of the investment itself. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs) and other restrictions by the United States or other governments may also negatively impact a Fund’s investments. Economic sanctions and other similar governmental actions or developments could, among other things, effectively restrict or eliminate a Fund’s ability to purchase or sell certain foreign securities or groups of foreign securities, and/or thus may make a Fund’s investments in such securities less liquid (or illiquid) or more difficult to value. The type and severity of sanctions and other measures that may be imposed could vary broadly in scope, and their impact is impossible to predict;
· small- and mid-cap risk—The risk that the stocks of small-capitalization companies often experience greater price volatility than large- or mid-sized companies because small-cap companies are often newer or less established than larger companies and are likely to have more limited resources, products and markets. Securities of small-cap companies often have lower overall liquidity than securities of larger companies as a result of there being a smaller market for their securities, which can have an adverse effect on the pricing of these securities and on the ability to sell these securities when a Fund’s investment adviser or sub-adviser deems it appropriate. Stocks of mid-capitalization companies often experience greater price
38 Prospectus ■ Nuveen Lifestyle Funds
volatility, lower trading volume and lower overall liquidity than the stocks of larger, more established companies;
· style risk—The risk that use of a particular investing style (such as growth or value investing) may fall out of favor in the marketplace for various periods of time and result in underperformance relative to the broader market sector or significant declines in the value of a Fund’s portfolio investments; and
· dividend-paying security risk—The risk that investments in dividend-paying securities could cause a Fund to underperform similar funds that invest without consideration of an issuer’s track record of paying dividends.
· Fixed-Income Underlying Funds Risks—The risks of investing in fixed-income Underlying Funds include risks specific to their investment strategies, as well as risks related to the fixed-income markets in general, such as:
· interest rate risk—The risk that changes in interest rates can adversely affect the value or liquidity of, and income generated by, fixed-income investments. This risk is heightened to the extent a Fund invests in longer duration fixed-income investments and during periods when prevailing interest rates are changing. There is a risk that interest rates across the financial system may change, possibly significantly and/or rapidly. In general, changing interest rates, including rates that fall below zero, or a lack of market participants may lead to decreased liquidity and increased volatility in the fixed-income or debt markets, making it more difficult for the Fund to sell fixed-income investments. When interest rates change, the values of longer duration fixed-income securities usually change more than the values of shorter duration fixed-income securities. Conversely, fixed-income securities with shorter durations or maturities will be less volatile but may provide lower returns than fixed-income securities with longer durations or maturities. Other factors that may affect the value of debt securities include, but are not limited to, economic, political, public health, and other crises and responses by governments and companies to such crises;
· prepayment risk—The risk that, during periods of falling interest rates, borrowers may pay off their mortgage loans sooner than expected, forcing a Fund to reinvest the unanticipated proceeds at lower interest rates and resulting in a decline in income;
· extension risk—The risk that, during periods of rising interest rates, borrowers may pay off their mortgage loans later than expected, preventing a Fund from reinvesting principal proceeds at higher interest rates and resulting in less income than potentially available;
Nuveen Lifestyle Funds ■ Prospectus 39
· issuer risk—The risk that an issuer’s earnings prospects, credit rating and overall financial position will deteriorate, causing a decline in the value of the issuer’s financial instruments over short or extended periods of time;
· credit risk—The risk that the issuer of fixed-income investments may not be able or willing, or may be perceived (whether by market participants, rating agencies, pricing services or otherwise) as not able or willing, to meet interest or principal payments when the payments become due;
· credit spread risk—The risk that credit spreads (i.e., the difference in yield between securities that is due to differences in each security’s respective credit quality) may increase when market participants believe that bonds generally have a greater risk of default, which could result in a decline in the market values of a Fund’s debt securities;
· income volatility risk—The risk that the level of current income from a portfolio of fixed-income investments may decline in certain interest rate environments;
· market volatility, liquidity and valuation risk (types of market risk)—The risk that volatile or dramatic reductions in trading activity make it difficult for a Fund to properly value its investments and that a Fund may not be able to purchase or sell an investment at an attractive price, if at all;
· fixed-income foreign investment risk—Investment in fixed-income securities or financial instruments of foreign issuers involves increased risks due to adverse issuer, political, regulatory, currency, market or economic developments as well as armed conflicts. These developments may impact the ability of a foreign debt issuer to make timely and ultimate payments on its debt obligations to a Fund or impair a Fund’s ability to enforce its rights against the foreign debt issuer. These risks are heightened in emerging or developing markets. Foreign investments may also have lower overall liquidity and be more difficult to value than investments in U.S. issuers. To the extent a Fund invests a significant portion of its assets in the securities of companies in a single country or region, it may be more susceptible to adverse economic, market, political or regulatory events or conditions affecting that country or region. Foreign investments may also be subject to risk of loss because of more or less foreign government regulation, less public information, less stringent investor protections and less stringent accounting, corporate governance, financial reporting and disclosure standards. Changes in the value of foreign currencies may make the return on an investment increase or decrease, unrelated to the quality or performance of the investment itself. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including
40 Prospectus ■ Nuveen Lifestyle Funds
tariffs) and other restrictions by the United States and other governments may also negatively impact a Fund’s investments. Economic sanctions and other similar governmental actions or developments could, among other things, effectively restrict or eliminate a Fund’s ability to purchase or sell certain foreign securities or groups of foreign securities, and/or thus may make a Fund’s investments in such securities less liquid (or illiquid) or more difficult to value. The type and severity of sanctions and other measures that may be imposed could vary broadly in scope, and their impact is impossible to predict; and
· call risk—The risk that, during periods of falling interest rates, an issuer may call (or repay) a fixed-income security prior to maturity, resulting in a decline in a Fund’s income.
· Underlying ETF Risk—In addition to the same principal risks as an investment in a mutual fund with the same investment objectives, strategies and policies as the ETF, investments in an Underlying Fund that is an ETF are subject to additional risks, including: (i) the market price of the ETF’s shares may trade at a premium or a discount to their NAV; (ii) an active trading market for an ETF’s shares may not develop or be maintained; and (iii) there is no assurance that the requirements of the exchange necessary to maintain the listing of an ETF will continue to be met or remain unchanged.
· Emerging Markets Underlying Funds Risk—The risk of foreign investment often increases in countries with emerging markets or otherwise economically tied to emerging market countries. For example, these countries may have more unstable governments than developed countries, and their economies may be based on only a few industries. Emerging market countries may also have less stringent regulation of accounting, auditing, financial reporting and recordkeeping requirements, which would affect a Fund’s ability to evaluate potential portfolio companies. As a result, there could be less information available about issuers in emerging market countries, which could negatively affect Advisors’ ability to evaluate local companies or their potential impact on a Fund’s performance. Because the financial markets of emerging market countries may be very small, share prices of financial instruments in emerging market countries may be volatile and difficult to determine. Financial instruments of issuers in these countries may have lower overall liquidity than those of issuers in more developed countries. In addition, foreign investors such as a Fund are subject to a variety of special restrictions in many emerging market countries. Moreover, legal remedies for investors in emerging markets may be more limited, and U.S. authorities may have less ability to bring actions against bad actors in emerging market countries.
Nuveen Lifestyle Funds ■ Prospectus 41
· Illiquid Investments Underlying Funds Risk—The risk that illiquid investments may be difficult to sell for the value at which they are carried, if at all, or at any price within the desired time frame.
· Currency Underlying Funds Risk—The risk that foreign (non-U.S.) currencies may decline in value relative to the U.S. dollar and adversely affect the value of a Fund’s investments in foreign currencies, securities denominated in foreign currencies or derivative instruments that provide exposure to foreign currencies.
· Active Management Risk—The risk that the strategy, investment selection or trading execution of Advisors or another investment adviser or sub-adviser of an Underlying Fund could cause the Fund or an Underlying Fund to underperform its benchmark index or mutual funds with similar investment objectives and may not produce expected returns.
· Fund of Funds Risk—The ability of the Fund to achieve its investment objective will depend in part upon the ability of the Underlying Funds to achieve their investment objectives. There can be no guarantee that any Underlying Fund will achieve its investment objective.
There can be no assurances that the Fund will achieve its investment objective. You should not consider the Fund to be a complete investment program. Please see the non-summary portion of the Prospectus for more detailed information about the risks described above, including the risks of the Underlying Funds.
The returns shown below reflect previous agreements by Advisors to waive or reimburse the Fund and certain Underlying Funds for certain fees and expenses.
42 Prospectus ■ Nuveen Lifestyle Funds
Without
these waivers and reimbursements, the returns of the Fund would have been lower.
For current performance
information of each share class, including performance to the most recent month-end, please visit
ANNUAL TOTAL RETURNS FOR CLASS R6 SHARES (%)†
Nuveen Lifestyle Moderate Fund
†
Nuveen Lifestyle Funds ■ Prospectus 43
For the Periods Ended December 31, 2023
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# | The performance shown for Class I that is prior to its inception date is based on performance of the Fund’s Class R6. The performance for these periods has not been restated to reflect higher expenses of Class I. If those expenses had been reflected, the performance would have been lower. | |||||||||||
* | The Class A average annual total returns have been restated to reflect a maximum up-front sales charge of 5.75% applicable to the purchase of Class A shares, which was effective as of May 6, 2024. | |||||||||||
‡ | As of the close of business on December 31, 2023, the Lifestyle Moderate Fund 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. The Fund’s composite benchmark, the components that make up a composite benchmark and the method of calculating a composite benchmark’s performance may vary over time. | |||||||||||
44 Prospectus ■ Nuveen Lifestyle Funds
Investment Adviser. Teachers Advisors, LLC.
Portfolio Managers.
Name: | John Cunniff, CFA | Steve Sedmak, CFA | |
Title: | Managing Director | Managing Director | |
Experience on Fund: | since 2011 | since 2020 |
Purchase and sale of Fund shares
You may purchase, redeem or exchange shares of the Fund on any day that the New York Stock Exchange (“NYSE”) or its affiliated exchanges, NYSE Arca Equities or NYSE American, are open for trading (each such day a “Business Day”) directly from the Fund (for certain share classes) or through a financial advisor, employee benefit plan or other financial intermediary. The Fund’s initial and subsequent investment minimums generally are as follows, although certain financial intermediaries may impose their own investment minimums and the Fund may reduce or waive the minimums in some cases:
Eligibility and Minimum Initial Investment | Minimum Additional Investment | |
Class A | Available only through certain financial intermediaries or by contacting the Fund directly as described in the Prospectus. $2,500 for all accounts except: · $2,000 for Traditional/Roth IRA accounts and Coverdell Education Savings Accounts. · $250 for accounts opened through fee-based programs. · No minimum for retirement plans. | $100 |
Class I | Available only through fee-based programs and certain retirement plans, and to other limited categories of investors as described in the Prospectus. $100,000 for all accounts except: · $250 for clients of financial intermediaries and family offices that have accounts holding Class I shares with an aggregate value of at least $100,000 (or that are expected to reach this level). · No minimum for eligible retirement plans and certain other categories of eligible investors as described in the Prospectus. | No minimum. |
Premier Class, Retirement Class | Available only through certain employee benefit plans, other types of savings plans or accounts and certain financial intermediaries as described in the Prospectus. No minimum. | No minimum. |
Nuveen Lifestyle Funds ■ Prospectus 45
Eligibility and Minimum Initial Investment | Minimum Additional Investment | |
Class R6 | Available only to certain eligible investors as described in the Prospectus and through fee-based programs. $1 million for all accounts except: · $1,000 for clients of financial intermediaries who charge such clients an ongoing fee for advisory, investment, consulting or related services. | No minimum. |
The Fund intends to make distributions to shareholders that may be taxed as ordinary income or capital gains. Distributions made to tax-exempt shareholders or shareholders who hold Fund shares in a tax-deferred account are generally not subject to income tax in the current year, but redemptions made from tax-deferred accounts may be subject to income tax.
Payments to broker-dealers and other financial intermediary compensation
If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and/or its related companies may pay the financial intermediary for providing investor services. The Fund’s related companies may also pay the financial intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other financial intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary’s website for more information.
46 Prospectus ■ Nuveen Lifestyle Funds
Summary information |
(formerly TIAA-CREF Lifestyle Growth Fund)
The Fund seeks long-term growth of capital with some current income.
The following tables describe the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund or in other Nuveen mutual funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial advisor and in “How You Can Buy and Sell Shares” on page 122 of the Fund’s Prospectus and “Purchase and Redemption of Fund Shares” on page 85 of the Fund’s Statement of Additional Information. In addition, more information about sales charge discounts and waivers for purchases of shares through specific financial intermediaries is set forth in the appendix to the Fund’s Prospectus entitled “Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries.”
The tables and examples below do not reflect any commissions that shareholders may be required to pay directly to their financial intermediaries when buying or selling Class I shares.
Nuveen Lifestyle Funds ■ Prospectus 47
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Maximum deferred sales charge (load) | ||||||||||
Maximum sales charge (load) imposed on reinvested dividends and other distributions | ||||||||||
Redemption or exchange fee | ||||||||||
Annual low balance account fee | $ |
ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)
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1 | Restated to reflect estimate for the current fiscal year. | ||||||||||
2 | “Acquired fund fees and expenses” are the Fund’s proportionate amount of the expenses of any investment companies or pools in which it invests. These expenses are not paid directly by Fund shareholders. Instead, Fund shareholders bear these expenses indirectly because they reduce Fund performance. Because “Acquired fund fees and expenses” are included in the chart above, the Fund’s operating expenses here will not correlate with the expenses included in the Financial highlights in this Prospectus and the Fund’s annual report. | ||||||||||
3 | Under the Fund’s expense reimbursement arrangements, the Fund’s investment adviser, Teachers Advisors, LLC (“Advisors”), has contractually agreed to reimburse the Fund for any Total annual Fund operating expenses (excluding interest, taxes, brokerage commissions or other transactional expenses, Acquired fund fees and expenses and extraordinary expenses) that exceed: (i) 0.45% of average daily net assets for Class A shares; (ii) 0.25% of average daily net assets for Class I shares; (iii) 0.25% of average daily net assets for Premier Class shares; (iv) 0.10% of average daily net assets for Class R6 shares; and (v) 0.35% of average daily net assets for Retirement Class shares of the Fund. These expense reimbursement arrangements will continue through at least September 30, 2025, unless changed with approval of the Board of Trustees. | ||||||||||
This example is intended to help you compare the cost of investing in shares of the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s
48 Prospectus ■ Nuveen Lifestyle Funds
operating expenses, before fee waivers and/or expense reimbursements, remain the same. The example assumes that the Fund’s fee waiver and/or expense reimbursement arrangements will each remain in place for the duration noted in the table above. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
| Class A |
| Class I |
| Premier
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1 year | $ | |
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The
Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns
over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and
may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not
reflected in annual fund operating expenses or in the example, affect the Fund’s performance.
During the fiscal year ended May 31, 2024, the Fund’s portfolio turnover rate was
The Fund is a “fund of funds” that invests in Class R6 shares of other Nuveen mutual funds and in other investment pools or investment products, including other funds or exchange-traded funds (“ETFs”) advised by the Fund’s investment adviser, Teachers Advisors, LLC (“Advisors”), or its affiliates (collectively, the “Underlying Funds”). The Fund is designed for investors seeking long-term growth of capital with some current income through a relatively stable asset allocation strategy targeting a growth-oriented risk-return profile. Advisors generally seeks to meet the Fund’s investment objective by investing: (1) approximately 80% of the Fund’s assets in equity Underlying Funds and (2) approximately 20% of the Fund’s assets in fixed-income Underlying Funds. The Fund may deviate from these target allocations by up to ten percentage points depending upon current market conditions and outlook.
The Underlying Funds’ allocation targets generally represent targets for investments in equity and fixed-income asset classes. Within the equity and fixed-income asset classes, Advisors allocates the Fund’s investments to particular market sectors (which may include U.S. equity, international equity, fixed-income and short-term fixed-income) represented by various Underlying Funds. To maintain an appropriate allocation among the Underlying Funds, the portfolio managers monitor the domestic and foreign equity markets, as well as overall financial and economic conditions. The Fund may sometimes be more heavily weighted toward equities or fixed-income than the target allocations, if the portfolio managers believe market conditions warrant. For example, the Fund may
Nuveen Lifestyle Funds ■ Prospectus 49
increase its holdings in fixed-income Underlying Funds in periods when the portfolio managers believe the equity markets will decline. The market sector allocations and Underlying Fund allocations may also be changed over time by the portfolio managers, including the addition and removal of market sectors and Underlying Funds in which the Fund invests in light of the Fund’s desired level of risk and potential return at a particular time as evaluated by the portfolio managers based on a mix of qualitative and quantitative factors. The portfolio managers may also opportunistically purchase other Funds or other investment pools or investment products, based on the portfolio managers’ evaluation of the market sectors and/or Underlying Funds, without prior notice to shareholders. If 10% or more of the Fund’s assets are expected to be invested in any Underlying Fund, market sector or asset class not listed in the chart below, shareholders will receive prior notice of such change.
As a result of its investments in the Underlying Funds, the Fund’s returns will reflect investments in a mix of domestic and foreign equities of companies of various sizes and market capitalizations and a variety of domestic and foreign fixed-income instruments of private and governmental issuers of varying maturities and credit qualities.
As part of the Fund’s ability to invest in other investment pools or investment products noted above, the Fund may invest in ETFs and exchange-traded notes (“ETNs”) to gain exposure to various market sectors or securities in order to effect its asset allocation strategy. Additionally, the Fund may use ETFs and ETNs for cash management, hedging or defensive purposes. ETFs and ETNs will be subject to the risks associated with the types of securities or sectors that they track, while ETNs, which are structured as fixed-income obligations, will also be subject to the general risks of fixed-income securities, including credit risk.
The Fund’s asset class allocations, market sector allocations within each asset class, and Underlying Fund allocations within each market sector as of June 30, 2024, are listed in the chart below. These allocations may change over time. Underlying Fund allocations in particular may change from year to year.
50 Prospectus ■ Nuveen Lifestyle Funds
Asset Class | Allocation |
| Market Sector | Allocation |
| Underlying Funds | Allocation |
Equity | 80.08% |
| U.S. Equity | 52.35% |
| Nuveen Growth Opportunities ETF | 9.31% |
Nuveen Large Cap Growth | 9.20% | ||||||
Nuveen Core Equity | 7.70% | ||||||
Nuveen Dividend Growth | 7.69% | ||||||
Nuveen Large Cap Value | 7.43% | ||||||
Nuveen Dividend Value | 7.39% | ||||||
Nuveen Quant Small/Mid Cap Equity | 1.98% | ||||||
Nuveen Quant Small Cap Equity | 1.65% | ||||||
International Equity | 27.73% | Nuveen International Equity | 11.91% | ||||
Nuveen International Opportunities | 7.12% | ||||||
Nuveen Emerging Markets Equity | 4.80% | ||||||
Nuveen Quant International Small Cap Equity | 3.90% | ||||||
Fixed-Income | 19.92% |
| Fixed-Income | 19.92% |
| Nuveen Core Plus Bond | 19.92% |
Total | 100.00% | 100.00% | 100.00% |
· Asset Allocation Risk—The risk that the Fund may not achieve its target allocations. In addition, there is the risk that the asset allocations may not achieve the desired risk-return characteristic or that the selection of Underlying Funds and the allocations among them will result in the Fund underperforming other similar funds or cause an investor to lose money.
· Underlying Funds Risks—The Fund is exposed to the risks of the Underlying Funds in which it invests in direct proportion to the amount of assets the Fund allocates to each Underlying Fund. Because the Fund targets its investments in a higher percentage of equity Underlying Funds, Equity Underlying Funds Risks are expected to predominate.
· Equity Underlying Funds Risks—The risks of investing in equity Underlying Funds include risks specific to their investment strategies, as well as risks related to the equity markets in general, such as:
· market risk—The risk that market prices of portfolio investments held by a Fund may fall rapidly or unpredictably due to a variety of factors, including changing economic, political or market conditions. Market risk may affect a single issuer, industry or sector of the economy, or it may affect the market as a whole. Such conditions may add significantly to the risk of volatility in the net asset value (“NAV”) of the Fund’s shares and adversely affect the Fund and its investments. From time to time, a Fund may invest a significant portion of its assets in companies in one or more related sectors or industries, which would
Nuveen Lifestyle Funds ■ Prospectus 51
make the Fund more vulnerable to adverse developments affecting such sectors or industries;
· issuer risk—The risk that an issuer’s earnings prospects, credit rating and overall financial position will deteriorate, causing a decline in the value of the issuer’s financial instruments over short or extended periods of time;
· foreign investment risk—Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, currency, market or economic developments as well as armed conflicts and can result in greater price volatility and perform differently from financial instruments of U.S. issuers. This risk may be heightened in emerging or developing markets. Foreign investments may also have lower liquidity and be more difficult to value than investments in U.S. issuers. To the extent a Fund invests a significant portion of its assets in the securities of companies in a single country or region, it may be more susceptible to adverse economic, market, political or regulatory events or conditions affecting that country or region. Foreign investments may also be subject to risk of loss because of more or less foreign government regulation, less public information, less stringent investor protections and less stringent accounting, corporate governance, financial reporting and disclosure standards. Changes in the value of foreign currencies may make the return on an investment increase or decrease, unrelated to the quality or performance of the investment itself. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs) and other restrictions by the United States or other governments may also negatively impact a Fund’s investments. Economic sanctions and other similar governmental actions or developments could, among other things, effectively restrict or eliminate a Fund’s ability to purchase or sell certain foreign securities or groups of foreign securities, and/or thus may make a Fund’s investments in such securities less liquid (or illiquid) or more difficult to value. The type and severity of sanctions and other measures that may be imposed could vary broadly in scope, and their impact is impossible to predict;
· small- and mid-cap risk—The risk that the stocks of small-capitalization companies often experience greater price volatility than large- or mid-sized companies because small-cap companies are often newer or less established than larger companies and are likely to have more limited resources, products and markets. Securities of small-cap companies often have lower overall liquidity than securities of larger companies as a result of there being a smaller market for their securities, which can have an adverse effect on the pricing of these securities and on the ability to sell these securities when a
52 Prospectus ■ Nuveen Lifestyle Funds
Fund’s investment adviser or sub-adviser deems it appropriate. Stocks of mid-capitalization companies often experience greater price volatility, lower trading volume and lower overall liquidity than the stocks of larger, more established companies;
· style risk—The risk that use of a particular investing style (such as growth or value investing) may fall out of favor in the marketplace for various periods of time and result in underperformance relative to the broader market sector or significant declines in the value of a Fund’s portfolio investments; and
· dividend-paying security risk—The risk that investments in dividend-paying securities could cause a Fund to underperform similar funds that invest without consideration of an issuer’s track record of paying dividends.
· Fixed-Income Underlying Funds Risks—The risks of investing in fixed-income Underlying Funds include risks specific to their investment strategies, as well as risks related to the fixed-income markets in general, such as:
· interest rate risk—The risk that changes in interest rates can adversely affect the value or liquidity of, and income generated by, fixed-income investments. This risk is heightened to the extent a Fund invests in longer duration fixed-income investments and during periods when prevailing interest rates are changing. There is a risk that interest rates across the financial system may change, possibly significantly and/or rapidly. In general, changing interest rates, including rates that fall below zero, or a lack of market participants may lead to decreased liquidity and increased volatility in the fixed-income or debt markets, making it more difficult for the Fund to sell fixed-income investments. When interest rates change, the values of longer duration fixed-income securities usually change more than the values of shorter duration fixed-income securities. Conversely, fixed-income securities with shorter durations or maturities will be less volatile but may provide lower returns than fixed-income securities with longer durations or maturities. Other factors that may affect the value of debt securities include, but are not limited to, economic, political, public health, and other crises and responses by governments and companies to such crises;
· prepayment risk—The risk that, during periods of falling interest rates, borrowers may pay off their mortgage loans sooner than expected, forcing a Fund to reinvest the unanticipated proceeds at lower interest rates and resulting in a decline in income;
· extension risk—The risk that, during periods of rising interest rates, borrowers may pay off their mortgage loans later than expected, preventing a Fund from reinvesting principal proceeds at higher interest rates and resulting in less income than potentially available;
Nuveen Lifestyle Funds ■ Prospectus 53
· issuer risk—The risk that an issuer’s earnings prospects, credit rating and overall financial position will deteriorate, causing a decline in the value of the issuer’s financial instruments over short or extended periods of time;
· credit risk—The risk that the issuer of fixed-income investments may not be able or willing, or may be perceived (whether by market participants, rating agencies, pricing services or otherwise) as not able or willing, to meet interest or principal payments when the payments become due;
· credit spread risk—The risk that credit spreads (i.e., the difference in yield between securities that is due to differences in each security’s respective credit quality) may increase when market participants believe that bonds generally have a greater risk of default, which could result in a decline in the market values of a Fund’s debt securities;
· income volatility risk—The risk that the level of current income from a portfolio of fixed-income investments may decline in certain interest rate environments;
· market volatility, liquidity and valuation risk (types of market risk)—The risk that volatile or dramatic reductions in trading activity make it difficult for a Fund to properly value its investments and that a Fund may not be able to purchase or sell an investment at an attractive price, if at all;
· fixed-income foreign investment risk—Investment in fixed-income securities or financial instruments of foreign issuers involves increased risks due to adverse issuer, political, regulatory, currency, market or economic developments as well as armed conflicts. These developments may impact the ability of a foreign debt issuer to make timely and ultimate payments on its debt obligations to a Fund or impair a Fund’s ability to enforce its rights against the foreign debt issuer. These risks are heightened in emerging or developing markets. Foreign investments may also have lower overall liquidity and be more difficult to value than investments in U.S. issuers. To the extent a Fund invests a significant portion of its assets in the securities of companies in a single country or region, it may be more susceptible to adverse economic, market, political or regulatory events or conditions affecting that country or region. Foreign investments may also be subject to risk of loss because of more or less foreign government regulation, less public information, less stringent investor protections and less stringent accounting, corporate governance, financial reporting and disclosure standards. Changes in the value of foreign currencies may make the return on an investment increase or decrease, unrelated to the quality or performance of the investment itself. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including
54 Prospectus ■ Nuveen Lifestyle Funds
tariffs) and other restrictions by the United States and other governments may also negatively impact a Fund’s investments. Economic sanctions and other similar governmental actions or developments could, among other things, effectively restrict or eliminate a Fund’s ability to purchase or sell certain foreign securities or groups of foreign securities, and/or thus may make a Fund’s investments in such securities less liquid (or illiquid) or more difficult to value. The type and severity of sanctions and other measures that may be imposed could vary broadly in scope, and their impact is impossible to predict; and
· call risk—The risk that, during periods of falling interest rates, an issuer may call (or repay) a fixed-income security prior to maturity, resulting in a decline in a Fund’s income.
· Underlying ETF Risk—In addition to the same principal risks as an investment in a mutual fund with the same investment objectives, strategies and policies as the ETF, investments in an Underlying Fund that is an ETF are subject to additional risks, including: (i) the market price of the ETF’s shares may trade at a premium or a discount to their NAV; (ii) an active trading market for an ETF’s shares may not develop or be maintained; and (iii) there is no assurance that the requirements of the exchange necessary to maintain the listing of an ETF will continue to be met or remain unchanged.
· Emerging Markets Underlying Funds Risk—The risk of foreign investment often increases in countries with emerging markets or otherwise economically tied to emerging market countries. For example, these countries may have more unstable governments than developed countries, and their economies may be based on only a few industries. Emerging market countries may also have less stringent regulation of accounting, auditing, financial reporting and recordkeeping requirements, which would affect a Fund’s ability to evaluate potential portfolio companies. As a result, there could be less information available about issuers in emerging market countries, which could negatively affect Advisors’ ability to evaluate local companies or their potential impact on a Fund’s performance. Because the financial markets of emerging market countries may be very small, share prices of financial instruments in emerging market countries may be volatile and difficult to determine. Financial instruments of issuers in these countries may have lower overall liquidity than those of issuers in more developed countries. In addition, foreign investors such as a Fund are subject to a variety of special restrictions in many emerging market countries. Moreover, legal remedies for investors in emerging markets may be more limited, and U.S. authorities may have less ability to bring actions against bad actors in emerging market countries.
Nuveen Lifestyle Funds ■ Prospectus 55
· Illiquid Investments Underlying Funds Risk—The risk that illiquid investments may be difficult to sell for the value at which they are carried, if at all, or at any price within the desired time frame.
· Currency Underlying Funds Risk—The risk that foreign (non-U.S.) currencies may decline in value relative to the U.S. dollar and adversely affect the value of a Fund’s investments in foreign currencies, securities denominated in foreign currencies or derivative instruments that provide exposure to foreign currencies.
· Active Management Risk—The risk that the strategy, investment selection or trading execution of Advisors or another investment adviser or sub-adviser of an Underlying Fund could cause the Fund or an Underlying Fund to underperform its benchmark index or mutual funds with similar investment objectives and may not produce expected returns.
· Fund of Funds Risk—The ability of the Fund to achieve its investment objective will depend in part upon the ability of the Underlying Funds to achieve their investment objectives. There can be no guarantee that any Underlying Fund will achieve its investment objective.
There can be no assurances that the Fund will achieve its investment objective. You should not consider the Fund to be a complete investment program. Please see the non-summary portion of the Prospectus for more detailed information about the risks described above, including the risks of the Underlying Funds.
The returns shown below reflect previous agreements by Advisors to waive or reimburse the Fund and certain Underlying Funds for certain fees and expenses.
56 Prospectus ■ Nuveen Lifestyle Funds
Without
these waivers and reimbursements, the returns of the Fund would have been lower.
For current performance
information of each share class, including performance to the most recent month-end, please visit
ANNUAL TOTAL RETURNS FOR CLASS R6 SHARES (%)†
Nuveen Lifestyle Growth Fund
†
Nuveen Lifestyle Funds ■ Prospectus 57
For the Periods Ended December 31, 2023
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# | The performance shown for Class I that is prior to its inception date is based on performance of the Fund’s Class R6. The performance for these periods has not been restated to reflect higher expenses of Class I. If those expenses had been reflected, the performance would have been lower. | |||||||||||
* | The Class A average annual total returns have been restated to reflect a maximum up-front sales charge of 5.75% applicable to the purchase of Class A shares, which was effective as of May 6, 2024. | |||||||||||
‡ | As of the close of business on December 31, 2023, the Lifestyle Growth Fund 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. The Fund’s composite benchmark, the components that make up a composite benchmark and the method of calculating a composite benchmark’s performance may vary over time. | |||||||||||
58 Prospectus ■ Nuveen Lifestyle Funds
Investment Adviser. Teachers Advisors, LLC.
Portfolio Managers.
Name: | John Cunniff, CFA | Steve Sedmak, CFA | |
Title: | Managing Director | Managing Director | |
Experience on Fund: | since 2011 | since 2020 |
Purchase and sale of Fund shares
You may purchase, redeem or exchange shares of the Fund on any day that the New York Stock Exchange (“NYSE”) or its affiliated exchanges, NYSE Arca Equities or NYSE American, are open for trading (each such day a “Business Day”) directly from the Fund (for certain share classes) or through a financial advisor, employee benefit plan or other financial intermediary. The Fund’s initial and subsequent investment minimums generally are as follows, although certain financial intermediaries may impose their own investment minimums and the Fund may reduce or waive the minimums in some cases:
Eligibility and Minimum Initial Investment | Minimum Additional Investment | |
Class A | Available only through certain financial intermediaries or by contacting the Fund directly as described in the Prospectus. $2,500 for all accounts except: · $2,000 for Traditional/Roth IRA accounts and Coverdell Education Savings Accounts. · $250 for accounts opened through fee-based programs. · No minimum for retirement plans. | $100 |
Class I | Available only through fee-based programs and certain retirement plans, and to other limited categories of investors as described in the Prospectus. $100,000 for all accounts except: · $250 for clients of financial intermediaries and family offices that have accounts holding Class I shares with an aggregate value of at least $100,000 (or that are expected to reach this level). · No minimum for eligible retirement plans and certain other categories of eligible investors as described in the Prospectus. | No minimum. |
Premier Class, Retirement Class | Available only through certain employee benefit plans, other types of savings plans or accounts and certain financial intermediaries as described in the Prospectus. No minimum. | No minimum. |
Nuveen Lifestyle Funds ■ Prospectus 59
Eligibility and Minimum Initial Investment | Minimum Additional Investment | |
Class R6 | Available only to certain eligible investors as described in the Prospectus and through fee-based programs. $1 million for all accounts except: · $1,000 for clients of financial intermediaries who charge such clients an ongoing fee for advisory, investment, consulting or related services. | No minimum. |
The Fund intends to make distributions to shareholders that may be taxed as ordinary income or capital gains. Distributions made to tax-exempt shareholders or shareholders who hold Fund shares in a tax-deferred account are generally not subject to income tax in the current year, but redemptions made from tax-deferred accounts may be subject to income tax.
Payments to broker-dealers and other financial intermediary compensation
If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and/or its related companies may pay the financial intermediary for providing investor services. The Fund’s related companies may also pay the financial intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other financial intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary’s website for more information.
60 Prospectus ■ Nuveen Lifestyle Funds
Summary information |
(formerly TIAA-CREF Lifestyle Aggressive Growth Fund)
The Fund seeks long-term growth of capital.
The following tables describe the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund or in other Nuveen mutual funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial advisor and in “How You Can Buy and Sell Shares” on page 122 of the Fund’s Prospectus and “Purchase and Redemption of Fund Shares” on page 85 of the Fund’s Statement of Additional Information. In addition, more information about sales charge discounts and waivers for purchases of shares through specific financial intermediaries is set forth in the appendix to the Fund’s Prospectus entitled “Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries.”
The tables and examples below do not reflect any commissions that shareholders may be required to pay directly to their financial intermediaries when buying or selling Class I shares.
Nuveen Lifestyle Funds ■ Prospectus 61
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Maximum deferred sales charge (load) | ||||||||||
Maximum sales charge (load) imposed on reinvested dividends and other distributions | ||||||||||
Redemption or exchange fee | ||||||||||
Annual low balance account fee | $ |
ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)
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Waivers and expense reimbursements3 | ( |
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1 | Restated to reflect estimate for the current fiscal year. | ||||||||||
2 | “Acquired fund fees and expenses” are the Fund’s proportionate amount of the expenses of any investment companies or pools in which it invests. These expenses are not paid directly by Fund shareholders. Instead, Fund shareholders bear these expenses indirectly because they reduce Fund performance. Because “Acquired fund fees and expenses” are included in the chart above, the Fund’s operating expenses here will not correlate with the expenses included in the Financial highlights in this Prospectus and the Fund’s annual report. | ||||||||||
3 | Under the Fund’s expense reimbursement arrangements, the Fund’s investment adviser, Teachers Advisors, LLC (“Advisors”), has contractually agreed to reimburse the Fund for any Total annual Fund operating expenses (excluding interest, taxes, brokerage commissions or other transactional expenses, Acquired fund fees and expenses and extraordinary expenses) that exceed: (i) 0.45% of average daily net assets for Class A shares; (ii) 0.25% of average daily net assets for Class I shares; (iii) 0.25% of average daily net assets for Premier Class shares; (iv) 0.10% of average daily net assets for Class R6 shares; and (v) 0.35% of average daily net assets for Retirement Class shares of the Fund. These expense reimbursement arrangements will continue through at least September 30, 2025, unless changed with approval of the Board of Trustees. | ||||||||||
This example is intended to help you compare the cost of investing in shares of the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s
62 Prospectus ■ Nuveen Lifestyle Funds
operating expenses, before fee waivers and/or expense reimbursements, remain the same. The example assumes that the Fund’s fee waiver and/or expense reimbursement arrangements will each remain in place for the duration noted in the table above. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
| Class A |
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| Premier
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1 year | $ | |
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The
Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns
over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and
may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not
reflected in annual fund operating expenses or in the example, affect the Fund’s performance.
During the fiscal year ended May 31, 2024, the Fund’s portfolio turnover rate was
The Fund is a “fund of funds” that invests in Class R6 shares of other Nuveen mutual funds and in other investment pools or investment products, including other funds or exchange-traded funds (“ETFs”) advised by the Fund’s investment adviser, Teachers Advisors, LLC (“Advisors”), or its affiliates (collectively, the “Underlying Funds”). The Fund is designed for investors seeking long-term growth of capital through a relatively stable asset allocation strategy targeting an aggressive growth risk-return profile. Advisors generally seeks to meet the Fund’s investment objective by investing: (1) approximately 100% of the Fund’s assets in equity Underlying Funds and (2) approximately 0% of the Fund’s assets in fixed-income Underlying Funds. The Fund may deviate from these target allocations by up to ten percentage points depending upon current market conditions and outlook.
The Underlying Funds’ allocation targets generally represent targets for investments in equity and fixed-income asset classes. Within the equity and fixed-income asset classes, Advisors allocates the Fund’s investments to particular market sectors (which may include U.S. equity, international equity, fixed-income and short-term fixed-income) represented by various Underlying Funds. To maintain an appropriate allocation among the Underlying Funds, the portfolio managers monitor the domestic and foreign equity markets, as well as overall financial and economic conditions. The Fund may sometimes be more heavily weighted toward equities or fixed-income than the target allocations, if the portfolio managers believe market conditions warrant. For example, the Fund may
Nuveen Lifestyle Funds ■ Prospectus 63
increase its holdings in fixed-income Underlying Funds in periods when the portfolio managers believe the equity markets will decline. The market sector allocations and Underlying Fund allocations may also be changed over time by the portfolio managers, including the addition and removal of market sectors and Underlying Funds in which the Fund invests in light of the Fund’s desired level of risk and potential return at a particular time as evaluated by the portfolio managers based on a mix of qualitative and quantitative factors. The portfolio managers may also opportunistically purchase other Funds or other investment pools or investment products, based on the portfolio managers’ evaluation of the market sectors and/or Underlying Funds, without prior notice to shareholders. If 10% or more of the Fund’s assets are expected to be invested in any Underlying Fund, market sector or asset class not listed in the chart below, shareholders will receive prior notice of such change.
As a result of its investments in the Underlying Funds, the Fund’s returns will reflect investments in a mix of domestic and foreign equities of companies of various sizes and market capitalizations and a variety of domestic and foreign fixed-income instruments of private and governmental issuers of varying maturities and credit qualities.
As part of the Fund’s ability to invest in other investment pools or investment products noted above, the Fund may invest in ETFs and exchange-traded notes (“ETNs”) to gain exposure to various market sectors or securities in order to effect its asset allocation strategy. Additionally, the Fund may use ETFs and ETNs for cash management, hedging or defensive purposes. ETFs and ETNs will be subject to the risks associated with the types of securities or sectors that they track, while ETNs, which are structured as fixed-income obligations, will also be subject to the general risks of fixed-income securities, including credit risk.
The Fund’s asset class allocations, market sector allocations within each asset class, and Underlying Fund allocations within each market sector as of June 30, 2024, are listed in the chart below. These allocations may change over time. Underlying Fund allocations in particular may change from year to year.
64 Prospectus ■ Nuveen Lifestyle Funds
Asset Class | Allocation |
| Market Sector | Allocation |
| Underlying Funds | Allocation |
Equity | 100.00% |
| U.S. Equity | 65.35% |
| Nuveen Growth Opportunities ETF | 11.60% |
Nuveen Large Cap Growth | 11.49% | ||||||
Nuveen Dividend Growth | 9.61% | ||||||
Nuveen Core Equity | 9.61% | ||||||
Nuveen Large Cap Value | 9.26% | ||||||
Nuveen Dividend Value | 9.24% | ||||||
Nuveen Quant Small/Mid Cap Equity | 2.47% | ||||||
Nuveen Quant Small Cap Equity | 2.07% | ||||||
International Equity | 34.65% | Nuveen International Equity | 14.89% | ||||
Nuveen International Opportunities | 8.88% | ||||||
Nuveen Emerging Markets Equity | 6.02% | ||||||
Nuveen Quant International Small Cap Equity | 4.86% |
Total | 100.00% | 100.00% | 100.00% |
· Asset Allocation Risk—The risk that the Fund may not achieve its target allocations. In addition, there is the risk that the asset allocations may not achieve the desired risk-return characteristic or that the selection of Underlying Funds and the allocations among them will result in the Fund underperforming other similar funds or cause an investor to lose money.
· Underlying Funds Risks—The Fund is exposed to the risks of the Underlying Funds in which it invests in direct proportion to the amount of assets the Fund allocates to each Underlying Fund. Because the Fund targets its investments in a significantly higher percentage of equity Underlying Funds, Equity Underlying Funds Risks are expected to predominate.
· Equity Underlying Funds Risks—The risks of investing in equity Underlying Funds include risks specific to their investment strategies, as well as risks related to the equity markets in general, such as:
· market risk—The risk that market prices of portfolio investments held by a Fund may fall rapidly or unpredictably due to a variety of factors, including changing economic, political or market conditions. Market risk may affect a single issuer, industry or sector of the economy, or it may affect the market as a whole. Such conditions may add significantly to the risk of volatility in the net asset value (“NAV”) of the Fund’s shares and adversely affect the Fund and its investments. From time to time, a Fund may invest a significant portion of its assets in companies in one or more related sectors or industries, which would make the Fund more vulnerable to adverse developments affecting such sectors or industries;
Nuveen Lifestyle Funds ■ Prospectus 65
· issuer risk—The risk that an issuer’s earnings prospects, credit rating and overall financial position will deteriorate, causing a decline in the value of the issuer’s financial instruments over short or extended periods of time;
· foreign investment risk—Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, currency, market or economic developments as well as armed conflicts and can result in greater price volatility and perform differently from financial instruments of U.S. issuers. This risk may be heightened in emerging or developing markets. Foreign investments may also have lower liquidity and be more difficult to value than investments in U.S. issuers. To the extent a Fund invests a significant portion of its assets in the securities of companies in a single country or region, it may be more susceptible to adverse economic, market, political or regulatory events or conditions affecting that country or region. Foreign investments may also be subject to risk of loss because of more or less foreign government regulation, less public information, less stringent investor protections and less stringent accounting, corporate governance, financial reporting and disclosure standards. Changes in the value of foreign currencies may make the return on an investment increase or decrease, unrelated to the quality or performance of the investment itself. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs) and other restrictions by the United States or other governments may also negatively impact a Fund’s investments. Economic sanctions and other similar governmental actions or developments could, among other things, effectively restrict or eliminate a Fund’s ability to purchase or sell certain foreign securities or groups of foreign securities, and/or thus may make a Fund’s investments in such securities less liquid (or illiquid) or more difficult to value. The type and severity of sanctions and other measures that may be imposed could vary broadly in scope, and their impact is impossible to predict;
· small- and mid-cap risk—The risk that the stocks of small-capitalization companies often experience greater price volatility than large- or mid-sized companies because small-cap companies are often newer or less established than larger companies and are likely to have more limited resources, products and markets. Securities of small-cap companies often have lower overall liquidity than securities of larger companies as a result of there being a smaller market for their securities, which can have an adverse effect on the pricing of these securities and on the ability to sell these securities when a Fund’s investment adviser or sub-adviser deems it appropriate. Stocks of mid-capitalization companies often experience greater price
66 Prospectus ■ Nuveen Lifestyle Funds
volatility, lower trading volume and lower overall liquidity than the stocks of larger, more established companies;
· style risk—The risk that use of a particular investing style (such as growth or value investing) may fall out of favor in the marketplace for various periods of time and result in underperformance relative to the broader market sector or significant declines in the value of a Fund’s portfolio investments; and
· dividend-paying security risk—The risk that investments in dividend-paying securities could cause a Fund to underperform similar funds that invest without consideration of an issuer’s track record of paying dividends.
· Fixed-Income Underlying Funds Risks—The risks of investing in fixed-income Underlying Funds include risks specific to their investment strategies, as well as risks related to the fixed-income markets in general, such as:
· interest rate risk—The risk that changes in interest rates can adversely affect the value or liquidity of, and income generated by, fixed-income investments. This risk is heightened to the extent a Fund invests in longer duration fixed-income investments and during periods when prevailing interest rates are changing. There is a risk that interest rates across the financial system may change, possibly significantly and/or rapidly. In general, changing interest rates, including rates that fall below zero, or a lack of market participants may lead to decreased liquidity and increased volatility in the fixed-income or debt markets, making it more difficult for the Fund to sell fixed-income investments. When interest rates change, the values of longer duration fixed-income securities usually change more than the values of shorter duration fixed-income securities. Conversely, fixed-income securities with shorter durations or maturities will be less volatile but may provide lower returns than fixed-income securities with longer durations or maturities. Other factors that may affect the value of debt securities include, but are not limited to, economic, political, public health, and other crises and responses by governments and companies to such crises;
· prepayment risk—The risk that, during periods of falling interest rates, borrowers may pay off their mortgage loans sooner than expected, forcing a Fund to reinvest the unanticipated proceeds at lower interest rates and resulting in a decline in income;
· extension risk—The risk that, during periods of rising interest rates, borrowers may pay off their mortgage loans later than expected, preventing a Fund from reinvesting principal proceeds at higher interest rates and resulting in less income than potentially available;
Nuveen Lifestyle Funds ■ Prospectus 67
· issuer risk—The risk that an issuer’s earnings prospects, credit rating and overall financial position will deteriorate, causing a decline in the value of the issuer’s financial instruments over short or extended periods of time;
· credit risk—The risk that the issuer of fixed-income investments may not be able or willing, or may be perceived (whether by market participants, rating agencies, pricing services or otherwise) as not able or willing, to meet interest or principal payments when the payments become due;
· credit spread risk—The risk that credit spreads (i.e., the difference in yield between securities that is due to differences in each security’s respective credit quality) may increase when market participants believe that bonds generally have a greater risk of default, which could result in a decline in the market values of a Fund’s debt securities;
· income volatility risk—The risk that the level of current income from a portfolio of fixed-income investments may decline in certain interest rate environments;
· market volatility, liquidity and valuation risk (types of market risk)—The risk that volatile or dramatic reductions in trading activity make it difficult for a Fund to properly value its investments and that a Fund may not be able to purchase or sell an investment at an attractive price, if at all;
· fixed-income foreign investment risk—Investment in fixed-income securities or financial instruments of foreign issuers involves increased risks due to adverse issuer, political, regulatory, currency, market or economic developments as well as armed conflicts. These developments may impact the ability of a foreign debt issuer to make timely and ultimate payments on its debt obligations to a Fund or impair a Fund’s ability to enforce its rights against the foreign debt issuer. These risks are heightened in emerging or developing markets. Foreign investments may also have lower overall liquidity and be more difficult to value than investments in U.S. issuers. To the extent a Fund invests a significant portion of its assets in the securities of companies in a single country or region, it may be more susceptible to adverse economic, market, political or regulatory events or conditions affecting that country or region. Foreign investments may also be subject to risk of loss because of more or less foreign government regulation, less public information, less stringent investor protections and less stringent accounting, corporate governance, financial reporting and disclosure standards. Changes in the value of foreign currencies may make the return on an investment increase or decrease, unrelated to the quality or performance of the investment itself. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including
68 Prospectus ■ Nuveen Lifestyle Funds
tariffs) and other restrictions by the United States and other governments may also negatively impact a Fund’s investments. Economic sanctions and other similar governmental actions or developments could, among other things, effectively restrict or eliminate a Fund’s ability to purchase or sell certain foreign securities or groups of foreign securities, and/or thus may make a Fund’s investments in such securities less liquid (or illiquid) or more difficult to value. The type and severity of sanctions and other measures that may be imposed could vary broadly in scope, and their impact is impossible to predict; and
· call risk—The risk that, during periods of falling interest rates, an issuer may call (or repay) a fixed-income security prior to maturity, resulting in a decline in a Fund’s income.
· Underlying ETF Risk—In addition to the same principal risks as an investment in a mutual fund with the same investment objectives, strategies and policies as the ETF, investments in an Underlying Fund that is an ETF are subject to additional risks, including: (i) the market price of the ETF’s shares may trade at a premium or a discount to their NAV; (ii) an active trading market for an ETF’s shares may not develop or be maintained; and (iii) there is no assurance that the requirements of the exchange necessary to maintain the listing of an ETF will continue to be met or remain unchanged.
· Emerging Markets Underlying Funds Risk—The risk of foreign investment often increases in countries with emerging markets or otherwise economically tied to emerging market countries. For example, these countries may have more unstable governments than developed countries, and their economies may be based on only a few industries. Emerging market countries may also have less stringent regulation of accounting, auditing, financial reporting and recordkeeping requirements, which would affect a Fund’s ability to evaluate potential portfolio companies. As a result, there could be less information available about issuers in emerging market countries, which could negatively affect Advisors’ ability to evaluate local companies or their potential impact on a Fund’s performance. Because the financial markets of emerging market countries may be very small, share prices of financial instruments in emerging market countries may be volatile and difficult to determine. Financial instruments of issuers in these countries may have lower overall liquidity than those of issuers in more developed countries. In addition, foreign investors such as a Fund are subject to a variety of special restrictions in many emerging market countries. Moreover, legal remedies for investors in emerging markets may be more limited, and U.S. authorities may have less ability to bring actions against bad actors in emerging market countries.
Nuveen Lifestyle Funds ■ Prospectus 69
· Illiquid Investments Underlying Funds Risk—The risk that illiquid investments may be difficult to sell for the value at which they are carried, if at all, or at any price within the desired time frame.
· Currency Underlying Funds Risk—The risk that foreign (non-U.S.) currencies may decline in value relative to the U.S. dollar and adversely affect the value of a Fund’s investments in foreign currencies, securities denominated in foreign currencies or derivative instruments that provide exposure to foreign currencies.
· Active Management Risk—The risk that the strategy, investment selection or trading execution of Advisors or another investment adviser or sub-adviser of an Underlying Fund could cause the Fund or an Underlying Fund to underperform its benchmark index or mutual funds with similar investment objectives and may not produce expected returns.
· Fund of Funds Risk—The ability of the Fund to achieve its investment objective will depend in part upon the ability of the Underlying Funds to achieve their investment objectives. There can be no guarantee that any Underlying Fund will achieve its investment objective.
There can be no assurances that the Fund will achieve its investment objective. You should not consider the Fund to be a complete investment program. Please see the non-summary portion of the Prospectus for more detailed information about the risks described above, including the risks of the Underlying Funds.
The returns shown below reflect previous agreements by Advisors to waive or reimburse the Fund and certain Underlying Funds for certain fees and expenses.
70 Prospectus ■ Nuveen Lifestyle Funds
Without
these waivers and reimbursements, the returns of the Fund would have been lower.
For current performance
information of each share class, including performance to the most recent month-end, please visit
ANNUAL TOTAL RETURNS FOR CLASS R6 SHARES (%)†
Nuveen Lifestyle Aggressive Growth Fund
†
Nuveen Lifestyle Funds ■ Prospectus 71
For the Periods Ended December 31, 2023
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# | The performance shown for Class I that is prior to its inception date is based on performance of the Fund’s Class R6. The performance for these periods has not been restated to reflect higher expenses of Class I. If those expenses had been reflected, the performance would have been lower. | |||||||||||
* | The Class A average annual total returns have been restated to reflect a maximum up-front sales charge of 5.75% applicable to the purchase of Class A shares, which was effective as of May 6, 2024. | |||||||||||
‡ | As of the close of business on December 31, 2023, the Lifestyle Aggressive Growth Fund Composite Index consisted of: 65.0% Russell 3000® Index; and 35.0% MSCI All Country World Index ex USA Investable Market Index. The Fund’s composite benchmark, the components that make up a composite benchmark and the method of calculating a composite benchmark’s performance may vary over time. | |||||||||||
72 Prospectus ■ Nuveen Lifestyle Funds
Investment Adviser. Teachers Advisors, LLC.
Portfolio Managers.
Name: | John Cunniff, CFA | Steve Sedmak, CFA | |
Title: | Managing Director | Managing Director | |
Experience on Fund: | since 2011 | since 2020 |
Purchase and sale of Fund shares
You may purchase, redeem or exchange shares of the Fund on any day that the New York Stock Exchange (“NYSE”) or its affiliated exchanges, NYSE Arca Equities or NYSE American, are open for trading (each such day a “Business Day”) directly from the Fund (for certain share classes) or through a financial advisor, employee benefit plan or other financial intermediary. The Fund’s initial and subsequent investment minimums generally are as follows, although certain financial intermediaries may impose their own investment minimums and the Fund may reduce or waive the minimums in some cases:
Eligibility and Minimum Initial Investment | Minimum Additional Investment | |
Class A | Available only through certain financial intermediaries or by contacting the Fund directly as described in the Prospectus. $2,500 for all accounts except: · $2,000 for Traditional/Roth IRA accounts and Coverdell Education Savings Accounts. · $250 for accounts opened through fee-based programs. · No minimum for retirement plans. | $100 |
Class I | Available only through fee-based programs and certain retirement plans, and to other limited categories of investors as described in the Prospectus. $100,000 for all accounts except: · $250 for clients of financial intermediaries and family offices that have accounts holding Class I shares with an aggregate value of at least $100,000 (or that are expected to reach this level). · No minimum for eligible retirement plans and certain other categories of eligible investors as described in the Prospectus. | No minimum. |
Premier Class, Retirement Class | Available only through certain employee benefit plans, other types of savings plans or accounts and certain financial intermediaries as described in the Prospectus. No minimum. | No minimum. |
Nuveen Lifestyle Funds ■ Prospectus 73
Eligibility and Minimum Initial Investment | Minimum Additional Investment | |
Class R6 | Available only to certain eligible investors as described in the Prospectus and through fee-based programs. $1 million for all accounts except: · $1,000 for clients of financial intermediaries who charge such clients an ongoing fee for advisory, investment, consulting or related services. | No minimum. |
The Fund intends to make distributions to shareholders that may be taxed as ordinary income or capital gains. Distributions made to tax-exempt shareholders or shareholders who hold Fund shares in a tax-deferred account are generally not subject to income tax in the current year, but redemptions made from tax-deferred accounts may be subject to income tax.
Payments to broker-dealers and other financial intermediary compensation
If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and/or its related companies may pay the financial intermediary for providing investor services. The Fund’s related companies may also pay the financial intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other financial intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary’s website for more information.
Additional information about investment strategies and risks of the Funds
Additional information about the Funds
Each Fund is a “fund of funds” and diversifies its assets by investing in Class R6 shares of other Nuveen mutual funds and in other investment pools or investment products, including other funds or exchange-traded funds (“ETFs”) advised by Advisors or its affiliates (collectively, the “Underlying Funds”). Each Fund invests in Underlying Funds according to a relatively stable asset allocation strategy corresponding to its risk-return profile. Each Underlying Fund invests primarily in equity securities or fixed-income securities, and the ratio among equity Underlying Funds and fixed-income Underlying Funds creates the risk-return profile for each Fund.
Each Fund is required to comply with Rule 12d1-4 under the Investment Company Act of 1940, as amended (the “1940 Act”). Complying with the requirements of Rule 12d1-4 may adversely impact a Fund’s investment
74 Prospectus ■ Nuveen Lifestyle Funds
strategies and operations, as well as those of the Underlying Funds in which the Fund invests.
The use of a particular index as a Fund’s benchmark index is not a fundamental policy and can be changed by the Board of Trustees of the Trust (“Board of Trustees”) without shareholder approval.
The Funds are not appropriate for excessive trading or market timing. You should not invest in the Funds if you are an excessive trader or a market timer.
No one can assure that a Fund will achieve its investment objective and investors should not consider an investment in a Fund to be a complete investment program or appropriate for the investment of a majority of an investor’s assets.
Please see the Glossary toward the end of this Prospectus for certain defined terms used in this Prospectus.
More about the Funds’ strategies
General information about the Funds
This Prospectus describes the shares of five Lifestyle Funds, a sub-family of funds offered by the TIAA-CREF Funds. Each Fund is a separate investment portfolio or mutual fund, and has its own investment objective, investment strategies, restrictions and associated risks. An investor should consider each Fund separately to determine if it is an appropriate investment.
The target allocations among equity and fixed-income Underlying Funds for the five Lifestyle Funds are set forth in the table below:
Fund name | Equity allocation | Fixed-income allocation |
Nuveen Lifestyle Aggressive Growth Fund | 100% | 0% |
Nuveen Lifestyle Growth Fund | 80% | 20% |
Nuveen Lifestyle Moderate Fund | 60% | 40% |
Nuveen Lifestyle Conservative Fund | 40% | 60% |
Nuveen Lifestyle Income Fund | 20% | 80% |
Allocations for the Funds are based on historical risk-return characteristics and Advisors’ assumptions. If an asset class, market sector or Underlying Fund performs in a fashion that varies from historical characteristics and/or Advisors’ assumptions, then the allocations may not achieve the intended risk/return characteristics. The investment objective of each Fund and its non-fundamental investment restrictions may be changed by the Board of Trustees without shareholder approval. Certain investment restrictions described in the Statement of Additional Information (“SAI”) are fundamental and may only be changed with shareholder approval. Each Fund is diversified under the 1940 Act.
Rebalancing and tactical allocation
In order to maintain its target allocations, each Fund will generally invest incoming monies from share purchases to underweighted Underlying Funds. If
Nuveen Lifestyle Funds ■ Prospectus 75
cash flows are not sufficient to reestablish the current target allocation for a particular Fund, the Fund will generally rebalance its allocation among the Underlying Funds by buying and selling Underlying Fund shares. To minimize the amount of disruption to the Underlying Funds’ portfolios, rebalancings, reallocations or other adjustments may occur gradually depending on Advisors’ assessment of, among other things, fund flows and market conditions.
Advisors may also use tactical allocations to attempt to improve the risk-adjusted returns for the Funds over short- and intermediate-term investment horizons. The tactical allocations are based upon Advisors’ evaluation of the economy, market valuation, and investor sentiment. As well, allocations will vary with Advisors’ assessment of the Underlying Funds’ relative attractiveness as investment opportunities. These tactical allocations can be among the asset classes, market sectors and individual Underlying Funds. Advisors considers the capacity of the Underlying Funds to handle additional purchases and redemptions and works to minimize disruptions related to cash flows.
Advisors’ allocation of Fund assets to Underlying Funds presents conflicts of interest. Although Advisors may allocate Fund assets to unaffiliated investment companies, Advisors generally expects to allocate Fund assets to Underlying Funds advised by Advisors or its affiliates. Advisors will have an incentive to select the Underlying Funds that will result in the greatest net management fee revenue to Advisors and its affiliates, even if that results in increased expenses for a Fund. Although a Fund may invest a limited portion of its assets in Underlying Funds not advised by Advisors or its affiliates, there is no assurance that it will do so even in cases where the unaffiliated Underlying Funds incur lower expenses than the comparable affiliated Underlying Funds. In addition, a Fund’s investment in an affiliated Underlying Fund could cause Advisors and/or its affiliates to receive greater compensation, increase their assets under management or support particular investment strategies or Underlying Funds managed by Advisors or its affiliates. In certain circumstances, Advisors would have an incentive to delay or decide against the sale of interests held by a Fund in affiliated Underlying Funds and may implement portfolio changes in a manner intended to minimize the disruptive effects and added costs of those changes to affiliated Underlying Funds. If a Fund invests in an Underlying Fund with higher expenses, the Fund’s performance would be lower than if the Fund had invested in an Underlying Fund with comparable performance but lower expenses (although any fee waiver and/or expense reimbursement arrangements in place at the time might have the effect of limiting or eliminating the amount of that underperformance). It is possible that this arrangement could result in a scenario where the best interests of a Fund are adverse to those of one or more Underlying Funds in which the Fund invests. Advisors has adopted policies that are designed to mitigate these conflicts.
76 Prospectus ■ Nuveen Lifestyle Funds
Other potential investments
In addition to seeking equity and fixed-income market exposure through the Underlying Funds, the Funds may, in certain limited circumstances, directly invest in certain financial assets in order to seek to obtain desired portfolio exposures and to facilitate the Funds’ efficient portfolio management. Among other financial assets, the Funds may directly invest in equity and fixed-income securities, derivatives, ETFs and exchange-traded notes (“ETNs”). Derivatives, including options contracts, may be used to establish or maintain the Funds’ tactical allocations.
Additional information about the Funds’ broad-based securities market and other indices
This section includes information about the Funds’ broad-based securities market indices and other indices, other than the Funds’ composite benchmark indices. The returns shown against the broad-based securities market index compare a Fund’s average annual returns with a broad measure of market performance. The broad-based securities market and other indices described below are unmanaged, and you cannot invest directly in an index.
Russell 3000 Index
This is a broad-based securities market index for each Fund. The Russell 3000 Index represents the 3,000 largest publicly traded U.S. companies, based on market capitalization (according to Frank Russell Company (“Russell”)). Russell 3000 Index companies represent about 96% of the total market capitalization of the publicly traded U.S. equity market. As of June 30, 2024, the Russell 3000 Index had a mean market capitalization of $887.2 billion and a median market capitalization of $2.1 billion. The largest market capitalization of companies in the Russell 3000 Index was $3.3 trillion. Russell determines the composition of the index based only on market capitalization and can change its composition at any time.
Bloomberg U.S. Aggregate Bond Index
This is a broad-based securities market index for each Fund. The Bloomberg U.S. Aggregate Bond Index covers the U.S. investment-grade fixed-rate bond market, including government and corporate securities, agency mortgage pass-through securities, asset-backed securities and commercial mortgage-backed securities. As of June 30, 2024, this index contained approximately 13,632 issues. The Bloomberg U.S. Aggregate Bond Index represents securities that are SEC-registered, taxable and dollar-denominated. To be selected for inclusion in the Bloomberg U.S. Aggregate Bond Index, the securities must have a minimum maturity of one year. Securities must be rated investment-grade or higher using the middle rating of Moody’s, S&P and Fitch after dropping the highest and lowest available ratings. When a rating from only two agencies is available, the
Nuveen Lifestyle Funds ■ Prospectus 77
lower rating is used. When a rating from only one agency is available, that rating is used to determine index eligibility.
Morningstar Target Risk Index Series
The Morningstar Target Risk Index Series is an asset allocation index series comprised of constituent Morningstar indices and reflects global equity market exposures of 20%, 40%, 60%, 80% or 95% based on an asset allocation methodology from Ibbotson Associates, a Morningstar company. The returns of the Morningstar Target Risk Index Series reflect multi-asset class exposure and similar risk profiles as the Funds.
Additional information about the Funds’ composite indices
In addition to certain broad-based market indices, each Fund compares its performance to a composite index as described below. The composite indices described below are unmanaged, and you cannot invest directly in an index.
The composite index for each Fund is comprised of two to four unmanaged benchmark indices that represent the four market sectors in which each Fund could invest across the equity and fixed-income asset classes. The composite index is created by applying the performance of the benchmark indices in proportion to each Fund’s target allocations across the market sectors. When the composite index changes, its new allocation is utilized to calculate composite performance from and after such change. Composite index performance for periods prior to the change is not recalculated or restated based on the composite index’s new allocation but rather reflects the composite index’s actual allocation during the period.
For performance during periods commencing January 1, 2014, the Bloomberg U.S. 1–3 Year Government/Credit Bond Index replaced the Bloomberg U.S. 1–5 Year Government/Credit Bond Index as the market sector index component for Short-Term Fixed-Income. For performance periods commencing February 1, 2017, the International Equity component for the Funds’ composite benchmarks changed from the MSCI ACWI ex USA Index to the MSCI ACWI ex USA Investable Market Index.
The market sectors and the related benchmark indices for the Funds are set forth below:
Nuveen Lifestyle Aggressive Growth: U.S. Equity (Russell 3000 Index); and International Equity (MSCI ACWI ex USA Investable Market Index);
Nuveen Lifestyle Growth: U.S. Equity (Russell 3000 Index); International Equity (MSCI ACWI ex USA Investable Market Index); and Fixed-Income (Bloomberg U.S. Aggregate Bond Index);
Nuveen Lifestyle Moderate: U.S. Equity (Russell 3000 Index); International Equity (MSCI ACWI ex USA Investable Market Index); and Fixed-Income (Bloomberg U.S. Aggregate Bond Index);
78 Prospectus ■ Nuveen Lifestyle Funds
Nuveen Lifestyle Conservative: U.S. Equity (Russell 3000 Index); International Equity (MSCI ACWI ex USA Investable Market Index); Fixed-Income (Bloomberg U.S. Aggregate Bond Index); and Short-Term Fixed-Income (Bloomberg U.S. 1–3 Year Government/Credit Bond Index); and
Nuveen Lifestyle Income: U.S. Equity (Russell 3000 Index); International Equity (MSCI ACWI ex USA Investable Market Index); Fixed-Income (Bloomberg U.S. Aggregate Bond Index); and Short-Term Fixed-Income (Bloomberg U.S. 1--3 Year Government/Credit Bond Index).
The indices that comprise the Funds’ composites not previously described are described below.
MSCI ACWI ex USA Investable Market Index (IMI) (International Equity)
The MSCI ACWI (All Country World Index) ex USA Investable Market Index (IMI) includes large-, mid- and small-cap equities across 22 of 23 developed market countries (excluding the United States) and 24 emerging market countries. The index is a free float-adjusted market capitalization index that covers approximately 99% of the global equity opportunity set outside the United States.
Bloomberg U.S. 1–3 Year Government/Credit Bond Index (Short-Term Fixed-Income)
The Bloomberg U.S. 1–3 Year Government/Credit Bond Index tracks the performance primarily of U.S. Treasury and agency securities and corporate bonds with 1–3 year maturities. The securities in the index must be rated investment-grade or higher by at least two of the following rating agencies: Moody’s, S&P and Fitch.
Additional information about the Underlying Funds
The following is a description of the investment objectives and principal investment strategies of the Underlying Funds in which the Funds currently are expected to invest. For a discussion of the risks associated with these investments, see the “Additional information on principal investment risks of the Funds and Underlying Funds” section. For a more detailed discussion of the investment strategies and risks (i) of the Underlying Funds other than the Nuveen Growth Opportunities ETF (“Nuveen ETF”), see the Prospectuses for the Class R6 shares of the Underlying Funds at www.nuveen.com/prospectus and (ii) of the Nuveen ETF, please see that Fund’s Prospectus at www.nuveen.com/etf.
Fund | Investment objective, strategies and benchmark | |
Nuveen Core Equity Fund | Seeks a favorable long-term total return, mainly through capital appreciation, primarily from equity securities. Under normal circumstances, the Fund invests at least 80% of its assets in equity securities. The Fund’s benchmark index is the Standard & Poor’s 500® Index (the “S&P 500 Index”). |
Nuveen Lifestyle Funds ■ Prospectus 79
Fund | Investment objective, strategies and benchmark | |
Nuveen Large Cap Growth Fund | Seeks a favorable long-term return, mainly through capital appreciation, primarily from equity securities. Under normal circumstances, the Fund invests at least 80% of its assets in large-cap equity securities. The Fund’s benchmark index is the Russell 1000® Growth Index. | |
Nuveen Large Cap Value Fund | Seeks a favorable long-term total return, mainly through capital appreciation, primarily from equity securities of large domestic companies. Under normal circumstances, the Fund invests at least 80% of its assets in large-cap equity securities. The Fund’s benchmark index is the Russell 1000® Value Index. | |
Nuveen Quant Small Cap Equity Fund | Seeks a favorable long-term total return, mainly through capital appreciation, primarily from equity securities of smaller domestic companies. Under normal circumstances, the Fund invests at least 80% of its assets in small-cap equity securities. The Fund’s benchmark index is the Russell 2000® Index. | |
Nuveen Quant Small/Mid Cap Equity Fund | Seeks a favorable long-term total return, mainly through capital appreciation. Under normal circumstances, the Fund invests at least 80% of its assets in small-cap and mid-cap equity securities. The Fund’s benchmark index is the Russell 2500® Index. | |
Nuveen Dividend Growth Fund | Seeks an attractive total return comprised of income from dividends and long-term capital appreciation. Under normal market conditions, the Fund invests at least 80% of its net assets in dividend-paying common stocks and preferred securities. The Fund’s benchmark index is the S&P 500 Index. | |
Nuveen Dividend Value Fund | Seeks long-term growth of capital and income. Under normal market conditions, the Fund invests at least 80% of the sum of its net assets and the amount of any borrowings for investment purposes in equity securities. The Fund’s benchmark index is the Russell 1000 Value Index. | |
Nuveen Growth Opportunities ETF | Seeks long-term capital appreciation. Under normal market conditions, the Nuveen ETF seeks to achieve its investment objective by investing primarily in exchange-traded equity securities of U.S. companies with market capitalizations of at least $1 billion. The Nuveen ETF’s benchmark index is the Russell 1000 Growth Index. | |
Nuveen Emerging Markets Equity Fund | Seeks a favorable long-term total return, mainly through capital appreciation, by investing primarily in a portfolio of emerging markets equity investments. Under normal circumstances, the Fund invests at least 80% of its assets in equity securities of emerging market issuers or in instruments with economic characteristics similar to emerging market equity securities. The Fund’s benchmark index is the MSCI Emerging Markets® Index. | |
Nuveen International Equity Fund | Seeks a favorable long-term total return, mainly through capital appreciation, primarily from equity securities of foreign issuers. Under normal circumstances, the Fund invests at least 80% of its assets in equity securities of foreign issuers. The Fund’s benchmark index is the MSCI EAFE Index. | |
Nuveen International Opportunities Fund | Seeks a favorable long-term total return, mainly through capital appreciation, primarily from equity securities of foreign issuers. The Fund invests primarily in equity securities of issuers in developed and emerging markets located around the world but outside the United States. The Fund’s benchmark index is the MSCI ACWI ex USA® Index. |
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Fund | Investment objective, strategies and benchmark | |
Nuveen Quant International Small Cap Equity Fund | Seeks a favorable long-term total return, mainly through capital appreciation. Under normal circumstances, the Fund invests at least 80% of its assets in small-cap equity securities of foreign issuers. The Fund’s benchmark index is the MSCI ACWI ex USA Small Cap Index. | |
Nuveen Core Bond Fund | Seeks total return, primarily through current income. Under normal circumstances, the Fund invests at least 80% of its assets in bonds. The Fund’s benchmark index is the Bloomberg U.S. Aggregate Bond Index. | |
Nuveen Core Plus Bond Fund | Seeks total return, primarily through current income. Under normal circumstances, the Fund invests at least 80% of its assets in bonds. The Fund’s benchmark index is the Bloomberg U.S. Aggregate Bond Index. | |
Nuveen High Yield Fund | Seeks total return primarily through high current income and, when consistent with its primary objective, capital appreciation. Under normal circumstances, the Fund invests at least 80% of its assets in debt and other fixed-income securities rated lower than investment-grade (and their unrated equivalents) or other high-yielding debt securities. The Fund’s benchmark index is the ICE BofA BB-B U.S. Cash Pay High Yield Constrained Index. | |
Nuveen International Bond Fund | Seeks total return. Under normal market conditions, the Fund invests at least 80% of its assets in fixed-income investments of foreign issuers and derivative instruments, including those used to manage currency risk. The Fund’s benchmark index is the Bloomberg Global Aggregate Ex-USD Index (Hedged). | |
Nuveen Money Market Fund | Seeks current income consistent with maintaining liquidity and preserving capital. The Fund is a “government money market fund,” as defined in the applicable rules governing money market funds, and as such invests at least 99.5% of its total assets in cash, U.S. Government securities and/or repurchase agreements that are collateralized fully by cash or U.S. Government securities. Generally, the Fund seeks to maintain a share value of $1.00 per share. The Fund’s peer group average is the iMoneyNet Money Fund AveragesTM—All Government. | |
Nuveen Short Term Bond Fund | Seeks current income. Under normal circumstances, the Fund invests at least 80% of its assets in U.S. Treasury and agency securities and investment-grade fixed-income investments with an average maturity or average lives of less than 5 years. The Fund’s benchmark index is the Bloomberg U.S. 1–3 Year Government/Credit Bond Index. |
Additional information on investment risks of the Funds and Underlying Funds
The assets of each of the Funds are normally allocated among Underlying Funds investing primarily in equity securities and Underlying Funds investing primarily in fixed-income securities, but the Funds may also directly invest in such securities or other financial instruments. Each Fund is subject to asset allocation risk, Underlying Funds risk, which includes the risks of equity securities, fixed-income securities, ETFs, emerging markets, illiquid investments, investments denominated in foreign currencies and other investments in proportion to the allocation of Fund assets among the Underlying Funds, active management risk and fund of funds risk. To the extent a Fund directly invests in securities or other
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investments, it would be exposed to the risks associated with investing in such instruments. Because the Funds and certain Underlying Funds may use derivatives to a limited degree, the Funds may directly or indirectly have limited exposure to the risks of derivatives. Each of these risks, alone or in combination with other risks, has the potential to impact Fund performance.
Asset allocation risk
The Funds may not achieve their target allocations and the selection of market sectors and Underlying Funds and the allocations among them may result in a Fund underperforming other similar funds or cause an investor to lose money. Although the allocation decisions of Advisors are intended to result in each Fund meeting its investment objective, Underlying Fund and asset class performance may differ in the future from the historical performance and assumptions upon which Advisors’ decisions are based, which could cause a Fund to not meet its investment objective. A Fund will generally rebalance its allocations among the Underlying Funds by using cash flows where possible. If cash flows are not sufficient to reestablish the current target allocations for a Fund, the Fund will generally rebalance by buying and selling Underlying Fund shares. Periodic rebalancing of a Fund’s allocations can sometimes cause the Fund and the Underlying Funds to incur transactional expenses. These expenses can adversely affect performance of the Funds and the Underlying Funds.
Underlying Funds risk
Each Fund is exposed to the risks of the Underlying Funds in which it invests in direct proportion to the amount of assets the Fund allocates to each Underlying Fund. The Underlying Funds are exposed to the risks of investing in equity and/or fixed-income securities and other investments in accordance with their investment strategies. The risks associated with investing in equity securities and fixed-income securities and other investments not already described above are described in the “Equity securities risks” and “Fixed-income securities risks” sections below.
Equity securities risks
Each Fund may gain exposure, depending on where it is on the risk/return spectrum, to equity securities directly or through certain Underlying Funds that invest primarily in equity securities (the “Equity Underlying Funds”). In general, the value of equity securities fluctuates in response to the fortune of individual companies and in response to general market and economic conditions. The value of a Fund may increase or decrease as a result of its exposure to equity securities. The fact that a particular risk below is not specifically identified as being heightened under current conditions does not mean that the risk is not greater than under normal conditions. More specifically, each Fund, directly or
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through one or more Equity Underlying Funds, is typically subject to the following principal investment risks related to equity securities (in the following risk descriptions “Fund” may refer to a Fund, an Equity Underlying Fund, or both):
· Market Risk—The risk that the price of equity investments may decline in response to general market and economic conditions or events, including conditions and developments outside of the financial markets such as significant changes in interest and inflation rates, the availability of credit and the occurrence of other factors, such as natural disasters or public health emergencies (pandemics and epidemics) as well as armed conflict. There is an increased likelihood that these types of events or conditions can, sometimes rapidly and unpredictably, result in a variety of adverse developments and circumstances, such as reduced liquidity, supply chain disruptions and market volatility, as well as increased general uncertainty and broad ramifications for markets, economies, issuers, businesses in many sectors and societies globally. Accordingly, the value of the equity investments that the Funds hold may decline over short or extended periods of time. Any investment is subject to the risk that the financial markets as a whole may decline in value, thereby depressing the investment’s price. Such conditions may add significantly to the risk of volatility in the net asset value (“NAV”) of a Fund’s shares and adversely affect the Fund and its investments. Equity markets, for example, tend to be cyclical, with periods when prices generally rise and periods when prices generally decline. Foreign equity markets tend to reflect local economic and financial conditions and, therefore, trends often vary from country to country and region to region. During periods of unusual volatility or turmoil in the financial markets, a Fund may undergo an extended period of decline. From time to time, a Fund may invest a significant portion of its assets in companies in one or more related sectors or industries, which would make the Fund more vulnerable to adverse developments affecting such sectors or industries.
· Issuer Risk (often called Financial Risk)—The risk that the issuer’s earnings prospects, credit rating and overall financial position will deteriorate, causing a decline in the value of the issuer’s financial instruments over short or extended periods of time. In times of market turmoil, perceptions of an issuer’s credit risk can quickly change and even large, well-established issuers may deteriorate rapidly with little or no warning.
· Foreign Investment Risk—Foreign investments, which may include securities of foreign issuers, securities or contracts traded or acquired in non-U.S. markets or on non-U.S. exchanges, or securities or contracts payable or denominated in non-U.S. currencies, can involve special risks that arise from one or more of the following events or circumstances: (1) changes in currency exchange rates; (2) possible imposition of market controls or currency exchange controls; (3) possible imposition of withholding taxes on dividends and interest; (4) possible seizure, expropriation or nationalization of assets; (5) more limited foreign financial information or difficulties interpreting it
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because of foreign regulations and accounting standards; (6) lower liquidity and higher volatility in some foreign markets; (7) the impact of armed conflict or political, social or diplomatic events; (8) economic sanctions or other measures by the United States or other governments; (9) the difficulty of evaluating some foreign economic trends; and (10) the possibility that a foreign government could restrict an issuer from paying principal and interest to investors outside the country. Additionally, to the extent that the underlying securities held by a Fund trade on foreign exchanges or in foreign markets that may be closed when the U.S. markets are open, there are likely to be deviations between the current price of an underlying security and the last quoted price for the underlying security. Economic sanctions and other similar governmental actions or developments could, among other things, effectively restrict or eliminate a Fund’s ability to purchase or sell certain foreign securities or groups of foreign securities, and/or thus may make the Fund’s investments in such securities less liquid (or illiquid) or more difficult to value. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. In some cases, as a result of economic sanctions and other similar governmental actions or developments, a Fund may be forced to sell or otherwise dispose of foreign investments at inopportune times or prices. The imposition of sanctions could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent a Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact the Fund’s liquidity and performance. Sanctions and other similar measures may be in place for a substantial period of time and enacted with limited advanced notice. Brokerage commissions and custodial and transaction costs are often higher for foreign investments, and it may be more difficult to use foreign laws and courts to enforce financial or legal obligations. To the extent a Fund invests in depositary receipts, the Fund will be subject to many of the same risks as when investing directly in non-U.S. securities. The holder of an unsponsored depositary receipt may have limited voting rights and may not receive as much information about the issuer of the underlying securities as would the holder of a sponsored depositary receipt. To the extent a Fund invests a significant portion of its assets in the securities of companies in a single country or region (or depositary receipts representing such securities), it is more likely to be impacted by events or conditions affecting that country or region. Investment in a Fund may be more exposed to a single country’s or a region’s economic cycles, stock market valuations and currency, which could increase its risk compared with a more geographically diversified fund. In
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addition, political, social, regulatory, economic or environmental events that occur in a single country or region may adversely affect the values of that country’s or region’s securities and thus the holdings of a Fund.
The risks described above often increase in countries with emerging markets. For example, these countries may have more unstable governments than developed countries, and their economies may be based on only a few industries. Financial instruments of issuers in these countries may have lower overall liquidity than those of issuers in more developed countries. Emerging market countries typically have less established legal, accounting and financial reporting systems than those in more developed markets, which may reduce the scope or quality of financial information available to investors. Governments in emerging market countries are often less stable and more likely to take extra-legal action with respect to companies, industries, assets or foreign ownership than those in more developed markets. Moreover, it can be more difficult for investors to bring litigation or enforce judgments against issuers in emerging markets or for U.S. regulators to bring enforcement actions against such issuers. Because the financial markets of emerging market countries may be very small, prices of issuers in emerging market countries may be volatile and difficult to determine. In addition, foreign investors such as a Fund are subject to a variety of special restrictions in many such countries. The economies of some emerging markets may be particularly exposed to or affected by a certain industry or sector, and therefore issuers and/or securities of such emerging markets may be more affected by the performance of such industries or sectors.
· Small-Cap Risk—Securities of small-sized companies may experience greater fluctuations in price than the securities of larger companies. The securities of small-sized companies often have lower overall liquidity than those of larger, more established companies. The number of small-sized companies whose securities are listed on securities exchanges has been declining while investor demand for the securities of such issuers has been increasing, in each case relative to historical trends, which may increase a Fund’s exposure to illiquid investments risk. As a result, a Fund’s investments in the securities of small-sized companies may be difficult to purchase or sell at an advantageous time or price, which could prevent the Fund from taking advantage of investment opportunities. From time to time, small-sized company securities may have to be sold at a discount from their current market prices or in small lots over an extended period, since they may be harder to sell than larger-cap securities. In addition, it may be difficult to find buyers for securities of small-sized companies that a Fund wishes to sell when the company is not perceived favorably in the marketplace or during periods of poor economic or market conditions. Such companies may be subject to certain business risks due to their smaller size, limited markets and financial resources, narrow product lines and
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frequent lack of depth of management. The costs of purchasing and selling securities of small-sized companies may be greater than those of more widely traded securities.
· Mid-Cap Risk—Securities of medium-sized companies may experience greater fluctuations in price than the securities of larger companies. From time to time, medium-sized company securities may have to be sold at a discount from their current market prices or in small lots over an extended period, since they may be harder to sell than larger-cap securities. In addition, it may be difficult to find buyers for securities of medium-sized companies that a Fund wishes to sell when the company is not perceived favorably in the marketplace or during periods of poor economic or market conditions. Such companies may be subject to certain business risks due to their smaller size, limited markets and financial resources, narrow product lines and frequent lack of depth of management. The costs of purchasing and selling securities of medium-sized companies may be greater than those of more widely traded securities.
· Style Risk—A Fund that uses either a growth investing or a value investing style entails the risk that equity securities representing either style may be out of favor in the marketplace for various periods of time, and result in underperformance relative to the broader market sector or significant declines in the Fund’s portfolio value.
· Risks of Growth Investing—Due to their relatively high valuations, growth stocks are typically more volatile than value stocks. For example, the price of a growth stock may experience a larger decline on a forecast of lower earnings, or a negative event or market development, than would a value stock. Because the value of growth companies is often a function of their expected earnings growth, there is a risk that such earnings growth may not occur or cannot be sustained. Accordingly, a stock with growth characteristics can have sharp price declines due to decreases in current or expected earnings and may lack dividends that can help cushion its share price in a declining market. In addition, growth stocks, at times, may not perform as well as value stocks or the stock market in general and may be out of favor with investors for varying periods of time.
· Risks of Value Investing—Securities believed to be undervalued are subject to the risks that: (1) the issuer’s potential business prospects are not realized; (2) their potential values are never recognized by the market; and (3) due to unanticipated or unforeseen problems associated with the issuer or industry, they were appropriately priced when acquired and therefore do not perform as anticipated. Value investing has gone in and out of favor during past market cycles and, when value investing is out of favor, the securities of value companies may underperform the securities of other companies.
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· Dividend-Paying Security Risk—A Fund’s investment in dividend-paying securities could cause the Fund to underperform similar funds that invest without consideration of a company’s track record of paying dividends. Securities of companies with a history of paying dividends may not participate in a broad market advance to the same degree as most other securities, and a sharp rise in interest rates or economic downturn could cause a company to unexpectedly reduce or eliminate its dividend. Depending upon market conditions, dividend-paying securities that meet a Fund’s investment criteria may not be widely available and/or may be highly concentrated in only a few market sectors. These circumstances may result from issuer-specific events, adverse economic or market developments, or legislative or regulatory changes or other developments that limit an issuer’s ability to declare and pay dividends, which would affect a Fund’s performance and ability to generate income. There is no guarantee that the issuers of the securities held by a Fund will declare dividends in the future or that, if declared, they will remain at their current levels or increase over time.
Fixed-income securities risks
Each Fund may gain exposure, depending on where it is on the risk/return spectrum, to fixed-income securities directly or through certain Underlying Funds that invest primarily in fixed-income securities (the “Fixed-Income Underlying Funds”). Each Fund, directly or through its investments in one or more Fixed-Income Underlying Funds, may be subject to the following principal investment risks related to fixed-income securities (in the following risk descriptions “Fund” may refer to a Fund, a Fixed-Income Underlying Fund, or both):
· Interest Rate Risk (a type of Market Risk)—The risk that the value, liquidity or yield of fixed-income investments may decline if interest rates change. In general, when prevailing interest rates decline, the market values of outstanding fixed-income investments (particularly those paying a fixed rate of interest) tend to increase while yields on similar newly issued fixed-income investments tend to decrease, which could adversely affect a Fund’s income. Conversely, when prevailing interest rates increase, the market values of outstanding fixed-income investments (particularly those paying a fixed rate of interest) tend to decline while yields on similar newly issued fixed-income investments tend to increase. If a fixed-income investment pays a floating or variable rate of interest, changes in prevailing interest rates may increase or decrease the investment’s yield. Fixed-income investments with longer durations tend to be more sensitive to interest rate changes than shorter-duration investments. Therefore, a Fund that has a portfolio with a longer weighted average maturity or effective duration may be impacted to a greater degree than a Fund that has a portfolio with a shorter weighted average maturity or effective duration. Conversely, fixed-rate securities with shorter durations or maturities will be less volatile but may provide lower returns than fixed-rate securities with longer durations or maturities. Interest rate
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risk is generally heightened during periods when prevailing interest rates are changing. There is a risk that interest rates across the financial system may change, possibly significantly and/or rapidly. In general, changing interest rates, including rates that fall below zero, or a lack of market participants may lead to decreased liquidity and increased volatility in the fixed-income or debt markets, making it more difficult for a Fund to sell fixed-income investments. During periods of very low or negative interest rates, a Fund may not be able to maintain positive returns. Low interest rates may magnify the risks associated with rising interest rates. A Fund may also be subject to heightened interest rate risk when the U.S. Federal Reserve changes interest rates. A wide variety of factors can cause interest rates to change (e.g., central bank monetary policies, inflation rates, general economic conditions). Rising interest rates may cause issuers to not make principal and interest payments on fixed-income investments when due. Other factors that may affect the value of debt securities include, but are not limited to, economic, political, public health, and other crises and responses by governments and companies to such crises. In general, changing interest rates could have unpredictable effects on the markets and may expose fixed-income and related markets to heightened volatility. Changes in interest rates may also lead to an increase in Fund redemptions, which may result in higher portfolio turnover costs, thereby adversely affecting a Fund’s performance.
· Prepayment Risk—The risk that, during periods of falling interest rates, borrowers may pay off their mortgage loans sooner than expected, forcing a Fund to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in income. These risks are normally present in mortgage-backed securities and other asset-backed securities. For example, homeowners have the option to prepay their mortgages. Therefore, the duration of a security backed by home mortgages can shorten depending on homeowner prepayment activity. A rise in the prepayment rate and the resulting decline in duration of fixed-income securities held by a Fund can result in losses to investors in the Fund.
· Extension Risk—The risk that, during periods of rising interest rates, borrowers may pay off their mortgage loans later than expected, preventing a Fund from reinvesting principal proceeds at higher interest rates, resulting in less income than potentially available. These risks are normally present in mortgage-backed securities and other asset-backed securities. For example, homeowners have the option to prepay their mortgages. Therefore, the duration of a security backed by home mortgages can lengthen depending on homeowner prepayment activity. A decline in the prepayment rate and the resulting increase in duration of fixed-income securities held by a Fund can result in losses to investors in the Fund.
· Issuer Risk (often called Financial Risk)—The risk that the issuer’s earnings prospects, credit rating and overall financial position will deteriorate, causing a decline in the value of the issuer’s financial instruments over short or
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extended periods of time. In times of market turmoil, perceptions of an issuer’s credit risk can quickly change and even large, well-established issuers may deteriorate rapidly with little or no warning.
· Credit Risk (a type of Issuer Risk)—The risk that a decline, or perceived decline (whether by market participants, rating agencies, pricing services or otherwise), in an issuer’s financial position may prevent it from making principal and interest payments on fixed-income investments when due. Credit risk relates to the possibility that the issuer could default on its obligations, thereby causing a Fund to lose its investment. Credit risk is heightened in times of market turmoil when perceptions of an issuer’s credit risk can quickly change and even large, well-established issuers and/or governments may deteriorate rapidly with little or no warning. Additionally, credit risk is heightened in market environments where interest rates are rising, particularly when rates are rising significantly, to the extent that an issuer is less willing or able to make payments when due. Credit risk is also heightened in the case of investments in lower-rated, high-yield fixed-income securities because they are speculative in nature and their issuers are typically in weak financial health and their ability to pay interest and principal is uncertain. Compared to issuers of investment-grade securities, issuers of lower-rated, high-yield fixed-income investments are more likely to encounter financial difficulties and to be materially affected by such difficulties and they have a higher risk of becoming insolvent. High-yield securities may also be relatively more illiquid; therefore, they may be more difficult to purchase or sell than more highly rated securities.
· Credit Spread Risk—The risk that credit spreads (i.e., the difference in yield between securities that is due to differences in each security’s respective credit quality) may increase when market participants believe that bonds generally have a greater risk of default. Increasing credit spreads may reduce the market values of a Fund’s securities. Credit spreads often increase more for lower-rated and unrated securities than for investment-grade securities. In addition, when credit spreads increase, reductions in market value will generally be greater for longer-maturity securities.
· Income Volatility Risk—Income volatility refers to the degree and speed with which changes in prevailing market interest rates diminish the level of current income from a portfolio of fixed-income securities. The risk of income volatility is that the level of current income from a portfolio of fixed-income securities may decline in certain interest rate environments.
· Market Volatility, Liquidity and Valuation Risk (types of Market Risk)—Trading activity in fixed-income investments in which a Fund invests may be dramatically reduced or cease at any time, whether due to general market turmoil, limited dealer capacity, problems experienced by a single company or a market sector, or other factors, such as natural disasters or public emergencies (pandemics and epidemics) as well as armed conflict. In such cases, it may be difficult for a Fund to properly value assets represented by
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such investments. In addition, a Fund may not be able to purchase or sell a security at a price deemed to be attractive, if at all, which may inhibit the Fund from pursuing its investment strategies or negatively impact the values of portfolio holdings. Further, an increase in interest rates or other adverse conditions (e.g., inflation/deflation, increased selling of fixed-income investments across other pooled investment vehicles or accounts, changes in investor perception or changes in government intervention in the markets) may lead to increased redemptions and increased portfolio turnover, which could reduce liquidity for certain Fund investments, adversely affect values of portfolio holdings and increase a Fund’s costs. If dealer capacity in fixed-income markets is insufficient for market conditions, this has the potential to further inhibit liquidity and increase volatility in the fixed-income markets. Certain fixed-income investments with longer durations or maturities may face heightened levels of liquidity risk.
· Fixed-Income Foreign Investment Risk—Foreign investments, which may include fixed-income securities of foreign issuers, or securities or contracts payable or denominated in non-U.S. currencies, can involve special risks that arise from one or more of the following events or circumstances: (1) changes in currency exchange rates; (2) possible imposition of market controls or currency exchange controls; (3) possible imposition of withholding taxes on dividends and interest; (4) possible seizure, expropriation or nationalization of assets; (5) more limited financial information about the foreign debt issuer or difficulties interpreting it because of foreign regulations and accounting standards; (6) lower liquidity and higher volatility in some foreign markets; (7) the impact of armed conflict or political, social or diplomatic events; (8) economic sanctions or other measures by the United States or other governments; (9) the difficulty of evaluating some foreign economic trends; and (10) the possibility that a foreign government could restrict an issuer from paying principal and interest on its debt obligations to investors outside the country. Additionally, to the extent that the underlying securities held by a Fund trade on foreign exchanges or in foreign markets that may be closed when the U.S. markets are open, there are likely to be deviations between the current price of an underlying security and the last quoted price for the underlying security. Economic sanctions and other similar governmental actions or developments could, among other things, effectively restrict or eliminate a Fund’s ability to purchase or sell certain foreign securities or groups of foreign securities, and/or thus may make the Fund’s investments in such securities less liquid (or illiquid) or more difficult to value. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. In some cases, as a result of economic sanctions and other similar governmental actions or developments, a Fund may be forced to sell or otherwise dispose of foreign investments at inopportune times or prices. The
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imposition of sanctions could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent a Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact the Fund’s liquidity and performance. Sanctions and other similar measures may be in place for a substantial period of time and enacted with limited advanced notice. It may also be difficult to use foreign laws and courts to force a foreign issuer to make principal and interest payments on its debt obligations. In addition, the cost of servicing external debt will also generally be adversely affected by rising international interest rates because many external debt obligations bear interest at rates which are adjusted based upon international interest rates. To the extent a Fund invests a significant portion of its assets in the securities of companies in a single country or region, it is more likely to be impacted by events or conditions affecting that country or region. Investment in a Fund may be more exposed to a single country’s or a region’s economic cycles, stock market valuations and currency, which could increase its risk compared with a more geographically diversified fund. In addition, political, social, regulatory, economic or environmental events that occur in a single country or region may adversely affect the values of that country’s or region’s securities and thus the holdings of a Fund.
The risks described above often increase in countries with emerging markets. For example, the ability of a foreign sovereign issuer, especially in an emerging market country, to make timely and ultimate payments on its debt obligations may be strongly influenced by the issuer’s balance of payments, including export performance, its access to international credit and investments, fluctuations of interest rates and the extent of its foreign reserves. If a deterioration occurs in the foreign country’s balance of payments, it could impose temporary restrictions on foreign capital remittances. In addition, there is a risk of restructuring certain foreign debt obligations that could reduce and reschedule interest and principal payments. Financial instruments of issuers in these countries may have lower overall liquidity than those of issuers in more developed countries. Emerging market countries typically have less established legal, accounting and financial reporting systems than those in more developed markets, which may reduce the scope or quality of financial information available to investors. Governments in emerging market countries are often less stable and more likely to take extra-legal action with respect to companies, industries, assets, or foreign ownership than those in more developed markets. Moreover, it can be more difficult for investors to bring litigation or enforce judgments against issuers in emerging markets or for U.S. regulators to bring enforcement
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actions against such issuers. The economies of some emerging markets may be particularly exposed to or affected by a certain industry or sector, and therefore issuers and/or securities of such emerging markets may be more affected by the performance of such industries or sectors.
· Call Risk—The risk that an issuer will redeem a fixed-income investment prior to maturity. This often happens when prevailing interest rates are lower than the rate specified for the fixed-income investment. If a fixed-income investment is called early, a Fund may not be able to benefit fully from the increase in value that other fixed-income investments experience when interest rates decline. Additionally, a Fund would likely have to reinvest the payoff proceeds at current yields, which are likely to be lower than the fixed-income investment in which the Fund originally invested, resulting in a decline in income.
Underlying ETF risks
Each Fund may invest in Underlying Funds that are ETFs. An investment in an Underlying Fund that is an ETF generally presents the same principal risks as an investment in a mutual fund (i.e., an open-end fund that is not exchange-traded) that has the same investment objectives, strategies and policies as the ETF. Moreover, Underlying Funds that are ETFs are subject to the following risks that do not apply to mutual funds: (i) the market price of the ETF’s shares may trade at a premium or a discount to their NAV; (ii) an active trading market for an ETF’s shares may not develop or be maintained; and (iii) there is no assurance that the requirements of the exchange necessary to maintain the listing of an ETF will continue to be met or remain unchanged. See “Additional information on principal risks of the Underlying Funds–Market Trading Risks” for additional discussion of risks unique to investment in Underlying Funds that are ETFs.
Other Underlying Funds risks
Each Fund, directly or through its investments in one or more Underlying Funds, is typically subject to the following principal investment risks (in the following risk descriptions “Fund” may refer to a Fund, an Underlying Fund, or both):
· Emerging Markets Risk—The risk of foreign investment often increases in countries with emerging markets or otherwise economically tied to emerging market countries. For example, these countries may have more unstable governments than developed countries, and their economies may be based on only a few industries. Emerging market countries may also have less stringent regulation of accounting, auditing, financial reporting and recordkeeping requirements, which would affect a Fund’s ability to evaluate potential portfolio companies. Certain emerging market countries may also face other significant internal or external risks, such as the risk of war, macroeconomic, geopolitical, global health conditions, and ethnic, religious and racial conflicts. As a result, there could be less information available
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about issuers in emerging market countries, which could negatively affect Advisors’ ability to evaluate local companies or their potential impact on a Fund’s performance. Because their financial markets may be very small, share prices of financial instruments in emerging market countries may be volatile and difficult to determine. Financial instruments of issuers in these countries may have lower overall liquidity than those of issuers in more developed countries. In addition, foreign investors such as a Fund are subject to a variety of special restrictions in many emerging market countries. Moreover, legal remedies for investors in emerging markets (including derivative litigation) may be more limited, and U.S. authorities (such as the SEC or U.S. Department of Justice) may have less ability to bring actions against bad actors in emerging market countries. National policies (including sanctions programs) may limit a Fund’s investment opportunities including restrictions on investment in issuers or industries deemed sensitive to national interests. The risks outlined above are often more pronounced in “frontier markets” in which a Fund may invest. Frontier markets are those emerging markets that are considered to be among the smallest, least mature and least liquid. These factors may make investing in frontier market countries significantly riskier than investing in other countries.
· Illiquid Investments Risk—The risk that illiquid investments may be difficult to sell for the value at which they are carried, if at all, or at any price within the desired time frame. Illiquid investments are those that are not reasonably expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. Pursuant to applicable SEC regulations, a Fund may not invest more than 15% of its net assets in illiquid investments that are assets. The Funds have implemented a liquidity risk management program and related procedures to identify illiquid investments pursuant to this regulation. A Fund may be limited in its ability to invest in illiquid and “less liquid” investments, which may adversely affect a Fund’s performance and ability to achieve its investment objective. A Fund’s investments in illiquid investments may reduce the returns of the Fund because it may be unable to sell the illiquid investment at an advantageous time or price, which could prevent the Fund from taking advantage of other investment opportunities. There is also a risk that unusually high redemption requests, including redemption requests from certain large shareholders (such as institutional investors) or asset allocation changes, may make it difficult for a Fund to sell investments in sufficient time to allow it to meet redemptions or require a Fund to sell illiquid investments at reduced prices or under unfavorable conditions. Illiquid investments may trade less frequently, in lower quantities and/or at a discount as compared to more liquid investments, which may cause a Fund to receive distressed prices and incur higher transaction costs when selling such investments. Securities that are liquid at the time of purchase may subsequently become illiquid due to
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events such as adverse developments for an issuer, industry-specific developments, market events, rising interest rates, changing economic conditions, changes in interest rates or investor perceptions and geopolitical risk. Dislocations in certain parts of the markets are resulting in reduced liquidity for certain investments. It is uncertain when financial markets will improve and economic conditions will stabilize. Liquidity of financial markets may also be affected by government intervention and political, social, health, economic or market developments. During periods of market stress, a Fund’s assets could potentially experience significant levels of illiquidity.
· Currency Risk—The risk of a decline in the value of a foreign currency versus the U.S. dollar, which reduces the dollar value of securities denominated in that foreign currency. The overall impact on a Fund’s holdings can be significant and long lasting depending on the currencies represented in the portfolio, how each currency appreciates or depreciates in relation to the U.S. dollar, and whether currency positions are hedged. Although a Fund may attempt to hedge its currency exposure into the U.S. dollar, it may not be successful in reducing the effects of currency fluctuations. A Fund may also hedge from one foreign currency to another. In addition, such currency hedging may not be successful and may lower a Fund’s potential returns. Foreign currency exchange rates may fluctuate significantly over short periods of time, particularly with respect to emerging market currencies or otherwise economically tied to emerging market currencies. Currency exchange rates can also be affected unpredictably by intervention by U.S. or foreign governments or central banks, or by currency controls or other diplomatic or geopolitical developments.
Active management risk
The risk that the performance of the Funds or the Underlying Funds that are actively managed, in whole or in part, reflects in part the ability of the portfolio manager(s) to make active, qualitative investment decisions that are suited to achieving the Funds’ or Underlying Funds’ investment objectives. As a result of investment selection or trade execution, a Fund or an Underlying Fund could underperform its respective benchmark or other mutual funds with similar investment objectives and may not produce expected returns.
Fund of funds risk
The ability of a Fund to achieve its investment objective will depend in part upon the ability of the Underlying Funds in which it invests to achieve their investment objectives. There can be no guarantee that any Underlying Fund will achieve its investment objective.
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Additional information on principal risks of the Underlying Funds
In addition to the Funds’ principal risks noted above, below are some additional risks to which the Funds may have exposure depending upon their particular allocation to the various Underlying Funds (in the following risk descriptions “Fund” may refer to a Fund, an Underlying Fund or both, and “Advisors” may refer to Advisors or another investment adviser or sub-adviser of an Underlying Fund):
· Convertible Security Risk—Convertible securities are subject to certain risks of both equity and debt securities. The market values of convertible securities tend to decline as interest rates increase and, conversely, to increase as interest rates decline. However, a convertible security’s market value also tends to reflect the market price of the common stock of the issuing company. Convertible securities are also exposed to the risk that an issuer is unable to meet its obligation to make dividend or interest and principal payments when due as a result of changing financial or market conditions. Mandatory convertible securities are distinguished as a subset of convertible securities because the conversion is not optional and the conversion price at maturity is based solely upon the market price of the underlying common stock, which may be significantly less than par or the price (above or below par) paid. Mandatory convertible securities generally do not limit the potential for loss to the same extent as securities convertible at the option of the holder.
· Counterparty and Third Party Risk—Transactions involving a counterparty to a derivative or other instrument, or a third party responsible for servicing the instrument, are subject to the credit risk of the counterparty or third party, and to the counterparty’s or third party’s ability to perform in accordance with the terms of the transaction. If a counterparty defaults, a Fund may have contractual remedies but the Fund may be unable to enforce them due to the application of bankruptcy, insolvency and other laws affecting the rights of creditors. Counterparty risk is still present even if a counterparty’s obligations are secured by collateral because, for example, a Fund’s interest in collateral may not be perfected or additional collateral may not be promptly posted as required. A Fund is also subject to counterparty risk to the extent it executes a significant portion of its securities or derivatives transactions through a single broker, dealer, or futures commission merchant.
· Currency Management Strategies Risk—Currency management strategies, including forward currency contracts, may substantially change a Fund’s exposure to currency exchange rates and could result in losses to the Fund if currencies do not perform as Advisors expects. In addition, currency management strategies, to the extent that such strategies reduce a Fund’s exposure to currency risks, may also reduce the Fund’s ability to benefit from favorable changes in currency exchange rates. There is no assurance that Advisors’ use of currency management strategies will benefit a Fund or
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that they will be, or can be, used at appropriate times. Furthermore, there may not be a perfect correlation between the amount of exposure to a particular currency and the amount of securities in the portfolio denominated in that currency. Currency markets are generally less regulated than securities markets. Derivatives transactions, especially forward currency contracts and currency-related futures contracts and swap agreements, may involve significant amounts of currency management strategies risk.
· Current Income Risk—The risk that the income a Fund receives may fall as a result of a decline in interest rates.
· Depositary Receipt Risk—To the extent a Fund invests in depositary receipts, the Fund will be subject to many of the same risks as when investing directly in non-U.S. securities, including risks associated with fluctuations in currency exchange rates as well as changes to the economic or political conditions in other countries. American Depositary Receipts (“ADRs”) are depositary receipts issued by a U.S. financial institution that represent a specified number of shares in a foreign stock and trade on a U.S. national securities exchange. When a Fund invests in ADRs rather than investing directly in their underlying foreign shares, the Fund is exposed to the risk that the ADRs may not provide a return that corresponds precisely with the return of the underlying foreign shares. Sponsored ADRs are issued with the support of the issuer of the foreign shares underlying the ADRs and carry all of the rights of common shares, including voting rights. The holder of an unsponsored ADR may have limited voting rights and may not receive as much information about the issuer of the underlying securities as would the holder of a sponsored ADR. Because the underlying foreign shares of ADRs are typically denominated or quoted in non-U.S. currencies, currency exchange rates may affect the value of a Fund’s portfolio. Further, since an ADR’s underlying shares trade on foreign exchanges at times when U.S. markets are not open for trading, the value of the ADR’s underlying shares may change materially at times when U.S. markets are not open for trading.
· Downgrade Risk—The risk that securities are subsequently downgraded should Advisors and/or rating agencies believe the issuer’s business outlook or creditworthiness has deteriorated. If this occurs, the values of these investments may decline, or it may affect the issuer’s ability to raise additional capital for operational or financial purposes and increase the chance of default, as a downgrade may be seen in the financial markets as a signal of an issuer’s deteriorating financial position.
· Floating and Variable Rate Securities Risk—Floating and variable rate securities provide for adjustment in the interest rate paid on the obligations. The terms of such obligations typically provide that interest rates are adjusted based upon an interest or market rate adjustment as provided in the respective obligations. The adjustment intervals may be regular, and range from daily up to annually, or may be event-based, such as based on a change in the prime rate. Because of the interest rate adjustment feature,
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floating and variable rate securities provide an investor with a certain degree of protection against rises in interest rates, although the investor will participate in any declines in interest rates as well. Generally, changes in interest rates will have a smaller effect on the market value of floating and variable rate securities than on the market value of comparable fixed-income obligations. Thus, investing in floating and variable rate securities generally allows less opportunity for capital appreciation and depreciation than investing in comparable fixed-income securities. Floating and variable rate securities may be subject to greater liquidity risk than other debt securities, meaning that there may be limitations on a Fund’s ability to sell the securities at any given time. Such securities also may lose value.
· Index Risk—The risk that the performance of a Fund may not correspond to, or may underperform, its benchmark index for any period of time. Although each Fund attempts to use the investment performance of its respective index as a baseline, it may not duplicate the exact composition of that index. In addition, unlike a mutual fund, the returns of an index are not reduced by investment and other operating expenses, and therefore, the ability of an indexed fund to match the performance of its index is adversely affected by the costs of buying and selling investments as well as other expenses. Therefore, no indexed fund can guarantee that its performance will match or exceed its index for any period of time.
· Industry/Sector Concentration Risk—The risk that focusing on investment in specific industries or sectors makes a fund more vulnerable to developments particularly affecting those industries or sectors than a more broadly diversified fund would be. Financial instruments of companies in the same industry or sector may decline in price at the same time due to market conditions, interest rates or economic, regulatory, financial or industry/sector specific developments since these companies may share common characteristics and are more likely to react similarly to industry/sector specific market or economic developments. In addition, at times, a small number of companies may represent a large portion of a single industry or sector, and these companies can be sensitive to adverse economic, regulatory or financial developments.
· Consumer Discretionary Sector Risk—A Fund may invest a significant portion of its assets in the consumer discretionary sector. Securities of companies in the consumer discretionary sector can be significantly affected by changes in, among other things, the supply and demand for specific products and services, consumer spending trends, volatility in commodity prices, fluctuations in interest and exchange rates, imposition of import controls, increased competition, depletion of resources and labor relation issues. A Fund may be adversely affected by events or developments negatively impacting the consumer discretionary sector.
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· Financials Sector Risk—A Fund may invest a significant portion of its assets in the financials sector. Securities of companies in the financials sector may be significantly affected by changes in interest rates, government regulation, the rate of defaults on corporate, consumer and government debt, the availability and cost of capital, and the impact of more stringent capital requirements. A Fund may be adversely affected by events or developments negatively impacting the financials sector or issuers within the financials sector.
· Industrials Sector Risk—A Fund may invest a significant portion of its assets in the industrials sector. Securities of companies in the industrials sector may be affected by changes in the supply of and demand for products and services, product obsolescence, claims for environmental damage or product liability, and general economic conditions, among other factors. A Fund may be adversely affected by events or developments negatively impacting the industrials sector.
· Information Technology Sector Risk—A Fund may invest a significant portion of its assets in the information technology sector. Securities of companies in the information technology sector can be significantly affected by changes in, among other things, the supply and demand for specific products and services, the pace of technological development and product obsolescence, market competition, government regulation, and patent and intellectual property rights. A Fund may be adversely affected by events or developments negatively impacting the information technology sector.
· Large-Cap Risk—The risk that, by focusing on securities of larger companies, a Fund may have fewer opportunities to identify securities that the market misprices and that these companies may grow more slowly than the economy as a whole or not at all. Also, larger companies may fall out of favor with the investing public as a result of market, political and economic conditions, including for reasons unrelated to their businesses or economic fundamentals.
· Market Trading Risks—As with all ETFs, Nuveen ETF shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of a Nuveen ETF share typically will approximate its NAV, there may be times when the market price and the NAV diverge more significantly, particularly in times of market volatility or steep market declines. Thus, a shareholder may pay more or less than NAV when they buy Nuveen ETF shares on the secondary market, and they may receive more or less than NAV when they sell those shares. In times of market stress, the Nuveen ETF’s underlying portfolio holdings may become less liquid, which in turn may affect the liquidity of the Nuveen ETF’s shares and/or lead to more significant differences between the Nuveen ETF’s market price and its NAV.
Only certain institutional investors are eligible to purchase and redeem shares directly from the Nuveen ETF at NAV. In addition, efficient trading in
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the Nuveen ETF’s shares on the secondary market depends on the participation of firms acting as market makers and/or liquidity providers in the marketplace. To the extent these market makers and authorized participant firms exit the ETF business or otherwise significantly reduce their business activities and no other entities step forward to perform these functions, the Nuveen ETF’s shares may trade at a material discount to NAV.
During periods of high market volatility, a Nuveen ETF share may trade at a significant discount to its NAV, and in these circumstances certain types of brokerage orders may expose an investor to an increased risk of loss. A “stop order,” sometimes called a “stop-loss order,” may cause a Nuveen ETF share to be sold at the next prevailing market price once the “stop” level is reached, which during a period of high volatility can be at a price that is substantially below NAV.
Although the Nuveen ETF’s shares are listed for trading on a national securities exchange, it is possible that an active trading market may not develop or be maintained, in which case transactions may occur at wider bid/ask spreads (discussed in further detail below). Trading of the Nuveen ETF’s shares may be halted by the activation of individual or market-wide trading halts (which halt trading for a specific period of time when the price of a particular security or overall market prices decline by a specified percentage).
Buying or selling Nuveen ETF shares on an exchange involves two types of costs that apply to all securities transactions. When buying or selling shares of the Nuveen ETF through a broker, an investor will likely incur a brokerage commission and other charges. In addition, an investor may incur the cost of the “spread”; that is, the difference between what investors are willing to pay for Nuveen ETF shares (the “bid” price) and the price at which they are willing to sell Nuveen ETF shares (the “ask” price). The spread, which varies over time based on trading volume and market liquidity, is generally narrower if the Nuveen ETF has more trading volume and market liquidity and wider if the Nuveen ETF has less trading volume and market liquidity (which is often the case for funds that are newly launched or small in size). The Nuveen ETF’s spread may also be impacted by market volatility generally and the liquidity of the underlying securities held by the Nuveen ETF, particularly for newly launched or smaller funds. Because of the costs inherent in buying or selling Nuveen ETF shares, frequent trading may detract significantly from investment results.
· Mortgage Roll Risk—The risk that Advisors will not correctly predict mortgage prepayments and interest rates, which will diminish the investment performance of a Fund compared with what such performance would have been without the use of the strategy.
· Non-Diversification Risk—The Nuveen ETF is considered to be non-diversified under the 1940 Act. Non-diversified status means that a Fund can invest a greater percentage of its assets in the securities of a single issuer
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than a diversified fund. Investing in a non-diversified fund involves greater risk than investing in a diversified fund because a loss in value of a particular investment may have a greater effect on the fund’s return since that investment may represent a larger portion of the fund’s total portfolio assets, which could lead to greater volatility in the fund’s returns.
· Non-Investment-Grade Securities Risk—Issuers of non-investment-grade securities, which are usually called “high-yield” or “junk bonds,” are typically speculative in nature, in weaker financial health and such securities can be harder to value and sell and their prices can be more volatile than more highly rated securities. While these securities generally have higher rates of interest, they also involve greater risk of default than do securities of a higher-quality rating. In addition, high-yield securities generally are less liquid than investment-grade securities and the risks associated with high-yield securities are heightened during times of weakening economic, political, unusual or adverse market conditions or rising interest rates. Any investment in distressed or defaulted securities subjects a Fund to even greater credit risk than investments in other below-investment-grade securities.
· Portfolio Turnover Risk—In pursuing its investment objectives, a Fund may engage in trading that results in a high portfolio turnover rate, which may vary greatly from year to year, as well as within a given year. A higher portfolio turnover rate may result in correspondingly greater transactional expenses that are borne by a Fund. Such expenses may include bid-ask spreads, dealer mark-ups, and other transactional costs on the sale of securities and reinvestment in other securities, and may result in the realization of taxable capital gains (including short-term gains, which are generally taxed to shareholders as ordinary income). These costs, which are not reflected in annual fund operating expenses or in the example thereunder, may affect a Fund’s performance.
· Preferred Security Risk—There are special risks associated with investing in preferred securities:
· Limited Voting Rights—Generally, preferred security holders have no voting rights with respect to the issuing company unless preferred dividends have been in arrears for a specified number of periods, at which time the preferred security holders may elect a number of directors to the issuer’s board. Generally, once all the arrearages have been paid, the preferred security holders no longer have voting rights. In the case of certain preferred securities issued by trusts or special purpose entities, holders generally have no voting rights except if a declaration of default occurs and is continuing. In such an event, preferred security holders generally would have the right to appoint and authorize a trustee to enforce the trust’s or special purpose entity’s rights as a creditor under the agreement with its operating company.
· Special Redemption Rights—In certain circumstances, an issuer of preferred securities may redeem the securities prior to their stated
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maturity date. For instance, for certain types of preferred securities, a redemption may be triggered by a change in federal income tax or securities laws or by regulatory or major corporate action. As with call provisions, a redemption by the issuer may negatively impact the return of the security held by a Fund.
· Payment Deferral—Generally, preferred securities may be subject to provisions that allow an issuer, under certain conditions, to skip (“non-cumulative” preferred securities) or defer (“cumulative” preferred securities) distributions without any adverse consequences to the issuer. Non-cumulative preferred securities can skip distributions indefinitely. Cumulative preferred securities typically contain provisions that allow an issuer, at its discretion, to defer distribution payments for up to ten years. If a Fund owns a preferred security that is deferring its distribution, the Fund may be required to report income for tax purposes although it has not yet received such income. In addition, recent changes in bank regulations may increase the likelihood of issuers deferring or skipping distributions.
· Subordination—Preferred securities generally are subordinated to bonds and other debt instruments in a company’s capital structure and therefore are subject to greater credit risk than those debt instruments.
· Floating Rate Payments—The dividend or interest rates on preferred securities may be floating, or convert from fixed to floating at a specified future time. The market value of floating rate securities may fall in a declining interest rate environment and may also fall in a rising interest rate environment if there is a lag between the rise in interest rates and the reset. This risk may also be present with respect to fixed rate securities that will convert to a floating rate at a future time. A secondary risk associated with declining interest rates is the risk that income earned by a Fund on floating rate securities may decline due to lower coupon payments on the floating rate securities. Finally, many financial instruments use or may use a floating rate based upon the London Interbank Offered Rate, or “LIBOR,” (which was phased out) or the Federal Funds Rate. See “Additional information on investment strategies and risks of the Funds and Underlying Funds—The Fixed-Income Funds” for additional information.
· Fixed Rate Payments—The market value of preferred securities with fixed dividends or interest rates may decline in a rising interest rate environment.
· Liquidity—Preferred securities may be substantially less liquid than many other securities, such as U.S. Government securities or common stock, subjecting a Fund to illiquid investments risk. Less liquid securities involve the risk that the securities will not be able to be sold at the time desired by a Fund or at prices approximating the value at which the Fund is carrying the securities on its books.
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· Financial Services Industry—The preferred securities market is comprised predominately of securities issued by companies in the financial services industry. Therefore, preferred securities present substantially increased risks at times of financial turmoil, which could affect financial services companies more than companies in other sectors and industries.
· Tax Risk—A Fund may invest in preferred securities or other securities the federal income tax treatment of which may not be clear or may be subject to recharacterization by the Internal Revenue Service (“IRS”). It could be more difficult for a Fund to comply with the tax requirements applicable to regulated investment companies if the tax characterization of the Fund’s investments or the tax treatment of the income from such investments were successfully challenged by the IRS.
· Regulatory Risk—Issuers of preferred securities may be in industries that are heavily regulated and that may receive government funding. The value of preferred securities issued by these companies may be affected by changes in government policy, such as increased regulation, ownership restrictions, deregulation or reduced government funding.
· Quantitative Analysis Risk—The risk that securities selected for funds that are actively managed, in whole or in part, according to a quantitative analysis methodology can perform differently from the market as a whole based on the model and the factors used in the analysis, the weight placed on each factor and changes in the factor’s historical trends and the risk that such quantitative analysis and modeling may not adequately take into account certain factors, may contain design flaws or inaccurate assumptions and may rely on inaccurate data inputs. If inaccurate market data is entered into a quantitative model, the resulting information will be incorrect. Because such models are based on assumptions of these and other market factors, the models may not take into account certain factors, or perform as intended, and may result in a decline in the value of a Fund’s portfolio.
· Senior Loan Risk—Many senior loans are rated lower than investment grade, or considered to be of comparable credit risk, so they present credit risk comparable to high-yield securities. While backed by collateral, the value of the collateral may not equal a Fund’s investment and may be hard to sell, so the liquidation of the collateral may not satisfy the borrower’s obligation to the Fund in the event of non-payment of scheduled interest or principal. Senior loans also expose a Fund to call risk and illiquid investments risk. There is no organized exchange or board of trade on which loans are traded; rather, they trade in an unregulated inter-dealer or inter-bank resale market, so the secondary market for senior loans can be limited. Trades can be infrequent and the values for senior loans may experience volatility. In some cases, negotiations for the sale or settlement of senior loans may require weeks to complete, which may impair a Fund’s ability to raise cash to satisfy redemptions, pay dividends, pay expenses or take advantage of other
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investment opportunities in a timely manner. If an issuer of a senior loan prepays or redeems the loan prior to maturity, a Fund will have to reinvest the proceeds in other senior loans or instruments that may pay lower interest rates.
· Sovereign Debt Risk—The risk that the issuer of non-U.S. sovereign debt or the governmental authorities that control the repayment of such debt may be unable or unwilling to repay principal or interest when due. This may result from political or social factors, the general economic environment of a country, levels of foreign debt or foreign currency exchange rates, among other possible reasons. In addition, the issuer of sovereign debt may be unable or unwilling to repay due to the imposition of international sanctions and other similar measures. As a result, there is an increased budgetary and financial pressure on municipalities and heightened risk of default or other adverse credit or similar events for issuers of municipal securities, which would adversely impact a Fund’s investments. To the extent the issuer or controlling governmental authority is unable or unwilling to repay principal or interest when due, a Fund may have limited recourse to compel payment in the event of default.
· Special Situation Risk—Stocks of companies involved in acquisitions, consolidations, tender offers or exchanges, takeovers, reorganizations, mergers and other special situations can involve more risk than ordinary securities due to the high degree of uncertainty associated with such events. If the anticipated benefits of such developments do not ultimately materialize, the value of a special situation company may decline. As a result, the prices of securities of these companies can be more volatile than the prices of securities of similar companies, resulting in permanent loss of capital. Also, transactions may take longer than originally anticipated, resulting in lower annualized returns than contemplated at the time of investment. The following types of companies, for example, are more likely to experience special situations: smaller companies, emerging growth companies, and early development stage companies. Also, companies with any of the following characteristics are more likely to experience special situations: participating in an initial public offering, operating at a loss, or having little or no revenue history.
· U.S. Government Securities Risk—U.S. Treasury obligations and some obligations of U.S. Government agencies and instrumentalities are supported by the full faith and credit of the U.S. Government. Other U.S. Government agencies or instrumentalities are backed by the right of the issuer to borrow from the U.S. Treasury. Still others are supported only by the credit of the issuer. No assurance can be given that the U.S. Government would provide financial support to its agencies or instrumentalities if not required to do so by law, and such agencies or instrumentalities may not have the funds to meet their payment obligations in the future. Therefore, securities issued by U.S. Government agencies or instrumentalities that are
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not backed by the full faith and credit of the U.S. Government may involve increased risk of loss of principal and interest. In addition, the value of U.S. Government securities may be affected by changes in the credit rating of the U.S. Government.
To the extent a Fund invests significantly in securities issued or guaranteed by the U.S. Government or its agencies or instrumentalities, any market movements, regulatory changes or changes in political or economic conditions that affect the securities of the U.S. Government or its agencies or instrumentalities in which the Fund invests may have a significant impact on the Fund’s performance. Events that would adversely affect the market prices of securities issued or guaranteed by one U.S. Government agency or instrumentality may adversely affect the market prices of securities issued or guaranteed by other agencies or instrumentalities.
In addition to the investment risks set forth above, there are other non-principal risks associated with investing in the Funds and Underlying Funds and their investments that are discussed elsewhere in the Funds’ and Underlying Funds’ Prospectuses and in the Funds’ and Underlying Funds’ SAIs. There can be no assurances that a Fund will achieve its investment objective. You should not consider any Fund to be a complete investment program.
Additional information on investment strategies and risks of the Funds and Underlying Funds
The Equity Funds
The Underlying Funds that invest primarily in equity securities—including the Nuveen Core Equity Fund, Nuveen Large Cap Growth Fund, Nuveen Large Cap Value Fund, Nuveen Quant International Small Cap Equity Fund, Nuveen Quant Small Cap Equity Fund, Nuveen Quant Small/Mid Cap Equity Fund, Nuveen Emerging Markets Equity Fund, Nuveen International Equity Fund, Nuveen International Opportunities Fund, Nuveen Dividend Growth Fund, Nuveen Dividend Value Fund and Nuveen ETF (collectively, the “Equity Funds”)—may also invest in short-term debt securities of the same type as those held by the Nuveen Money Market Fund and other kinds of short-term instruments. These short-term investments help the Equity Funds maintain liquidity, use cash balances effectively, and take advantage of attractive investment opportunities. Certain Equity Funds also may invest up to 20% of their assets in fixed-income securities (as defined for purposes of each Equity Fund’s investment strategies). Such Equity Funds may invest in fixed-income investments to obtain current income, to use cash balances effectively and in circumstances when Advisors or the Equity Fund’s other investment adviser or sub-adviser determines that the risk of loss from equity securities outweighs the potential for capital gains or higher income. For a general discussion of fixed-income investments, see “Investment policies—Debt instruments generally” in the Funds’ SAI. Certain Equity Funds may also manage cash by investing in money market funds or other short-term investment company securities.
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Each Fund and/or certain Equity Funds may write (sell) call options, including covered call options, and purchase put options, to try to enhance income, reduce portfolio volatility and protect gains in its portfolio. Such options may include put and call options on securities of the types in which a Fund or an Equity Fund may invest and on securities indices composed of such securities. In writing (selling) call options, a Fund or an Equity Fund may give up the opportunity to profit on a security if the market price of the security rises and the option is exercised and, conversely, the premiums received from call options sold may not reduce the extent of a Fund’s or an Equity Fund’s losses during periods of market decline. In purchasing call and put options, a Fund or an Equity Fund may purchase a call or put option that expires with no value due to the market price of the security remaining below or above, as applicable, the strike price of the option. In such an event, a Fund or an Equity Fund would lose the value of the premium paid for the call or put option but would also receive no economic benefit from the purchase or sale, as applicable, of the security. The Funds and certain Equity Funds can also write (sell) put options. In writing put options, a Fund or an Equity Fund may experience losses on a security if the market price of the security declines and the option is exercised and, conversely, the premiums received from the put options sold may not reduce the extent of a Fund’s or an Equity Fund’s losses during periods of market decline.
In addition, each Fund and/or certain Equity Funds may buy and sell futures contracts on securities indices composed of securities of the types in which it may invest, and put and call options on such futures contracts. Each Fund and/or certain Equity Funds may use such futures contracts and options on futures contracts for hedging or cash management purposes, or to seek increased total return. Futures contracts permit a Fund and/or an Equity Fund to gain exposure to groups of securities and thereby have the potential to earn returns that are similar to those that would be earned by direct investments in those securities or instruments.
Where appropriate futures contracts do not exist, or if Advisors or the Equity Fund’s other investment adviser or sub-adviser deems advisable for other reasons, a Fund and/or certain Equity Funds may invest in investment company securities, such as ETFs. A Fund and/or certain Equity Funds may also invest in ETFs as well as ETNs for cash management purposes or other purposes, including to gain exposure to certain sectors or securities that are represented by ownership in ETFs. ETFs and ETNs will be subject to the risks associated with the types of asset classes, securities or sectors that they track, while ETNs, which are structured as fixed-income obligations, will also be subject to the general risks of fixed-income securities, including credit risk. When an Equity Fund or a Fund invests in Nuveen mutual funds, ETFs, ETNs or other Underlying Funds that are not offered by the Trust (“Non-Trust Underlying Funds”), it will bear a proportionate share of expenses charged by the investment company in which the Equity Fund or the Fund invests. An ETF may trade at a premium or discount to NAV. In seeking to manage currency exposure, the Funds and/or certain Equity
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Funds may also enter into forward currency contracts and currency swaps and may buy or sell put and call options and futures contracts on foreign currencies.
The Funds and certain Equity Funds can also invest in derivatives and other similar financial instruments, such as equity swaps (including contracts for difference (“CFD”), an arrangement where the return is linked to the price movement of an underlying security or a stock market index) and equity-linked fixed-income securities, so long as these derivatives and financial instruments are consistent with a particular Fund’s investment objective, restrictions and policies and current regulations.
Certain Equity Funds may invest in preferred securities. Preferred securities, which generally pay fixed or adjustable rate dividends or interest to investors, have preference over common stock in the payment of dividends or interest and the liquidation of a company’s assets, which means that a company typically must pay dividends or interest on its preferred securities before paying any dividends on its common stock. On the other hand, preferred securities are junior to most other forms of the company’s debt, including both senior and subordinated debt. Because of their subordinated position in the capital structure of an issuer, the ability to defer dividend or interest payments for extended periods of time without triggering an event of default for the issuer, and certain other features, preferred securities are often treated as equity-like instruments by both issuers and investors, as their quality and value are heavily dependent on the profitability and cash flows of the issuer rather than on any legal claims to specific assets.
The Fixed-Income Funds
The Underlying Funds of the Trust that invest primarily in fixed-income securities—including the Nuveen Core Bond Fund, Nuveen Core Plus Bond Fund, Nuveen High Yield Fund, Nuveen International Bond Fund and Nuveen Short Term Bond Fund (collectively, the “Fixed-Income Funds”)—may make certain other investments, but not as principal strategies. For example, the Fixed-Income Funds may invest in interest-only and principal-only mortgage-backed securities. These instruments have unique characteristics and are more sensitive to prepayment risk and extension risk than traditional mortgage-backed securities. Similarly, the Fixed-Income Funds may also buy and sell put and call options, futures contracts, and options on futures. The Fixed-Income Funds intend to use options and futures primarily as a hedging technique or for cash management as well as risk management. In seeking to manage currency risk, the Fixed-Income Funds can also enter into forward currency contracts, and buy or sell options and futures on foreign currencies, or enter into foreign currency contracts. The Fixed-Income Funds can also buy and sell swaps and options on swaps, so long as these are consistent with each Fixed-Income Fund’s investment objective, restrictions and policies, as well as current regulations.
Certain instruments in which a Fund or a Fixed-Income Fund may invest are subject to rates that are tied to reference rates or benchmarks such as Secured
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Overnight Financing Rates (“SOFR”). As a result of benchmark reforms, publication of most LIBOR settings has ceased. Some U.S. dollar LIBOR settings continue to be published, but only on a temporary, synthetic and non-representative basis. It is expected that all synthetic U.S. dollar LIBOR settings will be discontinued at the end of September 2024. Many contracts have already transitioned away from LIBOR reference as a result of contractual fallback mechanics, negotiated amendments or as a result of statutory fallback mechanisms; some contracts continue to use synthetic U.S. dollar LIBOR and may continue to do so until synthetic LIBOR is discontinued. Instruments which transitioned from LIBOR to an alternative reference rate or which continue to use synthetic LIBOR may experience increased volatility and illiquidity or other adverse consequences, such as decreased yields and reduction in value for these instruments. This may adversely affect a Fund or an Underlying Fund and its investment in such instruments. Although some LIBOR-based or formerly LIBOR-based instruments may have contemplated a scenario where LIBOR is no longer available by providing for an alternative rate-setting methodology and/or increased costs for certain LIBOR-related instruments or financing transactions, others may not have had such provisions and there may be significant uncertainty regarding the effect of any such alternative methodologies. Instruments that included robust fallback provisions to facilitate the transition from LIBOR to an alternative reference rate may also have included adjustments that do not adequately compensate the holder for the different characteristics of the alternative reference rate. Such fallback provisions may have resulted in a value transfer from one party to the instrument to the counterparty. Additionally, because such provisions may differ across instruments (e.g., hedges versus cash positions hedged or investments in structured finance products transitioning to a different rate or at a different time as the assets underlying those structured finance products), the transition from LIBOR to differing alternative reference rates or using different adjustments may give rise to basis risk and render hedges less effective. Any such effects of the transition process, including unforeseen effects, could result in losses to a Fund or an Underlying Fund. In many cases, in the event that an instrument falls back to an alternative reference rate, including SOFR, the alternative reference rate will not perform the same as LIBOR because the alternative reference rate does not include a credit sensitive component in the calculation of the rate. These developments could negatively impact financial markets in general and present heightened risks, including with respect to a Fund’s or Underlying Fund’s investments.
Global economic risk
National and regional economies and financial markets are becoming increasingly interconnected, which increases the possibilities that conditions in one country, region or market might adversely impact issuers in a different country, region or market. Changes in legal, political, regulatory, tax and economic conditions may cause fluctuations in markets and securities prices
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around the world, which could negatively impact the value of a Fund’s or an Underlying Fund’s investments. Major economic or political disruptions, particularly in large economies, may have global negative economic and market repercussions. Additionally, events such as war, armed conflict, terrorism, the imposition of economic sanctions, natural and environmental disasters and the spread of infectious illnesses or other public health emergencies may adversely affect the global economy and the markets and issuers in which a Fund or an Underlying Fund invests. These events could reduce consumer demand or economic output, result in market closure, travel restrictions or quarantines, and generally have a significant impact on the economy. These events could also impair the information technology and other operational systems upon which a Fund’s or an Underlying Fund’s service providers, including the investment adviser, Advisors, rely, and could otherwise disrupt the ability of employees of a Fund’s or an Underlying Fund’s service providers to perform essential tasks on behalf of a Fund or an Underlying Fund. In addition, sanctions and other measures could limit or prevent a Fund or an Underlying Fund from buying and selling securities (in sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact liquidity and performance. Governmental and quasi-governmental authorities and regulators throughout the world have in the past responded to major economic disruptions with a variety of significant fiscal and monetary policy changes, including but not limited to, direct capital infusions into companies, new monetary programs and dramatically lower interest rates. An unexpected or quick reversal of these policies, or the ineffectiveness of these policies, could increase volatility in securities markets, which could adversely affect a Fund’s or an Underlying Fund’s investments.
A Fund’s or an Underlying Fund’s investments may be subject to inflation risk, which is the risk that the real value (i.e., nominal price of the asset adjusted for inflation), liquidity of assets or income from investments will be less in the future because inflation decreases the purchasing power and value of money (i.e., as inflation increases, the real value of a Fund’s or an Underlying Fund’s assets can decline as can the value of the Fund’s or the Underlying Fund’s distributions). Inflation rates may change frequently and significantly as a result of various factors, including unexpected shifts in the domestic or global economy, changes in monetary or economic policies (or expectations that these policies may change), public health policies, and other crises and responses by governments and companies to such crises. The market price of debt securities generally falls as inflation increases because the purchasing power of the future income and repaid principal is expected to be worth less when received by a Fund or an Underlying Fund. The risk of inflation is greater for debt instruments with longer maturities and especially those that pay a fixed rather than variable interest rate. In addition, this risk may be significantly elevated compared to normal conditions because of monetary policy measures and the current interest rate environment and level of government intervention and spending.
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Cybersecurity risk
The Funds and Underlying Funds and their service providers (including, but not limited to, the Funds’ and Underlying Funds’ administrator, custodian, transfer agent, distributor and their delegates) are susceptible to operational, information security and related risks through breaches in cybersecurity. In general, cybersecurity attacks can result from infection by computer viruses or other malicious software or from deliberate actions or unintentional events, including gaining unauthorized access through hacking or other means to digital systems, networks, or devices that are used to service the Funds’ and Underlying Funds’ operations in order to misappropriate assets or sensitive information, corrupt data, or cause operational disruption. Cybersecurity failures or breaches affecting the Funds and Underlying Funds and their service providers have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, interference with the Funds’ and Underlying Funds’ ability to calculate their NAV, impediments to trading, the inability of Fund and Underlying Fund shareholders to transact business, destruction to equipment and systems, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs and/or additional compliance costs. In addition, substantial costs may be incurred in order to prevent any cybersecurity breaches in the future.
Derivatives risks
The risks associated with investing in derivatives, including futures, options, swaps, forwards, and other fixed-income or equity derivative instruments, and other similar instruments (referred to collectively as “derivatives”) may be different and greater than the risks associated with directly investing in the underlying securities and other instruments, including leverage risk, market risk, counterparty risk, liquidity risk, operational risk and legal risk. Operational risk generally refers to risk related to potential operational issues, including documentation issues, settlement issues, systems failures, inadequate controls, and human error, and legal risk generally refers to insufficient documentation, insufficient capacity or authority of counterparty, or legality or enforceability of a contract. Derivatives such as swaps are particularly subject to risks such as liquidity risk, interest rate risk, market risk, legal risk and credit risk. These derivatives involve the risk of mispricing or improper valuation and the risk that the prices of certain options, futures, swaps (including credit default swaps), forwards and other types of derivative instruments may not correlate perfectly with the prices or performance of the underlying security, currency, rate, index or other asset. Certain derivatives present counterparty risk, or the risk of default by the other party to the contract, and some derivatives are, or may suddenly become, illiquid. Changes in the value of a derivative may also create margin delivery or settlement obligations for a Fund or an Underlying Fund. A Fund or an Underlying Fund may have to sell securities or other instruments at a time when it may be disadvantageous to do so to meet such payment requirements. Some
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of these risks exist for futures, options and swaps which may trade on established markets. Unanticipated changes in interest rates, securities prices or currency exchange rates may result in poorer overall performance of a Fund or an Underlying Fund than if it had not entered into derivatives transactions. The potential for loss as a result of investing in derivatives, and the speed at which such losses can be realized, may be greater than investing directly in the underlying security or other instrument. Derivatives can create leverage by magnifying investment losses or gains, and a Fund and an Underlying Fund could lose more than the amount invested.
Investments for temporary defensive purposes
Each Fund, as well as each Underlying Fund, may, for temporary defensive purposes, invest all of its assets in cash and money market instruments, including, for certain Underlying Funds, the Nuveen Money Market Fund. In doing so, the Fund and the Underlying Fund may be successful in reducing market losses but may otherwise fail to achieve their respective investment objectives. Cash assets are generally not income-generating and would impact a Fund’s or an Underlying Fund’s performance.
A description of the Funds’ policies and procedures with respect to the disclosure of their portfolio holdings is available in the Funds’ SAI.
While each Fund will normally seek to invest in Underlying Funds for the long term, it may frequently rebalance those holdings with the goal of staying close to its projected target allocations. Therefore, a Fund may sell shares of Underlying Funds regardless of how long they have been held. Although a Fund bears no brokerage commissions when it buys or sells shares of Underlying Funds of the Trust or other affiliated Underlying Funds, it may bear transaction costs, including brokerage commissions, when it transacts in shares of Non-Trust Underlying Funds. A “high portfolio turnover rate” for a Fund with respect to its holdings of Non-Trust Underlying Funds generally will result in greater transaction costs, including brokerage commissions or bid-ask spreads, borne by the Funds and, ultimately, by shareholders. The portfolio turnover rates of the Funds during recent fiscal periods are provided in the Financial highlights. The Funds are not subject to a specific limitation on portfolio turnover and are generally not managed to minimize tax burdens of shareholders.
An Underlying Fund that engages in active and frequent trading of portfolio securities will have a correspondingly higher portfolio turnover rate. A high portfolio turnover rate for an Underlying Fund generally will result in greater transaction costs, including brokerage commissions or bid-ask spreads, borne by the Underlying Fund and, ultimately, by Fund shareholders. Also, Underlying Funds with high portfolio turnover rates may be more likely to generate capital gains that
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must be distributed to the Funds, and ultimately to Fund shareholders, as taxable income. None of the Underlying Funds of the Trust are subject to a specific limitation on portfolio turnover, and securities of each Underlying Fund may be sold at any time such sale is deemed advisable for investment or operational reasons.
Each Fund may offer Class A, Class I, Premier Class, Class R6 and Retirement Class shares in this Prospectus. Each Fund’s investments are held by the Fund as a whole, not by a particular share class, so an investor’s money will be invested the same way no matter which class of shares is held. However, there are differences among the fees and expenses associated with each class and not everyone is eligible to buy every class. After determining which classes you are eligible to buy, decide which class best suits your needs. Please contact us if you have questions or would like assistance in determining which class is right for you.
Advisors manages the assets of the Trust, under the supervision of the Board of Trustees. Advisors is an indirect wholly owned subsidiary of Teachers Insurance and Annuity Association of America (“TIAA”). TIAA is a life insurance company founded in 1918 by the Carnegie Foundation for the Advancement of Teaching and is the companion organization of College Retirement Equities Fund (“CREF”), the first company in the United States to issue a variable annuity. Advisors is registered as an investment adviser with the SEC under the Investment Advisers Act of 1940. Advisors also manages the investments of TIAA Separate Account VA-1 and Nuveen Life Funds. Through an affiliated investment adviser, TIAA-CREF Investment Management, LLC (“TCIM”), certain personnel of Advisors also manage the investment accounts of CREF. As of June 30, 2024, Advisors and TCIM together had approximately $657.3 billion of assets under management. Advisors is located at 730 Third Avenue, New York, NY 10017-3206.
TIAA entities sponsor an array of financial products for retirement and other investment goals. For some of these products, for example, the investment accounts of CREF, TIAA or its subsidiaries perform services “at-cost.” The Funds offered in the Prospectus, however, pay the management fees and other expenses that are described in the tables of fees and expenses in this Prospectus. The management fees paid by the Funds to Advisors are intended to compensate Advisors for its services to the Funds and are not limited to the reimbursement of Advisors’ costs. Thus, under this arrangement, Advisors can earn a profit or incur a loss on the services which it renders to the Funds. The
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Funds also pay Advisors for certain administrative services that Advisors provides to the Funds on an at-cost basis.
Advisors manages the assets of the Funds pursuant to an investment management agreement with the Trust (the “Management Agreement”). Advisors’ duties under the Management Agreement include, among other things, providing the Funds with investment research, advice and supervision; furnishing an investment program for the Funds; determining which securities or other investments to purchase, sell or exchange; and providing or obtaining any other necessary services to manage, acquire or dispose of securities, cash or other investments. Advisors also supervises and acts as liaison among the various service providers to the Funds, such as the custodian and transfer agent.
Under the terms of the Management Agreement, Advisors receives a fee at an annual rate of 0.10% of the average daily net assets of each Fund. Advisors also receives investment management fees as the investment adviser to the Underlying Funds. Affiliates of Advisors receive investment management fees as the investment adviser or sub-adviser of the Nuveen Dividend Growth Fund, Nuveen Dividend Value Fund and Nuveen ETF.
In addition, Advisors has contractually agreed to reimburse each Fund for any Total annual Fund operating expenses (excluding interest, taxes, brokerage commissions or other transactional expenses, Acquired fund fees and expenses and extraordinary expenses) that exceed certain amounts, as stated in the “Fees and expenses” section of each Fund in this Prospectus. These expense reimbursement arrangements will continue through at least September 30, 2025, unless changed with approval of the Board of Trustees. Each Fund also pays Advisors for certain administrative services Advisors provides to the Funds on an at-cost basis.
A discussion regarding the basis for the Board of Trustees’ most recent approval of each Fund’s Management Agreement is available in the Funds’ Form N-CSR for the fiscal year ended May 31, 2024. For a free copy of the Funds’ shareholder report and Form N-CSR, please visit the Funds’ website at www.nuveen.com, visit the SEC’s website at www.sec.gov or call 800-257-8787.
The Funds are managed by a team of managers, whose members are responsible for the day-to-day management of the Funds, with expertise in the area applicable to the Funds’ investments. Certain team members are, for example, principally responsible for selecting appropriate investments for the Funds and others are principally responsible for asset allocation. The following is a list of members of the management team primarily responsible for managing each Fund’s investments, along with their relevant experience. The members of the management team may change from time to time.
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Total Experience | |||||||
Name & Title | Portfolio Role | Experience
Over | At |
| On
| ||
NUVEEN LIFESTYLE FUNDS | |||||||
John
Cunniff, CFA | Portfolio Manager | Advisors, TCIM and other advisory affiliates—2006 to Present (oversight and management responsibility for asset allocation funds) | 2006 | 1992 | 2011 | ||
Steve
Sedmak, CFA | Portfolio Manager | Advisors, TCIM and other advisory affiliates—2016 to Present (strategic allocation research) | 2016 | 2001 | 2020 | ||
* Including tenure at affiliate or predecessor firms, as applicable.
The Funds’ SAI provides additional disclosure about the compensation structure for the Funds’ portfolio managers, the other accounts they manage, total assets in those accounts and potential conflicts of interest, as well as the portfolio managers’ ownership of shares of the Funds they manage.
Under the terms of the Administrative Services Agreement with the Trust, responsibility for payment of expenses relating to oversight and performance of certain services, including transfer agency, dividend disbursing, accounting, administrative, compliance and shareholder services, is allocated directly either to the Funds or to Advisors.
For Advisors’ provision of such administrative, compliance and other services to the Funds under the Administrative Services Agreement, the Fund pays to Advisors at the end of each calendar month the allocated costs of such services as determined under the TIAA cost allocation methodology then in effect.
Distribution and service arrangements
Nuveen Securities, LLC (“Nuveen Securities”) distributes each class of Fund shares. Nuveen Securities may enter into agreements with other intermediaries, including its affiliated broker-dealer, TIAA-CREF Individual & Institutional Services, LLC (“Services”), to offer and sell shares of the Funds. For Class A and Premier Class shares, Nuveen Securities may utilize some or all of the Rule 12b-1 plan fees it receives from Class A and Premier Class shares to pay such other intermediaries for services provided in connection with the sale, promotion and/or servicing of Class A and Premier Class shares, respectively.
Additional information about payments to intermediaries appears in the Funds’ SAI.
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Please note that Nuveen Securities does not have a customer relationship with you solely by virtue of acting as distributor for the Funds. Nuveen Securities does not offer or provide investment monitoring, make investment decisions for you, or hold customer accounts or assets.
Class A
Each Fund has adopted a distribution plan under Rule 12b-1 with respect to Class A shares under which each Fund pays Nuveen Securities an annual fee as compensation for Nuveen Securities’ or other entities’ services related to the sale, promotion and/or servicing of Class A shares.
Under the plan, each Fund pays Nuveen Securities at the annual rate of up to 0.25% of average daily net assets attributable to Class A shares for distribution and promotion-related activities, as well as shareholder and account maintenance services, and Nuveen Securities may pay another entity for providing such services. Advisors, Nuveen Securities and their affiliates, at their own expense, may also pay for distribution, promotional and/or shareholder and account maintenance expenses of Class A shares. Because Rule 12b-1 plan fees are paid out of Class A assets on an ongoing basis, over time they will increase the cost of your investment in the Class A.
In addition to the fees the Funds pay under the plan and fees the Funds pay to their transfer agent, Nuveen Securities or Advisors, on behalf of Class A shares of the Funds, the Funds may enter into non-plan agreements with financial intermediaries pursuant to which the Funds will pay financial intermediaries for administrative, networking, recordkeeping, sub-transfer agency and shareholder services. These payments are generally based on either (1) a percentage of the average daily net assets of Fund shareholders serviced by a financial intermediary or (2) a fixed dollar amount for each account serviced by a financial intermediary. The aggregate amount of these payments may be substantial and may vary significantly among intermediaries.
More information about the Funds’ distribution and services arrangements for Class A shares appears in the Funds’ SAI.
Class I
In addition to the fees the Funds pay to their transfer agent, Nuveen Securities or Advisors, on behalf of Class I shares of the Funds, the Funds may enter into agreements with financial intermediaries pursuant to which the Funds will pay financial intermediaries for administrative, networking, recordkeeping, sub-transfer agency and shareholder services. These payments are generally based on either (1) a percentage of the average daily net assets of Fund shareholders serviced by a financial intermediary or (2) a fixed dollar amount for each account serviced by a financial intermediary. The aggregate amount of
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these payments may be substantial and may vary significantly among intermediaries.
More information about the Funds’ distribution and service arrangements for Class I shares appears in the Funds’ SAI.
Premier Class
The Funds have adopted a distribution plan under Rule 12b-1 with respect to Premier Class shares under which the Funds pay Nuveen Securities an annual fee as compensation for Nuveen Securities’ or other entities’ services related to the sale, promotion and/or servicing of Premier Class shares.
Under the plan, the Funds pay Nuveen Securities at the annual rate of up to 0.15% of average daily net assets attributable to Premier Class shares for distribution and promotion-related activities, as well as shareholder and account maintenance services, and Nuveen Securities may pay another entity for providing such services. Advisors, Nuveen Securities and their affiliates, at their own expense, may also pay for distribution, promotional and/or shareholder and account maintenance expenses of Premier Class shares. Because Rule 12b-1 plan fees are paid out of Premier Class assets on an ongoing basis, over time they will increase the cost of your investment in the Premier Class.
More information about the Funds’ distribution and services arrangements for Premier Class shares appears in the Funds’ SAI.
Class R6
More information about the Funds’ distribution and services arrangements for Class R6 shares appears in the Funds’ SAI.
Retirement Class
For Retirement Class shares of the Funds, the Funds have a separate service agreement with Advisors (the “Retirement Class Service Agreement”) pursuant to which Advisors provides or arranges for the provision of administrative and shareholder services for Retirement Class shares, including services associated with the maintenance of Retirement Class shares on retirement plan or other platforms. Under the Retirement Class Service Agreement, the Retirement Class of the Funds pays monthly a fee to Advisors at an annual rate of up to 0.25% of average daily net assets, which is reflected as part of “Other expenses” in the “Fees and expenses” sections of this Prospectus. Advisors may pay Services or other affiliated or unaffiliated persons an administrative charge at an annual rate of 0.25% of average daily net assets attributable to Retirement Class shares to assist it with fulfilling its obligations under the Retirement Class Service Agreement.
More information about the Funds’ distribution and services arrangements for Retirement Class shares appears in the Funds’ SAI.
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Other payments by Nuveen Securities, Advisors or their affiliates
In addition to the sales commissions described below and the payments from distribution and service fees made to financial intermediaries as previously described, Nuveen Securities, Advisors or their affiliates may from time to time make additional payments, out of their own resources, to certain financial intermediaries that sell shares of Nuveen mutual funds in order to promote the sales and retention of Fund shares by those firms and their customers. The amounts of these payments vary by financial intermediary and, with respect to a given firm, are typically calculated by reference to the amount of the firm’s recent gross sales of Nuveen mutual fund shares and/or total assets of Nuveen mutual funds held by the firm’s customers. The level of payments that Nuveen Securities, Advisors and/or their affiliates is willing to provide to a particular financial intermediary may be affected by, among other factors, the firm’s total assets held in and recent net investments into Nuveen mutual funds, the firm’s level of participation in Nuveen mutual fund sales and marketing programs, the firm’s compensation program for its registered representatives who sell Nuveen mutual fund shares and provide services to Nuveen mutual fund shareholders, and the asset class of the Nuveen mutual funds for which these payments are provided. The SAI contains additional information about these payments, including the names of the firms to which payments are made. Nuveen Securities may also make payments to financial intermediaries in connection with sales meetings, due diligence meetings, prospecting seminars and other meetings at which Nuveen Securities promotes its products and services. With respect to Class R6 shares, effective August 1, 2019, Nuveen Securities, Advisors or their affiliates have been permitted to make such payments pursuant to existing arrangements with financial intermediaries, but will not enter into new arrangements to make such payments with new third-party financial intermediaries.
In connection with the availability of Nuveen mutual funds within selected mutual fund no-transaction fee institutional platforms and fee-based wrap programs at certain financial intermediaries, Nuveen Securities, Advisors or their affiliates also make payments out of their own assets to those firms as compensation for certain recordkeeping, shareholder communications and other account administration services provided to Nuveen mutual fund shareholders who own their Fund shares through these platforms or programs. These payments are in addition to the service fee and any applicable sub-transfer agency or similar fees paid to these firms with respect to these services by the Nuveen mutual funds out of Fund assets.
The amounts of payments to a financial intermediary could be significant, and may create an incentive for the intermediary or its representatives to recommend or offer shares of the Funds to you. The intermediary may elevate the prominence or profile of the Funds within the intermediary’s organization by, for example, placing the Funds on a list of preferred or recommended funds and/or granting
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Nuveen Securities and/or its affiliates preferential or enhanced opportunities to promote the Funds in various ways within the intermediary’s organization.
Advisors also pays Services and/or other intermediaries an administrative charge at an annual rate of 0.25% of average daily net assets attributable to Retirement Class shares to compensate such intermediaries for maintenance of Retirement Class shares held on their platforms.
Each Fund determines its NAV per share, or share price, on each Business Day. The NAV for each Fund is calculated each Business Day as of the latest close of the regular (or core) trading session of the NYSE, NYSE Arca Equities or NYSE American (collectively, the “NYSE Exchanges”) (normally 4:00 p.m. Eastern Time or such earlier time that is the latest close of a regular (or core) trading session of any of the NYSE Exchanges). The Funds do not price their shares on days that are not a Business Day. The NAV per share for each class is determined by dividing the value of the Fund’s assets attributable to such class, less all liabilities attributable to such class, by the total number of shares of the class outstanding. The assets of each Fund consist primarily of shares of Underlying Funds, which are valued at their respective NAVs in the case of mutual funds and at their market value per share in the case of ETFs. The values of any shares of Underlying Funds held by a Fund are based on the market value of the shares. Therefore, the share price of each of the Funds is determined based on the NAV per share or market value per share of each of its Underlying Funds (and the value of any other assets and liabilities of the Funds), subject to the fair value pricing procedures described below.
If a Fund invests in foreign securities that are primarily listed on foreign exchanges that trade on days when the Fund does not price its shares, the value of the foreign securities in the Fund’s portfolio may change on days when shareholders will not be able to purchase or redeem Fund shares. The value of the Fund’s investments denominated in foreign currencies is converted to U.S. dollars for purposes of determining the Fund’s NAV.
To value securities and other instruments held by the Underlying Funds (or the Fund, as applicable) of the Trust (other than for the Money Market Fund), such Underlying Funds (or Fund, as applicable) generally use market quotations or values obtained from independent pricing services to value such assets. If market quotations are not readily available or are not considered reliable, the Underlying Funds of the Trust will use a security’s “fair value,” as determined in good faith using procedures approved by the Board of Trustees. Such Underlying Funds also use fair value if events that have a significant effect on the value of an investment (as determined in Advisors’ sole discretion) occur between the
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time when its price is determined and the time a Fund’s NAV is calculated. For example, a Fund might use a domestic security’s fair value when the exchange on which the security is principally traded closes early or when trading in the security is halted and does not resume before the Fund’s NAV is calculated. Like the Funds, the Underlying Funds of the Trust do not price their shares on dates when the NYSE Exchanges are closed. This remains the case for Underlying Funds of the Trust that invest in foreign securities that are primarily listed on foreign exchanges that trade on days when such Underlying Funds do not price their shares, even though such securities may continue to trade and their values may fluctuate when the NYSE Exchanges are closed. The use of fair value pricing can involve reliance on quantitative models or individual judgment, and may result in changes to the prices of portfolio securities that are used to calculate the NAV of an Underlying Fund of the Trust. Although the Underlying Funds of the Trust fair value portfolio securities on a security-by-security basis, those that hold foreign portfolio securities may see their portfolio securities fair valued more frequently than other Underlying Funds that do not hold foreign securities.
Fair value pricing of equity securities most commonly occurs with securities that are primarily traded outside of the United States. This may have the effect of decreasing the ability of market timers to engage in “stale price arbitrage,” which takes advantage of the perceived difference in price from a foreign market closing price. For these foreign securities, an Underlying Fund of the Trust uses a fair value pricing service approved by Advisors, as the valuation designee. This pricing service employs quantitative models to value foreign equity securities in order to adjust for stale pricing, which may occur between the close of certain foreign exchanges and the close of the NYSE Exchanges. Fair value pricing is subjective in nature and the use of fair value pricing by an Underlying Fund of the Trust may cause the NAV of the Underlying Fund’s shares to differ significantly from the NAV that would have been calculated using market prices at the close of the foreign exchange on which a portfolio security is primarily traded.
While using a fair value price for foreign securities is intended to decrease the ability of market timers to make money by exchanging into or out of an affected Underlying Fund to the detriment of longer-term shareholders, it may reduce some of the certainty in pricing obtained by using actual market close prices.
Fixed-income securities held by an Underlying Fund of the Trust, including money market instruments (other than those held by a money market Underlying Fund of the Trust), are valued using market quotations, independent pricing sources or values derived from a pricing matrix that has various types of the applicable fixed-income instrument along one axis and various maturities along the other. The use of a price derived from a pricing matrix is a method of fair value pricing.
The Board of Trustees has designated Advisors as the valuation designee pursuant to Rule 2a-5 under the 1940 Act and delegated to Advisors the responsibility of making fair value determinations. A Fund will use fair value, as determined under its fair value procedures, to the extent that the value of any of
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its investments, including any Underlying Funds, is unavailable or not considered reliable.
Each Fund expects to declare and distribute to shareholders substantially all of its net investment income and net realized capital gains, if any. The amount distributed will vary according to the income received from investments held by a Fund and capital gains realized from the sale of investments. Each Fund plans to pay dividends according to the following schedule:
Annually: Nuveen Lifestyle Aggressive Growth Fund and Nuveen Lifestyle Growth Fund
Quarterly: Nuveen Lifestyle Conservative Fund, Nuveen Lifestyle Moderate Fund and Nuveen Lifestyle Income Fund
Each Fund intends to pay net capital gains, if any, annually. Dividends and capital gains can be paid in cash or reinvested. If you have elected to receive your distributions in cash and the distribution amount is less than $10, then the amount will be automatically reinvested in the Fund and no check will be issued. If the postal service is unable to deliver checks to your address of record, or the distribution check remains outstanding for six months or more, then the Funds reserve the right to reinvest the distribution check into your account using the Fund’s current NAV and to change your distribution option to reinvestment. No interest will accrue on amounts represented by uncashed distribution checks.
Dividends and capital gain distributions paid to shareholders who hold their shares through a TIAA-administered retirement plan or custody account will automatically be reinvested in additional shares of the same class of the particular Fund. All other shareholders may elect from the following distribution options (barring any restrictions from the intermediary or plan through which such shares are held):
1. Reinvestment option, same Fund. Your dividend and capital gain distributions are automatically reinvested in additional shares of the same share class of the Fund. Unless you elect otherwise, this will be your default distribution option.
2. Reinvestment option, different fund. Your dividend and capital gain distributions are automatically reinvested in additional shares of the same share class of another fund in which you already hold shares.
3. Income-earned option. Your long-term capital gain distributions are automatically reinvested, but you will be sent a check for each dividend and short-term capital gain distribution.
4. Capital gains option. Your dividend and short-term capital gain distributions are automatically reinvested, but you will be sent a check for each long-term capital gain distribution.
5. Cash option. A check will be sent for your dividend and each capital gain distribution.
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On the Fund’s distribution date, the Fund makes distributions on a per share basis to the shareholders who hold and have paid for Fund shares on the record date. The Funds do this regardless of how long the shares have been held. This means that if you buy shares just before or on a record date, you will pay the full price for the shares and then you may receive a portion of the price back as a taxable distribution (see the discussion of “Buying a dividend” below under “Taxes”). Cash distribution checks will be mailed within seven days of the distribution date.
Shareholders who hold their shares through a variable insurance or annuity product, an employee benefit plan or through an intermediary may be subject to restrictions on their distribution payment options imposed by the product, plan or intermediary. Please contact the variable insurance or annuity product issuer or your plan sponsor or intermediary for more details.
As with any investment, you should consider how your investment in a Fund will be taxed.
Taxes on dividends and distributions. Unless you are tax-exempt or hold Fund shares in a tax-deferred account, you are subject to federal income tax on dividends and taxable distributions each year. Your dividends and taxable distributions generally are taxable when they are paid, whether you take them in cash or reinvest them. However, distributions declared in October, November or December of a year and paid in January of the following year are taxable as if they were paid on December 31 of the prior year.
For federal tax purposes, income and short-term capital gain distributions paid from a Fund are taxed as ordinary income, and long-term capital gain distributions are taxed as long-term capital gains. By February of each year, a statement showing the taxable distributions paid to you in the previous year from a Fund will be sent to you and the IRS (for taxable accounts only). Whether a capital gain distribution is considered long-term or short-term depends on how long the Fund held the securities the sale of which led to the gain.
A portion of ordinary income dividends paid by a Fund to individual investors may constitute “qualified dividend income” that is subject to the same maximum tax rates as long-term capital gains. The portion of a dividend that will qualify for this treatment will depend on the aggregated qualified dividend income received by a Fund. Notwithstanding this, certain holding period requirements with respect to a shareholder’s shares in a Fund may apply to prevent the shareholder from treating any portion of a dividend as “qualified dividend income.” Additional information about this can be found in the Funds’ SAI.
Taxes on transactions. Unless a transaction involves Fund shares held in a tax-deferred account, redemptions (sales), including exchanges to other funds, may also give rise to capital gains or losses. The amount of any capital gain or loss will be the difference, if any, between the adjusted cost basis of your shares
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and the price you receive when you sell or exchange them. In general, a capital gain or loss will be treated as a long-term capital gain or loss if you have held your shares for more than one year.
Each Fund is required to report to the IRS and furnish to certain Fund shareholders the cost basis information for sale transactions of shares purchased on or after January 1, 2012. Shareholders may elect to have one of several cost basis methods applied to their account when calculating the cost basis of shares sold, including average cost, “first-in, first-out” (“FIFO”), or some other specific identification method. Unless you instruct otherwise, each Fund will use average cost as its default cost basis method, and will treat sales as first coming from shares purchased prior to January 1, 2012. If average cost is used for a shareholder’s first sale of the Fund shares covered by these new rules, the shareholder may only use an alternative cost basis method for shares purchased prospectively. Fund shareholders should consult with their tax advisors to determine the best cost basis method for their tax situation.
For shares you sell that were purchased prior to January 1, 2012, you will be sent a statement showing how many shares you sold and at what price. However, the statement will not include cost basis information and will not be furnished to the IRS. You or your tax preparer must determine whether this sale resulted in a capital gain or loss and the amount of tax to be paid on any gain. Be sure to keep your regular account statements; the information they contain will be essential in calculating the amount of your capital gains or losses.
Backup withholding. If you fail to provide a correct taxpayer identification number or fail to certify that it is correct, the Funds are required by law to withhold 24% of all the distributions and redemption proceeds paid from your account. The Funds are also required to begin backup withholding if instructed by the IRS to do so.
Medicare tax. An additional 3.8% Medicare tax is imposed on certain net investment income (including ordinary dividends and capital gain distributions received from a Fund and net gains from redemptions or other taxable dispositions of Fund shares) of U.S. individuals, estates and trusts to the extent that such person’s “modified adjusted gross income” (in the case of an individual) or “adjusted gross income” (in the case of an estate or trust) exceeds certain threshold amounts.
Buying a dividend. If you buy shares just before a Fund deducts a distribution from its NAV, you will pay the full price for the shares and then receive a portion of the price back in the form of a taxable distribution. This is referred to as “buying a dividend.” For example, assume you bought shares of a Fund for $10.00 per share the day before the Fund paid a $0.25 dividend. After the dividend was paid, each share would be worth $9.75, and, unless you hold your shares through a tax-deferred arrangement such as a 401(a), 401(k) or 403(b) plan or an IRA, you will have to include the $0.25 dividend in your gross income for tax purposes.
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Effect of foreign taxes. Foreign governments may impose taxes on a Fund and its Underlying Funds and their investments and these taxes generally will reduce the Fund’s distributions. If the Fund qualifies to pass through a credit for such taxes paid and elects to do so, an offsetting tax credit or deduction may be available to you if you maintain a taxable account. If so, your tax statement will show more taxable income than was actually distributed by the Fund, but will also show the amount of the available offsetting credit or deduction.
Other restrictions. There are tax requirements that all mutual funds must follow in order to avoid federal taxation. In its effort to adhere to these requirements, a Fund or an Underlying Fund may have to limit its investment in some types of instruments.
Special considerations for certain institutional investors. If you are a corporate investor, a portion of the dividends from net investment income paid by a Fund may qualify for the corporate dividends-received deduction. The portion of the dividends that will qualify for this treatment will depend on the aggregate qualifying dividend income that the Fund receives from the Underlying Funds. Certain holding period and debt financing restrictions may apply to corporate investors seeking to claim the deduction.
Taxes related to employee benefit plans or IRAs. Generally, individuals are not subject to federal income tax in connection with shares held (or that are held on their behalf) in participant or custody accounts under the Internal Revenue Code of 1986, as amended (the “Code”) section 401(a) employee benefit plans (including 401(k) and Keogh plans), Code section 403(b) or 457 employee benefit plans, or IRAs. Distributions from such plan participant or custody accounts may, however, be subject to ordinary income taxation in the year of the distribution. For information about the tax aspects of your plan or IRA or Keogh account, please consult your plan administrator, TIAA or your tax advisor.
Other tax matters. Certain investments of a Fund, including certain debt instruments, foreign securities and shares of other investment funds, could affect the amount, timing and character of distributions you receive and could cause a Fund to recognize taxable income in excess of the cash generated by such investments (which may require a Fund to liquidate other investments in order to make required distributions).
This information is only a brief summary of certain federal income tax information about your investment in a Fund. The investment may have state, local or foreign tax consequences, and you should consult your tax advisor about the effect of your investment in a Fund in your particular situation. Additional tax information can be found in the Funds’ SAI.
How you can buy and sell shares
The Funds offer multiple classes of shares, each with a different combination of sales charges, fees, eligibility requirements and other features. Your financial advisor can help you determine which class is best for you. For further details,
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please see the SAI. Because the Prospectus and the SAI are available free of charge on the Funds’ website at www.nuveen.com, we do not disclose the following share class information separately on the website.
The different share classes offered by the Funds are described below. You will pay up-front or contingent deferred sales charges on some of these share classes. In addition, some share classes are subject to annual distribution and/or service fees in the amounts described above, which are paid out of a Fund’s assets. These fees are paid to Nuveen Securities or Advisors, and are used primarily for providing compensation to financial intermediaries in connection with the distribution of Fund shares and for providing ongoing account services to shareholders. Certain classes of the Funds have adopted a distribution plan under Rule 12b-1 under the 1940 Act or a service plan that allows each Fund to pay these distribution and/or service fees. More information on these plans can be found above under “Distribution and service arrangements.” Because fees paid under the plans are paid out of a Fund’s assets on an ongoing basis, over time these fees will increase the cost of your investment and may cost you more than paying other types of sales charges.
Overview
Each share class of a Fund has certain eligibility requirements that apply when purchasing Fund shares. Eligibility to purchase a certain class of shares is generally based on the type of account being opened in a Fund as well as certain account minimums. In order to better understand the eligibility requirements outlined below, the following defined terms shall apply when used throughout this Prospectus.
Definitions
Financial Intermediary Accounts: These include accounts held through platforms, programs, plans and other similar entities, as well as omnibus accounts, on behalf of other investors. Additionally, Financial Intermediary Accounts may include, but are not limited to, the following:
· Employee Benefit Plans (as defined below);
· Certain custody accounts sponsored or administered by TIAA, or by other entities not affiliated with TIAA, that are established by individuals as IRAs pursuant to section 408 of the Code; and
· Wrap accounts or other such arrangements as may be offered by a financial advisor or other intermediary.
Employee Benefit Plans: These include accounts sponsored or administered by either TIAA and its affiliates or by other entities not affiliated with TIAA and that are established by or on behalf of employers, or the trustees of plans sponsored by employers, in connection with certain Employee Benefit Plans.
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Such Employee Benefit Plans include those described in sections 401(a) (including 401(k) and Keogh plans), 403(a), 403(b) or 457 of the Code. Shareholders investing through such Employee Benefit Plans may have to pay additional expenses related to the administration of such plans. Class I is not available to SEPs, SAR-SEPs, SIMPLE IRAs and Keogh plans.
Eligible Investors: These include both Financial Intermediary Accounts and Employee Benefit Plans.
Direct Purchasers: These accounts are opened directly with the transfer agent for the Funds, SS&C GIDS, Inc., and include the following: individual, financial advisor, domestic trust and joint accounts; Traditional IRAs and Roth IRAs; corporate and institutional accounts; custodial accounts for a minor child under the Uniform Gift to Minors Act (“UGMA”) or Uniform Transfer to Minors Act (“UTMA”); and Coverdell education savings accounts.
Class A shares
You can purchase Class A shares at the offering price, which is the NAV per share plus an up-front sales charge. You may qualify for a reduced sales charge, or the sales charge may be waived, as described in “How to reduce your sales charge.” Class A shares are also subject to an annual distribution fee, as described above under “Distribution and service arrangements.” The up-front Class A sales charges for the Funds are as follows:
Amount of Purchase | Sales Charge as | Sales Charge as | Maximum
Financial | |||
Less than $50,000 | 5.75 | % | 6.10 | % | 5.00 | % |
$50,000 but less than $100,000 | 4.50 | 4.71 | 4.00 | |||
$100,000 but less than $250,000 | 3.75 | 3.90 | 3.25 | |||
$250,000 but less than $500,000 | 2.75 | 2.83 | 2.50 | |||
$500,000 but less than $1,000,000 | 2.00 | 2.04 | 1.75 | |||
$1,000,000 and over* | — | — | 1.00 |
* You can purchase $1 million or more of Class A shares at net asset value without an up-front sales charge. Nuveen Securities, LLC (the “Distributor”) pays financial intermediaries of record at a rate of 1.00% of the first $2.5 million, plus 0.75% of the next $2.5 million, plus 0.50% of the amount over $5 million, which includes an advance of the first year’s Rule 12b-1 fee. Unless you are eligible for a waiver, you may be assessed a contingent deferred sales charge (“CDSC”) of 1.00% if you redeem any of your shares within 18 months of purchase. See “Contingent deferred sales charges” below for information concerning the CDSC and “How to reduce your sales charge—CDSC waivers and reductions” below for information concerning CDSC waivers and reductions.
Class A shares are available through certain financial intermediaries or by contacting the Funds directly. The minimum initial investment is $2,000 per Fund account for Traditional IRA, Roth IRA and Coverdell accounts, $250 for Fund accounts purchased through fee-based programs, no minimum for retirement plans, and $2,500 for all other account types. Subsequent investments for all
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account types must be at least $100. Provided they meet the minimum investment and other eligible requirements, investors that are eligible include:
· Direct Purchasers;
· Financial Intermediary Accounts;
· Other investment companies or pools;
· State-sponsored tuition savings plans (529) or health savings accounts (HSA);
· Insurance company separate accounts advised by or affiliated with Advisors, or other affiliates of TIAA; and
· Other accounts, entities, programs, plans and categories of shareholders as may be approved by the Funds from time to time.
In addition, Class A shares may not be available through certain financial intermediaries. Please consult with your financial intermediary to determine whether their policies allow for an investment in Class A shares.
Class I shares
You can purchase Class I shares at the offering price, which is the NAV per share without any up-front sales charge. As Class I shares are not subject to sales charges or ongoing service or distribution fees, they have lower ongoing expenses than the other classes.
Class I shares are available for purchase by clients of financial intermediaries who charge such clients an ongoing fee for advisory, investment, consulting or related services. Such clients may include individuals, corporations, endowments and foundations. The minimum initial investment for such clients is $100,000, but this minimum will be lowered to $250 for clients of financial intermediaries that have accounts holding Class I shares with an aggregate value of at least $100,000. Nuveen Securities may also lower the minimum to $250 for clients of financial intermediaries anticipated to reach this Class I share holdings level.
Class I shares are also available for purchase by family offices and their clients. A family office is a company that provides certain financial and other services to a high net worth family or families. The minimum initial investment for family offices and their clients is $100,000, but this minimum will be lowered to $250 for clients of family offices that have accounts holding Class I shares with an aggregate value of at least $100,000. Nuveen Securities may also lower the minimum to $250 for clients of family offices anticipated to reach this Class I share holdings level. Class I shares are also available for purchase by Direct Purchasers (existing Direct Purchasers only).
Class I shares are also available for purchase, with no minimum initial investment, by the following categories of investors:
· Certain employer-sponsored retirement plans.
· Certain bank or broker-affiliated trust departments.
· Advisory accounts of Advisors and its affiliates.
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· Investors purchasing through a brokerage platform of a financial intermediary that has an agreement with Nuveen Securities to offer such shares solely when acting as an agent for such investors. Investors transacting through a financial intermediary’s brokerage platform may be required to pay a commission directly to the intermediary.
· Current and former trustees/directors of any Nuveen Fund, and their immediate family members (as defined in the SAI).
· Officers of Nuveen, LLC and its affiliates, and their immediate family members.
· Full-time and retired employees of Nuveen, LLC and its affiliates, and their immediate family members.
· Certain financial intermediary personnel, and their immediate family members.
· Certain other institutional investors described in the SAI.
· Other accounts, entities, programs, plans and categories of shareholders as may be approved by the Funds from time to time.
A financial intermediary through which you hold Class I shares may have the authority under its account agreement to exchange your Class I shares for another class of Fund shares having higher expenses than Class I shares if you withdraw from or are no longer eligible for the intermediary's fee-based program or under other circumstances. You may be subject to the sales charges and service and/or distribution fees applicable to the share class that you receive in such an exchange. You should contact your financial intermediary for more information about your eligibility to purchase Class I shares and the class of shares you would receive in an exchange if you no longer meet Class I eligibility requirements.
Premier Class and Retirement Class shares
You can purchase Premier Class and Retirement Class shares at the offering price, which is the NAV per share without any up-front sales charge. Premier Class shares are subject to an annual distribution fee, and Retirement Class shares are subject to an annual service fee, each as described above under “Distribution and service arrangements.” Premier Class and Retirement Class shares are generally available for purchase through employee benefit plans or other types of savings plans or accounts, which include:
· Financial Intermediary Accounts;
· Other investment companies or pools;
· State-sponsored tuition savings plans (529) or health savings accounts (HSA);
· Insurance company separate accounts advised by or affiliated with Advisors, or other affiliates of TIAA; and
· Other accounts, entities, programs, plans and categories of shareholders as may be approved by the Funds from time to time.
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Class R6 shares
Eligible investors can purchase Class R6 shares at the offering price, which is the NAV per share without any up-front sales charge. As Class R6 shares are not subject to sales charges or ongoing service or distribution fees, they have lower ongoing expenses than the other classes.
Class R6 shares are available to certain qualified retirement plans and other investors. There is no minimum initial investment for qualified retirement plans, health savings accounts and 529 savings plans. Class R6 shares are also available for purchase by clients of financial intermediaries who charge such clients an ongoing fee for advisory, investment, consulting or related services. Such clients may include individuals, corporations, endowments and foundations. The minimum initial investment for such clients is $1,000. Nuveen Securities may also waive the minimum for clients of financial intermediaries anticipated to reach this Class R6 share holdings level. All other eligible investors must meet a minimum initial investment of at least $1,000,000 in a Fund. Such minimum investment requirement may be applied collectively to affiliated accounts, in the discretion of Nuveen Securities. Class R6 shares may be purchased through financial intermediaries only if such intermediaries have entered into an agreement with Nuveen Securities to offer Class R6 shares. Class R6 shares are only available in cases where neither the investor nor the intermediary will receive any commission payments, account servicing fees, recordkeeping fees, 12b-1 fees, sub-transfer agent fees, so called “finder’s fees,” administration fees or similar fees with respect to Class R6 shares. However, Nuveen Securities, Advisors or their affiliates are permitted to make certain payments pursuant to arrangements in place prior to August 1, 2019 with financial intermediaries, but will not enter into new arrangements to make such payments with new third-party financial intermediaries. Provided they meet the minimum investment and other eligibility requirements, eligible investors include:
· Financial Intermediary Accounts;
· Direct Purchasers;
· Qualified retirement plans held in plan-level or omnibus accounts;
· Foundations and endowment funds;
· Any state, county, or city, or its instrumentality, department, authority or agency;
· 457 plans, including 457(b) governmental entity plans and tax exempt plans;
· Omnibus or other pooled accounts registered to insurance companies, trust companies, bank trust departments, registered investment advisor firms and family offices;
· Investment companies;
· Corporations, including corporate non-qualified deferred compensation plans of such corporations;
· Collective investment trusts;
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· State-sponsored tuition savings plans (529) or health savings accounts (HSA);
· Insurance company separate accounts advised by or affiliated with Advisors, or other affiliates of TIAA;
· Discretionary accounts managed by Advisors or its affiliates; and
· Other accounts, entities, programs, plans and categories of shareholders as may be approved by the Funds from time to time.
Class R6 shares are also available for purchase, with no minimum initial investment, by the following categories of investors:
· Current and former trustees/directors of any Nuveen Fund, and their immediate family members (as defined in the SAI).
· Officers of Nuveen, LLC and its affiliates, and their immediate family members.
· Full-time and retired employees of Nuveen, LLC and its affiliates, and their immediate family members.
Class R6 shares are not available directly to traditional or Roth IRAs, Coverdell Savings Accounts, Keoghs, SEPs, SARSEPs, or SIMPLE IRAs.
Account minimums
The Funds have the discretion to waive or otherwise change the initial or subsequent minimum investment requirements described above at any time without any prior notice to shareholders. Financial intermediaries may enforce their own initial and subsequent investment minimums.
There are no minimum account requirements, including initial or subsequent minimum investment requirements, for Premier Class or Retirement Class shares.
All share classes
Each Fund reserves the right to determine in its sole discretion whether any potential investor is eligible to purchase Class A, Class I, Premier Class, Class R6 or Retirement Class shares. For more information with regard to Class I, Premier Class, Class R6 or Retirement Class shares, please contact your financial intermediary or you may call the Funds at 800-257-8787, Monday through Friday, from 8:00 a.m. to 10:00 p.m. Eastern Time. If you are a Direct Purchaser of Class R6 shares, please contact your assigned relationship manager (“Relationship Manager”), or please call the Funds at 800-257-8787, Monday through Friday, from 8:00 a.m. to 6:00 p.m. Eastern Time. For more information with regard to Class A shares, or if you are a Direct Purchaser of Class I shares, please call the Funds at 800-257-8787, Monday through Friday, from 8:00 a.m. to 6:00 p.m. Eastern Time.
Investors in all share classes should be aware that each Fund may from time to time, in its discretion, suspend, change or terminate the processes and procedures outlined below for purchasing, redeeming and exchanging shares.
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The Funds are not responsible for any losses due to unauthorized or fraudulent instructions when purchasing, redeeming or exchanging shares as long as the Funds follow reasonable security procedures to verify your identity. It is your responsibility to review and verify the accuracy of your confirmation statements immediately after you receive them.
Please refer to the SAI for more information about Class A, Class R6, Class I, Premier Class, and Retirement Class shares, including more detailed program descriptions and eligibility requirements. Additional information is also available from your financial advisor, who can also help you prepare any necessary application forms.
Contingent deferred sales charge
If you redeem Class A shares that are subject to a CDSC, you may be assessed a CDSC upon redemption. When you redeem Class A shares subject to a CDSC, your Fund will first redeem any shares that are not subject to a CDSC, and then redeem the shares you have owned for the longest period of time, unless you ask the Fund to redeem your shares in a different order. No CDSC is imposed on shares you buy through the reinvestment of dividends and capital gains. The CDSC holding period is calculated on a monthly basis and begins on the first day of the month in which the purchase was made. When you redeem shares subject to a CDSC, the CDSC is calculated on the lower of your purchase price or redemption proceeds, deducted from your redemption proceeds, and paid to Nuveen Securities. The CDSC may be waived under certain special circumstances as described below under “How you can buy and sell shares—How to reduce your sales charge—CDSC waivers and reductions,” in the appendix to this Prospectus titled “Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries,” and in the SAI.
How to reduce your sales charge
The Funds offer a number of ways to reduce or eliminate the up-front sales charge on Class A shares. In addition, under certain circumstances, the Funds will waive or reduce the CDSC imposed on redemptions of certain Class A shares purchased at NAV. The availability of the sales charge reductions and waivers discussed below will depend on the policies of the financial intermediary through which you purchase your shares. Information on intermediaries’ variations from the reductions and waivers discussed below are disclosed in the appendix to this Prospectus, “Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries.” In all instances, it is your responsibility to notify your financial intermediary at the time of purchase of any relationship or other facts qualifying you for sales charge waivers or discounts. In order to obtain waivers and discounts that are not available through your intermediary, you will have to purchase Fund shares through another intermediary.
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Class A sales charge reductions
· Rights of Accumulation. In calculating the appropriate sales charge on a purchase of Class A shares of a Fund, you may be able to add the amount of your purchase to the value, based on the current NAV per share, of all of your prior purchases of any Nuveen mutual fund.
· Letter of Intent. Subject to certain requirements, you may purchase Class A shares of a Fund at the sales charge rate applicable to the total amount of the purchases you intend to make over a 13-month period.
For purposes of calculating the appropriate sales charge as described under Rights of Accumulation and Letter of Intent above, you may include purchases by (i) you, (ii) your spouse or domestic partner and children under the age of 21 years, and (iii) a corporation, partnership or sole proprietorship that is 100% owned by any of the persons in (i) or (ii). In addition, a trustee or other fiduciary can count all shares purchased for a single trust, estate or other single fiduciary account that has multiple accounts (including one or more employee benefit plans of the same employer).
Class A sales charge waivers
Class A shares of a Fund may be purchased at NAV without a sales charge as follows:
· Purchases of $1,000,000 or more (although such purchases may be subject to a CDSC in certain circumstances, see “What share classes we offer—Contingent deferred sales charges” above).
· Shares purchased through the reinvestment of Nuveen mutual fund dividends and capital gain distributions.
· Shares purchased for accounts held directly with a Fund that do not have a financial intermediary of record.
· Shares of any Nuveen mutual fund purchased for accounts held directly with a Fund that held Class A shares of a Fund prior to May 6, 2024.
· Certain employer-sponsored retirement plans. Purchases by employer-sponsored retirement plans (“ESRPs”) as defined below, except that, in the case of ESRPs held through a brokerage account, Class A shares will be available at NAV without a sales charge only if the broker-dealer has entered into an agreement with Nuveen Securities that allows for such purchases. Intermediaries that have entered into such an agreement are listed in the appendix to this Prospectus, “Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries.”
For this purpose, ESRPs include, but are not limited to, 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans, health savings accounts, defined benefit plans, non-qualified deferred compensation plans, Roth 401(k) plans and Roth 403(b) plans, and do not include SEPs, SAR-SEPs, SIMPLE IRAs (other than SIMPLE IRAs opened before January 1, 2011 where Nuveen Securities is the broker of
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record), SIMPLE 401(k) plans, Solo 401(k) plans, KEOGH plans, non-qualified deferred compensation plans and single defined benefit plans.
· Employees of Nuveen, LLC and its affiliates. Purchases by current and retired employees of Nuveen, LLC and its affiliates and such employees’ immediate family members (as defined in the SAI).
· Current and former trustees/directors of the Nuveen Funds.
· Financial intermediary personnel. Purchases by any person who, for at least the last 90 days, has been an officer, director, or employee of any financial intermediary or any such person’s immediate family member.
· Certain trust departments. Purchases by bank or broker-affiliated trust departments investing funds over which they exercise exclusive discretionary investment authority and that are held in a fiduciary, agency, advisory, custodial or similar capacity.
· Additional categories of investors. Purchases made (i) by investors purchasing on a periodic fee, asset-based fee or no transaction fee basis through a broker-dealer sponsored mutual fund purchase program; (ii) by clients of investment advisers, financial planners or other financial intermediaries that charge periodic or asset-based fees for their services; and (iii) through a financial intermediary that has entered into an agreement with Nuveen Securities to offer the Funds’ shares to self-directed investment brokerage accounts and that may or may not charge a transaction fee to its customers. Intermediaries that have entered into such an agreement are listed in the appendix to this Prospectus, “Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries.”
In order to obtain a sales charge reduction or waiver on Class A share purchases, it may be necessary at the time of purchase for you to inform the Funds or your financial advisor of the existence of other accounts in which there are holdings eligible to be aggregated for such purposes. You may need to provide the Funds or your financial advisor information or records, such as account statements, in order to verify your eligibility for a sales charge reduction or waiver. This may include account statements of family members and information regarding Nuveen mutual fund shares held in accounts with other financial advisors. You or your financial advisor must notify Nuveen Securities at the time of each purchase if you are eligible for any of these programs. The Funds may modify or discontinue these programs at any time.
CDSC waivers and reductions
The CDSC payable upon the redemption of Class A shares that were purchased at NAV without a sales charge because the purchase amount exceeded $1,000,000, may be waived or reduced under the following circumstances:
· In the event of total disability of the shareholder.
· In the event of death of the shareholder.
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· For certain redemptions made pursuant to a systematic redemption plan.
· For redemptions in connection with a payment of account or plan fees.
· For redemptions of accounts not meeting required minimum balances.
· For redemptions of Class A shares where Nuveen Securities did not pay a sales charge to the intermediary when the shares were purchased.
· For certain redemptions of shares held by an employer-sponsored qualified defined contribution plan.
· For certain redemptions of shares held in an IRA account, including redemptions to satisfy required minimum distributions from the account due to the shareholder reaching the qualified age based on applicable laws and regulations.
More information on these and other available CDSC waivers and reductions can be found in the appendix to this Prospectus, “Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries,” and in the SAI.
For Class A shares and Direct Purchasers of Class I and Class R6 shares
How to open an account—Class A
Accounts can be opened via mail or in person. To open an account, send the Fund a completed application with your initial investment. To download an application to mail to the Funds, please visit www.nuveen.com. If you have any questions or need help obtaining or completing the application, call the Fund at 800-257-8787. If you currently hold or in the future intend to hold your Class A shares indirectly through a financial intermediary, please contact the intermediary about initiating or making additional purchases of Class A shares.
How to open an account—Class R6
Direct Purchasers interested in opening an account to hold Class R6 shares should request an application from their Relationship Manager, who can answer any questions or help complete the application. The application will need to be submitted directly either to a Relationship Manager or to the Funds via mail. Confirmation that the account has been established will be delivered to the applicant or can be obtained by calling the Funds.
Transaction methods for purchases
All Class A shareholders and Direct Purchasers of Class I and Class R6 shares automatically have the right to buy shares by telephone, and all Class A shareholders automatically have the right to buy shares through the TIAA Web Center, as long as bank account information and a voided check were provided at the time the account was established. If you do not want the telephone/web (as applicable) purchase option, you can indicate this on the application or call the
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Fund at 800-257-8787 any time after opening your account. You may add this privilege after the account has been established by completing an Account Services Form, which you can request by calling 800-257-8787, or you may download it from the Fund’s website. Class A, Class I and Class R6 impose a $100,000 per Fund account per day limit on telephone and web purchases, as applicable.
Over the Internet: Existing Direct Purchasers of Class A shares may process certain account transactions online. You may purchase additional shares or exchange shares between existing, identically registered direct accounts. You can also look up your account balance, history and dividend information, as well as order duplicate account statements and tax forms. To access your account, click on the “Online Account Access” link under the “Individual Investors—Mutual Fund Account Access” heading at www.nuveen.com/client-access. The system will walk you through the log-in process. To purchase shares online, you must have established transaction privileges on your account prior to the requested transaction. With TIAA’s Web Center, you can make electronic withdrawals from your designated bank account to buy additional Class A shares over the Internet. TIAA’s Web Center can be accessed through TIAA’s homepage at www.tiaa.org.
By telephone: You can request electronic withdrawals from your designated bank account to buy additional Class R6 shares by calling your Relationship Manager or by calling 800-257-8787. You can request electronic withdrawals from your designated bank account to buy additional Class A or Class I shares of the Funds by calling 800-257-8787.
Purchasing via mail: Send a check to either of the addresses listed below with an investment coupon from a previous confirmation statement. If you do not have an investment coupon, use a separate piece of paper including your name, address, Fund account number, the Fund and class you want to invest in and the amount to be invested in the Funds.
Make checks payable to “The Nuveen Funds.”
First-Class Mail:
Nuveen Funds
P.O. Box 219140
Kansas City, MO 64121-9140
Overnight Mail:
Nuveen Funds
801 Pennsylvania Avenue, STE 219140
Kansas City, MO 64105-1307
Purchasing via wire: See the section entitled “For Eligible Investors in Class I, Premier Class, Class R6 and Retirement Class shares and their clients— Transaction methods for purchases” below.
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Purchasing via Automatic Investment Plan for Class A shares: You can make subsequent investments into Class A shares automatically by electing to utilize the Fund’s automatic investment plan (“Automatic Investment Plan”) on your initial application or later upon request. By electing this option you authorize the Fund to take regular, automatic withdrawals from your bank account. To begin this service, send the Fund a voided checking or savings account deposit slip. It will take the Fund up to 10 days from the time it is received to set up your Automatic Investment Plan. You can make automatic investments semi-monthly or monthly (on the 1st and 15th of each month or on the next Business Day if those days are not Business Days). Investments must be made for at least $100 per Fund account. You can change the date or amount of your investment, or terminate the Automatic Investment Plan, at any time by letter or by telephone or over the Internet. The change will take effect approximately five Business Days after the Fund receives your request. The Fund can suspend, change or terminate the Automatic Investment Plan option at any time, although the Fund will notify you if this occurs.
In-kind purchases of shares: Each Fund may allow the purchase of shares with investment securities (instead of cash), if it is determined that (i) the securities offered to the Fund are suitable for investment by the Fund and are appropriate, in type and amount, for investment by the Fund in light of its investment objective(s), policies and current holdings; (ii) the Fund expects to continue to hold the securities received in-kind, subject to subsequent changes in investment determinations regarding particular securities or as the need to raise cash by selling portfolio securities may arise; and (iii) the purchase in-kind is in the best interest of the Fund and its existing shareholders. If a Fund accepts the in-kind securities, the shareholder will receive Fund shares equal in NAV to the market value of the securities received. Shareholders investing through a Financial Intermediary Account or Employee Benefit Plan who are interested in making in-kind purchases should contact their Financial Intermediary Account or Employee Benefit Plan sponsor directly. Otherwise, shareholders interested in making in-kind purchases should contact either their Relationship Manager or the Funds directly.
Payment limitations: Generally, for Class A shareholders and for Direct Purchasers of Class I and Class R6 shares the Funds will not accept payment in the following forms (exceptions may apply):
· checks made out to you or other parties and signed over to the Funds;
· corporate checks for investment into non-corporate accounts;
· third-party checks except in limited circumstances (any check not made payable directly to Nuveen Funds will be considered a third-party check); or
· travelers’ checks, money orders, credit card convenience checks, cash, counter checks or starter checks or digital (including virtual or crypto) currencies (e.g., Bitcoin).
Stopped checks: If your purchase check does not clear or payment on it is stopped, or if the Funds do not receive good funds through wire transfer or
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electronic funds transfer (“EFT”), the Funds may treat this as a redemption of the shares purchased when your check or electronic funds were received. You will be responsible for any resulting loss incurred by any of the Funds or Advisors and you may be subject to investment losses and tax consequences on such a redemption. If you are already a shareholder, the Funds can redeem shares from any of your accounts as reimbursement for all losses. The Funds also reserve the right to restrict you from making future purchases in any of the Funds or any other series of the Trust. There is a $25 fee for all returned items, including checks and EFTs. Please note that there is a 10 calendar day hold on all purchases by check or through EFT.
For Eligible Investors in Class I, Premier Class, Class R6 and Retirement Class shares and their clients
For Participants in an Employee Benefit Plan or Financial Intermediary Account administered by TIAA
How to open an account
You should first contact your employer to learn important details necessary to facilitate enrollment in an Employee Benefit Plan. Your employer must notify TIAA that you are eligible to enroll. In many cases, you will be able to use the TIAA Web Center’s online enrollment feature at www.tiaa.org. Some plans allow submission of a hard-copy application for a new account; this form can be returned to your human resources (HR) office, a TIAA Relationship Manager or to either of the addresses below:
First-Class or Standard Mail:
TIAA
P.O. Box 1259
Charlotte, NC 28201
Overnight Mail:
TIAA
8500 Andrew Carnegie Blvd
Charlotte, NC 28262
You may allocate single or ongoing contributions by selecting a Fund and the amounts you wish to contribute to that Fund.
Subject to the terms of your plan, you may be eligible to roll over or transfer in balances from other eligible accounts as determined by the Code.
The Funds may suspend or terminate the offering of Class I, Premier Class, Class R6 and Retirement Class shares to your employer’s plan. You may be able to change your allocation for future contributions by:
· using the TIAA website’s account access feature at www.tiaa.org;
· calling our Automated Telephone Service (24 hours a day) at 800-842-2252; or
· writing to TIAA at P.O. Box 1259, Charlotte, NC 28201.
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For Participants in an Employee Benefit Plan or Financial Intermediary Account not administered by TIAA
How to open an account
Your Financial Intermediary Account or Employee Benefit Plan will have its own instructions and procedures for opening an account and establishing a position within the Funds. If you are enrolling in an Employee Benefit Plan, you should first contact your employer to learn important details necessary to facilitate enrollment into the plan. Financial advisors for a Financial Intermediary Account can help you review your financial needs and formulate long-term investment goals and objectives. In addition, financial advisors generally can help you develop a customized financial plan, select investments and monitor and review your portfolio on an ongoing basis to help assure your investments continue to meet your needs as circumstances change. Financial advisors (including brokers or agents) are paid for providing ongoing investment advice and services, either from Fund sales charges and fees or by charging you a separate fee in lieu of a sales charge.
Financial advisors or other dealer firms may charge their customers a processing or service fee in connection with the purchase or redemption of Fund shares. The amount and applicability of such a fee is determined and disclosed to customers by each individual dealer. Processing or service fees typically are fixed, nominal dollar amounts and are in addition to the sales and other charges described in this prospectus and the SAI. Your dealer will provide you with specific information about any processing or service fees you will be charged. Shares you purchase through your financial advisor or other intermediary will normally be held with that firm. For more information, please contact your financial advisor.
Other information for Employee Benefit Plans
As a participant in an Employee Benefit Plan, the Funds impose no minimum investment. The Funds do not currently restrict the frequency of investments made in the Funds by participants through Employee Benefit Plans, although the Funds reserve the right to impose such restrictions in the future. If you are investing in the Funds through an Employee Benefit Plan, your employer’s plan may limit the amount and available methods to invest in your account. Additionally, the Code limits total annual contributions to most types of Employee Benefit Plans.
Other information for Eligible Investors
An investor purchasing shares through Eligible Investors may purchase shares only in accordance with instructions and limitations pertaining to their account with the Eligible Investor. These Eligible Investors may set different minimum investment requirements for their customers’ investments. Please contact your Financial Intermediary Account or Employee Benefit Plan sponsor for more information.
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Transaction methods for purchases
Purchasing via wire: You may remit initial or subsequent deposits into your account via wire. To open an account by wire please send a completed and signed application by mail as instructed above and then follow the wiring instructions below once you have confirmed the account is open and have the account number.
State Street Bank and Trust Company
One Congress Street, Suite 1
Boston, MA 02114-2016
ABA Number: 011000028
DDA Number: 99052771
Specify on the wire:
· “The Nuveen Funds—” and the “Share Class” being purchased. For example, a proper set of wire instructions for an initial or subsequent investment into Class R6 would read as follows: “The Nuveen Funds—Class R6”;
· Account registration (names of registered owners), address and Social Security number or taxpayer identification number;
· The Fund account number; and
· The Fund or Funds and amount per Fund to be invested.
Points to remember for all purchases
The Funds consider all purchase requests to be received when they are received in “good order” as determined by the Funds’ transfer agent (or other authorized Fund agent). (See the section entitled “Important transaction information—Good order” below.) Your investment must be for a specified dollar amount. The Funds cannot accept purchase requests specifying a certain price, date, or number of shares. These types of requests will be deemed to be not in “good order” and the money you sent will be returned to you. If you hold your shares through a Financial Intermediary Account, such intermediary may have its own independent “good order” and eligibility requirements.
Your ability to purchase shares may be restricted due to limitations on purchases or exchanges, including limitations described in the section entitled “Frequent trading—applicable to all investors” (see below). If you hold your shares through a Financial Intermediary Account, it may charge you additional fees. Contact your Financial Intermediary Account to find out if it imposes any other conditions on your transactions, such as a different minimum investment requirement.
Federal law requires the Funds to obtain, verify and record information that identifies each person who opens an account. Until the Funds receive such information, the Funds may not be able to open an account or effect transactions for you. Furthermore, if the Funds are unable to verify your identity, or that of
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another person authorized to act on your behalf, or if it is believed potential criminal activity has been identified, the Funds reserve the right to take such action as deemed appropriate, which may include closing your account.
Before you can use TIAA’s Web Center, you must enter the last four digits of your Social Security number, date of birth and last name. You will then be given an opportunity to create a user name and password. TIAA’s Web Center will lead you through the transaction process, and the Funds will use reasonable procedures to confirm that the instructions given are genuine. All transactions over TIAA’s Web Center and the Automated Telephone Service are recorded electronically.
All purchases must be in U.S. dollars and all checks must be drawn on U.S. banks. The Funds generally will only accept accounts with a U.S. address of record, but the Funds have the discretion to accept accounts with a non-U.S. address of record. Non-U.S. investors should be aware that U.S. withholding and estate taxes and certain U.S. tax reporting requirements may apply to any investment in the Funds. The Funds generally will not accept a P.O. Box as the address of record. For payments made by check, the Funds can only accept payment to establish a new account if the check presented for deposit into the new account is drawn against an account registered in the same name as the prospective investor.
If your purchase check does not clear or payment on it is stopped, or if the Funds do not receive good funds through wire transfer or EFT, the Funds may treat this as a redemption of the shares purchased when your check or electronic funds were received. You will be responsible for any resulting loss incurred by the Funds or Advisors and you may be subject to investment losses and tax consequences on such a redemption. If you are already a shareholder, the Funds can redeem shares from any of your account(s) as reimbursement for all losses. There is a $25 fee for all returned items, including checks and EFTs. Please note that there is a 10 calendar day hold on all purchases by check, or through EFT.
There may be circumstances when the Funds will not accept new investments. The Funds reserve the right to suspend or terminate the offering of their shares at any time without prior notice. The Funds also reserve the right to restrict you from making future purchases in the Funds or any other series of the Trust. In addition, the Funds reserve the right to reject any application or investment or any other specific purchase request.
All share classes
You can redeem (sell) your shares on any Business Day. If you hold your Fund shares through a Financial Intermediary Account, please contact the intermediary to sell your shares. Your Financial Intermediary Account may have different requirements and restrictions on redemptions than the Funds. If you hold your Fund shares through an Employee Benefit Plan or Financial Intermediary Account
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administered by TIAA, the Employee Benefit Plan or Financial Intermediary Account may impose further restrictions on the sale of Fund shares.
You may be required to complete and return certain forms to effect your redemption. Before you complete your redemption request, please make sure you understand the possible federal and other income tax consequences of a redemption. Neither the Funds nor their transfer agent can process redemption requests that specify a certain price or date; these requests will be deemed not in “good order” and will be returned. (See the section entitled “Important transaction information—Good order” below.) The Funds will only process redemption requests received in “good order” as determined by the Funds’ transfer agent (or other authorized Fund agent).
For Direct Purchasers, the length of time that the Funds typically expect to pay redemption proceeds depends on whether payment is made by EFT or by check. The Funds typically expect to make payments of redemption proceeds by EFT on the next Business Day following receipt of the redemption request in good order. For payment by check, the Funds typically expect to mail the check on the next Business Day following receipt of the redemption request by the Funds in good order.
For Fund shares held through a Financial Intermediary Account, the length of time that the Funds typically expect to pay redemption proceeds may depend on your intermediary. For payments that are made to your intermediary for transmittal to you, the Funds expect to pay redemption proceeds to the intermediary the next Business Day following the Funds’ receipt of the redemption request received in good order from the intermediary. Please contact your intermediary for additional information.
Payment of redemption proceeds may take longer than the time a Fund typically expects. However, in certain circumstances, the payment of redemption proceeds may take up to seven days as permitted by applicable law. For example, the payment of redemption proceeds may be delayed up to seven days (i) during periods of market stress or volatility, (ii) during any period in which an emergency exists so that disposal of a Fund’s investments or determination of its NAV is not reasonably practicable or (iii) when a Fund seeks to satisfy especially large redemption requests.
If a redemption is requested after a recent purchase of shares, the Funds may delay payment of the redemption proceeds until the check or an EFT transaction clears. This can take up to 10 days. There is a 10 calendar day hold from the date of purchase to the first available redemption for all Direct Purchasers redeeming through www.nuveen.com or the TIAA Web Center.
If you request a redemption, the Funds will send the redemption proceeds by check to the address of record, or by EFT to the bank account on file. A letter of instruction with a bank Medallion Signature Guarantee of all owners exactly as registered on the account is required if the redemption proceeds are sent to (i) a bank account not on file, (ii) an address other than the address of record, or (iii) an address of record that has been changed within the last 30 calendar days.
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You may obtain a Medallion Signature Guarantee from some commercial or savings banks, credit unions, trust companies or member firms of a U.S. stock exchange. A notary public cannot provide a Medallion Signature Guarantee.
The Funds can suspend the right of redemption of Fund shares or postpone payment beyond seven days if: (a) the NYSE is closed for other than usual holidays or weekends, or trading on the NYSE is restricted; (b) an emergency exists as defined by the SEC, or when the SEC requires that trading be restricted; or (c) the SEC permits a delay for the protection of investors.
The Funds’ transfer agent, acting on behalf of a Fund and acting in reliance on relief granted by the SEC staff, may place a temporary hold on the payment of redemption proceeds from the account of a Direct Purchaser if the transfer agent reasonably believes that financial exploitation of a Specified Adult (as defined below) has occurred, is occurring, has been attempted, or will be attempted. For purposes of this paragraph, the term “Specified Adult” refers to an individual who is a natural person (a) age 65 and older, or (b) age 18 and older and whom the Funds’ transfer agent reasonably believes has a mental or physical impairment that renders the individual unable to protect his or her own interests.
The Funds reserve the right to require a Medallion Signature Guarantee for a redemption of any class. The Funds can suspend or terminate your ability to transact by telephone, Internet, or fax at any time, for any reason. Also, telephone, Internet or fax transactions may not always be available.
Once mailed to the Funds, your redemption request is irrevocable and cannot be modified or canceled.
Each Fund typically will pay redemption proceeds using holdings of cash (including cash flows into the Funds) in the Fund’s portfolio, or using the proceeds from sales of portfolio securities. The Funds also may meet redemption requests through overdrafts at the Funds’ custodian, by borrowing under a credit agreement to which the Funds are parties or by borrowing from certain other registered investment companies advised by Advisors or TCIM, including the Funds, under an inter-fund lending program maintained by the Funds and such other registered investment companies pursuant to exemptive relief granted by the SEC. These methods listed in the foregoing sentence are more likely to be used to meet large redemption requests or in times of stressed market conditions. Each Fund also reserves the right to honor redemptions in liquid portfolio securities instead of cash when your redemptions over a 90-day period exceed $250,000 or 1% of a Fund’s assets, whichever is less. For additional information, please see the “In-kind redemptions of shares” section below.
For participants holding shares through an Employee Benefit Plan (Class I, Premier Class, Class R6 and Retirement Class shares)
A redemption can be part of an exchange into (1) another fund available through your Employee Benefit Plan or (2) another account or IRA.
If you are married, and all or part of your investment is attributable to purchases made under either (i) an employer plan subject to the Employee
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Retirement Income Security Act of 1974 (“ERISA”) or (ii) an employer plan that provides for spousal rights to benefits, then to the extent required by the Code or ERISA or the terms of your employer plan, your rights to make certain redemptions may be restricted by the rights of your spouse to such benefits.
For Direct Purchasers, Eligible Investors and their clients (Class A, Class I and Class R6 shares)
Requests must include: account number, transaction amount (in dollars or shares), signatures of all owners exactly as registered on the account, Medallion Signature Guarantees (if required), and any other required supporting legal documentation. All other requests, including those specifying a certain price or date, will not be deemed to be in “good order” and will be returned. (See the section entitled “Important transaction information—Good order” below.)
Transaction methods for redemptions
If your shares are held through a Financial Intermediary Account, please contact the intermediary for redemption requirements. Your intermediary may charge for this service.
Over the Internet: With TIAA’s Web Center, Class I, Premier Class, Class R6 and Retirement Class shares held through an Employee Benefit Plan or Financial Intermediary Account administered by TIAA can be redeemed over the Internet subject to any rules imposed by the Employee Benefit Plan or Financial Intermediary Account. Direct Purchasers of Class A shares can redeem their shares over the Internet although there is a limit on Internet redemptions. Investors in Class A shares are limited to Internet redemptions of up to $100,000 per Fund account per day. Internet redemptions are not available for self-directed IRA accounts and Coverdell education savings accounts held by Direct Purchasers. TIAA’s Web Center can be accessed through TIAA’s homepage at www.tiaa.org. Before you can use the Web Center, you must enter the last four digits of your Social Security number, date of birth and last name. The Funds will use reasonable procedures to confirm that the instructions given are genuine. All transactions over the Web Center are recorded electronically.
By telephone: Call the appropriate person or number provided in the section entitled “Purchasing shares” above. If you do not want to be able to redeem by telephone, contact either your TIAA Relationship Manager or Financial Intermediary Account.
· Participants holding Class I, Premier Class, Class R6 and Retirement Class shares through an Employee Benefit Plan or Financial Intermediary Account administered by TIAA can redeem up to $50,000 every seven calendar days or any greater amount as approved from time to time.
· Direct Purchasers of Class A, Class I and Class R6 shares can redeem amounts up to $100,000 per Fund account per day by phone.
By mail: Send your written request to the appropriate address as described in the section entitled “Purchasing shares” above.
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By systematic redemption plan: For Class A shares, you can elect this feature only for accounts with balances of at least $5,000. The applicable Fund will automatically redeem the requested dollar amount or number of shares for Class I, Premier Class, Class R6 and Retirement Class held in an Employee Benefit Plan or Financial Intermediary Account administered by TIAA on any Business Day between the 1st and 28th of the month or for Class A each month or quarter on the 1st or 15th of the month. For all share classes, if the days selected are not Business Days, shares will be redeemed on the following Business Day. Redemptions will be made via check or electronic transfer to your bank. You should not establish systematic redemptions if you intend to make concurrent purchases of Class A because you may unnecessarily pay a sales charge or CDSC on these purchases.
If you are a Direct Purchaser of Class A shares in the Funds and want to set up a systematic redemption plan, contact the Funds and they will send the necessary forms to you or you may enroll online through www.nuveen.com or the TIAA Web Center. All owners of an account must sign the systematic redemption plan request. Similarly, all owners must sign any request to increase the amount or frequency of the systematic redemptions or a request for payments to be sent to an address other than the address of record. A Medallion Signature Guarantee is required for this address change. The Funds can suspend, change or terminate the systematic redemption plan option at any time, although the Funds will notify you if this occurs. You can terminate the plan or reduce the amount or frequency of the redemptions by writing or by calling the Funds or through www.nuveen.com or the TIAA Web Center. Requests to establish, terminate, or change the amount or frequency of redemptions will become effective within five days after the Funds receive your instructions.
In-kind redemptions of shares: Certain large redemptions of Fund shares may be detrimental to a Fund’s other shareholders because such redemptions can adversely affect a portfolio manager’s ability to implement the Fund’s investment strategy by causing premature sale of portfolio securities that would otherwise be held. Consequently, if, in any 90-day period, an investor redeems (sells) shares in an amount that exceeds the lesser of (i) $250,000 or (ii) 1% of a Fund’s assets, then the Fund, at its sole discretion, has the right (without prior notice) to satisfy the difference between the redemption amount and the lesser of the two previously mentioned figures with securities from the Fund’s or an Underlying Fund’s portfolio (which may consist of either Class R6 shares of one or more Underlying Funds of the Trust, shares of Non-Trust Underlying Funds or actual securities held by one or more Underlying Funds) instead of cash. This is referred to as a “distribution in-kind” redemption and the securities you receive in this manner represent a portion of the Fund’s or an Underlying Fund’s portfolio. The securities you receive will be selected by the Fund in its discretion. The investor receiving the securities will be responsible for disposing of the securities and bearing any associated costs. In addition, securities redeemed on an in-kind
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basis will be subject to market risk until sold and taxable gains or losses may be incurred when the securities are converted to cash.
Reinstatement privilege: If you redeem Class A shares, you may reinvest all or part of your redemption proceeds up to one year later without incurring any additional charges. You may only reinvest into the same share class you redeemed. If you paid a CDSC, any shares purchased pursuant to the reinstatement privilege will not be subject to a CDSC. You may use this reinstatement privilege only once for any redemption.
Overview
An exchange is a simultaneous redemption of shares in a Fund and a purchase of shares of the same class of another Nuveen mutual fund available in your state. Investors can exchange shares on any Business Day subject to limitations (i) described in the section entitled “Frequent trading—applicable to all investors” below, (ii) imposed by your financial intermediary or (iii) any limitations under your employer’s Employee Benefit Plan. Shareholders who own shares through an Eligible Investor such as an Employee Benefit Plan or Financial Intermediary Account should contact the Eligible Investor for exchange requests.
You may be required to complete and return certain forms to effect your exchange. Exchanges between accounts can be made only if the accounts are registered in the same name(s), address and Social Security number or taxpayer identification number. Because restrictions may apply to certain accounts or plans, you should contact your Financial Intermediary Account or Employee Benefit Plan representative for further information. An exchange is considered a sale of securities and therefore may be a taxable event. You should consult your tax advisor about the tax consequences of exchanging your shares.
For Class A shareholders and for Direct Purchasers of Class I or Class R6 shares, an exchange into a fund in which you already own shares must be for at least $50 for Class A and $1,000 for Class R6 and an exchange to a new fund account must meet the account minimums as stated by account type above. For Class I, Premier Class, Class R6 and Retirement Class shares held through an Employee Benefit Plan or Financial Intermediary Account administered by TIAA, exchanges must generally be for at least $1,000 (except for systematic exchanges, which must be for at least $100) or your entire balance, if it is less.
Make sure you understand the investment objective, policies, strategies and risks disclosed in the prospectus of the fund into which you exchange shares. The exchange option is not designed to allow you to time the market. It gives you a convenient way to adjust the balance of your account so that it more closely matches your overall investment objectives and risk tolerance level.
The Funds reserve the right to reject any exchange request and to modify or terminate the exchange option at any time without prior notice to shareholders. The Funds may do this, in particular, when your transaction activity is deemed to
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be harmful to the Funds, including if it is considered to be excessive trading or market timing activity.
Once made, an exchange request by mail cannot be modified or cancelled.
Transaction methods for exchanges
Over the Internet: You can exchange shares using www.nuveen.com or TIAA’s Web Center, which can be accessed through TIAA’s homepage at www.tiaa.org.
By telephone: If you are a Direct Purchaser of Class R6 shares, please call your Relationship Manager or 800-257-8787. For Direct Purchasers of Class A or Class I shares, please call 800-257-8787. For share classes held under Employee Benefit Plans or Financial Intermediary Accounts administered by TIAA, please call 800-842-2252. For share classes held under Employee Benefit Plans or Financial Intermediary Accounts not administered by TIAA, please contact your plan or intermediary for exchange requirements.
By mail: Send your written request to the appropriate address as described in the section entitled “Purchasing shares” above. The letter must include your name, address, and the funds and accounts you want to exchange between.
By systematic exchange: Under this feature, TIAA automatically redeems shares in a Fund and purchases shares of the same class of another Nuveen mutual fund as specified by the applicable agreement. However, the Funds do not offer systematic exchanges for Direct Purchasers in the Class I or Class R6 shares. In addition, for Class A shares, you can only elect this feature if the balance of the Fund account from which you are transferring shares is at least $5,000. Class A systematic exchanges can occur on the 1st or 15th day of the month or on the following Business Day if those days are not Business Days. For all systematic exchanges, you must specify the dollar amount and the funds involved in the exchange. If you want to set up a systematic exchange, contact Nuveen. You can terminate the plan or change the amount or frequency of the exchanges by writing or calling the number identified in the section entitled “Purchasing shares” above. Requests to establish, terminate, or change the amount or frequency of exchanges will become effective within five days after the Funds receive your instructions. All account owners must sign the systematic exchange request. Similarly, all account owners must sign any request to increase the amount or frequency of systematic exchanges. The Funds can suspend, change or terminate the systematic exchange feature at any time, although the Funds will notify you if this occurs.
Conversion of shares—applicable to all investors
A share conversion is a transaction where shares of one class of a Fund are exchanged for shares of another class of the Fund. Share conversions can occur between each share class of a Fund, subject to the payment of any applicable CDSC. Generally, share conversions occur where a shareholder becomes eligible for another share class of a Fund or no longer meets the eligibility of the share class they own (and another class exists for which they would be eligible). Please
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note that a share conversion is generally a non-taxable event, but please consult with your personal tax advisor on your particular circumstances.
A request for a share conversion will not be processed until it is received in “good order” (as defined below) by the Funds’ transfer agent (or other authorized Fund agent). Conversion requests received in “good order” prior to the time as of which a Fund’s NAV is determined on any Business Day will receive the NAV of the new class calculated that day. Please note that, because the NAV of each class of a Fund will generally vary from the NAVs of the other classes due to differences in expenses, you will receive a different number of shares in the new class than you held in the old class, but the total value of your holdings will remain the same.
The Funds’ frequent trading policies will not be applicable to share conversions. If you hold your shares through an Eligible Investor like an intermediary or plan sponsor, please contact the Eligible Investor for more information on share conversions. Please note that certain intermediaries or plan sponsors may not permit all types of share conversions. The Funds reserve the right to terminate, suspend or modify the share conversion privilege for any shareholder or group of shareholders.
Voluntary conversions
If you believe that you are eligible to convert your Fund shares to another class, you may place an order for a share conversion by contacting your Relationship Manager. If you hold your Fund shares through an Eligible Investor like a plan or intermediary, please contact the Eligible Investor regarding conversions. Please be sure to read the applicable sections of the prospectus for the new class in which you wish to convert prior to such a conversion in order to learn more about its different features, performance and expenses. Neither the Funds nor Advisors has any responsibility for reviewing accounts and/or contacting shareholders to apprise them that they may qualify to request a voluntary conversion. Some Eligible Investors may not allow investors who own Fund shares through them to make share conversions.
Mandatory conversions
The Funds reserve the right to automatically convert shareholders from one class to another if they no longer qualify as eligible for their existing class or if they become eligible for another class. Such mandatory conversions may be as a result of a change in value of an account due to market movements, exchanges or redemptions. The Funds will notify affected shareholders in writing prior to any mandatory conversion.
In addition, shareholders investing through a Financial Intermediary Account should be aware that the financial intermediary through which you hold shares may have the authority under the financial intermediary’s account agreement or other agreement with you to exchange the class of shares of a Fund that you currently hold for another class of shares of the same Fund (for example, the
Nuveen Lifestyle Funds ■ Prospectus 145
financial intermediary may convert you from Class I shares to Class A shares of a Fund) under certain circumstances. Under these circumstances, neither the Funds, Advisors nor Nuveen Securities are responsible for any actions taken by such financial intermediary in this regard. The fees and expenses of the new share class may be higher than those of the previously held class.
Important transaction information
Good order. Purchase, redemption and exchange requests are not processed until received in good order by the Funds’ transfer agent at its processing center (or by another authorized Fund agent). “Good order” means actual receipt of the order along with all information and supporting legal documentation necessary to effect the transaction by the Funds’ transfer agent (or other authorized Fund agent). This information and documentation generally includes the Fund account number, the transaction amount (in dollars or shares), signatures of all account owners exactly as registered on the account and any other information or supporting documentation as the Funds, their transfer agent or other authorized Fund agent may require. With respect to purchase requests, “good order” also generally includes receipt of sufficient funds by the Funds’ transfer agent (or other authorized Fund agent) to effect the purchase. The Funds, their transfer agent or any other authorized Fund agent may, in their sole discretion, determine whether any particular transaction request is in good order and reserve the right to change or waive any good order requirement at any time.
Financial intermediaries or plan sponsors may have their own requirements for considering transaction requests to be in “good order.” If you hold your shares through a financial intermediary or plan sponsor, please contact them for their specific “good order” requirements.
Share price. If the Funds’ transfer agent (or other authorized Fund agent) receives an order to purchase, redeem or exchange shares that is in “good order” prior to the time as of which a Fund’s NAV is determined on any Business Day, the transaction price will be the NAV per share for that day. If the Funds’ transfer agent (or other authorized Fund agent) receives an order to purchase, redeem or exchange shares that is in “good order” any time after the time as of which a Fund’s NAV is determined on any Business Day, the transaction price will be the NAV per share calculated the next Business Day.
If you hold Class I, Premier Class, Class R6 or Retirement Class shares through an Eligible Investor, or if you hold Class A shares through a financial intermediary, the Eligible Investor or financial intermediary, as applicable, may require you to communicate to it any purchase, redemption or exchange request by a specified deadline earlier than the close of that Business Day in order to receive that day’s NAV per share as the transaction price.
Large redemptions—applicable to all investors. Please contact the Funds before attempting to redeem a large dollar amount of shares (including exchange requests since they include redemption transactions). Large redemptions of Fund shares may be detrimental to the Funds’ other shareholders because such
146 Prospectus ■ Nuveen Lifestyle Funds
transactions can adversely affect a portfolio manager’s ability to efficiently manage the Funds. By contacting the Funds before you attempt to redeem a large dollar amount, you may avoid in-kind payment of your request.
Minimum account size.
· Class A. Due to the relatively high cost of maintaining smaller accounts, the Funds reserve the right to redeem shares in any account if the value of that account drops below $1,000. You will be allowed at least 60 days, after written notice, to make an additional investment to bring your account value up to at least the specified minimum before the redemption is processed. The Funds reserve the right to waive or reduce the minimum account size for a Fund’s account at any time. Additionally, the Funds may increase, terminate or revise the terms of the minimum account size requirements at any time without advance notice to shareholders.
· Class I, Premier Class and Retirement Class. There is currently no minimum account size for maintaining a Class I, Premier Class or Retirement Class account. The Funds reserve the right, without prior notice, to establish a minimum amount required to open, maintain or add to an account.
· Class R6. While there is currently no minimum account size for maintaining a Class R6 account, the Funds reserve the right, without prior notice, to establish a minimum amount required to maintain an account.
Annual Low Balance Account Fee—Class A. The Funds charge an Annual Low Balance Account Fee of $15.00 per Class A account (applicable to both retirement and non-retirement accounts) in order to allocate shareholder servicing costs equitably if your Fund balance falls below $1,000 (for any reason, including a decrease in market value) as of a particular date each year. Investors cannot pay this fee by any other means besides an automatic deduction of the fee from their account.
The Annual Low Balance Account Fee will not apply to the following types of Class A Fund accounts: accounts held through retirement or Employee Benefit Plans; accounts held through intermediaries and their supermarkets and platforms (i.e., omnibus accounts); accounts that are registered under a taxpayer identification number (or Social Security number) that have aggregated non-retirement or non-Employee Benefit Plan assets held in accounts for the Fund or other Nuveen mutual funds of $25,000 or more; accounts currently enrolled in the Fund’s Automatic Investment Plan; and accounts held through tuition (529) plan programs. However, the Annual Low Balance Account Fee will apply to IRAs and Coverdell education savings accounts. The Funds reserve the right to waive or reduce the Annual Low Balance Account Fee for any Fund account at any time. Additionally, the Funds may increase, terminate or revise the terms of the Annual Low Balance Account Fee at any time without advance notice to shareholders.
Taxpayer identification number. Regardless of whether you hold your Fund shares directly or through a Financial Intermediary Account, you must give the Funds your taxpayer identification number (which, for most individuals, is your Social Security number) and tell the Funds whether or not you are subject to
Nuveen Lifestyle Funds ■ Prospectus 147
backup withholding. If you do not furnish your taxpayer identification number, redemptions or exchanges of shares, as well as dividends and capital gains distributions, will be subject to backup tax withholding. In addition, if you hold Fund shares directly and do not furnish your taxpayer identification number, then your account application will be rejected and returned.
Changing your address.
· Class A. To change the address on your account, please call the Funds or send the Funds a written notification signed by all registered owners of your account. If you hold your shares through a financial intermediary, please contact the intermediary to change your address.
· Class I, Premier Class and Retirement Class. To change the address on an Eligible Investor account, please send the Funds a written notification.
· Class R6. To change the address on an account, please contact your Relationship Manager (for Direct Purchasers) or send the Funds a written notification.
Medallion Signature Guarantee. For some transaction requests (for example, when you are redeeming shares within 30 days (for direct investors) or 14 days (for participants holding shares through an Employee Benefit Plan or Financial Intermediary Account administered by TIAA) of changing your address, bank or bank account or adding certain new services to an existing account), the Funds may require a Medallion Signature Guarantee of each owner of record of an account. This requirement is designed to protect you and the Funds from fraud, and to comply with rules on stock transfers. A Medallion Signature Guarantee is a written endorsement from an eligible guarantor institution that the signature(s) on the written request is (are) valid. Certain commercial banks, trust companies, savings associations, credit unions and members of U.S. stock exchanges participate in the Medallion Signature Guarantee program. No other form of signature verification will be accepted. A notary public cannot provide a signature guarantee. For more information about when a Medallion Signature Guarantee may be required, please contact the Funds or your Relationship Manager (for Direct Purchasers).
Transferring shares. For certain share classes, you can transfer ownership of your account to another person or organization that also qualifies to own the class of shares or change the name on your account by sending the Funds written instructions. Generally, each registered owner of the account must sign the request and provide Medallion Signature Guarantees. When you change the name on an account, shares in that account are transferred to a new account.
Limitations. Federal laws designed to counter terrorism and prevent money laundering might, in certain circumstances, require the Funds to block an account owner’s ability to make certain transactions and thereby refuse to accept a purchase order or any request for transfers or withdrawals, until instructions are received from the appropriate regulator. The Funds may also be required to provide additional information about you and your account to government regulators.
148 Prospectus ■ Nuveen Lifestyle Funds
Advice about your account—Direct Purchasers only. Neither the Funds nor any affiliate of Advisors nor any service provider to the Funds has provided advice, recommendations or suggestions as to any specific investment decision in the Funds. Shareholders are urged to consult their own advisors before making investment-related decisions, including but not limited to those related to transfers or rollovers from retirement plans, purchases or sales of investments, selection or retention of investment managers, or selection of account beneficiaries.
Customer complaints. Customer complaints may be directed to Nuveen Funds, 730 Third Avenue, New York, NY 10017-3206, Attention: Shareholder Services.
Transfer On Death—Class A. If you live in certain states and hold Class A shares, you can designate one or more persons (“beneficiaries”) to whom your Fund shares can be transferred upon death. You can set up your account with a Transfer On Death (“TOD”) registration upon request. (Call us to get the necessary forms.) A TOD registration avoids probate if the beneficiary(ies) survives all shareholders. You maintain total control over your account during your lifetime.
Internet and telephone transactions. The Funds are not liable for losses from unauthorized www.nuveen.com, TIAA Web Center and telephone transactions so long as reasonable procedures designed to verify the identity of the person effecting the transaction are followed. The Funds require the use of personal identification numbers, codes and other procedures designed to reasonably confirm that instructions given through www.nuveen.com, TIAA’s Web Center or by telephone are genuine. The Funds also record telephone instructions and provide written confirmations of such instructions. The Funds accept all telephone instructions that are reasonably believed to be genuine and accurate. However, you should verify the accuracy of your confirmation statements immediately after you receive them. The Funds may suspend or terminate Internet or telephone transaction facilities at any time, for any reason. If you do not want to be able to effect transactions over the telephone, call the Funds for instructions.
Frequent trading—applicable to all investors
The Funds are intended for long-term investment and should not be used for excessive trading. Excessive trading in the Funds’ shares can disrupt portfolio management, lead to higher operating costs, and cause other operating inefficiencies for the Funds. However, the Funds are also mindful that shareholders may have valid reasons for periodically purchasing and redeeming Fund shares.
Accordingly, the Funds have adopted a Frequent Trading Policy that seeks to balance the Funds’ need to prevent excessive trading in Fund shares while offering investors the flexibility in managing their financial affairs to make periodic purchases and redemptions of Fund shares.
Nuveen Lifestyle Funds ■ Prospectus 149
The Funds’ Frequent Trading Policy generally limits an investor to two “round trip” trades in a 60-day period. A “round trip” is the purchase and subsequent redemption of Fund shares, including exchange transactions, or a redemption and then subsequent purchase of Fund shares, including exchange transactions. Upon completion of a second round trip, the account will not be permitted to exchange in or purchase additional shares for a period of 90 days.
The Funds receive certain share purchase and redemption orders through third-party financial intermediaries, some of whom rely on the use of omnibus accounts. An omnibus account typically includes multiple investors and provides the Funds only with a net purchase or redemption amount on any given day where multiple purchases, redemptions and exchanges of shares occur in the account. The identity of individual purchasers, redeemers and exchangers whose orders are aggregated in omnibus accounts, and the size of their orders, will generally not be known by the Funds. Despite the Funds’ efforts to detect and prevent frequent trading, the Funds may be unable to identify frequent trading because the netting effect in omnibus accounts often makes it more difficult to identify frequent traders. Nuveen Securities has entered into agreements with financial intermediaries that maintain omnibus accounts with the Funds’ transfer agent. Under the terms of these agreements, the financial intermediaries undertake to cooperate with Nuveen Securities in monitoring purchase, exchange and redemption orders by their customers in order to detect and prevent frequent trading in the Funds through such accounts. Pursuant to these agreements, financial intermediaries may disclose to a Fund an investor’s taxpayer identification number and a record of the investor’s transactions at the request of the Fund. Technical limitations in operational systems at such intermediaries or at Nuveen Securities may also limit the Funds’ ability to detect and prevent frequent trading. In addition, the Funds may permit certain financial intermediaries, including broker-dealer and retirement plan administrators, among others, to enforce their own internal policies and procedures concerning frequent trading. Such policies may differ from the Funds’ Frequent Trading Policy and may be approved for use in instances where the Funds reasonably believe that the intermediary’s policies and procedures effectively discourage inappropriate trading activity. Shareholders holding their accounts with such intermediaries may wish to contact the intermediary for information regarding its frequent trading policy. Although the Funds do not knowingly permit frequent trading, they cannot guarantee that they will be able to identify and restrict all frequent trading activity.
The Funds reserve the right in their sole discretion to waive unintentional or minor violations (including transactions below certain dollar thresholds) if they determine that doing so would not harm the interests of Fund shareholders. In addition, certain categories of redemptions may be excluded from the application of the Frequent Trading Policy, as described in more detail in the SAI. These include, among others, redemptions pursuant to systematic withdrawal plans, redemptions in connection with the total disability or death of the investor,
150 Prospectus ■ Nuveen Lifestyle Funds
involuntary redemptions by operation of law, redemptions in payment of account or plan fees, and certain redemptions by retirement plans, including redemptions in connection with qualifying loans or hardship withdrawals, termination of plan participation, return of excess contributions, and required minimum distributions. The Funds may also modify or suspend the Frequent Trading Policy without notice during periods of market stress or other unusual circumstances.
The Funds reserve the right to impose restrictions on purchases or exchanges that are more restrictive than those stated above if they determine, in their sole discretion, that a transaction or a series of transactions involves market timing or excessive trading that may be detrimental to Fund shareholders. The Funds also reserve the right to reject any purchase order, including exchange purchases, for any reason. For example, a Fund may refuse purchase orders if the Fund would be unable to invest the proceeds from the purchase order in accordance with the Fund’s investment policies and/or objective, or if the Fund would be adversely affected by the size of the transaction, the frequency of trading in the account or various other factors. For more information about the Funds’ Frequent Trading Policy and its enforcement, see “About the Trust and the shares—Frequent Trading Policy” in the SAI.
If you received this Prospectus electronically and would like a paper copy, please contact the Funds and one will be sent to you.
Additional information about index providers
Russell indices
Source: London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®,” “Russell®” and “FTSE Russell®” are trademarks of the relevant LSE Group companies and are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
MSCI indices
Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a
Nuveen Lifestyle Funds ■ Prospectus 151
recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)
Bloomberg indices
Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). Bloomberg or Bloomberg’s licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall not have any liability or responsibility for injury or damages arising in connection therewith.
Morningstar indices
©2024 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
Additional information about the Trust and the Board of Trustees
A trustee of the Trust (a “Trustee”) who is not an “interested person” of the Trust for purposes of the 1940 Act is deemed to be independent and disinterested when taking action as a Trustee. The Trustees oversee the management of the Trust and each of the Funds on behalf of the Trust, and not on behalf of individual owners of shares of beneficial interest in the Trust. The Trustees, on behalf of the Trust, approve certain service agreements with Advisors and certain other service providers in order to procure necessary or desirable services on behalf of the Trust and the Funds. Shareholders are not third-party beneficiaries of such service agreements. Neither this Prospectus nor
152 Prospectus ■ Nuveen Lifestyle Funds
any other communication from or on behalf of the Trust creates a contract between a shareholder of a Fund and the Trust, a Fund and/or the Trustees. The Trustees and Trust management may amend this Prospectus and interpret the investment objective, policies and restrictions applicable to any Fund without shareholder input or approval, except as otherwise provided by law or as disclosed by the Trust.
Code: The Internal Revenue Code of 1986, as amended, including any applicable regulations and Revenue Rulings.
Duration: Duration is a measure of volatility in the price of a bond in response to a change in prevailing interest rates, with a longer duration indicating more volatility. It can be understood as the weighted average of the time to each coupon and principal payment of such a security. For an investment portfolio of fixed-income securities, duration is the weighted average of each security’s duration. For example, the price of a bond with a duration of two years will rise (fall) two percent for every one percent decrease (increase) in its interest rate.
Equity Investments: Primarily, common stock, preferred stock and securities convertible or exchangeable into common stock, including convertible debt securities, convertible preferred stock and warrants or rights to acquire common stock, and depositary receipts.
Fixed-Income or Fixed-Income Investments: Primarily, bonds and notes (such as corporate and government debt obligations), mortgage-backed securities, asset-backed securities, and structured securities that generally pay fixed or variable rates of interest; debt obligations issued at a discount from face value (i.e., that have an imputed rate of interest); non-interest-bearing debt securities (i.e., zero coupon bonds); and other non-equity securities that pay dividends.
Foreign Investments: Foreign investments may include securities of foreign issuers, securities or contracts traded or acquired in non-U.S. markets or on non-U.S. exchanges, or securities or contracts payable or denominated in non-U.S. currencies. Obligations issued by U.S. companies in non-U.S. currencies are not considered to be foreign investments.
Foreign Issuers: Foreign issuers generally include (1) companies whose securities
are principally traded outside of the United States, (2) companies having their principal business operations
outside of the United States,
(3) companies organized outside the United States, and (4)
foreign governments and agencies or instrumentalities of foreign governments.
High-Yield Bond: Usually called a “junk bond,” a bond that has been rated lower than investment-grade by rating agencies or is deemed as such by Advisors and that generally pays a higher yield to compensate for its greater risk of default than an investment-grade bond.
Nuveen Lifestyle Funds ■ Prospectus 153
Investment-Grade: A fixed-income security is investment-grade if it is rated in the four highest categories by a nationally recognized statistical rating organization (“NRSRO”) or an unrated security that Advisors determines is of comparable quality.
Short-Term Fixed-Income: Fixed-income securities with maturities from less than one year to five years.
U.S. Government Securities: Securities issued or guaranteed by the U.S. Government or its agencies or instrumentalities.
154 Prospectus ■ Nuveen Lifestyle Funds
The Financial highlights tables are intended to help you understand the financial performance of each class of shares of the Funds for the past five years (or, if the class has not been in operation for five years, since commencement of operations of that class). Certain information reflects financial results for a single share of the Fund. The total returns in the table show the rates that an investor would have earned or lost on an investment in the Fund (assuming reinvestment of all dividends and distributions).
PricewaterhouseCoopers LLP serves as the Funds’ independent registered public accounting firm and has audited the financial statements of each of the Funds for each of the periods presented. Its report appears in the Funds’ Annual Report, which is available without charge upon request by visiting the Funds’ website at www.nuveen.com, by visiting the SEC’s website at www.sec.gov or by calling 800-257-8787.
Nuveen Lifestyle Funds ■ Prospectus 155
Financial highlights
Lifestyle Income Fund
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the |
| Net asset
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Class A |
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| 5/31/24 |
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| $ 10.21 |
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| $ 0.33 |
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| $ 0.43 |
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| $ 0.76 |
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| $ (0.33 | ) |
| $ — |
| ||
| 5/31/23 |
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| 10.64 |
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| 0.26 |
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| (0.27 | ) |
| (0.01 | ) |
| (0.25 | ) |
| (0.17 | ) | ||
| 5/31/22 |
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| 11.96 |
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| 0.18 |
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| (0.96 | ) |
| (0.78 | ) |
| (0.22 | ) |
| (0.32 | ) | ||
| 5/31/21 |
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| 11.21 |
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| 0.16 |
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| 0.99 |
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| 1.15 |
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| (0.23 | ) |
| (0.17 | ) | ||
| 5/31/20 |
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| 11.01 |
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| 0.23 |
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| 0.33 |
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| 0.56 |
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| (0.12 | ) | ||
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Class I |
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| 5/31/24 |
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| 10.22 |
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| 0.35 |
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| 0.44 |
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| 0.79 |
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| (0.36 | ) |
| — |
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| 5/31/23 |
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| 10.65 |
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| 0.28 |
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| (0.26 | ) |
| 0.02 |
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| (0.28 | ) |
| (0.17 | ) | ||
| 5/31/22 |
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| 11.96 |
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| 0.20 |
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| (0.95 | ) |
| (0.75 | ) |
| (0.24 | ) |
| (0.32 | ) | ||
| 5/31/21 |
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| 11.22 |
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| 0.19 |
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| 0.98 |
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| 1.17 |
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| (0.26 | ) |
| (0.17 | ) | ||
| 5/31/20 |
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| 11.02 |
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| 0.26 |
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| 0.33 |
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| 0.59 |
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| (0.27 | ) |
| (0.12 | ) | ||
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Premier Class |
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| 5/31/24 |
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| 10.23 |
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| 0.33 |
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| 0.45 |
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| 0.78 |
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| — |
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| 5/31/23 |
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| 10.66 |
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| 0.28 |
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| (0.27 | ) |
| 0.01 |
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| (0.27 | ) |
| (0.17 | ) | ||
| 5/31/22 |
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| 11.98 |
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| 0.19 |
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| (0.96 | ) |
| (0.77 | ) |
| (0.23 | ) |
| (0.32 | ) | ||
| 5/31/21 |
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| 11.23 |
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| 0.18 |
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| 0.98 |
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| 1.16 |
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| (0.24 | ) |
| (0.17 | ) | ||
| 5/31/20 |
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| 11.02 |
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| 0.25 |
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| 0.34 |
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| 0.59 |
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| (0.26 | ) |
| (0.12 | ) | ||
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Class R6 |
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| 5/31/24 |
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| 10.22 |
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| 0.36 |
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| 0.43 |
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| 0.79 |
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| (0.36 | ) |
| — |
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| 5/31/23 |
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| 10.65 |
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| 0.29 |
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| (0.27 | ) |
| 0.02 |
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| (0.28 | ) |
| (0.17 | ) | ||
| 5/31/22 |
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| 11.97 |
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| 0.21 |
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| (0.96 | ) |
| (0.75 | ) |
| (0.25 | ) |
| (0.32 | ) | ||
| 5/31/21 |
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| 11.22 |
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| 0.20 |
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| 0.98 |
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| 1.18 |
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| (0.26 | ) |
| (0.17 | ) | ||
| 5/31/20 |
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| 11.02 |
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| 0.26 |
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| 0.33 |
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| 0.59 |
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| (0.27 | ) |
| (0.12 | ) | ||
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Retirement Class |
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| 5/31/24 |
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| 10.21 |
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| 0.33 |
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| 0.44 |
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| 0.77 |
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| (0.34 | ) |
| — |
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| 5/31/23 |
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| 10.64 |
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| 0.26 |
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| (0.26 | ) |
| — |
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| (0.26 | ) |
| (0.17 | ) | ||
| 5/31/22 |
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| 11.96 |
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| 0.18 |
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| (0.96 | ) |
| (0.78 | ) |
| (0.22 | ) |
| (0.32 | ) | ||
| 5/31/21 |
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| 11.21 |
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| 0.17 |
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| 0.98 |
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| 1.15 |
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| (0.23 | ) |
| (0.17 | ) | ||
| 5/31/20 |
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| 11.00 |
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| 0.24 |
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| 0.34 |
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| 0.58 |
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| (0.25 | ) |
| (0.12 | ) | ||
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a | Based on average shares outstanding. | |||||||||||||||||||||
b | Total returns are at NAV and do not include any sales charge. Total returns are not annualized. | |||||||||||||||||||||
e | The Fund’s expenses do not include the expenses of the Underlying Funds. | |||||||||||||||||||||
j | 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. | |||||||||||||||||||||
156 Prospectus ■ Nuveen Lifestyle Funds
(continued)
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|
|
|
|
|
|
|
|
| Ratios and supplemental data | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
| Ratios to average net assets |
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
| Net asset
|
| Total
| b |
|
| Gross
| e | Net
| e |
|
| Portfolio
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| $ (0.33 | ) |
| $ 10.64 |
|
| 7.61 | % | $44,780 |
|
| 0.66 | % |
| 0.38 | % |
| 3.21 | % | 19 | % | ||
| (0.42 | ) |
| 10.21 |
|
| 0.05 |
|
| 47,233 |
|
| 0.61 |
|
| 0.38 |
|
| 2.55 |
|
| 16 |
|
| (0.54 | ) |
| 10.64 |
|
| (6.73 | ) |
| 55,202 |
|
| 0.58 |
|
| 0.35 |
|
| 1.52 |
|
| 20 |
|
| (0.40 | ) |
| 11.96 |
|
| 10.21 |
|
| 58,046 |
|
| 0.57 |
|
| 0.38 |
|
| 1.40 |
|
| 27 |
|
| (0.36 | ) |
| 11.21 |
|
| 5.23 |
|
| 50,890 |
|
| 0.63 |
|
| 0.38 |
|
| 2.09 |
|
| 27 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (0.36 | ) |
| 10.65 |
|
| 7.85 |
|
| $101 |
|
| 0.46 |
|
| 0.19 |
|
| 3.38 |
|
| 19 |
|
| (0.45 | ) |
| 10.22 |
|
| 0.30 |
|
| 105 |
|
| 0.37 |
|
| 0.15 |
|
| 2.78 |
|
| 16 |
|
| (0.56 | ) |
| 10.65 |
|
| (6.55 | ) |
| 120 |
|
| 0.35 |
|
| 0.15 |
|
| 1.72 |
|
| 20 |
|
| (0.43 | ) |
| 11.96 |
|
| 10.48 |
|
| 133 |
|
| 0.33 |
|
| 0.14 |
|
| 1.63 |
|
| 27 |
|
| (0.39 | ) |
| 11.22 |
|
| 5.47 |
|
| 110 |
|
| 0.41 |
|
| 0.15 |
|
| 2.31 |
|
| 27 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (0.35 | ) |
| 10.66 |
|
| 7.76 |
|
| 213 |
|
| 0.55 |
|
| 0.25 |
|
| 3.24 |
|
| 19 |
|
| (0.44 | ) |
| 10.23 |
|
| 0.18 |
|
| 366 |
|
| 0.49 |
|
| 0.25 |
|
| 2.69 |
|
| 16 |
|
| (0.55 | ) |
| 10.66 |
|
| (6.61 | ) |
| 349 |
|
| 0.46 |
|
| 0.25 |
|
| 1.63 |
|
| 20 |
|
| (0.41 | ) |
| 11.98 |
|
| 10.32 |
|
| 361 |
|
| 0.45 |
|
| 0.25 |
|
| 1.53 |
|
| 27 |
|
| (0.38 | ) |
| 11.23 |
|
| 5.47 |
|
| 313 |
|
| 0.52 |
|
| 0.25 |
|
| 2.15 |
|
| 27 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (0.36 | ) |
| 10.65 |
|
| 7.91 |
|
| 10,985 |
|
| 0.38 |
|
| 0.10 |
|
| 3.48 |
|
| 19 |
|
| (0.45 | ) |
| 10.22 |
|
| 0.34 |
|
| 13,663 |
|
| 0.33 |
|
| 0.10 |
|
| 2.83 |
|
| 16 |
|
| (0.57 | ) |
| 10.65 |
|
| (6.56 | ) |
| 15,247 |
|
| 0.30 |
|
| 0.10 |
|
| 1.78 |
|
| 20 |
|
| (0.43 | ) |
| 11.97 |
|
| 10.58 |
|
| 15,514 |
|
| 0.29 |
|
| 0.10 |
|
| 1.67 |
|
| 27 |
|
| (0.39 | ) |
| 11.22 |
|
| 5.53 |
|
| 8,234 |
|
| 0.36 |
|
| 0.10 |
|
| 2.37 |
|
| 27 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (0.34 | ) |
| 10.64 |
|
| 7.65 |
|
| 18,842 |
|
| 0.63 |
|
| 0.35 |
|
| 3.23 |
|
| 19 |
|
| (0.43 | ) |
| 10.21 |
|
| 0.08 |
|
| 17,310 |
|
| 0.58 |
|
| 0.35 |
|
| 2.57 |
|
| 16 |
|
| (0.54 | ) |
| 10.64 |
|
| (6.71 | ) |
| 20,443 |
|
| 0.55 |
|
| 0.35 |
|
| 1.51 |
|
| 20 |
|
| (0.40 | ) |
| 11.96 |
|
| 10.23 |
|
| 26,139 |
|
| 0.54 |
|
| 0.35 |
|
| 1.43 |
|
| 27 |
|
| (0.37 | ) |
| 11.21 |
|
| 5.35 |
|
| 19,742 |
|
| 0.60 |
|
| 0.35 |
|
| 2.11 |
|
| 27 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuveen Lifestyle Funds ■ Prospectus 157
Financial highlights
Lifestyle Conservative Fund
|
|
|
|
| Selected per share data | |||||||||||||||||
|
|
|
|
|
|
|
| Gain (loss) from investment operations |
|
|
|
|
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Less distributions from | |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| For
the |
| Net asset
|
|
| a |
| j | Total gain
|
| Net
|
| Net
|
| ||||||
Class A |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
| 5/31/24 |
|
| $ 11.47 |
|
| $ 0.33 |
|
| $ 0.98 |
|
| $ 1.31 |
|
| $ (0.34 | ) |
| $ — |
| ||
| 5/31/23 |
|
| 12.18 |
|
| 0.26 |
|
| (0.27 | ) |
| (0.01 | ) |
| (0.32 | ) |
| (0.38 | ) | ||
| 5/31/22 |
|
| 14.22 |
|
| 0.20 |
|
| (1.29 | ) |
| (1.09 | ) |
| (0.32 | ) |
| (0.63 | ) | ||
| 5/31/21 |
|
| 12.55 |
|
| 0.18 |
|
| 2.10 |
|
| 2.28 |
|
| (0.28 | ) |
| (0.33 | ) | ||
| 5/31/20 |
|
| 12.24 |
|
| 0.25 |
|
| 0.49 |
|
| 0.74 |
|
| (0.20 | ) |
| (0.23 | ) | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class I |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
| 5/31/24 |
|
| 11.49 |
|
| 0.35 |
|
| 0.98 |
|
| 1.33 |
|
| (0.36 | ) |
| — |
| ||
| 5/31/23 |
|
| 12.20 |
|
| 0.29 |
|
| (0.28 | ) |
| 0.01 |
|
| (0.34 | ) |
| (0.38 | ) | ||
| 5/31/22 |
|
| 14.25 |
|
| 0.22 |
|
| (1.30 | ) |
| (1.08 | ) |
| (0.34 | ) |
| (0.63 | ) | ||
| 5/31/21 |
|
| 12.57 |
|
| 0.21 |
|
| 2.10 |
|
| 2.31 |
|
| (0.30 | ) |
| (0.33 | ) | ||
| 5/31/20 |
|
| 12.26 |
|
| 0.30 |
|
| 0.46 |
|
| 0.76 |
|
| (0.22 | ) |
| (0.23 | ) | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Premier Class |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
| 5/31/24 |
|
| 11.50 |
|
| 0.34 |
|
| 0.98 |
|
| 1.32 |
|
| (0.35 | ) |
| — |
| ||
| 5/31/23 |
|
| 12.21 |
|
| 0.28 |
|
| (0.28 | ) |
| — |
|
| (0.33 | ) |
| (0.38 | ) | ||
| 5/31/22 |
|
| 14.26 |
|
| 0.22 |
|
| (1.30 | ) |
| (1.08 | ) |
| (0.34 | ) |
| (0.63 | ) | ||
| 5/31/21 |
|
| 12.58 |
|
| 0.20 |
|
| 2.11 |
|
| 2.31 |
|
| (0.30 | ) |
| (0.33 | ) | ||
| 5/31/20 |
|
| 12.27 |
|
| 0.26 |
|
| 0.49 |
|
| 0.75 |
|
| (0.21 | ) |
| (0.23 | ) | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class R6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
| 5/31/24 |
|
| 11.49 |
|
| 0.36 |
|
| 0.99 |
|
| 1.35 |
|
| (0.37 | ) |
| — |
| ||
| 5/31/23 |
|
| 12.21 |
|
| 0.30 |
|
| (0.29 | ) |
| 0.01 |
|
| (0.35 | ) |
| (0.38 | ) | ||
| 5/31/22 |
|
| 14.25 |
|
| 0.24 |
|
| (1.29 | ) |
| (1.05 | ) |
| (0.36 | ) |
| (0.63 | ) | ||
| 5/31/21 |
|
| 12.57 |
|
| 0.22 |
|
| 2.11 |
|
| 2.33 |
|
| (0.32 | ) |
| (0.33 | ) | ||
| 5/31/20 |
|
| 12.26 |
|
| 0.28 |
|
| 0.49 |
|
| 0.77 |
|
| (0.23 | ) |
| (0.23 | ) | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retirement Class |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
| 5/31/24 |
|
| 11.48 |
|
| 0.33 |
|
| 0.98 |
|
| 1.31 |
|
| (0.34 | ) |
| — |
| ||
| 5/31/23 |
|
| 12.19 |
|
| 0.27 |
|
| (0.28 | ) |
| (0.01 | ) |
| (0.32 | ) |
| (0.38 | ) | ||
| 5/31/22 |
|
| 14.23 |
|
| 0.20 |
|
| (1.29 | ) |
| (1.09 | ) |
| (0.32 | ) |
| (0.63 | ) | ||
| 5/31/21 |
|
| 12.55 |
|
| 0.19 |
|
| 2.10 |
|
| 2.29 |
|
| (0.28 | ) |
| (0.33 | ) | ||
| 5/31/20 |
|
| 12.25 |
|
| 0.25 |
|
| 0.48 |
|
| 0.73 |
|
| (0.20 | ) |
| (0.23 | ) | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
a | Based on average shares outstanding. | |||||||||||||||||||||
b | Total returns are at NAV and do not include any sales charge. Total returns are not annualized. | |||||||||||||||||||||
e | The Fund’s expenses do not include the expenses of the Underlying Funds. | |||||||||||||||||||||
j | 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. | |||||||||||||||||||||
158 Prospectus ■ Nuveen Lifestyle Funds
(continued)
|
|
|
|
|
|
|
|
|
| Ratios and supplemental data | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
| Ratios to average net assets |
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
| Net asset
|
| Total
| b |
|
| Gross
| e | Net
| e |
|
| Portfolio
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| $ (0.34 | ) |
| $ 12.44 |
|
| 11.58 | % | $200,324 |
|
| 0.45 | % |
| 0.37 | % |
| 2.77 | % | 13 | % | ||
| (0.70 | ) |
| 11.47 |
|
| 0.11 |
|
| 201,363 |
|
| 0.44 |
|
| 0.37 |
|
| 2.30 |
|
| 19 |
|
| (0.95 | ) |
| 12.18 |
|
| (8.25 | ) |
| 224,733 |
|
| 0.43 |
|
| 0.36 |
|
| 1.49 |
|
| 21 |
|
| (0.61 | ) |
| 14.22 |
|
| 18.40 |
|
| 244,655 |
|
| 0.44 |
|
| 0.37 |
|
| 1.36 |
|
| 35 |
|
| (0.43 | ) |
| 12.55 |
|
| 6.16 |
|
| 206,100 |
|
| 0.45 |
|
| 0.37 |
|
| 1.99 |
|
| 29 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (0.36 | ) |
| 12.46 |
|
| 11.75 |
|
| $3,377 |
|
| 0.28 |
|
| 0.20 |
|
| 2.94 |
|
| 13 |
|
| (0.72 | ) |
| 11.49 |
|
| 0.29 |
|
| 3,076 |
|
| 0.27 |
|
| 0.20 |
|
| 2.48 |
|
| 19 |
|
| (0.97 | ) |
| 12.20 |
|
| (8.09 | ) |
| 3,876 |
|
| 0.26 |
|
| 0.20 |
|
| 1.62 |
|
| 21 |
|
| (0.63 | ) |
| 14.25 |
|
| 18.57 |
|
| 7,122 |
|
| 0.26 |
|
| 0.20 |
|
| 1.54 |
|
| 35 |
|
| (0.45 | ) |
| 12.57 |
|
| 6.33 |
|
| 6,559 |
|
| 0.29 |
|
| 0.20 |
|
| 2.45 |
|
| 29 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (0.35 | ) |
| 12.47 |
|
| 11.69 |
|
| 266 |
|
| 0.36 |
|
| 0.25 |
|
| 2.89 |
|
| 13 |
|
| (0.71 | ) |
| 11.50 |
|
| 0.23 |
|
| 249 |
|
| 0.34 |
|
| 0.25 |
|
| 2.43 |
|
| 19 |
|
| (0.97 | ) |
| 12.21 |
|
| (8.14 | ) |
| 262 |
|
| 0.32 |
|
| 0.25 |
|
| 1.60 |
|
| 21 |
|
| (0.63 | ) |
| 14.26 |
|
| 18.49 |
|
| 774 |
|
| 0.32 |
|
| 0.25 |
|
| 1.48 |
|
| 35 |
|
| (0.44 | ) |
| 12.58 |
|
| 6.27 |
|
| 665 |
|
| 0.35 |
|
| 0.25 |
|
| 2.05 |
|
| 29 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (0.37 | ) |
| 12.47 |
|
| 11.96 |
|
| 56,552 |
|
| 0.18 |
|
| 0.10 |
|
| 3.05 |
|
| 13 |
|
| (0.73 | ) |
| 11.49 |
|
| 0.31 |
|
| 51,084 |
|
| 0.17 |
|
| 0.10 |
|
| 2.57 |
|
| 19 |
|
| (0.99 | ) |
| 12.21 |
|
| (7.99 | ) |
| 55,791 |
|
| 0.16 |
|
| 0.10 |
|
| 1.77 |
|
| 21 |
|
| (0.65 | ) |
| 14.25 |
|
| 18.77 |
|
| 53,420 |
|
| 0.17 |
|
| 0.10 |
|
| 1.63 |
|
| 35 |
|
| (0.46 | ) |
| 12.57 |
|
| 6.44 |
|
| 34,603 |
|
| 0.19 |
|
| 0.10 |
|
| 2.25 |
|
| 29 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (0.34 | ) |
| 12.45 |
|
| 11.60 |
|
| 48,781 |
|
| 0.43 |
|
| 0.35 |
|
| 2.80 |
|
| 13 |
|
| (0.70 | ) |
| 11.48 |
|
| 0.13 |
|
| 47,413 |
|
| 0.42 |
|
| 0.35 |
|
| 2.32 |
|
| 19 |
|
| (0.95 | ) |
| 12.19 |
|
| (8.17 | ) |
| 56,686 |
|
| 0.41 |
|
| 0.35 |
|
| 1.50 |
|
| 21 |
|
| (0.61 | ) |
| 14.23 |
|
| 18.44 |
|
| 63,022 |
|
| 0.41 |
|
| 0.34 |
|
| 1.39 |
|
| 35 |
|
| (0.43 | ) |
| 12.55 |
|
| 6.11 |
|
| 46,255 |
|
| 0.43 |
|
| 0.33 |
|
| 1.98 |
|
| 29 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuveen Lifestyle Funds ■ Prospectus 159
Financial highlights
Lifestyle Moderate Fund
|
|
|
|
| Selected per share data | |||||||||||||||||
|
|
|
|
|
|
|
| Gain (loss) from investment operations |
|
|
|
|
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Less distributions from | |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| For
the |
| Net asset
|
|
| a |
| j | Total gain
|
| Net
|
| Net
|
| ||||||
Class A |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
| 5/31/24 |
|
| $ 12.77 |
|
| $ 0.31 |
|
| $ 1.65 |
|
| $ 1.96 |
|
| $ (0.34 | ) |
| $ — |
| ||
| 5/31/23 |
|
| 13.71 |
|
| 0.27 |
|
| (0.31 | ) |
| (0.04 | ) |
| (0.29 | ) |
| (0.61 | ) | ||
| 5/31/22 |
|
| 16.64 |
|
| 0.23 |
|
| (1.70 | ) |
| (1.47 | ) |
| (0.44 | ) |
| (1.02 | ) | ||
| 5/31/21 |
|
| 13.82 |
|
| 0.20 |
|
| 3.46 |
|
| 3.66 |
|
| (0.34 | ) |
| (0.50 | ) | ||
| 5/31/20 |
|
| 13.52 |
|
| 0.27 |
|
| 0.67 |
|
| 0.94 |
|
| (0.25 | ) |
| (0.39 | ) | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class I |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
| 5/31/24 |
|
| 12.80 |
|
| 0.35 |
|
| 1.63 |
|
| 1.98 |
|
| (0.36 | ) |
| — |
| ||
| 5/31/23 |
|
| 13.74 |
|
| 0.30 |
|
| (0.31 | ) |
| (0.01 | ) |
| (0.32 | ) |
| (0.61 | ) | ||
| 5/31/22 |
|
| 16.67 |
|
| 0.26 |
|
| (1.70 | ) |
| (1.44 | ) |
| (0.47 | ) |
| (1.02 | ) | ||
| 5/31/21 |
|
| 13.84 |
|
| 0.23 |
|
| 3.47 |
|
| 3.70 |
|
| (0.37 | ) |
| (0.50 | ) | ||
| 5/31/20 |
|
| 13.55 |
|
| 0.37 |
|
| 0.58 |
|
| 0.95 |
|
| (0.27 | ) |
| (0.39 | ) | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Premier Class |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
| 5/31/24 |
|
| 12.84 |
|
| 0.33 |
|
| 1.66 |
|
| 1.99 |
|
| (0.36 | ) |
| — |
| ||
| 5/31/23 |
|
| 13.78 |
|
| 0.28 |
|
| (0.30 | ) |
| (0.02 | ) |
| (0.31 | ) |
| (0.61 | ) | ||
| 5/31/22 |
|
| 16.72 |
|
| 0.26 |
|
| (1.72 | ) |
| (1.46 | ) |
| (0.46 | ) |
| (1.02 | ) | ||
| 5/31/21 |
|
| 13.87 |
|
| 0.23 |
|
| 3.48 |
|
| 3.71 |
|
| (0.36 | ) |
| (0.50 | ) | ||
| 5/31/20 |
|
| 13.58 |
|
| 0.24 |
|
| 0.70 |
|
| 0.94 |
|
| (0.26 | ) |
| (0.39 | ) | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class R6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
| 5/31/24 |
|
| 12.80 |
|
| 0.36 |
|
| 1.65 |
|
| 2.01 |
|
| (0.38 | ) |
| — |
| ||
| 5/31/23 |
|
| 13.74 |
|
| 0.30 |
|
| (0.30 | ) |
| — |
|
| (0.33 | ) |
| (0.61 | ) | ||
| 5/31/22 |
|
| 16.68 |
|
| 0.28 |
|
| (1.71 | ) |
| (1.43 | ) |
| (0.49 | ) |
| (1.02 | ) | ||
| 5/31/21 |
|
| 13.84 |
|
| 0.25 |
|
| 3.47 |
|
| 3.72 |
|
| (0.38 | ) |
| (0.50 | ) | ||
| 5/31/20 |
|
| 13.55 |
|
| 0.29 |
|
| 0.67 |
|
| 0.96 |
|
| (0.28 | ) |
| (0.39 | ) | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retirement Class |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
| 5/31/24 |
|
| 12.78 |
|
| 0.32 |
|
| 1.64 |
|
| 1.96 |
|
| (0.34 | ) |
| — |
| ||
| 5/31/23 |
|
| 13.72 |
|
| 0.27 |
|
| (0.30 | ) |
| (0.03 | ) |
| (0.30 | ) |
| (0.61 | ) | ||
| 5/31/22 |
|
| 16.65 |
|
| 0.23 |
|
| (1.70 | ) |
| (1.47 | ) |
| (0.44 | ) |
| (1.02 | ) | ||
| 5/31/21 |
|
| 13.82 |
|
| 0.21 |
|
| 3.47 |
|
| 3.68 |
|
| (0.35 | ) |
| (0.50 | ) | ||
| 5/31/20 |
|
| 13.53 |
|
| 0.25 |
|
| 0.68 |
|
| 0.93 |
|
| (0.25 | ) |
| (0.39 | ) | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
a | Based on average shares outstanding. | |||||||||||||||||||||
b | Total returns are at NAV and do not include any sales charge. Total returns are not annualized. | |||||||||||||||||||||
e | The Fund’s expenses do not include the expenses of the Underlying Funds. | |||||||||||||||||||||
j | 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. | |||||||||||||||||||||
160 Prospectus ■ Nuveen Lifestyle Funds
(continued)
|
|
|
|
|
|
|
|
|
| Ratios and supplemental data | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
| Ratios to average net assets |
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
| Net asset
|
| Total
| b |
|
| Gross
| e | Net
| e |
|
| Portfolio
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| $ (0.34 | ) |
| $ 14.39 |
|
| 15.55 | % | $350,208 |
|
| 0.43 | % |
| 0.36 | % |
| 2.33 | % | 15 | % | ||
| (0.90 | ) |
| 12.77 |
|
| 0.09 |
|
| 333,435 |
|
| 0.42 |
|
| 0.33 |
|
| 2.09 |
|
| 19 |
|
| (1.46 | ) |
| 13.71 |
|
| (9.78 | ) |
| 367,073 |
|
| 0.41 |
|
| 0.36 |
|
| 1.46 |
|
| 21 |
|
| (0.84 | ) |
| 16.64 |
|
| 27.02 |
|
| 410,533 |
|
| 0.42 |
|
| 0.36 |
|
| 1.32 |
|
| 47 |
|
| (0.64 | ) |
| 13.82 |
|
| 7.01 |
|
| 330,823 |
|
| 0.43 |
|
| 0.37 |
|
| 1.95 |
|
| 31 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (0.36 | ) |
| 14.42 |
|
| 15.72 |
|
| $7,868 |
|
| 0.25 |
|
| 0.18 |
|
| 2.56 |
|
| 15 |
|
| (0.93 | ) |
| 12.80 |
|
| 0.30 |
|
| 7,294 |
|
| 0.23 |
|
| 0.14 |
|
| 2.31 |
|
| 19 |
|
| (1.49 | ) |
| 13.74 |
|
| (9.60 | ) |
| 10,895 |
|
| 0.22 |
|
| 0.18 |
|
| 1.64 |
|
| 21 |
|
| (0.87 | ) |
| 16.67 |
|
| 27.29 |
|
| 13,719 |
|
| 0.23 |
|
| 0.17 |
|
| 1.50 |
|
| 47 |
|
| (0.66 | ) |
| 13.84 |
|
| 7.12 |
|
| 12,977 |
|
| 0.26 |
|
| 0.20 |
|
| 2.64 |
|
| 31 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (0.36 | ) |
| 14.47 |
|
| 15.68 |
|
| 289 |
|
| 0.32 |
|
| 0.24 |
|
| 2.46 |
|
| 15 |
|
| (0.92 | ) |
| 12.84 |
|
| 0.20 |
|
| 257 |
|
| 0.31 |
|
| 0.22 |
|
| 2.21 |
|
| 19 |
|
| (1.48 | ) |
| 13.78 |
|
| (9.64 | ) |
| 276 |
|
| 0.30 |
|
| 0.25 |
|
| 1.60 |
|
| 21 |
|
| (0.86 | ) |
| 16.72 |
|
| 27.22 |
|
| 689 |
|
| 0.31 |
|
| 0.24 |
|
| 1.45 |
|
| 47 |
|
| (0.65 | ) |
| 13.87 |
|
| 7.03 |
|
| 557 |
|
| 0.32 |
|
| 0.25 |
|
| 1.72 |
|
| 31 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (0.38 | ) |
| 14.43 |
|
| 15.90 |
|
| 88,282 |
|
| 0.15 |
|
| 0.09 |
|
| 2.63 |
|
| 15 |
|
| (0.94 | ) |
| 12.80 |
|
| 0.38 |
|
| 68,231 |
|
| 0.15 |
|
| 0.06 |
|
| 2.36 |
|
| 19 |
|
| (1.51 | ) |
| 13.74 |
|
| (9.58 | ) |
| 76,453 |
|
| 0.14 |
|
| 0.10 |
|
| 1.75 |
|
| 21 |
|
| (0.88 | ) |
| 16.68 |
|
| 27.47 |
|
| 77,429 |
|
| 0.15 |
|
| 0.09 |
|
| 1.58 |
|
| 47 |
|
| (0.67 | ) |
| 13.84 |
|
| 7.23 |
|
| 52,090 |
|
| 0.16 |
|
| 0.10 |
|
| 2.10 |
|
| 31 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (0.34 | ) |
| 14.40 |
|
| 15.56 |
|
| 116,313 |
|
| 0.40 |
|
| 0.34 |
|
| 2.36 |
|
| 15 |
|
| (0.91 | ) |
| 12.78 |
|
| 0.12 |
|
| 105,238 |
|
| 0.40 |
|
| 0.31 |
|
| 2.11 |
|
| 19 |
|
| (1.46 | ) |
| 13.72 |
|
| (9.77 | ) |
| 114,335 |
|
| 0.39 |
|
| 0.35 |
|
| 1.48 |
|
| 21 |
|
| (0.85 | ) |
| 16.65 |
|
| 27.12 |
|
| 121,361 |
|
| 0.40 |
|
| 0.34 |
|
| 1.35 |
|
| 47 |
|
| (0.64 | ) |
| 13.82 |
|
| 6.95 |
|
| 93,587 |
|
| 0.41 |
|
| 0.35 |
|
| 1.81 |
|
| 31 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuveen Lifestyle Funds ■ Prospectus 161
Financial highlights
Lifestyle Growth Fund
|
|
|
|
| Selected per share data | |||||||||||||||||
|
|
|
|
|
|
|
| Gain (loss) from investment operations |
|
|
|
|
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Less distributions from | |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| For
the |
| Net asset
|
|
| a |
| j | Total gain
|
| Net
|
| Net
|
| ||||||
Class A |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
| 5/31/24 |
|
| $ 14.23 |
|
| $ 0.28 |
|
| $ 2.52 |
|
| $ 2.80 |
|
| $ (0.32 | ) |
| $ — |
| ||
| 5/31/23 |
|
| 15.24 |
|
| 0.23 |
|
| (0.19 | ) |
| 0.04 |
|
| (0.23 | ) |
| (0.82 | ) | ||
| 5/31/22 |
|
| 18.87 |
|
| 0.22 |
|
| (1.94 | ) |
| (1.72 | ) |
| (0.56 | ) |
| (1.35 | ) | ||
| 5/31/21 |
|
| 14.79 |
|
| 0.18 |
|
| 4.97 |
|
| 5.15 |
|
| (0.37 | ) |
| (0.70 | ) | ||
| 5/31/20 |
|
| 14.58 |
|
| 0.27 |
|
| 0.74 |
|
| 1.01 |
|
| (0.23 | ) |
| (0.57 | ) | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class I |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
| 5/31/24 |
|
| 14.31 |
|
| 0.31 |
|
| 2.54 |
|
| 2.85 |
|
| (0.35 | ) |
| — |
| ||
| 5/31/23 |
|
| 15.33 |
|
| 0.26 |
|
| (0.20 | ) |
| 0.06 |
|
| (0.26 | ) |
| (0.82 | ) | ||
| 5/31/22 |
|
| 18.96 |
|
| 0.26 |
|
| (1.94 | ) |
| (1.68 | ) |
| (0.60 | ) |
| (1.35 | ) | ||
| 5/31/21 |
|
| 14.86 |
|
| 0.22 |
|
| 4.98 |
|
| 5.20 |
|
| (0.40 | ) |
| (0.70 | ) | ||
| 5/31/20 |
|
| 14.65 |
|
| 0.38 |
|
| 0.66 |
|
| 1.04 |
|
| (0.26 | ) |
| (0.57 | ) | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Premier Class |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
| 5/31/24 |
|
| 14.35 |
|
| 0.30 |
|
| 2.55 |
|
| 2.85 |
|
| (0.34 | ) |
| — |
| ||
| 5/31/23 |
|
| 15.36 |
|
| 0.25 |
|
| (0.20 | ) |
| 0.05 |
|
| (0.24 | ) |
| (0.82 | ) | ||
| 5/31/22 |
|
| 18.97 |
|
| 0.26 |
|
| (1.93 | ) |
| (1.67 | ) |
| (0.59 | ) |
| (1.35 | ) | ||
| 5/31/21 |
|
| 14.87 |
|
| 0.20 |
|
| 4.99 |
|
| 5.19 |
|
| (0.39 | ) |
| (0.70 | ) | ||
| 5/31/20 |
|
| 14.65 |
|
| 0.25 |
|
| 0.79 |
|
| 1.04 |
|
| (0.25 | ) |
| (0.57 | ) | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class R6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
| 5/31/24 |
|
| 14.33 |
|
| 0.32 |
|
| 2.55 |
|
| 2.87 |
|
| (0.37 | ) |
| — |
| ||
| 5/31/23 |
|
| 15.34 |
|
| 0.27 |
|
| (0.19 | ) |
| 0.08 |
|
| (0.27 | ) |
| (0.82 | ) | ||
| 5/31/22 |
|
| 18.98 |
|
| 0.27 |
|
| (1.94 | ) |
| (1.67 | ) |
| (0.62 | ) |
| (1.35 | ) | ||
| 5/31/21 |
|
| 14.87 |
|
| 0.23 |
|
| 4.99 |
|
| 5.22 |
|
| (0.41 | ) |
| (0.70 | ) | ||
| 5/31/20 |
|
| 14.66 |
|
| 0.28 |
|
| 0.78 |
|
| 1.06 |
|
| (0.28 | ) |
| (0.57 | ) | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retirement Class |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
| 5/31/24 |
|
| 14.26 |
|
| 0.28 |
|
| 2.53 |
|
| 2.81 |
|
| (0.33 | ) |
| — |
| ||
| 5/31/23 |
|
| 15.27 |
|
| 0.24 |
|
| (0.20 | ) |
| 0.04 |
|
| (0.23 | ) |
| (0.82 | ) | ||
| 5/31/22 |
|
| 18.90 |
|
| 0.22 |
|
| (1.93 | ) |
| (1.71 | ) |
| (0.57 | ) |
| (1.35 | ) | ||
| 5/31/21 |
|
| 14.81 |
|
| 0.18 |
|
| 4.98 |
|
| 5.16 |
|
| (0.37 | ) |
| (0.70 | ) | ||
| 5/31/20 |
|
| 14.60 |
|
| 0.23 |
|
| 0.78 |
|
| 1.01 |
|
| (0.23 | ) |
| (0.57 | ) | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
a | Based on average shares outstanding. | |||||||||||||||||||||
b | Total returns are at NAV and do not include any sales charge. Total returns are not annualized. | |||||||||||||||||||||
e | The Fund’s expenses do not include the expenses of the Underlying Funds. | |||||||||||||||||||||
j | 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. | |||||||||||||||||||||
162 Prospectus ■ Nuveen Lifestyle Funds
(continued)
|
|
|
|
|
|
|
|
|
| Ratios and supplemental data | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
| Ratios to average net assets |
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
| Net asset
|
| Total
| b |
|
| Gross
| e | Net
| e |
|
| Portfolio
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| $ (0.32 | ) |
| $ 16.71 |
|
| 19.91 | % | $194,578 |
|
| 0.46 | % |
| 0.31 | % |
| 1.80 | % | 15 | % | ||
| (1.05 | ) |
| 14.23 |
|
| 0.71 |
|
| 175,919 |
|
| 0.46 |
|
| 0.29 |
|
| 1.64 |
|
| 20 |
|
| (1.91 | ) |
| 15.24 |
|
| (10.17 | ) |
| 190,045 |
|
| 0.44 |
|
| 0.34 |
|
| 1.25 |
|
| 26 |
|
| (1.07 | ) |
| 18.87 |
|
| 35.45 |
|
| 212,617 |
|
| 0.46 |
|
| 0.37 |
|
| 1.05 |
|
| 54 |
|
| (0.80 | ) |
| 14.79 |
|
| 6.85 |
|
| 162,347 |
|
| 0.48 |
|
| 0.38 |
|
| 1.79 |
|
| 35 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (0.35 | ) |
| 16.81 |
|
| 20.15 |
|
| $4,432 |
|
| 0.29 |
|
| 0.13 |
|
| 1.98 |
|
| 15 |
|
| (1.08 | ) |
| 14.31 |
|
| 0.85 |
|
| 3,807 |
|
| 0.27 |
|
| 0.11 |
|
| 1.82 |
|
| 20 |
|
| (1.95 | ) |
| 15.33 |
|
| (10.00 | ) |
| 5,138 |
|
| 0.25 |
|
| 0.16 |
|
| 1.44 |
|
| 26 |
|
| (1.10 | ) |
| 18.96 |
|
| 35.72 |
|
| 7,976 |
|
| 0.26 |
|
| 0.17 |
|
| 1.28 |
|
| 54 |
|
| (0.83 | ) |
| 14.86 |
|
| 7.03 |
|
| 8,870 |
|
| 0.30 |
|
| 0.20 |
|
| 2.57 |
|
| 35 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (0.34 | ) |
| 16.86 |
|
| 20.09 |
|
| 347 |
|
| 0.36 |
|
| 0.18 |
|
| 1.94 |
|
| 15 |
|
| (1.06 | ) |
| 14.35 |
|
| 0.78 |
|
| 296 |
|
| 0.34 |
|
| 0.18 |
|
| 1.78 |
|
| 20 |
|
| (1.94 | ) |
| 15.36 |
|
| (9.93 | ) |
| 316 |
|
| 0.32 |
|
| 0.23 |
|
| 1.41 |
|
| 26 |
|
| (1.09 | ) |
| 18.97 |
|
| 35.62 |
|
| 2,022 |
|
| 0.33 |
|
| 0.24 |
|
| 1.18 |
|
| 54 |
|
| (0.82 | ) |
| 14.87 |
|
| 7.02 |
|
| 1,356 |
|
| 0.36 |
|
| 0.25 |
|
| 1.64 |
|
| 35 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (0.37 | ) |
| 16.83 |
|
| 20.24 |
|
| 50,686 |
|
| 0.19 |
|
| 0.03 |
|
| 2.04 |
|
| 15 |
|
| (1.09 | ) |
| 14.33 |
|
| 1.01 |
|
| 43,616 |
|
| 0.18 |
|
| 0.01 |
|
| 1.91 |
|
| 20 |
|
| (1.97 | ) |
| 15.34 |
|
| (9.96 | ) |
| 47,024 |
|
| 0.16 |
|
| 0.08 |
|
| 1.50 |
|
| 26 |
|
| (1.11 | ) |
| 18.98 |
|
| 35.87 |
|
| 48,422 |
|
| 0.18 |
|
| 0.09 |
|
| 1.34 |
|
| 54 |
|
| (0.85 | ) |
| 14.87 |
|
| 7.18 |
|
| 33,985 |
|
| 0.21 |
|
| 0.10 |
|
| 1.87 |
|
| 35 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (0.33 | ) |
| 16.74 |
|
| 19.90 |
|
| 56,207 |
|
| 0.44 |
|
| 0.28 |
|
| 1.84 |
|
| 15 |
|
| (1.05 | ) |
| 14.26 |
|
| 0.73 |
|
| 48,701 |
|
| 0.43 |
|
| 0.26 |
|
| 1.67 |
|
| 20 |
|
| (1.92 | ) |
| 15.27 |
|
| (10.12 | ) |
| 56,946 |
|
| 0.41 |
|
| 0.33 |
|
| 1.26 |
|
| 26 |
|
| (1.07 | ) |
| 18.90 |
|
| 35.51 |
|
| 59,232 |
|
| 0.43 |
|
| 0.34 |
|
| 1.07 |
|
| 54 |
|
| (0.80 | ) |
| 14.81 |
|
| 6.87 |
|
| 42,326 |
|
| 0.45 |
|
| 0.35 |
|
| 1.55 |
|
| 35 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuveen Lifestyle Funds ■ Prospectus 163
Financial highlights
Lifestyle Aggressive Growth Fund
|
|
|
|
| Selected per share data | |||||||||||||||||
|
|
|
|
|
|
|
| Gain (loss) from investment operations |
|
|
|
|
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Less distributions from | |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| For
the |
| Net asset
|
|
| a |
| j | Total gain
|
| Net
|
| Net
|
| ||||||
Class A |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
| 5/31/24 |
|
| $ 15.69 |
|
| $ 0.20 |
|
| $ 3.58 |
|
| $ 3.78 |
|
| $ (0.27 | ) |
| $ (0.00 | )d | ||
| 5/31/23 |
|
| 16.91 |
|
| 0.17 |
|
| (0.07 | ) |
| 0.10 |
|
| (0.25 | ) |
| (1.07 | ) | ||
| 5/31/22 |
|
| 21.19 |
|
| 0.21 |
|
| (2.19 | ) |
| (1.98 | ) |
| (0.64 | ) |
| (1.66 | ) | ||
| 5/31/21 |
|
| 15.46 |
|
| 0.14 |
|
| 6.61 |
|
| 6.75 |
|
| (0.45 | ) |
| (0.57 | ) | ||
| 5/31/20 |
|
| 15.33 |
|
| 0.24 |
|
| 0.82 |
|
| 1.06 |
|
| (0.13 | ) |
| (0.80 | ) | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class I |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
| 5/31/24 |
|
| 15.80 |
|
| 0.23 |
|
| 3.61 |
|
| 3.84 |
|
| (0.30 | ) |
| (0.00 | )d | ||
| 5/31/23 |
|
| 17.03 |
|
| 0.21 |
|
| (0.09 | ) |
| 0.12 |
|
| (0.28 | ) |
| (1.07 | ) | ||
| 5/31/22 |
|
| 21.32 |
|
| 0.26 |
|
| (2.21 | ) |
| (1.95 | ) |
| (0.68 | ) |
| (1.66 | ) | ||
| 5/31/21 |
|
| 15.55 |
|
| 0.18 |
|
| 6.64 |
|
| 6.82 |
|
| (0.48 | ) |
| (0.57 | ) | ||
| 5/31/20 |
|
| 15.40 |
|
| 0.37 |
|
| 0.72 |
|
| 1.09 |
|
| (0.14 | ) |
| (0.80 | ) | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Premier Class |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
| 5/31/24 |
|
| 15.86 |
|
| 0.22 |
|
| 3.62 |
|
| 3.84 |
|
| (0.30 | ) |
| (0.00 | )d | ||
| 5/31/23 |
|
| 17.08 |
|
| 0.20 |
|
| (0.08 | ) |
| 0.12 |
|
| (0.27 | ) |
| (1.07 | ) | ||
| 5/31/22 |
|
| 21.37 |
|
| 0.24 |
|
| (2.20 | ) |
| (1.96 | ) |
| (0.67 | ) |
| (1.66 | ) | ||
| 5/31/21 |
|
| 15.59 |
|
| 0.18 |
|
| 6.64 |
|
| 6.82 |
|
| (0.47 | ) |
| (0.57 | ) | ||
| 5/31/20 |
|
| 15.43 |
|
| 0.03 |
|
| 1.06 |
|
| 1.09 |
|
| (0.13 | ) |
| (0.80 | ) | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class R6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
| 5/31/24 |
|
| 15.81 |
|
| 0.25 |
|
| 3.60 |
|
| 3.85 |
|
| (0.32 | ) |
| (0.00 | )d | ||
| 5/31/23 |
|
| 17.03 |
|
| 0.22 |
|
| (0.08 | ) |
| 0.14 |
|
| (0.29 | ) |
| (1.07 | ) | ||
| 5/31/22 |
|
| 21.32 |
|
| 0.26 |
|
| (2.19 | ) |
| (1.93 | ) |
| (0.70 | ) |
| (1.66 | ) | ||
| 5/31/21 |
|
| 15.55 |
|
| 0.20 |
|
| 6.64 |
|
| 6.84 |
|
| (0.50 | ) |
| (0.57 | ) | ||
| 5/31/20 |
|
| 15.40 |
|
| 0.25 |
|
| 0.87 |
|
| 1.12 |
|
| (0.17 | ) |
| (0.80 | ) | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retirement Class |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
| 5/31/24 |
|
| 15.73 |
|
| 0.20 |
|
| 3.59 |
|
| 3.79 |
|
| (0.28 | ) |
| (0.00 | )d | ||
| 5/31/23 |
|
| 16.95 |
|
| 0.18 |
|
| (0.08 | ) |
| 0.10 |
|
| (0.25 | ) |
| (1.07 | ) | ||
| 5/31/22 |
|
| 21.23 |
|
| 0.22 |
|
| (2.19 | ) |
| (1.97 | ) |
| (0.65 | ) |
| (1.66 | ) | ||
| 5/31/21 |
|
| 15.49 |
|
| 0.15 |
|
| 6.62 |
|
| 6.77 |
|
| (0.46 | ) |
| (0.57 | ) | ||
| 5/31/20 |
|
| 15.35 |
|
| 0.20 |
|
| 0.87 |
|
| 1.07 |
|
| (0.13 | ) |
| (0.80 | ) | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
a | Based on average shares outstanding. | |||||||||||||||||||||
b | Total returns are at NAV and do not include any sales charge. Total returns are not annualized | |||||||||||||||||||||
d | Value rounded to zero. | |||||||||||||||||||||
e | The Fund’s expenses do not include the expenses of the Underlying Funds. | |||||||||||||||||||||
j | 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. | |||||||||||||||||||||
164 Prospectus ■ Nuveen Lifestyle Funds
(concluded)
|
|
|
|
|
|
|
|
|
| Ratios and supplemental data | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
| Ratios to average net assets |
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
| Net asset
|
| Total
| b |
|
| Gross
| e | Net
| e |
|
| Portfolio
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| $ (0.27 | ) |
| $ 19.20 |
|
| 24.30 | % | $118,311 |
|
| 0.49 | % |
| 0.39 | % |
| 1.13 | % | 12 | % | ||
| (1.32 | ) |
| 15.69 |
|
| 1.17 |
|
| 102,309 |
|
| 0.49 |
|
| 0.35 |
|
| 1.10 |
|
| 21 |
|
| (2.30 | ) |
| 16.91 |
|
| (10.59 | ) |
| 106,104 |
|
| 0.48 |
|
| 0.32 |
|
| 1.04 |
|
| 30 |
|
| (1.02 | ) |
| 21.19 |
|
| 44.41 |
|
| 117,922 |
|
| 0.50 |
|
| 0.38 |
|
| 0.78 |
|
| 56 |
|
| (0.93 | ) |
| 15.46 |
|
| 6.80 |
|
| 83,795 |
|
| 0.54 |
|
| 0.40 |
|
| 1.56 |
|
| 33 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (0.30 | ) |
| 19.34 |
|
| 24.55 |
|
| $5,423 |
|
| 0.30 |
|
| 0.20 |
|
| 1.34 |
|
| 12 |
|
| (1.35 | ) |
| 15.80 |
|
| 1.33 |
|
| 4,908 |
|
| 0.29 |
|
| 0.15 |
|
| 1.31 |
|
| 21 |
|
| (2.34 | ) |
| 17.03 |
|
| (10.40 | ) |
| 6,248 |
|
| 0.28 |
|
| 0.13 |
|
| 1.28 |
|
| 30 |
|
| (1.05 | ) |
| 21.32 |
|
| 44.68 |
|
| 9,163 |
|
| 0.30 |
|
| 0.18 |
|
| 0.98 |
|
| 56 |
|
| (0.94 | ) |
| 15.55 |
|
| 7.01 |
|
| 7,051 |
|
| 0.33 |
|
| 0.19 |
|
| 2.39 |
|
| 33 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (0.30 | ) |
| 19.40 |
|
| 24.39 |
|
| 389 |
|
| 0.37 |
|
| 0.25 |
|
| 1.28 |
|
| 12 |
|
| (1.34 | ) |
| 15.86 |
|
| 1.29 |
|
| 320 |
|
| 0.36 |
|
| 0.22 |
|
| 1.27 |
|
| 21 |
|
| (2.33 | ) |
| 17.08 |
|
| (10.43 | ) |
| 342 |
|
| 0.35 |
|
| 0.20 |
|
| 1.21 |
|
| 30 |
|
| (1.04 | ) |
| 21.37 |
|
| 44.54 |
|
| 427 |
|
| 0.37 |
|
| 0.23 |
|
| 0.95 |
|
| 56 |
|
| (0.93 | ) |
| 15.59 |
|
| 7.00 |
|
| 313 |
|
| 0.39 |
|
| 0.25 |
|
| 0.17 |
|
| 33 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (0.32 | ) |
| 19.34 |
|
| 24.58 |
|
| 63,319 |
|
| 0.21 |
|
| 0.10 |
|
| 1.45 |
|
| 12 |
|
| (1.36 | ) |
| 15.81 |
|
| 1.46 |
|
| 51,862 |
|
| 0.20 |
|
| 0.05 |
|
| 1.40 |
|
| 21 |
|
| (2.36 | ) |
| 17.03 |
|
| (10.32 | ) |
| 50,497 |
|
| 0.19 |
|
| 0.04 |
|
| 1.28 |
|
| 30 |
|
| (1.07 | ) |
| 21.32 |
|
| 44.79 |
|
| 45,923 |
|
| 0.21 |
|
| 0.08 |
|
| 1.08 |
|
| 56 |
|
| (0.97 | ) |
| 15.55 |
|
| 7.14 |
|
| 26,474 |
|
| 0.25 |
|
| 0.10 |
|
| 1.56 |
|
| 33 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (0.28 | ) |
| 19.24 |
|
| 24.29 |
|
| 60,408 |
|
| 0.45 |
|
| 0.35 |
|
| 1.18 |
|
| 12 |
|
| (1.32 | ) |
| 15.73 |
|
| 1.20 |
|
| 52,655 |
|
| 0.45 |
|
| 0.31 |
|
| 1.16 |
|
| 21 |
|
| (2.31 | ) |
| 16.95 |
|
| (10.54 | ) |
| 56,152 |
|
| 0.44 |
|
| 0.29 |
|
| 1.08 |
|
| 30 |
|
| (1.03 | ) |
| 21.23 |
|
| 44.47 |
|
| 65,640 |
|
| 0.45 |
|
| 0.33 |
|
| 0.82 |
|
| 56 |
|
| (0.93 | ) |
| 15.49 |
|
| 6.85 |
|
| 42,644 |
|
| 0.49 |
|
| 0.35 |
|
| 1.29 |
|
| 33 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Nuveen Lifestyle Funds ■ Prospectus 165
Appendix to the Prospectus
VARIATIONS
IN SALES CHARGE REDUCTIONS AND WAIVERS
AVAILABLE THROUGH CERTAIN INTERMEDIARIES
166 Prospectus ■ Nuveen Lifestyle Funds
The availability of certain sales charge variations, waivers and discounts will depend on whether you purchase your shares directly from a Fund or through a financial intermediary. Financial intermediaries may impose different sales charges and have unique policies and procedures regarding the availability of sales charge waivers and/or discounts (including based on account type), which differ from those described in the prospectus and are disclosed below. All sales charges and sales charge variations, waivers and discounts available to investors, other than those set forth below, are described in the prospectus. To the extent a financial intermediary notifies Nuveen Fund Advisors, LLC (“Nuveen Fund Advisors”), Teachers Advisors, LLC (“TAL” or collectively with Nuveen Fund Advisors, the “Advisers”) or Nuveen Securities, LLC (“Nuveen Securities”) of its intention to impose sales charges or have sales charge waivers and/or discounts that differ from those described in the prospectus, such information provided by that intermediary will be disclosed in this Appendix.
In all instances, it is your responsibility to notify your financial intermediary at the time of purchase of any relationship or other facts qualifying you for sales charge waivers or discounts. Please contact your financial intermediary with questions regarding your eligibility for applicable sales charge variations, waivers and discounts or for additional information regarding your intermediary’s policies for implementing particular sales charge variations, waivers and discounts. For waivers and discounts not available through a particular financial intermediary, shareholders will have to purchase shares directly from a Fund or through another intermediary to receive these waivers or discounts.
The information provided below for a particular financial intermediary is reproduced based on information provided by that intermediary. A financial intermediary’s administration and implementation of its particular policies with respect to any variations, waivers and/or discounts is neither supervised nor verified by the Funds, the Advisers or Nuveen Securities.
As used below, the phrase “Nuveen-sponsored mutual fund(s)” means any mutual fund for which Nuveen Fund Advisors or TAL serves as the investment adviser.
AMERIPRISE FINANCIAL
Front-end sales charge reductions on Class A shares purchased through Ameriprise Financial
Shareholders purchasing Class A shares of a Fund through an Ameriprise Financial platform or account are eligible only for the following sales charge reductions, which may differ from those disclosed elsewhere in this prospectus or the SAI. Such shareholders can reduce their initial sales charge on the purchase of Class A shares as follows:
· Transaction size breakpoints, as described in this prospectus or the SAI.
· Rights of accumulation (ROA), as described in this prospectus or the SAI.
Nuveen Lifestyle Funds ■ Prospectus 167
· Letter of intent, as described in this prospectus or the SAI.
Front-end sales charge waivers on Class A shares purchased through Ameriprise Financial
Shareholders purchasing Class A shares of a Fund through an Ameriprise Financial brokerage account are eligible only for the following sales charge waivers, which may differ from those disclosed elsewhere in this prospectus or the SAI. Such shareholders may purchase Class A shares at NAV without payment of a sales charge as follows:
· shares purchased by employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs or SAR-SEPs.
· shares purchased through reinvestment of capital gains and dividend reinvestment when purchasing shares of the same fund (but not any other Nuveen-sponsored mutual fund).
· shares purchased by employees and registered representatives of Ameriprise Financial or its affiliates and their immediate family members.
· shares purchased by or through qualified accounts (including IRAs, Coverdell Education Savings Accounts, 401(k)s, 403(b) tax sheltered custodial accounts subject to ERISA, and defined benefit plans) that are held by a covered family member, defined as an Ameriprise Financial advisor and/or the advisor’s spouse, advisor’s lineal ascendant (mother, father, grandmother, grandfather, great-grandmother, great-grandfather), advisor’s lineal descendant (son, step-son, daughter, step-daughter, grandson, granddaughter, great grandson, great granddaughter) or any spouse of a covered family member who is a lineal descendant.
· shares purchased from the proceeds of redemptions of a Nuveen-sponsored mutual fund, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (i.e., Rights of Reinstatement).
CDSC waivers on Class A shares purchased through Ameriprise Financial
Fund shares purchased through an Ameriprise Financial platform or account are eligible only for the following CDSC waivers, which may differ from those disclosed elsewhere in this prospectus or the SAI:
· redemptions due to death or disability of the shareholder;
· shares sold as part of a systematic withdrawal plan as described in this prospectus or the SAI;
168 Prospectus ■ Nuveen Lifestyle Funds
· redemptions made in connection with a return of excess contributions from an IRA account;
· shares purchased through a Right of Reinstatement (as defined above); and
· redemptions made as part of a required minimum distribution for IRA and retirement accounts pursuant to the Internal Revenue Code.
SALES WAIVERS AND REDUCTIONS IN SALES CHARGES AVAILABLE AT ROBERT W. BAIRD & CO. (“BAIRD”)
Shareholders purchasing fund shares through a Baird platform or account will only be eligible for the following sales charge waivers (front-end sales charge waivers and CDSC waivers) and discounts, which may differ from those disclosed elsewhere in this prospectus or the SAI.
Front-End Sales Charge Waivers on Class A Shares Available at Baird
· Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund
· Shares purchased by employees and registered representatives of Baird or its affiliate and their family members as designated by Baird
· Shares purchased from the proceeds of redemptions from another Nuveen-sponsored mutual fund, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same accounts, and (3) redeemed shares were subject to a front-end or deferred sales charge (known as rights of reinstatement)
· Employer-sponsored retirement plans or charitable accounts in a transactional brokerage account at Baird, including 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans. For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs or SAR-SEPs
CDSC Waivers on Class A Shares Available at Baird
· Shares sold due to death or disability of the shareholder
· Shares sold as part of a systematic withdrawal plan as described in this prospectus
· Shares bought due to returns of excess contributions from an IRA account
· Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching the qualified age based on applicable IRS regulations.
Nuveen Lifestyle Funds ■ Prospectus 169
· Shares sold to pay Baird fees but only if the transaction is initiated by Baird
· Shares acquired through a right of reinstatement
Front-End Sales Charge Discounts Available at Baird: Breakpoints and/or Rights of Accumulation
· Breakpoints as described in this prospectus
· Rights of accumulation, which entitles shareholders to breakpoint discounts, will be automatically calculated based on the aggregated holding of all Nuveen-sponsored mutual fund assets held by accounts within the purchaser’s household at Baird. Eligible Nuveen-sponsored mutual fund assets not held at Baird may be included in the rights of accumulation calculation only if the shareholder notifies his or her financial advisor about such assets
· Letters of intent, which allow for breakpoint discounts based on anticipated purchases of Nuveen-sponsored mutual funds through Baird over a 13-month period of time
EDWARD D. JONES & CO., L.P. (“EDWARD JONES”)
Policies Regarding Transactions Through Edward Jones
The following information has been provided by Edward Jones:
Effective on or after October 1, 2024, the following information supersedes prior information with respect to transactions and positions held in fund shares through an Edward Jones system. Clients of Edward Jones (also referred to as "shareholders") purchasing fund shares on the Edward Jones commission and fee-based platforms are eligible only for the following sales charge discounts (also referred to as "breakpoints") and waivers, which can differ from discounts and waivers described elsewhere in the mutual fund prospectus or statement of additional information (“SAI”) or through another broker-dealer. In all instances, it is the shareholder's responsibility to inform Edward Jones at the time of purchase of any relationship, holdings of Nuveen-sponsored mutual funds, or other facts qualifying the purchaser for discounts or waivers. Edward Jones can ask for documentation of such circumstance. Shareholders should contact Edward Jones if they have questions regarding their eligibility for these discounts and waivers.
Breakpoints
· Breakpoint pricing, otherwise known as volume pricing, at dollar thresholds as described in the prospectus.
170 Prospectus ■ Nuveen Lifestyle Funds
Rights of Accumulation (“ROA”)
· The applicable sales charge on a purchase of Class A shares is determined by taking into account all share classes (except certain money market funds and any assets held in group retirement plans) of Nuveen-sponsored mutual fund assets held by the shareholder or in an account grouped by Edward Jones with other accounts for the purpose of providing certain pricing considerations ("pricing groups"). If grouping assets as a shareholder, this includes all share classes held on the Edward Jones platform and/or held on another platform. The inclusion of eligible Nuveen-sponsored mutual fund assets in the ROA calculation is dependent on the shareholder notifying Edward Jones of such assets at the time of calculation. Money market funds are included only if such shares were sold with a sales charge at the time of purchase or acquired in exchange for shares purchased with a sales charge.
· The employer maintaining a SEP IRA plan and/or SIMPLE IRA plan may elect to establish or change ROA for the IRA accounts associated with the plan to a plan-level grouping as opposed to including all share classes at a shareholder or pricing group level.
· ROA is determined by calculating the higher of cost minus redemptions or market value (current shares x NAV).
Letter of Intent (“LOI”)
· Through an LOI, shareholders can receive the sales charge and breakpoint discounts for purchases shareholders intend to make over a 13-month period from the date Edward Jones receives the LOI. The LOI is determined by calculating the higher of cost or market value of qualifying holdings at LOI initiation in combination with the value that the shareholder intends to buy over a 13-month period to calculate the front-end sales charge and any breakpoint discounts. Each purchase the shareholder makes during that 13-month period will receive the sales charge and breakpoint discount that applies to the total amount. The inclusion of eligible Nuveen-sponsored mutual fund assets in the LOI calculation is dependent on the shareholder notifying Edward Jones of such assets at the time of calculation. Purchases made before the LOI is received by Edward Jones are not adjusted under the LOI and will not reduce the sales charge previously paid. Sales charges will be adjusted if the LOI is not met.
· If the employer maintaining a SEP IRA plan and/or SIMPLE IRA plan has elected to establish or change ROA for the IRA accounts associated with the plan to a plan-level grouping, LOIs will also be at the plan-level and may only be established by the employer.
Sales Charge Waivers
Sales charges are waived for the following shareholders and in the following situations:
Nuveen Lifestyle Funds ■ Prospectus 171
· Associates of Edward Jones and its affiliates and other accounts in the same pricing group (as determined by Edward Jones under its policies and procedures) as the associate. This waiver will continue for the remainder of the associate's life if the associate retires from Edward Jones in good-standing and remains in good standing pursuant to Edward Jones’ policies and procedures.
· Shares purchased in an Edward Jones fee-based program.
· Shares purchased through reinvestment of capital gains distributions and dividend reinvestment.
· Shares purchased from the proceeds of redeemed shares of a Nuveen-sponsored mutual fund so long as the following conditions are met: the proceeds are from the sale of shares within 60 days of the purchase, the sale and purchase are made from a share class that charges a front load, and one of the following (“Right of Reinstatement”):
· The redemption and repurchase occur in the same account.
· The redemption proceeds are used to process an: IRA contribution, excess contributions, conversion, recharacterizing of contributions, or distribution, and the repurchase is done in an account within the same Edward Jones grouping for ROA.
The Right of Reinstatement excludes systematic or automatic transactions including, but not limited to, purchases made through payroll deductions, liquidations to cover account fees, and reinvestments from non-mutual fund products.
· Shares exchanged into Class A shares from another share class so long as the exchange is into the same fund and was initiated at the discretion of Edward Jones. Edward Jones is responsible for any remaining contingent deferred sales charge due to the fund company, if applicable. Any future purchases are subject to the applicable sales charge as disclosed in the prospectus.
Contingent Deferred Sales Charge (“CDSC”) Waivers
If the shareholder purchases shares that are subject to a CDSC and those shares are redeemed before the CDSC is expired, the shareholder is responsible to pay the CDSC except in the following conditions:
· The death or disability of the shareholder.
· Systematic withdrawals with up to 10% per year of the account value.
· Return of excess contributions from an Individual Retirement Account (IRA).
· Shares redeemed as part of a required minimum distribution for IRA and retirement accounts if the redemption is taken in or after the year the shareholder reaches qualified age based on applicable IRS regulations.
172 Prospectus ■ Nuveen Lifestyle Funds
· Shares redeemed to pay Edward Jones fees or costs in such cases where the transaction is initiated by Edward Jones.
· Shares exchanged in an Edward Jones fee-based program.
· Shares acquired through NAV reinstatement.
· Shares redeemed at the discretion of Edward Jones for Minimum Balances, as described below.
Other Important Information Regarding Transactions Through Edward Jones
Minimum Purchase Amounts
· Initial purchase minimum: $250
· Subsequent purchase minimum: none
Minimum Balances
· Edward Jones has the right to redeem at its discretion fund holdings with a balance of $250 or less. The following are examples of accounts that are not included in this policy:
· A fee-based account held on an Edward Jones platform
· A 529 account held on an Edward Jones platform
· An account with an active systematic investment plan or LOI
Exchanging Share Classes
· At any time it deems necessary, Edward Jones has the authority to exchange at NAV a shareholder's holdings of a Nuveen-sponsored mutual fund to Class A shares of the same fund.
CLASS A SHARE SALES CHARGE REDUCTIONS AND WAIVERS AVAILABLE THROUGH JANNEY MONTGOMERY SCOTT LLC
Shareholders purchasing fund shares through a Janney Montgomery Scott LLC (“Janney”) brokerage account will be eligible only for the following load waivers (front-end sales charge waivers and contingent deferred sales charge (“CDSC”) waivers) and discounts, which may differ from those disclosed elsewhere in this fund’s Prospectus or SAI.
Nuveen Lifestyle Funds ■ Prospectus 173
Front-end sales charge waivers on Class A shares available at Janney
· Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other Nuveen-sponsored mutual fund).
· Shares purchased by employees and registered representatives of Janney or its affiliates and their family members as designated by Janney.
· Shares purchased from the proceeds of redemptions of a Nuveen-sponsored mutual fund, provided (1) the repurchase occurs within ninety (90) days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (i.e., right of reinstatement).
· Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans.
CDSC waivers on Class A shares available at Janney
· Shares sold upon the death or disability of the shareholder.
· Shares sold as part of a systematic withdrawal plan as described in the fund’s Prospectus.
· Shares purchased in connection with a return of excess contributions from an IRA account.
· Shares sold as part of a required minimum distribution for IRA and retirement accounts if the redemption is taken in or after the year the shareholder reaches the qualified age based on applicable IRS regulations.
· Shares sold to pay Janney fees but only if the transaction is initiated by Janney.
· Shares acquired through a right of reinstatement.
Front-end sales charge discounts available at Janney: breakpoints, rights of accumulation, and/or letters of intent
· Breakpoints as described in the fund’s Prospectus.
· Rights of accumulation (“ROA”), which entitle shareholders to breakpoint discounts, will be automatically calculated based on the aggregated holding of all Nuveen-sponsored mutual fund assets held by accounts within the purchaser’s household at Janney. Eligible Nuveen-sponsored mutual fund assets not held at Janney may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets.
174 Prospectus ■ Nuveen Lifestyle Funds
· Letters of intent which allow for breakpoint discounts based on anticipated purchases of Nuveen-sponsored mutual funds, over a 13-month time period. Eligible Nuveen-sponsored mutual fund assets not held at Janney Montgomery Scott may be included in the calculation of letters of intent only if the shareholder notifies his or her financial advisor about such assets.
J.P. MORGAN SECURITIES LLC
If you purchase or hold fund shares through an applicable J.P. Morgan Securities LLC brokerage account, you will be eligible for the following sales charge waivers (front-end sales charge waivers and contingent deferred sales charge (“CDSC”), or back-end sales charge, waivers), share class conversion policy and discounts, which may differ from those disclosed elsewhere in this fund’s prospectus or Statement of Additional Information (“SAI”).
Front-end sales charge waivers on Class A shares available at J.P. Morgan Securities LLC
· Qualified employer-sponsored defined contribution and defined benefit retirement plans, nonqualified deferred compensation plans, other employee benefit plans and trusts used to fund those plans. For purposes of this provision, such plans do not include SEP IRAs, SIMPLE IRAs, SAR-SEPs or 501(c)(3) accounts.
· Shares of funds purchased through J.P. Morgan Securities LLC Self-Directed Investing accounts.
· Shares purchased through rights of reinstatement.
· Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other Nuveen-sponsored mutual fund).
· Shares purchased by employees and registered representatives of J.P. Morgan Securities LLC or its affiliates and their spouse or financial dependent as defined by J.P. Morgan Securities LLC.
CDSC waivers on Class A Shares available at J.P. Morgan Securities LLC
· Shares sold upon the death or disability of the shareholder.
· Shares sold as part of a systematic withdrawal plan as described in the fund’s prospectus.
· Shares purchased in connection with a return of excess contributions from an IRA account.
· Shares sold as part of a required minimum distribution for IRA and retirement accounts pursuant to the Internal Revenue Code.
Nuveen Lifestyle Funds ■ Prospectus 175
· Shares acquired through a right of reinstatement.
Front-end load discounts available at J.P. Morgan Securities LLC: breakpoints, rights of accumulation & letters of intent
· Breakpoints as described in the prospectus.
· Rights of Accumulation (“ROA”) which entitle shareholders to breakpoint discounts as described in the fund’s prospectus will be automatically calculated based on the aggregated holding of all Nuveen-sponsored mutual fund assets held by accounts within the purchaser’s household at J.P. Morgan Securities LLC. Eligible Nuveen-sponsored mutual fund assets not held at J.P. Morgan Securities LLC (including 529 program holdings, where applicable) may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets.
· Letters of Intent (“LOI”) which allow for breakpoint discounts based on anticipated purchases of any Nuveen-sponsored mutual fund, through J.P. Morgan Securities LLC, over a 13-month period of time (if applicable).
CLASS A SHARE SALES CHARGE REDUCTIONS AND WAIVERS AVAILABLE THROUGH MERRILL LYNCH
Effective April 1, 2024, purchases or sales of front-end (i.e. Class A) mutual fund shares through a Merrill platform or account will be eligible only for the following sales load waivers (front-end, contingent deferred, or back-end waivers) and discounts, which differ from those disclosed elsewhere in this Fund’s prospectus or SAI. Purchasers will have to buy mutual fund shares directly from the mutual fund company or through another intermediary to be eligible for waivers or discounts not listed below.
It is the client’s responsibility to notify Merrill at the time of purchase or sale of any relationship or other facts that qualify the transaction for a waiver or discount. A Merrill representative may ask for reasonable documentation of such facts and Merrill may condition the granting of a waiver or discount on the timely receipt of such documentation.
Additional information on waivers and discounts is available in the Merrill Sales Load Waiver and Discounts Supplement (the “Merrill SLWD Supplement") and in the Mutual Fund Investing at Merrill pamphlet at ml.com/funds. Clients are encouraged to review these documents and speak with their financial advisor to determine whether a transaction is eligible for a waiver or discount.
Front-end Load Waivers Available at Merrill
· Shares of mutual funds available for purchase by employer-sponsored retirement, deferred compensation, and employee benefit plans (including health savings accounts) and trusts used to fund those plans provided the
176 Prospectus ■ Nuveen Lifestyle Funds
shares are not held in a commission-based brokerage account and shares are held for the benefit of the plan. For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans
· Shares purchased through a Merrill investment advisory program
· Brokerage class shares (e.g., Class A shares) exchanged from advisory class shares (e.g., Class I shares) due to the holdings moving from a Merrill investment advisory program to a Merrill brokerage account
· Shares purchased through the Merrill Edge Self-Directed platform
· Shares purchased through the systematic reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same mutual fund in the same account
· Shares purchased by eligible employees of Merrill or its affiliates and their family members who purchase shares in accounts within the employee’s Merrill Household (as defined in the Merrill SLWD Supplement)
· Shares purchased by eligible persons associated with the Fund as defined in this prospectus (e.g. the Fund’s officers or trustees)
· Shares purchased from the proceeds of a mutual fund redemption in front-end load shares provided (1) the repurchase is in a Nuveen-sponsored mutual fund; (2) the repurchase occurs within 90 calendar days from the redemption trade date, and (3) the redemption and purchase occur in the same account (known as Rights of Reinstatement). Automated transactions (i.e. systematic purchases and withdrawals) and purchases made after shares are automatically sold to pay Merrill’s account maintenance fees are not eligible for Rights of Reinstatement
Contingent Deferred Sales Charge (“CDSC”) Waivers on Front-end Shares Available at Merrill
· Shares sold due to the client’s death or disability (as defined by Internal Revenue Code Section 22I(3))
· Shares sold pursuant to a systematic withdrawal program subject to Merrill’s maximum systematic withdrawal limits as described in the Merrill SLWD Supplement
· Shares sold due to return of excess contributions from an IRA account
· Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the investor reaching the qualified age based on applicable IRS regulation
· Front-end (e.g., Class A shares) held in commission-based, non-taxable retirement brokerage accounts (e.g. traditional, Roth, rollover, SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans) that are transferred to fee-based
Nuveen Lifestyle Funds ■ Prospectus 177
accounts or platforms and exchanged for a lower cost share class of the same mutual fund
Front-End Load Discounts Available at Merrill: Breakpoints, Rights of Accumulation & Letters of Intent
· Breakpoint discounts, as described in this prospectus, where the sales load is at or below the maximum sales load that Merrill permits to be assessed to a front-end load purchase, as described in the Merrill SLWD Supplement
· Rights of Accumulation (ROA), as described in the Merrill SLWD Supplement, which entitle clients to breakpoint discounts based on the aggregated holdings of all Nuveen-sponsored mutual fund assets held in accounts in their Merrill Household
· Letters of Intent (LOI), which allow for breakpoint discounts on eligible new purchases based on anticipated future eligible purchases of any Nuveen-sponsored mutual fund at Merrill, in accounts within your Merrill Household, as further described in the Merrill SLWD Supplement
CLASS A SHARE FRONT-END SALES CHARGE WAIVERS AVAILABLE AT MORGAN STANLEY WEALTH MANAGEMENT
Shareholders purchasing Fund shares through a Morgan Stanley Wealth Management transactional brokerage account will be eligible only for the following front-end sales charge waivers with respect to Class A shares, which may differ from and may be more limited than those disclosed elsewhere in this Fund’s prospectus or SAI. Shareholders should contact Morgan Stanley Wealth Management to determine their eligibility for these waivers and discounts.
· Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans
· Morgan Stanley employee and employee-related accounts according to Morgan Stanley’s account linking rules
· Shares purchased through reinvestment of dividends and capital gains distributions when purchasing shares of the same fund
· Shares purchased through a Morgan Stanley self-directed brokerage account
· Class C (i.e., level-load) shares that are no longer subject to a contingent deferred sales charge and are converted to Class A shares of the same fund pursuant to Morgan Stanley Wealth Management’s share class conversion program
178 Prospectus ■ Nuveen Lifestyle Funds
· Shares purchased from the proceeds of redemptions of a Nuveen-sponsored mutual fund, provided (i) the repurchase occurs within 90 days following the redemption, (ii) the redemption and purchase occur in the same account, and (iii) redeemed shares were subject to a front-end or deferred sales charge.
CLASS A SHARE SALES CHARGE REDUCTIONS AND WAIVERS AVAILABLE THROUGH OPPENHEIMER & CO. INC.
Shareholders purchasing fund shares through an Oppenheimer & Co. Inc. (“OPCO”) platform or account are eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in this prospectus or SAI.
Front-End Sales Load Waivers on Class A Shares available at OPCO
· Employer-sponsored retirement, deferred compensation and employee benefit plans (including health savings accounts) and trusts used to fund those plans, provided that the shares are not held in a commission-based brokerage account and shares are held for the benefit of the plan
· Shares purchased by or through a 529 Plan
· Shares purchased through a OPCO affiliated investment advisory program
· Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other Nuveen-sponsored mutual fund)
· Shares purchased from the proceeds of redemptions of a Nuveen-sponsored mutual fund, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Restatement)
· Employees and registered representatives of OPCO or its affiliates and their family members
· Directors or Trustees of the Funds, and employees of the Funds’ investment adviser or any of its affiliates, as described in this prospectus
CDSC Waivers on A Shares available at OPCO
· Death or disability of the shareholder
· Shares sold as part of a systematic withdrawal plan as described in the prospectus
Nuveen Lifestyle Funds ■ Prospectus 179
· Return of excess contributions from an IRA Account
· Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching the qualified age based on applicable IRS regulations as described in the prospectus
· Shares sold to pay OPCO fees but only if the transaction is initiated by OPCO
· Shares acquired through a Right of Reinstatement
Front-End Load Discounts Available at OPCO: Breakpoints, Rights of Accumulation & Letters of Intent
· Breakpoints as described in the prospectus.
· Rights of Accumulation (ROA) which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of all Nuveen-sponsored mutual fund assets held by accounts within the purchaser’s household at OPCO. Eligible Nuveen-sponsored mutual fund assets not held at OPCO may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets.
PFS INVESTMENTS INC. (“PFSI”)
Policies Regarding Transactions Through PFSI
The following information supersedes all prior information with respect to transactions and positions held in fund shares purchased through PFSI and held on the mutual fund platform of its affiliate, Primerica Shareholder Services (“PSS”). Clients of PFSI (also referred to as “shareholders”) purchasing fund shares on the PSS platform are eligible only for the following share classes, sales charge discounts (also referred to as “breakpoints”) and waivers, which can differ from share classes, discounts and waivers described elsewhere in this prospectus or the related statement of additional information (“SAI”) or through another broker-dealer.
Share Classes
· Class A shares are available only to non-retirement accounts, individual retirement accounts (IRA), SEP IRAs, SIMPLE IRAs, Keogh Plans, and all other account types.
Breakpoints
· Breakpoint pricing at dollar thresholds as described in the prospectus of the fund you are purchasing.
180 Prospectus ■ Nuveen Lifestyle Funds
Rights of Accumulation (“ROA”)
· The applicable sales charge on a purchase of Class A shares is determined by taking into account all share classes (except any assets held in group retirement plans) of Nuveen-sponsored mutual funds held by the shareholder on the PSS Platform.
· It is the shareholder’s responsibility to inform PFSI of all eligible Nuveen-sponsored mutual fund assets at the time of calculation. Shares of money market funds are included only if such shares were acquired in exchange for shares of another Nuveen Fund purchased with a sales charge. No shares of Nuveen-sponsored mutual funds held by the shareholder away from the PSS platform will be granted ROA with shares of any Nuveen Fund purchased on the PSS platform.
· Any SEP IRA plan, any SIMPLE IRA plan or any Payroll Deduction plan (“PDP”) on the PSS platform will be defaulted to plan-level grouping for purposes of ROA, which allows each participating employee ROA with all other eligible shares held in plan accounts on the PSS platform. At any time, a participating employee may elect to exercise a one-time option to change grouping for purposes of ROA to shareholder-level grouping, which allows the plan account of the electing employee ROA with her other eligible holdings on the PSS platform, but not with all other eligible participant holdings in the plan. Eligible shares held in plan accounts electing shareholder-level grouping will not be available for purposes of ROA to plan accounts electing plan-level grouping.
· ROA is determined by calculating the higher of cost minus redemptions or current market value (current shares multiplied by Fund NAV).
Letter of Intent (“LOI”)
· By executing a LOI, shareholders can receive the sales charge and breakpoint discounts for purchases shareholders intend to make over a 13-month period through PFSI, from the date PSS receives the LOI. The purchase price of the LOI is determined by calculating the higher of cost or market value of qualifying holdings at LOI initiation in combination with the dollar amount the shareholder intends to invest over a 13-month period to arrive at total investment for purposes of determining any breakpoint discount and the applicable front-end sales charge. Each purchase the shareholder makes during that 13-month period will receive the sales charge and breakpoint discount that applies to the projected total investment.
· Only holdings of Nuveen-sponsored mutual funds on the PSS platform are eligible for inclusion in the LOI calculation and the shareholder must notify PFSI of all eligible assets at the time of calculation. It is the shareholder’s responsibility to inform PFSI at the time of a purchase of all holdings of Nuveen-sponsored mutual funds on the PSS platform, or other facts qualifying the purchaser for this discount.
Nuveen Lifestyle Funds ■ Prospectus 181
· Purchases made before the LOI is received by PSS are not adjusted under the LOI, and the LOI will not reduce any sales charge previously paid. Sales charges will be automatically adjusted if the total purchases required by the LOI are not met.
· If an employer maintaining a SEP IRA plan, SIMPLE IRA plan or non-IRA PDP on the PSS platform has elected to establish or change ROA for the accounts associated with the plan to a plan-level grouping, LOIs will also be at the plan-level and may only be established by the employer. LOIs are not available to PDP IRA plans on the PSS platform with plan-level grouping for purposes of ROA, but are available to any participating employee that elects shareholder-level grouping for purposes of ROA.
Sales Charge Waivers
Sales charges are waived for the following shareholders and in the following situations:
· Shares purchased through reinvestment of capital gains distributions and dividend reinvestment.
· Shares purchased with the proceeds of redeemed shares of a Nuveen-sponsored mutual fund so long as the following conditions are met: 1) the proceeds are from the sale of shares within 90 days of the purchase, 2) the sale and purchase are made in the same share class and the same account or the purchase is made in an individual retirement account with proceeds from liquidations in a non-retirement account, and 3) the redeemed shares were subject to a front-end or deferred sales load. Automated transactions (i.e. systematic purchases and withdrawals), full or partial transfers or rollovers of retirement accounts, and purchases made after shares are automatically sold to pay account maintenance fees are not eligible for this sales charge waiver.
· Shares exchanged into Class A shares from another share class so long as the exchange is into the same fund and was initiated at the discretion of PFSI. PFSI is responsible for any remaining CDSC due to the fund company, if applicable. Any future purchases are subject to the applicable sales charge as disclosed in the prospectus.
PFSI may request reasonable documentation of facts qualifying the purchaser for the discounts and waivers identified above, and condition the granting of any discount or waiver on the timely receipt of such documents. Shareholders should contact PSS if they have questions regarding their eligibility for these discounts and waivers.
182 Prospectus ■ Nuveen Lifestyle Funds
CLASS A SHARE SALES CHARGE REDUCTIONS AND WAIVERS AVAILABLE THROUGH RAYMOND JAMES & ASSOCIATES, INC., RAYMOND JAMES FINANCIAL SERVICES, INC. AND EACH ENTITY’S AFFILIATES (“RAYMOND JAMES”)
Shareholders purchasing Fund shares through a Raymond James platform or account, or through an introducing broker-dealer or independent registered investment adviser for which Raymond James provides trade execution, clearance, and/or custody services, will be eligible only for the following load waivers (front-end sales charge waivers and contingent deferred sales charge waivers) and discounts, which may differ from those disclosed elsewhere in your Fund’s prospectus or SAI.
Front-End Sales Load Waivers on Class A Shares Available at Raymond James
· Shares purchased through a Raymond James investment advisory program.
· Shares purchased of a Nuveen-sponsored mutual fund through a systematic reinvestment of capital gains and dividend distributions.
· Employees and registered representatives of Raymond James or its affiliates and their family members as designated by Raymond James.
· Shares purchased from the proceeds of redemptions of a Nuveen-sponsored mutual fund, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Reinstatement).
CDSC Waivers on Class A Shares Available at Raymond James
· Death or disability of the shareholder.
· Shares sold as part of a systematic withdrawal plan as described in the prospectus.
· Return of excess contributions from an IRA Account.
· Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching the qualified age based on applicable IRS regulations as described in the prospectus.
· Shares sold to pay Raymond James fees but only if the transaction is initiated by Raymond James.
· Shares acquired through a Right of Reinstatement.
Nuveen Lifestyle Funds ■ Prospectus 183
Front-End Load Discounts Available at Raymond James: Breakpoints, Rights of Accumulation, and/or Letters of Intent
· Breakpoints as described in the prospectus.
· Rights of accumulation which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of all Nuveen-sponsored mutual fund assets held by accounts within the purchaser’s household at Raymond James. Eligible Nuveen-sponsored mutual fund assets not held at Raymond James may be included in the calculation of rights of accumulation only if the shareholder notifies his or her financial advisor about such assets.
· Letters of intent which allow for breakpoint discounts based on anticipated purchases of Nuveen-sponsored mutual funds, over a 13-month time period. Eligible Nuveen-sponsored mutual fund assets not held at Raymond James may be included in the calculation of letters of intent only if the shareholder notifies his or her financial advisor about such assets.
CLASS A SALES CHARGE WAIVERS AVAILABLE ONLY THROUGH SPECIFIED INTERMEDIARIES
As described in the Prospectus, Class A shares may be purchased at net asset value (“NAV”) without a sales charge by employer-sponsored retirement plans (“ESRPs”) as defined in the Prospectus, except that, in the case of ESRPs held through a brokerage account, Class A shares will be available at NAV without a sales charge only if the broker-dealer has entered into an agreement with Nuveen Securities that allows for such purchases.
The following intermediaries have entered into such an agreement:
Baker & Co., Inc.
Cetera Advisor
Networks LLC
Cetera Advisors LLC
Cetera Financial Specialists LLC
Cetera
Investment Services LLC
Country Club Financial Services, Inc.
Cutter & Co.
Brokerage Inc.
Davenport & Co. LLC
Devenir Investment Advisors, LLC
Fintrust
Brokerage Services
First Kentucky Securities Corp.
First Western Securities
Gold
Coast Securities, Inc.
Hewitt Financial Services LLC
Hilltop Securities
Inc.
Infinex Investments, Inc.
J.P. Morgan Securities LLC
184 Prospectus ■ Nuveen Lifestyle Funds
KMS Financial Services, Inc.
Mid-Atlantic Capital
Corp.
OFG Financial Services, Inc.
Principal Securities Inc.
RDM
Investment Services, Inc.
Register Financial Associates, Inc.
Shareholders Service
Group Inc.
Southeast Investments, NC, Inc.
Stifel, Nicolaus & Co., Inc.
Waddell
& Reed Inc.
As described in the prospectus, Class A shares may be purchased at NAV without a sales charge through a financial intermediary that has entered into an agreement with Nuveen Securities to offer the Funds’ shares to self-directed investment brokerage accounts and that may or may not charge a transaction fee to its customers.
The following intermediaries have entered into such an agreement:
Citigroup
Global Markets Inc.
J.P. Morgan Securities LLC
Merrill Lynch,
Pierce, Fenner & Smith Inc.
TD Ameritrade, Inc.
TD Ameritrade Clearing,
Inc.
TIAA-CREF Individual & Institutional Services, LLC
Nuveen Lifestyle Funds ■ Prospectus 185
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For more information about Nuveen Funds
Statement of Additional Information (“SAI”). The Funds’ SAI contains more information about certain aspects of the Funds. A current SAI has been filed with the SEC and is incorporated into this Prospectus by reference. This means that the Funds’ SAI is legally a part of the Prospectus.
Annual and Semi-annual Reports. The Funds’ annual and semi-annual reports and Form N-CSR provide additional information about the Funds’ investments. In the Funds’ annual report, you will find a discussion of the market conditions and investment strategies that significantly affected the Funds’ performance during the preceding fiscal year. In the Funds’ Form N-CSR, you will find the Funds’ annual and semi-annual financial statements.
Requesting documents. You can request a copy of the Funds’ SAI, these reports, and other information such as the Funds’ financial statements, without charge, or contact the Funds for any other purpose, in any of the following ways:
Over the Internet:
www.nuveen.com
By telephone:
Call 800-257-8787
In writing:
Nuveen
Funds
P.O. Box 1259
Charlotte, NC 28201
The reports and other information are also available through the EDGAR Database on the SEC’s Internet website at www.sec.gov. Copies of the information can also be obtained, upon payment of a duplicating fee, by electronic request at the following e-mail address: publicinfo@sec.gov.
To lower costs and eliminate duplicate documents sent to your home, the Funds may mail only one copy of the Funds’ Prospectus, prospectus supplements, annual and semi-annual reports, or any other required documents to your household, even if more than one shareholder lives there. If you would prefer to continue receiving your own copy of any of these documents, you may call the Funds toll-free or write to the Funds as follows:
By telephone:
Call 800-257-8787
In writing:
Nuveen Funds
P.O.
Box 1259
Charlotte, NC 28201
Important information about procedures for opening a new account:
To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions, including the Funds, to obtain, verify and record information that identifies each person who opens an account.
What this means for you: When you open an account, the Funds will ask for your name, address, date of birth, Social Security number and other information that will allow the Funds to identify you, such as your home telephone number. Until you provide the Funds with the information they need, the Funds may not be able to open an account or effect any transactions for you.
1940 Act File No. 811-9301 | A13225 (10/24) |
| Mutual | Prospectus |
Nuveen Managed Allocation Fund
(formerly TIAA-CREF Managed Allocation Fund)
OCTOBER 1, 2024
Class: | Class A | Class R6 | Retirement | ||
Ticker: | TIMRX | TIMIX | TITRX |
This Prospectus describes the Class A, Class R6 and Retirement Class shares offered by the Nuveen Managed Allocation Fund (the “Fund”). The Fund is one of the investment portfolios of the TIAA-CREF Funds (the “Trust”).
An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. An investor can lose money in the Fund and the Fund could perform more poorly than other investments.
The Securities and Exchange Commission (“SEC”) has not approved or disapproved these securities or passed upon the adequacy of this Prospectus. Any representation to the contrary is a criminal offense.
Table of contents
Summary information |
(formerly TIAA-CREF Managed Allocation Fund)
The Fund seeks favorable returns that reflect the broad investment performance of the financial markets through capital appreciation and investment income. The Fund will pursue this goal through a “fund of funds” approach, whereby the Fund will make investments primarily in other mutual funds.
The following tables describe the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund or in other Nuveen mutual funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial advisor and in “How You Can Buy and Sell Shares” on page 63 of the Fund’s Prospectus and “Purchase and Redemption of Fund Shares” on page 85 of the Fund’s Statement of Additional Information. In addition, more information about sales charge discounts and waivers for purchases of shares through specific financial intermediaries is set forth in the appendix to the Fund’s Prospectus entitled “Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries.”
Class A | |
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sales charge (load) imposed on purchases | ||||||
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Redemption or exchange fee | ||||||
Annual low balance account fee | $ |
Nuveen Managed Allocation Fund ■ Prospectus 3
ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)
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Waivers and expense reimbursements3 | ( |
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1 | Restated to reflect estimate for the current fiscal year. | ||||||
2 | “Acquired fund fees and expenses” are the Fund’s proportionate amount of the expenses of any investment companies or pools in which it invests. These expenses are not paid directly by Fund shareholders. Instead, Fund shareholders bear these expenses indirectly because they reduce Fund performance. Because “Acquired fund fees and expenses” are included in the chart above, the Fund’s operating expenses here will not correlate with the expenses included in the Financial highlights in this Prospectus and the Fund’s annual report. | ||||||
3 | Under the Fund’s expense reimbursement arrangements, the Fund’s investment adviser, Teachers Advisors, LLC (“Advisors”), has contractually agreed to reimburse the Fund for any Total annual Fund operating expenses (excluding interest, taxes, brokerage commissions or other transactional expenses, Acquired fund fees and expenses and extraordinary expenses) that exceed: (i) 0.25% of average daily net assets for Class A shares; (ii) 0.00% of average daily net assets for Class R6 shares; and (iii) 0.25% of average daily net assets for Retirement Class shares of the Fund. These expense reimbursement arrangements will continue through at least September 30, 2025, unless changed with approval of the Board of Trustees. | ||||||
This example is intended to help you compare the cost of investing in shares of the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses, before fee waivers and/or expense reimbursements, remain the same. The example assumes that the Fund’s fee waiver and/or expense reimbursement arrangements will each remain in place for the duration noted in the table above. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
| Class A |
| Class R6 |
| Retirement |
| |||
1 year | $ | |
| $ |
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3 years | $ |
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| $ | |
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5 years | $ | |
| $ |
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10 years | $ |
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| $ | |
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4 Prospectus ■ Nuveen Managed Allocation Fund
The Fund pays transaction costs, such as commissions, when
it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover
rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in
a taxable account. These costs, which are not reflected in annual fund operating expenses or in the
example, affect the Fund’s performance. During the fiscal year ended May 31, 2024,
the Fund’s portfolio turnover rate was
The Fund is a “fund of funds” that invests in Class R6 shares of other Nuveen mutual funds and in other investment pools or investment products, including other funds or exchange-traded funds (“ETFs”) advised by the Fund’s investment adviser, Teachers Advisors, LLC (“Advisors”), or its affiliates (collectively, the “Underlying Funds”). The Fund invests in Underlying Funds according to a relatively stable asset allocation strategy and will generally seek to meet its investment objective by investing: (1) approximately 60.00% of its assets in equity Underlying Funds, including up to 5.00% of its assets in real estate Underlying Funds; and (2) approximately 40.00% of its assets in fixed-income Underlying Funds (“target allocations”).
The Fund may invest in the following equity Underlying Funds: Nuveen Core Equity Fund, Nuveen Large Cap Growth Fund, Nuveen Large Cap Value Fund, Nuveen Quant International Small Cap Equity Fund, Nuveen Quant Small Cap Equity Fund, Nuveen Quant Small/Mid Cap Equity Fund, Nuveen Emerging Markets Equity Fund, Nuveen International Equity Fund, Nuveen International Opportunities Fund, Nuveen Real Estate Securities Select Fund, Nuveen Dividend Growth Fund, Nuveen Dividend Value Fund and Nuveen Growth Opportunities ETF.
The Fund may invest in the following fixed-income Underlying Funds: Nuveen Core Plus Bond Fund, Nuveen High Yield Fund, Nuveen Inflation Linked Bond Fund, Nuveen International Bond Fund, Nuveen Money Market Fund and Nuveen Short Term Bond Fund.
As a result of its investments in the Underlying Funds, the Fund’s returns will reflect investments in a mix of domestic and foreign equities of companies of various sizes and market capitalizations, real estate securities and a variety of domestic and foreign fixed-income instruments of private and governmental issuers of varying maturities and credit qualities. To maintain an appropriate allocation among the Underlying Funds, the portfolio managers monitor the foreign and domestic equity markets, as well as overall financial and economic conditions. If the portfolio managers believe that the relative attractiveness of the markets in which the equity and fixed-income funds are invested changes, they can adjust the percentage of investments in the Fund’s market sectors or Underlying Funds up or down by up to 10%; they may also invest in new market sectors or Underlying Funds without prior notice to shareholders. If 10% or more of the Fund’s assets are expected to be invested in any Underlying Fund or
Nuveen Managed Allocation Fund ■ Prospectus 5
market sector not listed above or in the chart below, shareholders will receive prior notice of such change. At any given time the Fund may hold between 0% to 5% of its assets in real estate funds. The Fund’s composite benchmark is a composite of three benchmark indices representing three types of market sectors within the equity and fixed-income Underlying Fund asset classes, i.e., domestic equity, international equity and fixed-income. The composite index is created by applying the results of the benchmark for each of these three market sectors in proportion to the Fund’s target allocations among the three market sectors. For more information about the different indices that comprise the Fund’s composite benchmark index, please see the “Additional information about the Fund’s composite index” section of this Prospectus.
The composition of the Fund’s fixed-income portion will vary depending on the shape of the yield curve. This means that when there is not much difference between the yield on short-term and long-term bonds, the Fund would normally increase its investments in the Nuveen Short Term Bond Fund. The Fund will have less than 5% of its assets in the Nuveen High Yield Fund.
The Fund might sometimes be even more heavily weighted toward equities or fixed-income, if Advisors believes market conditions warrant. For example, the Fund might increase its holdings in fixed-income funds in periods when Advisors believes equity markets will decline.
As part of the Fund’s ability to invest in other investment pools or investment products noted above, the Fund may invest in ETFs and exchange-traded notes (“ETNs”). The Fund may use investments in ETFs and ETNs to gain exposure to various market sectors or securities in order to effect its asset allocation strategy. Additionally, the Fund may use ETFs and ETNs for cash management, hedging or defensive purposes. ETFs and ETNs will be subject to the risks associated with the types of securities or sectors that they track, while ETNs, which are structured as fixed-income obligations, will also be subject to the general risks of fixed-income securities, including credit risk.
For flexibility in meeting redemptions, expenses and the timing of new investments, and as a short-term defense during periods of unusual volatility, the Fund may invest in government securities (as defined in the Investment Company Act of 1940, as amended (the “1940 Act”)), short-term paper or shares of the Nuveen Money Market Fund. For temporary defensive purposes, the Fund may invest without limitation in such securities. The Fund cannot guarantee that this strategy will be successful.
The Fund’s asset class allocations, market sector allocations within each asset class, and Underlying Fund allocations within each market sector, as of June 30, 2024, are listed in the chart below. These allocations may change over time. Underlying Fund allocations in particular may change from year to year.
6 Prospectus ■ Nuveen Managed Allocation Fund
Asset Class | Allocation |
| Market Sector | Allocation |
| Underlying Funds | Allocation |
Equity | 60.13% |
| U.S. Equity | 39.33% |
| Nuveen Growth Opportunities ETF | 7.00% |
Nuveen Large Cap Growth | 6.91% | ||||||
Nuveen Dividend Growth | 5.79% | ||||||
Nuveen Core Equity | 5.78% | ||||||
Nuveen Large Cap Value | 5.57% | ||||||
Nuveen Dividend Value | 5.55% | ||||||
Nuveen Quant Small/Mid Cap Equity | 1.49% | ||||||
Nuveen Quant Small Cap Equity | 1.24% | ||||||
International Equity | 20.80% | Nuveen International Equity | 8.93% | ||||
Nuveen International Opportunities | 5.34% | ||||||
Nuveen Emerging Markets Equity | 3.61% | ||||||
Nuveen Quant International Small Cap Equity | 2.92% | ||||||
Fixed-Income | 39.87% |
| Fixed-Income | 39.87% |
| Nuveen Core Plus Bond | 39.87% |
Total | 100.00% | 100.00% | 100.00% |
· Asset Allocation Risk—The risk that the Fund may not achieve its target allocations. In addition, there is the risk that the asset allocations may not achieve the desired risk-return characteristic or that the selection of Underlying Funds and the allocations among them will result in the Fund underperforming other similar funds or cause an investor to lose money.
· Underlying Funds Risks—The Fund is exposed to the risks of the Underlying Funds in which it invests in direct proportion to the amount of assets the Fund allocates to each Underlying Fund.
· Equity Underlying Funds Risks—The risks of investing in equity Underlying Funds include risks specific to their investment strategies, as well as risks related to the equity markets in general, such as:
· market risk—The risk that market prices of portfolio investments held by a Fund may fall rapidly or unpredictably due to a variety of factors, including changing economic, political or market conditions. Market risk may affect a single issuer, industry or sector of the economy, or it may affect the market as a whole. Such conditions may add significantly to the risk of volatility in the net asset value (“NAV”) of the Fund’s shares and adversely affect the Fund and its investments. From time to time, a Fund may invest a significant portion of its assets in companies in one or more related sectors or industries, which would make the Fund more vulnerable to adverse developments affecting such sectors or industries;
Nuveen Managed Allocation Fund ■ Prospectus 7
· issuer risk—The risk that an issuer’s earnings prospects, credit rating and overall financial position will deteriorate, causing a decline in the value of the issuer’s financial instruments over short or extended periods of time;
· foreign investment risk—Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, currency, market or economic developments as well as armed conflicts and can result in greater price volatility and perform differently from financial instruments of U.S. issuers. This risk may be heightened in emerging or developing markets. Foreign investments may also have lower liquidity and be more difficult to value than investments in U.S. issuers. To the extent a Fund invests a significant portion of its assets in the securities of companies in a single country or region, it may be more susceptible to adverse economic, market, political or regulatory events or conditions affecting that country or region. Foreign investments may also be subject to risk of loss because of more or less foreign government regulation, less public information, less stringent investor protections and less stringent accounting, corporate governance, financial reporting and disclosure standards. Changes in the value of foreign currencies may make the return on an investment increase or decrease, unrelated to the quality or performance of the investment itself. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs) and other restrictions by the United States or other governments may also negatively impact a Fund’s investments. Economic sanctions and other similar governmental actions or developments could, among other things, effectively restrict or eliminate a Fund’s ability to purchase or sell certain foreign securities or groups of foreign securities, and/or thus may make a Fund’s investments in such securities less liquid (or illiquid) or more difficult to value. The type and severity of sanctions and other measures that may be imposed could vary broadly in scope, and their impact is impossible to predict;
· small- and mid-cap risk—The risk that the stocks of small-capitalization companies often experience greater price volatility than large- or mid-sized companies because small-cap companies are often newer or less established than larger companies and are likely to have more limited resources, products and markets. Securities of small-cap companies often have lower overall liquidity than securities of larger companies as a result of there being a smaller market for their securities, which can have an adverse effect on the pricing of these securities and on the ability to sell these securities when a Fund’s investment adviser or sub-adviser deems it appropriate. Stocks of mid-capitalization companies often experience greater price
8 Prospectus ■ Nuveen Managed Allocation Fund
volatility, lower trading volume and lower overall liquidity than the stocks of larger, more established companies;
· style risk—The risk that use of a particular investing style (such as growth or value investing) may fall out of favor in the marketplace for various periods of time and result in underperformance relative to the broader market sector or significant declines in the value of a Fund’s portfolio investments; and
· dividend-paying security risk—The risk that investments in dividend-paying securities could cause a Fund to underperform similar funds that invest without consideration of an issuer’s track record of paying dividends.
· Fixed-Income Underlying Funds Risks—The risks of investing in fixed-income Underlying Funds include risks specific to their investment strategies, as well as risks related to the fixed-income markets in general, such as:
· interest rate risk—The risk that changes in interest rates can adversely affect the value or liquidity of, and income generated by, fixed-income investments. This risk is heightened to the extent a Fund invests in longer duration fixed-income investments and during periods when prevailing interest rates are changing. There is a risk that interest rates across the financial system may change, possibly significantly and/or rapidly. In general, changing interest rates, including rates that fall below zero, or a lack of market participants may lead to decreased liquidity and increased volatility in the fixed-income or debt markets, making it more difficult for the Fund to sell fixed-income investments. When interest rates change, the values of longer duration fixed-income securities usually change more than the values of shorter duration fixed-income securities. Conversely, fixed-income securities with shorter durations or maturities will be less volatile but may provide lower returns than fixed-income securities with longer durations or maturities. Other factors that may affect the value of debt securities include, but are not limited to, economic, political, public health, and other crises and responses by governments and companies to such crises;
· prepayment risk—The risk that, during periods of falling interest rates, borrowers may pay off their mortgage loans sooner than expected, forcing a Fund to reinvest the unanticipated proceeds at lower interest rates and resulting in a decline in income;
· extension risk—The risk that, during periods of rising interest rates, borrowers may pay off their mortgage loans later than expected, preventing a Fund from reinvesting principal proceeds at higher interest rates and resulting in less income than potentially available;
Nuveen Managed Allocation Fund ■ Prospectus 9
· issuer risk—The risk that an issuer’s earnings prospects, credit rating and overall financial position will deteriorate, causing a decline in the value of the issuer’s financial instruments over short or extended periods of time;
· credit risk—The risk that the issuer of fixed-income investments may not be able or willing, or may be perceived (whether by market participants, rating agencies, pricing services or otherwise) as not able or willing, to meet interest or principal payments when the payments become due;
· credit spread risk—The risk that credit spreads (i.e., the difference in yield between securities that is due to differences in each security’s respective credit quality) may increase when market participants believe that bonds generally have a greater risk of default, which could result in a decline in the market values of a Fund’s debt securities;
· income volatility risk—The risk that the level of current income from a portfolio of fixed-income investments may decline in certain interest rate environments;
· market volatility, liquidity and valuation risk (types of market risk)—The risk that volatile or dramatic reductions in trading activity make it difficult for a Fund to properly value its investments and that a Fund may not be able to purchase or sell an investment at an attractive price, if at all;
· fixed-income foreign investment risk—Investment in fixed-income securities or financial instruments of foreign issuers involves increased risks due to adverse issuer, political, regulatory, currency, market or economic developments as well as armed conflicts. These developments may impact the ability of a foreign debt issuer to make timely and ultimate payments on its debt obligations to a Fund or impair a Fund’s ability to enforce its rights against the foreign debt issuer. These risks are heightened in emerging or developing markets. Foreign investments may also have lower overall liquidity and be more difficult to value than investments in U.S. issuers. To the extent a Fund invests a significant portion of its assets in the securities of companies in a single country or region, it may be more susceptible to adverse economic, market, political or regulatory events or conditions affecting that country or region. Foreign investments may also be subject to risk of loss because of more or less foreign government regulation, less public information, less stringent investor protections and less stringent accounting, corporate governance, financial reporting and disclosure standards. Changes in the value of foreign currencies may make the return on an investment increase or decrease, unrelated to the quality or performance of the investment itself. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including
10 Prospectus ■ Nuveen Managed Allocation Fund
tariffs) and other restrictions by the United States and other governments may also negatively impact a Fund’s investments. Economic sanctions and other similar governmental actions or developments could, among other things, effectively restrict or eliminate a Fund’s ability to purchase or sell certain foreign securities or groups of foreign securities, and/or thus may make a Fund’s investments in such securities less liquid (or illiquid) or more difficult to value. The type and severity of sanctions and other measures that may be imposed could vary broadly in scope, and their impact is impossible to predict; and
· call risk—The risk that, during periods of falling interest rates, an issuer may call (or repay) a fixed-income security prior to maturity, resulting in a decline in a Fund’s income.
· Underlying ETF Risk—In addition to the same principal risks as an investment in a mutual fund with the same investment objectives, strategies and policies as the ETF, investments in an Underlying Fund that is an ETF are subject to additional risks, including: (i) the market price of the ETF’s shares may trade at a premium or a discount to their NAV; (ii) an active trading market for an ETF’s shares may not develop or be maintained; and (iii) there is no assurance that the requirements of the exchange necessary to maintain the listing of an ETF will continue to be met or remain unchanged.
· Emerging Markets Underlying Funds Risk—The risk of foreign investment often increases in countries with emerging markets or otherwise economically tied to emerging market countries. For example, these countries may have more unstable governments than developed countries, and their economies may be based on only a few industries. Emerging market countries may also have less stringent regulation of accounting, auditing, financial reporting and recordkeeping requirements, which would affect a Fund’s ability to evaluate potential portfolio companies. As a result, there could be less information available about issuers in emerging market countries, which could negatively affect Advisors’ ability to evaluate local companies or their potential impact on a Fund’s performance. Because the financial markets of emerging market countries may be very small, share prices of financial instruments in emerging market countries may be volatile and difficult to determine. Financial instruments of issuers in these countries may have lower overall liquidity than those of issuers in more developed countries. In addition, foreign investors such as a Fund are subject to a variety of special restrictions in many emerging market countries. Moreover, legal remedies for investors in emerging markets may be more limited, and U.S. authorities may have less ability to bring actions against bad actors in emerging market countries.
Nuveen Managed Allocation Fund ■ Prospectus 11
· Illiquid Investments Underlying Funds Risk—The risk that illiquid investments may be difficult to sell for the value at which they are carried, if at all, or at any price within the desired time frame.
· Currency Underlying Funds Risk—The risk that foreign (non-U.S.) currencies may decline in value relative to the U.S. dollar and adversely affect the value of a Fund’s investments in foreign currencies, securities denominated in foreign currencies or derivative instruments that provide exposure to foreign currencies.
· Active Management Risk—The risk that the strategy, investment selection or trading execution of Advisors or another investment adviser or sub-adviser of an Underlying Fund could cause the Fund or an Underlying Fund to underperform its benchmark index or mutual funds with similar investment objectives and may not produce expected returns.
· Fund of Funds Risk—The ability of the Fund to achieve its investment objective will depend in part upon the ability of the Underlying Funds to achieve their investment objectives. There can be no guarantee that any Underlying Fund will achieve its investment objective.
There can be no assurances that the Fund will achieve its investment objective. You should not consider the Fund to be a complete investment program. Please see the non-summary portion of the Prospectus for more detailed information about the risks described above, including the risks of the Underlying Funds.
The returns shown below reflect previous agreements by Advisors to waive or reimburse the Fund and certain Underlying Funds for certain fees and expenses.
12 Prospectus ■ Nuveen Managed Allocation Fund
Without
these waivers and reimbursements, the returns of the Fund would have been lower.
For current performance
information of each share class, including performance to the most recent month-end, please visit
ANNUAL TOTAL RETURNS FOR CLASS R6 SHARES (%)†
†
Nuveen Managed Allocation Fund ■ Prospectus 13
For the Periods Ended December 31, 2023
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* | The Class A average annual total returns have been restated to reflect a maximum up-front sales charge of 5.75% applicable to the purchase of Class A shares, which was effective as of May 6, 2024. | ||||||||||
‡ | As of the close of business on December 31, 2023, the Managed Allocation Fund 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. The Fund’s composite benchmark, the components that make up a composite benchmark and the method of calculating a composite benchmark’s performance may vary over time. | ||||||||||
Investment Adviser. Teachers Advisors, LLC.
Portfolio Managers.
Name: | John Cunniff, CFA | Steve Sedmak, CFA | |
Title: | Managing Director | Managing Director | |
Experience on Fund: | since 2006 | since 2020 |
14 Prospectus ■ Nuveen Managed Allocation Fund
Purchase and sale of Fund shares
You may purchase, redeem or exchange shares of the Fund on any day that the New York Stock Exchange (“NYSE”) or its affiliated exchanges, NYSE Arca Equities or NYSE American, are open for trading (each such day a “Business Day”) directly from the Fund (for certain share classes) or through a financial advisor, employee benefit plan or other financial intermediary. The Fund’s initial and subsequent investment minimums generally are as follows, although certain financial intermediaries may impose their own investment minimums and the Fund may reduce or waive the minimums in some cases:
Eligibility and Minimum Initial Investment | Minimum Additional Investment | |
Class A | Available only through certain financial intermediaries or by contacting the Fund directly as described in the Prospectus. $2,500 for all accounts except: · $2,000 for Traditional/Roth IRA accounts and Coverdell Education Savings Accounts. · $250 for accounts opened through fee-based programs. · No minimum for retirement plans. | $100 |
Class R6 | Available only to certain eligible investors as described in the Prospectus and through fee-based programs. $1 million for all accounts except: · $1,000 for clients of financial intermediaries who charge such clients an ongoing fee for advisory, investment, consulting or related services. | No minimum. |
Retirement Class | Available only through certain employee benefit plans, other types of savings plans or accounts and certain financial intermediaries as described in the Prospectus. No minimum. | No minimum. |
The Fund intends to make distributions to shareholders that may be taxed as ordinary income or capital gains. Distributions made to tax-exempt shareholders or shareholders who hold Fund shares in a tax-deferred account are generally not subject to income tax in the current year, but redemptions made from tax-deferred accounts may be subject to income tax.
Payments to broker-dealers and other financial intermediary compensation
If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and/or its related companies may pay the financial intermediary for providing investor services. The Fund’s related companies may also pay the financial intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by
Nuveen Managed Allocation Fund ■ Prospectus 15
influencing the broker-dealer or other financial intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary’s website for more information.
Additional information about investment strategies and risks
Additional information about the Fund
The Fund is a “fund of funds” and diversifies its assets by investing in Class R6 shares of other Nuveen mutual funds and in other investment pools or investment products, including other funds or exchange-traded funds (“ETFs”) advised by Advisors or its affiliates (the “Underlying Funds”). The Fund invests in Underlying Funds according to a relatively stable asset allocation strategy and will generally seek to meet its investment objective by investing: (1) approximately 60% of its assets in equity Underlying Funds, including up to 5% of its assets in real estate Underlying Funds; and (2) approximately 40% of its assets in fixed-income Underlying Funds (“target allocation”).
The Fund may, for temporary defensive purposes, invest all of its assets in cash and money market instruments, including the Nuveen Money Market Fund. In doing so, the Fund may be successful in reducing market losses but may otherwise not achieve its investment objective.
The Fund is required to comply with Rule 12d1-4 under the Investment Company Act of 1940, as amended (the “1940 Act”). Complying with the requirements of Rule 12d1-4 may adversely impact the Fund’s investment strategies and operations, as well as those of the Underlying Funds in which the Fund invests.
The use of a particular index as the Fund’s benchmark index is not a fundamental policy and can be changed by the Board of Trustees of the Trust (“Board of Trustees”) without shareholder approval.
The Fund is not appropriate for excessive trading or market timing. You should not invest in the Fund if you are an excessive trader or a market timer.
There can be no assurances that the Fund will achieve its investment objective and investors should not consider an investment in the Fund to be a complete investment program.
Investors should be aware that investments made by the Fund and the results achieved by it at any given time are not expected to be the same as those made by other mutual funds for which Advisors or one of its affiliates acts as an investment adviser or sub-adviser, including mutual funds with names, investment objectives and policies similar to those of the Fund.
Please see the Glossary toward the end of this Prospectus for certain defined terms used in this Prospectus.
16 Prospectus ■ Nuveen Managed Allocation Fund
Rebalancing and tactical allocation
In order to maintain its target allocations, the Fund will generally invest incoming monies from share purchases to underweighted Underlying Funds. If cash flows are not sufficient to reestablish the current target allocation, the Fund will generally rebalance its allocation among the Underlying Funds by buying and selling Underlying Fund shares. To minimize the amount of disruption to the Underlying Funds’ portfolios, rebalancings or reallocations may occur gradually depending on Advisors’ assessment of, among other things, fund flows and market conditions.
Advisors may also use tactical allocations to attempt to improve the risk-adjusted returns for the Fund over short- and intermediate-term investment horizons. The tactical allocations are based upon Advisors’ evaluation of the economy, market valuation and investor sentiment. As well, allocations will vary with Advisors’ assessment of the Underlying Funds’ relative attractiveness as investment opportunities. These tactical allocations can be among the asset classes, market sectors and individual Underlying Funds. Advisors considers the capacity of the Underlying Funds to handle additional purchases and redemptions and works to minimize disruptions related to cash flow.
Advisors’ allocation of Fund assets to Underlying Funds presents conflicts of interest. Although Advisors may allocate Fund assets to unaffiliated investment companies, Advisors generally expects to allocate Fund assets to Underlying Funds advised by Advisors or its affiliates. Advisors will have an incentive to select the Underlying Funds that will result in the greatest net management fee revenue to Advisors and its affiliates, even if that results in increased expenses for the Fund. Although the Fund may invest a limited portion of its assets in Underlying Funds not advised by Advisors or its affiliates, there is no assurance that it will do so even in cases where the unaffiliated Underlying Funds incur lower expenses than the comparable affiliated Underlying Funds. In addition, the Fund’s investment in an affiliated Underlying Fund could cause Advisors and/or its affiliates to receive greater compensation, increase their assets under management or support particular investment strategies or Underlying Funds managed by Advisors or its affiliates. In certain circumstances, Advisors would have an incentive to delay or decide against the sale of interests held by the Fund in affiliated Underlying Funds and may implement portfolio changes in a manner intended to minimize the disruptive effects and added costs of those changes to affiliated Underlying Funds. If the Fund invests in an Underlying Fund with higher expenses, the Fund’s performance would be lower than if the Fund had invested in an Underlying Fund with comparable performance but lower expenses (although any fee waiver and/or expense reimbursement arrangements in place at the time might have the effect of limiting or eliminating the amount of that underperformance). It is possible that this arrangement could result in a scenario where the best interests of the Fund are adverse to those of one or more Underlying Funds in which the Fund invests. Advisors has adopted policies that are designed to mitigate these conflicts.
Nuveen Managed Allocation Fund ■ Prospectus 17
Other potential investments
In addition to seeking equity and fixed-income market exposure through the Underlying Funds, the Fund may, in certain limited circumstances, directly invest in certain financial assets in order to seek to obtain desired portfolio exposures and to facilitate the Fund’s efficient portfolio management. Among other financial assets, the Fund may directly invest in equity and fixed-income securities, derivatives, ETFs and exchange-traded notes (“ETNs”). Derivatives, including options contracts, may be used to establish or maintain the Fund’s tactical allocations.
Additional information about the Fund’s broad-based securities market and other indices
This section includes information about the Fund’s broad-based securities market indices and other indices, other than the Fund’s composite benchmark index. The returns shown against the broad-based securities market index compare the Fund’s average annual returns with a broad measure of market performance. The broad-based securities market and other indices described below are unmanaged, and you cannot invest directly in an index.
Russell 3000 Index
This is a broad-based securities market index for the Fund. The Russell 3000 Index represents the 3,000 largest publicly traded U.S. companies, based on market capitalization (according to Frank Russell Company (“Russell”)). Russell 3000 Index companies represent about 96% of the total market capitalization of the publicly traded U.S. equity market. As of June 30, 2024, the Russell 3000 Index had a mean market capitalization of $887.2 billion and a median market capitalization of $2.1 billion. The largest market capitalization of companies in the Russell 3000 Index was $3.3 trillion. Russell determines the composition of the index based only on market capitalization and can change its composition at any time.
Bloomberg U.S. Aggregate Bond Index
This is a broad-based securities market index for the Fund. The Bloomberg U.S. Aggregate Bond Index covers the U.S. investment-grade fixed-rate bond market, including government and corporate securities, agency mortgage pass-through securities, asset-backed securities and commercial mortgage-backed securities. As of June 30, 2024, this index contained approximately 13,632 issues. The Bloomberg U.S. Aggregate Bond Index represents securities that are SEC-registered, taxable and dollar-denominated. To be selected for inclusion in the Bloomberg U.S. Aggregate Bond Index, the securities must have a minimum maturity of one year. Securities must be rated investment-grade or higher using the middle rating of Moody’s, S&P and Fitch after dropping the highest and lowest available ratings. When a rating from only two agencies is available, the
18 Prospectus ■ Nuveen Managed Allocation Fund
lower rating is used. When a rating from only one agency is available, that rating is used to determine index eligibility.
Morningstar Moderate Target Risk Index
The Morningstar Moderate Target Risk Index is an asset allocation index comprised of constituent Morningstar indices and reflects global equity market exposure of 60% based on an asset allocation methodology from Ibbotson Associates, a Morningstar company. The returns of the Morningstar Moderate Target Risk Index reflect multi-asset class exposure and a similar risk profile as the Fund.
Additional information about the Fund’s composite index
The composite index described below is unmanaged, and you cannot invest directly in the index.
Fund composite index
The Fund’s composite index is comprised of three unmanaged benchmark indices. Each of these unmanaged benchmark indices represents the three types of market sectors in which the Fund invests, i.e., domestic equity, international equity and fixed-income. The domestic equity market sector is represented by the Russell 3000 Index, the international equity sector is represented by the MSCI ACWI ex USA Investable Market Index and the fixed-income sector is represented by the Bloomberg U.S. Aggregate Bond Index. The composite index is created by applying the performance of the benchmark for each of these three market sectors in proportion to the Fund’s target allocations among the three market sectors. The Fund’s composite benchmark, the components that make up a composite benchmark and the method of calculating a composite benchmark’s performance may vary over time. When the composite index changes, its new allocation is utilized to calculate composite performance from and after such change. Composite index performance for periods prior to the change is not recalculated or restated based on the composite index’s new allocation but rather reflects the composite index’s actual allocation during the period.
During periods commencing August 1, 2013, the MSCI ACWI ex USA Index replaced the MSCI EAFE + EM (Emerging Markets)® Index in the Composite Index as the market sector index component for International Equity. For performance periods commencing February 1, 2017, the International Equity component of the Fund’s composite benchmark changed from the MSCI ACWI ex USA Index to the MSCI ACWI ex USA Investable Market Index.
The benchmark indices not previously described are described below.
MSCI ACWI ex USA Investable Market Index (IMI) (International Equity)
The MSCI ACWI (All Country World Index) ex USA Investable Market Index (IMI) includes large-, mid- and small-cap equities across 22 of 23 developed market countries (excluding the United States) and 24 emerging market countries. The
Nuveen Managed Allocation Fund ■ Prospectus 19
index is a free float-adjusted market capitalization index that covers approximately 99% of the global equity opportunity set outside the United States.
Additional information about the Underlying Funds
The following is a description of the investment objectives and principal investment strategies of the Underlying Funds in which the Fund currently may invest. For a discussion of the risks associated with these investments, see the “Additional information on principal investment risks of the Fund and Underlying Funds” section. For a more detailed discussion of the investment strategies and risks (i) of the Underlying Funds other than the Nuveen Growth Opportunities ETF (“Nuveen ETF”), see the Prospectuses for the Class R6 shares of the Underlying Funds at www.nuveen.com/prospectus and (ii) of the Nuveen ETF, please see that Fund’s Prospectus at www.nuveen.com/etf.
Fund | Investment objective, strategies and benchmark | |
Nuveen Core Equity Fund | Seeks a favorable long-term total return, mainly through capital appreciation, primarily from equity securities. Under normal circumstances, the Fund invests at least 80% of its assets in equity securities. The Fund’s benchmark index is the Standard & Poor’s 500® Index. | |
Nuveen Large Cap Growth Fund | Seeks a favorable long-term return, mainly through capital appreciation, primarily from equity securities. Under normal circumstances, the Fund invests at least 80% of its assets in large-cap equity securities. The Fund’s benchmark index is the Russell 1000® Growth Index. | |
Nuveen Large Cap Value Fund | Seeks a favorable long-term total return, mainly through capital appreciation, primarily from equity securities of large domestic companies. Under normal circumstances, the Fund invests at least 80% of its assets in large-cap equity securities. The Fund’s benchmark index is the Russell 1000® Value Index. | |
Nuveen Quant Small Cap Equity Fund | Seeks a favorable long-term total return, mainly through capital appreciation, primarily from equity securities of smaller domestic companies. Under normal circumstances, the Fund invests at least 80% of its assets in small-cap equity securities. The Fund’s benchmark index is the Russell 2000® Index. | |
Nuveen Quant Small/Mid Cap Equity Fund | Seeks a favorable long-term total return, mainly through capital appreciation. Under normal circumstances, the Fund invests at least 80% of its assets in small-cap and mid-cap equity securities. The Fund’s benchmark index is the Russell 2500® Index. | |
Nuveen Dividend Growth Fund | Seeks an attractive total return comprised of income from dividends and long-term capital appreciation. Under normal market conditions, the Fund invests at least 80% of its net assets in dividend-paying common stocks and preferred securities. The Fund’s benchmark index is the S&P 500 Index. | |
Nuveen Dividend Value Fund | Seeks long-term growth of capital and income. Under normal market conditions, the Fund invests at least 80% of the sum of its net assets and the amount of any borrowings for investment purposes in equity securities. The Fund’s benchmark index is the Russell 1000 Value Index. |
20 Prospectus ■ Nuveen Managed Allocation Fund
Fund | Investment objective, strategies and benchmark | |
Nuveen Growth Opportunities ETF | Seeks long-term capital appreciation. Under normal market conditions, the Nuveen ETF seeks to achieve its investment objective by investing primarily in exchange-traded equity securities of U.S. companies with market capitalizations of at least $1 billion. The Nuveen ETF’s benchmark index is the Russell 1000 Growth Index. | |
Nuveen Emerging Markets Equity Fund | Seeks a favorable long-term total return, mainly through capital appreciation, by investing primarily in a portfolio of emerging markets equity investments. Under normal circumstances, the Fund invests at least 80% of its assets in equity securities of emerging market issuers or in instruments with economic characteristics similar to emerging market equity securities. The Fund’s benchmark index is the MSCI Emerging Markets® Index. | |
Nuveen International Equity Fund | Seeks a favorable long-term total return, mainly through capital appreciation, primarily from equity securities of foreign issuers. Under normal circumstances, the Fund invests at least 80% of its assets in equity securities of foreign issuers. The Fund’s benchmark index is the MSCI EAFE Index. | |
Nuveen International Opportunities Fund | Seeks a favorable long-term total return, mainly through capital appreciation, primarily from equity securities of foreign issuers. The Fund invests primarily in equity securities of issuers in developed and emerging markets located around the world but outside the United States. The Fund’s benchmark index is the MSCI ACWI ex USA® Index. | |
Nuveen Quant International Small Cap Equity Fund | Seeks a favorable long-term total return, mainly through capital appreciation. Under normal circumstances, the Fund invests at least 80% of its assets in small-cap equity securities of foreign issuers. The Fund’s benchmark index is the MSCI ACWI ex USA Small Cap Index. | |
Nuveen Real Estate Securities Select Fund | Seeks to obtain a favorable long-term total return through both capital appreciation and current income, by investing primarily in equity securities of companies principally engaged in or related to the real estate industry. Under normal circumstances, the Fund invests at least 80% of its assets in the securities of companies that are principally engaged in or related to the real estate industry, including those that own significant real estate assets, such as real estate investment trusts. The Fund’s benchmark index is the FTSE NAREIT All Equity REITs Index. | |
Nuveen Core Plus Bond Fund | Seeks total return, primarily through current income. Under normal circumstances, the Fund invests at least 80% of its assets in bonds. The Fund’s benchmark index is the Bloomberg U.S. Aggregate Bond Index. | |
Nuveen High Yield Fund | Seeks total return primarily through high current income and, when consistent with its primary objective, capital appreciation. Under normal circumstances, the Fund invests at least 80% of its assets in debt and other fixed-income securities rated lower than investment-grade (and their unrated equivalents) or other high-yielding debt securities. The Fund’s benchmark index is the ICE BofA BB-B U.S. Cash Pay High Yield Constrained Index. |
Nuveen Managed Allocation Fund ■ Prospectus 21
Fund | Investment objective, strategies and benchmark | |
Nuveen Money Market Fund | Seeks current income consistent with maintaining liquidity and preserving capital. The Fund is a “government money market fund,” as defined in the applicable rules governing money market funds, and as such invests at least 99.5% of its total assets in cash, U.S. Government securities and/or repurchase agreements that are collateralized fully by cash or U.S. Government securities. Generally, the Fund seeks to maintain a share value of $1.00 per share. The Fund’s peer group average is the iMoneyNet Money Fund AveragesTM—All Government. | |
Nuveen International Bond Fund | Seeks total return. Under normal market conditions, the Fund invests at least 80% of its assets in fixed-income investments of foreign issuers and derivative instruments, including those used to manage currency risk. The Fund’s benchmark index is the Bloomberg Global Aggregate Ex-USD Index (Hedged). | |
Nuveen Short Term Bond Fund | Seeks current income. Under normal circumstances, the Fund invests at least 80% of its assets in U.S. Treasury and agency securities and investment-grade fixed-income investments with an average maturity or average lives of less than 5 years. The Fund’s benchmark index is the Bloomberg U.S. 1–3 Year Government/Credit Bond Index. | |
Nuveen Inflation Linked Bond Fund | Seeks to provide inflation protection and income, primarily through investment in inflation-linked bonds. Under normal circumstances, the Fund invests at least 80% of its assets in fixed-income securities whose principal value increases or decreases based on changes in the Consumer Price Index for All Urban Consumers (“CPI-U”), over the life of the security. The Fund’s benchmark index is the Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1–10 Year Index. |
Additional information on investment risks of the Fund and Underlying Funds
The assets of the Fund are normally allocated among Underlying Funds investing primarily in equity securities and Underlying Funds investing primarily in fixed-income securities, but the Fund may also directly invest in such securities or other financial instruments. The Fund is subject to asset allocation risk, Underlying Funds risk, which includes the risks of equity securities, fixed-income securities, ETFs, emerging markets, illiquid investments, investments denominated in foreign currencies and other investments in proportion to the allocation of Fund assets among the Underlying Funds, active management risk and fund of funds risk. To the extent the Fund directly invests in securities or other investments, it would be exposed to the risks associated with investing in such instruments. Because the Fund and certain Underlying Funds use derivatives to a limited degree, the Fund may directly or indirectly have limited exposure to the risks of derivatives. Each of these risks, alone or in combination with other risks, has the potential to impact Fund performance.
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Asset allocation risk
The Fund may not achieve its target allocations and the selection of market sectors and Underlying Funds and the allocations among them may result in the Fund underperforming other similar funds or cause an investor to lose money. Although the allocation decisions of Advisors are intended to result in the Fund meeting its investment objective, Underlying Fund and asset class performance may differ in the future from the historical performance and assumptions upon which Advisors’ decisions are based, which could cause the Fund to not meet its investment objective. The Fund will generally rebalance its allocations among the Underlying Funds by using cash flows where possible. If cash flows are not sufficient to reestablish the current target allocations for the Fund, the Fund will generally rebalance by buying and selling Underlying Fund shares. Periodic rebalancing of the Fund’s allocations can sometimes cause the Fund and the Underlying Funds to incur transactional expenses. These expenses can adversely affect performance of the Fund and the Underlying Funds.
Underlying Funds risk
The Fund is exposed to the risks of the Underlying Funds in which it invests in direct proportion to the amount of assets the Fund allocates to each Underlying Fund. The Underlying Funds are exposed to the risks of investing in equity and/or fixed-income securities and other investments in accordance with their investment strategies. The risks associated with investing in equity securities and fixed-income securities and other investments not already described above are described in the “Equity securities risks” and “Fixed-income securities risks” sections below.
Equity securities risks
The Fund may gain exposure to equity securities directly or through certain Underlying Funds that invest primarily in equity securities (the “Equity Underlying Funds”). In general, the value of equity securities fluctuates in response to the fortune of individual companies and in response to general market and economic conditions. The value of the Fund may increase or decrease as a result of its exposure to equity securities. The fact that a particular risk below is not specifically identified as being heightened under current conditions does not mean that the risk is not greater than under normal conditions. More specifically, the Fund, directly or through one or more Equity Underlying Funds, is typically subject to the following principal investment risks related to equity securities (in the following risk descriptions “Fund” may refer to the Fund, an Equity Underlying Fund, or both):
· Market Risk—The risk that the price of equity investments may decline in response to general market and economic conditions or events, including conditions and developments outside of the financial markets such as
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significant changes in interest and inflation rates, the availability of credit and the occurrence of other factors, such as natural disasters or public health emergencies (pandemics and epidemics) as well as armed conflict. There is an increased likelihood that these types of events or conditions can, sometimes rapidly and unpredictably, result in a variety of adverse developments and circumstances, such as reduced liquidity, supply chain disruptions and market volatility, as well as increased general uncertainty and broad ramifications for markets, economies, issuers, businesses in many sectors and societies globally. Accordingly, the value of the equity investments that the Funds hold may decline over short or extended periods of time. Any investment is subject to the risk that the financial markets as a whole may decline in value, thereby depressing the investment’s price. Such conditions may add significantly to the risk of volatility in the net asset value (“NAV”) of a Fund’s shares and adversely affect the Fund and its investments. Equity markets, for example, tend to be cyclical, with periods when prices generally rise and periods when prices generally decline. Foreign equity markets tend to reflect local economic and financial conditions and, therefore, trends often vary from country to country and region to region. During periods of unusual volatility or turmoil in the financial markets, a Fund may undergo an extended period of decline. From time to time, a Fund may invest a significant portion of its assets in companies in one or more related sectors or industries, which would make the Fund more vulnerable to adverse developments affecting such sectors or industries.
· Issuer Risk (often called Financial Risk)—The risk that the issuer’s earnings prospects, credit rating and overall financial position will deteriorate, causing a decline in the value of the issuer’s financial instruments over short or extended periods of time. In times of market turmoil, perceptions of an issuer’s credit risk can quickly change and even large, well-established issuers may deteriorate rapidly with little or no warning.
· Foreign Investment Risk—Foreign investments, which may include securities of foreign issuers, securities or contracts traded or acquired in non-U.S. markets or on non-U.S. exchanges, or securities or contracts payable or denominated in non-U.S. currencies, can involve special risks that arise from one or more of the following events or circumstances: (1) changes in currency exchange rates; (2) possible imposition of market controls or currency exchange controls; (3) possible imposition of withholding taxes on dividends and interest; (4) possible seizure, expropriation or nationalization of assets; (5) more limited foreign financial information or difficulties interpreting it because of foreign regulations and accounting standards; (6) lower liquidity and higher volatility in some foreign markets; (7) the impact of armed conflict or political, social or diplomatic events; (8) economic sanctions or other measures by the United States or other governments; (9) the difficulty of evaluating some foreign economic trends; and (10) the possibility that a foreign government could restrict an issuer from paying principal and interest
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to investors outside the country. Additionally, to the extent that the underlying securities held by a Fund trade on foreign exchanges or in foreign markets that may be closed when the U.S. markets are open, there are likely to be deviations between the current price of an underlying security and the last quoted price for the underlying security. Economic sanctions and other similar governmental actions or developments could, among other things, effectively restrict or eliminate a Fund’s ability to purchase or sell certain foreign securities or groups of foreign securities, and/or thus may make the Fund’s investments in such securities less liquid (or illiquid) or more difficult to value. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. In some cases, as a result of economic sanctions and other similar governmental actions or developments, a Fund may be forced to sell or otherwise dispose of foreign investments at inopportune times or prices. The imposition of sanctions could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent a Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact the Fund’s liquidity and performance. Sanctions and other similar measures may be in place for a substantial period of time and enacted with limited advanced notice. Brokerage commissions and custodial and transaction costs are often higher for foreign investments, and it may be more difficult to use foreign laws and courts to enforce financial or legal obligations. To the extent a Fund invests in depositary receipts, the Fund will be subject to many of the same risks as when investing directly in non-U.S. securities. The holder of an unsponsored depositary receipt may have limited voting rights and may not receive as much information about the issuer of the underlying securities as would the holder of a sponsored depositary receipt. To the extent a Fund invests a significant portion of its assets in the securities of companies in a single country or region (or depositary receipts representing such securities), it is more likely to be impacted by events or conditions affecting that country or region. Investment in a Fund may be more exposed to a single country’s or a region’s economic cycles, stock market valuations and currency, which could increase its risk compared with a more geographically diversified fund. In addition, political, social, regulatory, economic or environmental events that occur in a single country or region may adversely affect the values of that country’s or region’s securities and thus the holdings of a Fund.
The risks described above often increase in countries with emerging markets. For example, these countries may have more unstable governments
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than developed countries, and their economies may be based on only a few industries. Financial instruments of issuers in these countries may have lower overall liquidity than those of issuers in more developed countries. Emerging market countries typically have less established legal, accounting and financial reporting systems than those in more developed markets, which may reduce the scope or quality of financial information available to investors. Governments in emerging market countries are often less stable and more likely to take extra-legal action with respect to companies, industries, assets or foreign ownership than those in more developed markets. Moreover, it can be more difficult for investors to bring litigation or enforce judgments against issuers in emerging markets or for U.S. regulators to bring enforcement actions against such issuers. Because the financial markets of emerging market countries may be very small, prices of issuers in emerging market countries may be volatile and difficult to determine. In addition, foreign investors such as a Fund are subject to a variety of special restrictions in many such countries. The economies of some emerging markets may be particularly exposed to or affected by a certain industry or sector, and therefore issuers and/or securities of such emerging markets may be more affected by the performance of such industries or sectors.
· Small-Cap Risk—Securities of small-sized companies may experience greater fluctuations in price than the securities of larger companies. The securities of small-sized companies often have lower overall liquidity than those of larger, more established companies. The number of small-sized companies whose securities are listed on securities exchanges has been declining while investor demand for the securities of such issuers has been increasing, in each case relative to historical trends, which may increase a Fund’s exposure to illiquid investments risk. As a result, a Fund’s investments in the securities of small-sized companies may be difficult to purchase or sell at an advantageous time or price, which could prevent the Fund from taking advantage of investment opportunities. From time to time, small-sized company securities may have to be sold at a discount from their current market prices or in small lots over an extended period, since they may be harder to sell than larger-cap securities. In addition, it may be difficult to find buyers for securities of small-sized companies that a Fund wishes to sell when the company is not perceived favorably in the marketplace or during periods of poor economic or market conditions. Such companies may be subject to certain business risks due to their smaller size, limited markets and financial resources, narrow product lines and frequent lack of depth of management. The costs of purchasing and selling securities of small-sized companies may be greater than those of more widely traded securities.
· Mid-Cap Risk—Securities of medium-sized companies may experience greater fluctuations in price than the securities of larger companies. From
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time to time, medium-sized company securities may have to be sold at a discount from their current market prices or in small lots over an extended period, since they may be harder to sell than larger-cap securities. In addition, it may be difficult to find buyers for securities of medium-sized companies that a Fund wishes to sell when the company is not perceived favorably in the marketplace or during periods of poor economic or market conditions. Such companies may be subject to certain business risks due to their smaller size, limited markets and financial resources, narrow product lines and frequent lack of depth of management. The costs of purchasing and selling securities of medium-sized companies may be greater than those of more widely traded securities.
· Style Risk—A Fund that uses either a growth investing or a value investing style entails the risk that equity securities representing either style may be out of favor in the marketplace for various periods of time, and result in underperformance relative to the broader market sector or significant declines in the Fund’s portfolio value.
· Risks of Growth Investing—Due to their relatively high valuations, growth stocks are typically more volatile than value stocks. For example, the price of a growth stock may experience a larger decline on a forecast of lower earnings, or a negative event or market development, than would a value stock. Because the value of growth companies is often a function of their expected earnings growth, there is a risk that such earnings growth may not occur or cannot be sustained. Accordingly, a stock with growth characteristics can have sharp price declines due to decreases in current or expected earnings and may lack dividends that can help cushion its share price in a declining market. In addition, growth stocks, at times, may not perform as well as value stocks or the stock market in general and may be out of favor with investors for varying periods of time.
· Risks of Value Investing—Securities believed to be undervalued are subject to the risks that: (1) the issuer’s potential business prospects are not realized; (2) their potential values are never recognized by the market; and (3) due to unanticipated or unforeseen problems associated with the issuer or industry, they were appropriately priced when acquired and therefore do not perform as anticipated. Value investing has gone in and out of favor during past market cycles and, when value investing is out of favor, the securities of value companies may underperform the securities of other companies.
· Dividend-Paying Security Risk—A Fund’s investment in dividend-paying securities could cause the Fund to underperform similar funds that invest without consideration of a company’s track record of paying dividends. Securities of companies with a history of paying dividends may not participate in a broad market advance to the same degree as most other securities, and a sharp rise in interest rates or economic downturn could
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cause a company to unexpectedly reduce or eliminate its dividend. Depending upon market conditions, dividend-paying securities that meet a Fund’s investment criteria may not be widely available and/or may be highly concentrated in only a few market sectors. These circumstances may result from issuer-specific events, adverse economic or market developments, or legislative or regulatory changes or other developments that limit an issuer’s ability to declare and pay dividends, which would affect a Fund’s performance and ability to generate income. There is no guarantee that the issuers of the securities held by a Fund will declare dividends in the future or that, if declared, they will remain at their current levels or increase over time.
Fixed-income securities risks
The Fund may gain exposure to fixed-income securities directly or through certain Underlying Funds that invest primarily in fixed-income securities (the “Fixed-Income Underlying Funds”). The Fund, directly or through its investments in one or more Fixed-Income Underlying Funds, is typically subject to the following principal investment risks related to fixed-income securities (in the following risk descriptions “Fund” may refer to the Fund, a Fixed-Income Underlying Fund, or both):
· Interest Rate Risk (a type of Market Risk)—The risk that the value, liquidity or yield of fixed-income investments may decline if interest rates change. In general, when prevailing interest rates decline, the market values of outstanding fixed-income investments (particularly those paying a fixed rate of interest) tend to increase while yields on similar newly issued fixed-income investments tend to decrease, which could adversely affect a Fund’s income. Conversely, when prevailing interest rates increase, the market values of outstanding fixed-income investments (particularly those paying a fixed rate of interest) tend to decline while yields on similar newly issued fixed-income investments tend to increase. If a fixed-income investment pays a floating or variable rate of interest, changes in prevailing interest rates may increase or decrease the investment’s yield. Fixed-income investments with longer durations tend to be more sensitive to interest rate changes than shorter-duration investments. Therefore, a Fund that has a portfolio with a longer weighted average maturity or effective duration may be impacted to a greater degree than a Fund that has a portfolio with a shorter weighted average maturity or effective duration. Conversely, fixed-rate securities with shorter durations or maturities will be less volatile but may provide lower returns than fixed-rate securities with longer durations or maturities. Interest rate risk is generally heightened during periods when prevailing interest rates are changing. There is a risk that interest rates across the financial system may change, possibly significantly and/or rapidly. In general, changing interest rates, including rates that fall below zero, or a lack of market participants may lead to decreased liquidity and increased volatility in the fixed-income or debt markets, making it more difficult for a Fund to sell fixed-income
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investments. During periods of very low or negative interest rates, a Fund may not be able to maintain positive returns. Low interest rates may magnify the risks associated with rising interest rates. A Fund may also be subject to heightened interest rate risk when the U.S. Federal Reserve changes interest rates. A wide variety of factors can cause interest rates to change (e.g., central bank monetary policies, inflation rates, general economic conditions). Rising interest rates may cause issuers to not make principal and interest payments on fixed-income investments when due. Other factors that may affect the value of debt securities include, but are not limited to, economic, political, public health, and other crises and responses by governments and companies to such crises. In general, changing interest rates could have unpredictable effects on the markets and may expose fixed-income and related markets to heightened volatility. Changes in interest rates may also lead to an increase in Fund redemptions, which may result in higher portfolio turnover costs, thereby adversely affecting a Fund’s performance.
· Prepayment Risk—The risk that, during periods of falling interest rates, borrowers may pay off their mortgage loans sooner than expected, forcing a Fund to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in income. These risks are normally present in mortgage-backed securities and other asset-backed securities. For example, homeowners have the option to prepay their mortgages. Therefore, the duration of a security backed by home mortgages can shorten depending on homeowner prepayment activity. A rise in the prepayment rate and the resulting decline in duration of fixed-income securities held by a Fund can result in losses to investors in the Fund.
· Extension Risk—The risk that, during periods of rising interest rates, borrowers may pay off their mortgage loans later than expected, preventing a Fund from reinvesting principal proceeds at higher interest rates, resulting in less income than potentially available. These risks are normally present in mortgage-backed securities and other asset-backed securities. For example, homeowners have the option to prepay their mortgages. Therefore, the duration of a security backed by home mortgages can lengthen depending on homeowner prepayment activity. A decline in the prepayment rate and the resulting increase in duration of fixed-income securities held by a Fund can result in losses to investors in the Fund.
· Issuer Risk (often called Financial Risk)—The risk that the issuer’s earnings prospects, credit rating and overall financial position will deteriorate, causing a decline in the value of the issuer’s financial instruments over short or extended periods of time. In times of market turmoil, perceptions of an issuer’s credit risk can quickly change and even large, well-established issuers may deteriorate rapidly with little or no warning.
· Credit Risk (a type of Issuer Risk)—The risk that a decline, or perceived decline (whether by market participants, rating agencies, pricing services or otherwise), in an issuer’s financial position may prevent it from making
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principal and interest payments on fixed-income investments when due. Credit risk relates to the possibility that the issuer could default on its obligations, thereby causing a Fund to lose its investment. Credit risk is heightened in times of market turmoil when perceptions of an issuer’s credit risk can quickly change and even large, well-established issuers and/or governments may deteriorate rapidly with little or no warning. Additionally, credit risk is heightened in market environments where interest rates are rising, particularly when rates are rising significantly, to the extent that an issuer is less willing or able to make payments when due. Credit risk is also heightened in the case of investments in lower-rated, high-yield fixed-income securities because they are speculative in nature and their issuers are typically in weak financial health and their ability to pay interest and principal is uncertain. Compared to issuers of investment-grade securities, issuers of lower-rated, high-yield fixed-income investments are more likely to encounter financial difficulties and to be materially affected by such difficulties and they have a higher risk of becoming insolvent. High-yield securities may also be relatively more illiquid; therefore, they may be more difficult to purchase or sell than more highly rated securities.
· Credit Spread Risk—The risk that credit spreads (i.e., the difference in yield between securities that is due to differences in each security’s respective credit quality) may increase when market participants believe that bonds generally have a greater risk of default. Increasing credit spreads may reduce the market values of a Fund’s securities. Credit spreads often increase more for lower-rated and unrated securities than for investment-grade securities. In addition, when credit spreads increase, reductions in market value will generally be greater for longer-maturity securities.
· Income Volatility Risk—Income volatility refers to the degree and speed with which changes in prevailing market interest rates diminish the level of current income from a portfolio of fixed-income securities. The risk of income volatility is that the level of current income from a portfolio of fixed-income securities may decline in certain interest rate environments.
· Market Volatility, Liquidity and Valuation Risk (types of Market Risk)—Trading activity in fixed-income investments in which a Fund invests may be dramatically reduced or cease at any time, whether due to general market turmoil, limited dealer capacity, problems experienced by a single company or a market sector, or other factors, such as natural disasters or public emergencies (pandemics and epidemics) as well as armed conflict. In such cases, it may be difficult for a Fund to properly value assets represented by such investments. In addition, a Fund may not be able to purchase or sell a security at a price deemed to be attractive, if at all, which may inhibit the Fund from pursuing its investment strategies or negatively impact the values of portfolio holdings. Further, an increase in interest rates or other adverse conditions (e.g., inflation/deflation, increased selling of fixed-income investments across other pooled investment vehicles or accounts, changes
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in investor perception or changes in government intervention in the markets) may lead to increased redemptions and increased portfolio turnover, which could reduce liquidity for certain Fund investments, adversely affect values of portfolio holdings and increase a Fund’s costs. If dealer capacity in fixed-income markets is insufficient for market conditions, this has the potential to further inhibit liquidity and increase volatility in the fixed-income markets. Certain fixed-income investments with longer durations or maturities may face heightened levels of liquidity risk.
· Fixed-Income Foreign Investment Risk—Foreign investments, which may include fixed-income securities of foreign issuers, or securities or contracts payable or denominated in non-U.S. currencies, can involve special risks that arise from one or more of the following events or circumstances: (1) changes in currency exchange rates; (2) possible imposition of market controls or currency exchange controls; (3) possible imposition of withholding taxes on dividends and interest; (4) possible seizure, expropriation or nationalization of assets; (5) more limited financial information about the foreign debt issuer or difficulties interpreting it because of foreign regulations and accounting standards; (6) lower liquidity and higher volatility in some foreign markets; (7) the impact of armed conflict or political, social or diplomatic events; (8) economic sanctions or other measures by the United States or other governments; (9) the difficulty of evaluating some foreign economic trends; and (10) the possibility that a foreign government could restrict an issuer from paying principal and interest on its debt obligations to investors outside the country. Additionally, to the extent that the underlying securities held by a Fund trade on foreign exchanges or in foreign markets that may be closed when the U.S. markets are open, there are likely to be deviations between the current price of an underlying security and the last quoted price for the underlying security. Economic sanctions and other similar governmental actions or developments could, among other things, effectively restrict or eliminate a Fund’s ability to purchase or sell certain foreign securities or groups of foreign securities, and/or thus may make the Fund’s investments in such securities less liquid (or illiquid) or more difficult to value. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. In some cases, as a result of economic sanctions and other similar governmental actions or developments, a Fund may be forced to sell or otherwise dispose of foreign investments at inopportune times or prices. The imposition of sanctions could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent a Fund from buying and selling securities (in the sanctioned country
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and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact the Fund’s liquidity and performance. Sanctions and other similar measures may be in place for a substantial period of time and enacted with limited advanced notice. It may also be difficult to use foreign laws and courts to force a foreign issuer to make principal and interest payments on its debt obligations. In addition, the cost of servicing external debt will also generally be adversely affected by rising international interest rates because many external debt obligations bear interest at rates which are adjusted based upon international interest rates. To the extent a Fund invests a significant portion of its assets in the securities of companies in a single country or region, it is more likely to be impacted by events or conditions affecting that country or region. Investment in a Fund may be more exposed to a single country’s or a region’s economic cycles, stock market valuations and currency, which could increase its risk compared with a more geographically diversified fund. In addition, political, social, regulatory, economic or environmental events that occur in a single country or region may adversely affect the values of that country’s or region’s securities and thus the holdings of a Fund.
The risks described above often increase in countries with emerging markets. For example, the ability of a foreign sovereign issuer, especially in an emerging market country, to make timely and ultimate payments on its debt obligations may be strongly influenced by the issuer’s balance of payments, including export performance, its access to international credit and investments, fluctuations of interest rates and the extent of its foreign reserves. If a deterioration occurs in the foreign country’s balance of payments, it could impose temporary restrictions on foreign capital remittances. In addition, there is a risk of restructuring certain foreign debt obligations that could reduce and reschedule interest and principal payments. Financial instruments of issuers in these countries may have lower overall liquidity than those of issuers in more developed countries. Emerging market countries typically have less established legal, accounting and financial reporting systems than those in more developed markets, which may reduce the scope or quality of financial information available to investors. Governments in emerging market countries are often less stable and more likely to take extra-legal action with respect to companies, industries, assets, or foreign ownership than those in more developed markets. Moreover, it can be more difficult for investors to bring litigation or enforce judgments against issuers in emerging markets or for U.S. regulators to bring enforcement actions against such issuers. The economies of some emerging markets may be particularly exposed to or affected by a certain industry or sector, and therefore issuers and/or securities of such emerging markets may be more affected by the performance of such industries or sectors.
· Call Risk—The risk that an issuer will redeem a fixed-income investment prior to maturity. This often happens when prevailing interest rates are lower
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than the rate specified for the fixed-income investment. If a fixed-income investment is called early, a Fund may not be able to benefit fully from the increase in value that other fixed-income investments experience when interest rates decline. Additionally, a Fund would likely have to reinvest the payoff proceeds at current yields, which are likely to be lower than the fixed-income investment in which the Fund originally invested, resulting in a decline in income.
Underlying ETF risks
The Fund may invest in Underlying Funds that are ETFs. An investment in an Underlying Fund that is an ETF generally presents the same principal risks as an investment in a mutual fund (i.e., an open-end fund that is not exchange-traded) that has the same investment objectives, strategies and policies as the ETF. Moreover, Underlying Funds that are ETFs are subject to the following risks that do not apply to mutual funds: (i) the market price of the ETF’s shares may trade at a premium or a discount to their NAV; (ii) an active trading market for an ETF’s shares may not develop or be maintained; and (iii) there is no assurance that the requirements of the exchange necessary to maintain the listing of an ETF will continue to be met or remain unchanged. See “Additional information on principal risks of the Underlying Funds–Market Trading Risks” for additional discussion of risks unique to investment in Underlying Funds that are ETFs.
Other Underlying Funds risks
The Fund, directly or through its investments in one or more Underlying Funds, is typically subject to the following principal investment risks (in the following risk descriptions “Fund” may refer to the Fund, an Underlying Fund, or both):
· Emerging Markets Risk—The risk of foreign investment often increases in countries with emerging markets or otherwise economically tied to emerging market countries. For example, these countries may have more unstable governments than developed countries, and their economies may be based on only a few industries. Emerging market countries may also have less stringent regulation of accounting, auditing, financial reporting and recordkeeping requirements, which would affect a Fund’s ability to evaluate potential portfolio companies. Certain emerging market countries may also face other significant internal or external risks, such as the risk of war, macroeconomic, geopolitical, global health conditions, and ethnic, religious and racial conflicts. As a result, there could be less information available about issuers in emerging market countries, which could negatively affect Advisors’ ability to evaluate local companies or their potential impact on a Fund’s performance. Because their financial markets may be very small, share prices of financial instruments in emerging market countries may be volatile and difficult to determine. Financial instruments of issuers in these countries may have lower overall liquidity than those of issuers in more developed countries. In addition, foreign investors such as a Fund are
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subject to a variety of special restrictions in many emerging market countries. Moreover, legal remedies for investors in emerging markets (including derivative litigation) may be more limited, and U.S. authorities (such as the SEC or U.S. Department of Justice) may have less ability to bring actions against bad actors in emerging market countries. National policies (including sanctions programs) may limit a Fund’s investment opportunities including restrictions on investment in issuers or industries deemed sensitive to national interests. The risks outlined above are often more pronounced in “frontier markets” in which a Fund may invest. Frontier markets are those emerging markets that are considered to be among the smallest, least mature and least liquid. These factors may make investing in frontier market countries significantly riskier than investing in other countries.
· Illiquid Investments Risk—The risk that illiquid investments may be difficult to sell for the value at which they are carried, if at all, or at any price within the desired time frame. Illiquid investments are those that are not reasonably expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. Pursuant to applicable SEC regulations, a Fund may not invest more than 15% of its net assets in illiquid investments that are assets. The Funds have implemented a liquidity risk management program and related procedures to identify illiquid investments pursuant to this regulation. A Fund may be limited in its ability to invest in illiquid and “less liquid” investments, which may adversely affect a Fund’s performance and ability to achieve its investment objective. A Fund’s investments in illiquid investments may reduce the returns of the Fund because it may be unable to sell the illiquid investment at an advantageous time or price, which could prevent the Fund from taking advantage of other investment opportunities. There is also a risk that unusually high redemption requests, including redemption requests from certain large shareholders (such as institutional investors) or asset allocation changes, may make it difficult for a Fund to sell investments in sufficient time to allow it to meet redemptions or require a Fund to sell illiquid investments at reduced prices or under unfavorable conditions. Illiquid investments may trade less frequently, in lower quantities and/or at a discount as compared to more liquid investments, which may cause a Fund to receive distressed prices and incur higher transaction costs when selling such investments. Securities that are liquid at the time of purchase may subsequently become illiquid due to events such as adverse developments for an issuer, industry-specific developments, market events, rising interest rates, changing economic conditions, changes in interest rates or investor perceptions and geopolitical risk. Dislocations in certain parts of the markets are resulting in reduced liquidity for certain investments. It is uncertain when financial markets will improve and economic conditions will stabilize. Liquidity of financial markets may also be affected by government intervention and
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political, social, health, economic or market developments. During periods of market stress, a Fund’s assets could potentially experience significant levels of illiquidity.
· Currency Risk—The risk of a decline in the value of a foreign currency versus the U.S. dollar, which reduces the dollar value of securities denominated in that foreign currency. The overall impact on a Fund’s holdings can be significant and long lasting depending on the currencies represented in the portfolio, how each currency appreciates or depreciates in relation to the U.S. dollar, and whether currency positions are hedged. Although a Fund may attempt to hedge its currency exposure into the U.S. dollar, it may not be successful in reducing the effects of currency fluctuations. A Fund may also hedge from one foreign currency to another. In addition, such currency hedging may not be successful and may lower a Fund’s potential returns. Foreign currency exchange rates may fluctuate significantly over short periods of time, particularly with respect to emerging market currencies or otherwise economically tied to emerging market currencies. Currency exchange rates can also be affected unpredictably by intervention by U.S. or foreign governments or central banks, or by currency controls or other diplomatic or geopolitical developments.
Active management risk
The risk that the performance of the Fund or the Underlying Funds that are actively managed, in whole or in part, reflects in part the ability of the portfolio manager(s) to make active, qualitative investment decisions that are suited to achieving the Fund’s or Underlying Funds’ investment objectives. As a result of investment selection or trade execution, the Fund or an Underlying Fund could underperform its respective benchmark or other mutual funds with similar investment objectives and may not produce expected returns.
Fund of funds risk
The ability of the Fund to achieve its investment objective will depend in part upon the ability of the Underlying Funds in which it invests to achieve their investment objectives. There can be no guarantee that any Underlying Fund will achieve its investment objective.
Additional information on principal risks of the Underlying Funds
In addition to the Fund’s principal risks noted above, below are some additional risks to which the Fund may have exposure depending upon its particular allocation to the various Underlying Funds (in the following risk descriptions “Fund” may refer to the Fund, an Underlying Fund or both, and “Advisors” may refer to Advisors or another investment adviser or sub-adviser of an Underlying Fund):
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· Convertible Security Risk—Convertible securities are subject to certain risks of both equity and debt securities. The market values of convertible securities tend to decline as interest rates increase and, conversely, to increase as interest rates decline. However, a convertible security’s market value also tends to reflect the market price of the common stock of the issuing company. Convertible securities are also exposed to the risk that an issuer is unable to meet its obligation to make dividend or interest and principal payments when due as a result of changing financial or market conditions. Mandatory convertible securities are distinguished as a subset of convertible securities because the conversion is not optional and the conversion price at maturity is based solely upon the market price of the underlying common stock, which may be significantly less than par or the price (above or below par) paid. Mandatory convertible securities generally do not limit the potential for loss to the same extent as securities convertible at the option of the holder.
· Counterparty and Third Party Risk—Transactions involving a counterparty to a derivative or other instrument, or a third party responsible for servicing the instrument, are subject to the credit risk of the counterparty or third party, and to the counterparty’s or third party’s ability to perform in accordance with the terms of the transaction. If a counterparty defaults, a Fund may have contractual remedies but the Fund may be unable to enforce them due to the application of bankruptcy, insolvency and other laws affecting the rights of creditors. Counterparty risk is still present even if a counterparty’s obligations are secured by collateral because, for example, a Fund’s interest in collateral may not be perfected or additional collateral may not be promptly posted as required. A Fund is also subject to counterparty risk to the extent it executes a significant portion of its securities or derivatives transactions through a single broker, dealer, or futures commission merchant.
· Currency Management Strategies Risk—Currency management strategies, including forward currency contracts, may substantially change a Fund’s exposure to currency exchange rates and could result in losses to the Fund if currencies do not perform as Advisors expects. In addition, currency management strategies, to the extent that such strategies reduce a Fund’s exposure to currency risks, may also reduce the Fund’s ability to benefit from favorable changes in currency exchange rates. There is no assurance that Advisors’ use of currency management strategies will benefit a Fund or that they will be, or can be, used at appropriate times. Furthermore, there may not be a perfect correlation between the amount of exposure to a particular currency and the amount of securities in the portfolio denominated in that currency. Currency markets are generally less regulated than securities markets. Derivatives transactions, especially forward currency contracts and currency-related futures contracts and swap agreements, may involve significant amounts of currency management strategies risk.
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· Current Income Risk—The risk that the income a Fund receives may fall as a result of a decline in interest rates.
· Depositary Receipt Risk—To the extent a Fund invests in depositary receipts, the Fund will be subject to many of the same risks as when investing directly in non-U.S. securities, including risks associated with fluctuations in currency exchange rates as well as changes to the economic or political conditions in other countries. American Depositary Receipts (“ADRs”) are depositary receipts issued by a U.S. financial institution that represent a specified number of shares in a foreign stock and trade on a U.S. national securities exchange. When a Fund invests in ADRs rather than investing directly in their underlying foreign shares, the Fund is exposed to the risk that the ADRs may not provide a return that corresponds precisely with the return of the underlying foreign shares. Sponsored ADRs are issued with the support of the issuer of the foreign shares underlying the ADRs and carry all of the rights of common shares, including voting rights. The holder of an unsponsored ADR may have limited voting rights and may not receive as much information about the issuer of the underlying securities as would the holder of a sponsored ADR. Because the underlying foreign shares of ADRs are typically denominated or quoted in non-U.S. currencies, currency exchange rates may affect the value of a Fund’s portfolio. Further, since an ADR’s underlying shares trade on foreign exchanges at times when U.S. markets are not open for trading, the value of the ADR’s underlying shares may change materially at times when U.S. markets are not open for trading.
· Downgrade Risk—The risk that securities are subsequently downgraded should Advisors and/or rating agencies believe the issuer’s business outlook or creditworthiness has deteriorated. If this occurs, the values of these investments may decline, or it may affect the issuer’s ability to raise additional capital for operational or financial purposes and increase the chance of default, as a downgrade may be seen in the financial markets as a signal of an issuer’s deteriorating financial position.
· Floating and Variable Rate Securities Risk—Floating and variable rate securities provide for adjustment in the interest rate paid on the obligations. The terms of such obligations typically provide that interest rates are adjusted based upon an interest or market rate adjustment as provided in the respective obligations. The adjustment intervals may be regular, and range from daily up to annually, or may be event-based, such as based on a change in the prime rate. Because of the interest rate adjustment feature, floating and variable rate securities provide an investor with a certain degree of protection against rises in interest rates, although the investor will participate in any declines in interest rates as well. Generally, changes in interest rates will have a smaller effect on the market value of floating and variable rate securities than on the market value of comparable fixed-income obligations. Thus, investing in floating and variable rate securities generally allows less opportunity for capital appreciation and depreciation than
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investing in comparable fixed-income securities. Floating and variable rate securities may be subject to greater liquidity risk than other debt securities, meaning that there may be limitations on a Fund’s ability to sell the securities at any given time. Such securities also may lose value.
· Index Risk—The risk that the performance of a Fund may not correspond to, or may underperform, its benchmark index for any period of time. Although each Fund attempts to use the investment performance of its respective index as a baseline, it may not duplicate the exact composition of that index. In addition, unlike a mutual fund, the returns of an index are not reduced by investment and other operating expenses, and therefore, the ability of an indexed fund to match the performance of its index is adversely affected by the costs of buying and selling investments as well as other expenses. Therefore, no indexed fund can guarantee that its performance will match or exceed its index for any period of time.
· Industry/Sector Concentration Risk—The risk that focusing on investment in specific industries or sectors makes a fund more vulnerable to developments particularly affecting those industries or sectors than a more broadly diversified fund would be. Financial instruments of companies in the same industry or sector may decline in price at the same time due to market conditions, interest rates or economic, regulatory, financial or industry/sector specific developments since these companies may share common characteristics and are more likely to react similarly to industry/sector specific market or economic developments. In addition, at times, a small number of companies may represent a large portion of a single industry or sector, and these companies can be sensitive to adverse economic, regulatory or financial developments.
· Consumer Discretionary Sector Risk—A Fund may invest a significant portion of its assets in the consumer discretionary sector. Securities of companies in the consumer discretionary sector can be significantly affected by changes in, among other things, the supply and demand for specific products and services, consumer spending trends, volatility in commodity prices, fluctuations in interest and exchange rates, imposition of import controls, increased competition, depletion of resources and labor relation issues. A Fund may be adversely affected by events or developments negatively impacting the consumer discretionary sector.
· Financials Sector Risk—A Fund may invest a significant portion of its assets in the financials sector. Securities of companies in the financials sector may be significantly affected by changes in interest rates, government regulation, the rate of defaults on corporate, consumer and government debt, the availability and cost of capital, and the impact of more stringent capital requirements. A Fund may be adversely affected by events or developments negatively impacting the financials sector or issuers within the financials sector.
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· Industrials Sector Risk—A Fund may invest a significant portion of its assets in the industrials sector. Securities of companies in the industrials sector may be affected by changes in the supply of and demand for products and services, product obsolescence, claims for environmental damage or product liability, and general economic conditions, among other factors. A Fund may be adversely affected by events or developments negatively impacting the industrials sector.
· Information Technology Sector Risk—A Fund may invest a significant portion of its assets in the information technology sector. Securities of companies in the information technology sector can be significantly affected by changes in, among other things, the supply and demand for specific products and services, the pace of technological development and product obsolescence, market competition, government regulation, and patent and intellectual property rights. A Fund may be adversely affected by events or developments negatively impacting the information technology sector.
· Large-Cap Risk—The risk that, by focusing on securities of larger companies, a Fund may have fewer opportunities to identify securities that the market misprices and that these companies may grow more slowly than the economy as a whole or not at all. Also, larger companies may fall out of favor with the investing public as a result of market, political and economic conditions, including for reasons unrelated to their businesses or economic fundamentals.
· Market Trading Risks—As with all ETFs, Nuveen ETF shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of a Nuveen ETF share typically will approximate its NAV, there may be times when the market price and the NAV diverge more significantly, particularly in times of market volatility or steep market declines. Thus, a shareholder may pay more or less than NAV when they buy Nuveen ETF shares on the secondary market, and they may receive more or less than NAV when they sell those shares. In times of market stress, the Nuveen ETF’s underlying portfolio holdings may become less liquid, which in turn may affect the liquidity of the Nuveen ETF’s shares and/or lead to more significant differences between the Nuveen ETF’s market price and its NAV.
Only certain institutional investors are eligible to purchase and redeem shares directly from the Nuveen ETF at NAV. In addition, efficient trading in the Nuveen ETF’s shares on the secondary market depends on the participation of firms acting as market makers and/or liquidity providers in the marketplace. To the extent these market makers and authorized participant firms exit the ETF business or otherwise significantly reduce their business activities and no other entities step forward to perform these functions, the Nuveen ETF’s shares may trade at a material discount to NAV.
During periods of high market volatility, a Nuveen ETF share may trade at a significant discount to its NAV, and in these circumstances certain types of
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brokerage orders may expose an investor to an increased risk of loss. A “stop order,” sometimes called a “stop-loss order,” may cause a Nuveen ETF share to be sold at the next prevailing market price once the “stop” level is reached, which during a period of high volatility can be at a price that is substantially below NAV.
Although the Nuveen ETF’s shares are listed for trading on a national securities exchange, it is possible that an active trading market may not develop or be maintained, in which case transactions may occur at wider bid/ask spreads (discussed in further detail below). Trading of the Nuveen ETF’s shares may be halted by the activation of individual or market-wide trading halts (which halt trading for a specific period of time when the price of a particular security or overall market prices decline by a specified percentage).
Buying or selling Nuveen ETF shares on an exchange involves two types of costs that apply to all securities transactions. When buying or selling shares of the Nuveen ETF through a broker, an investor will likely incur a brokerage commission and other charges. In addition, an investor may incur the cost of the “spread”; that is, the difference between what investors are willing to pay for Nuveen ETF shares (the “bid” price) and the price at which they are willing to sell Nuveen ETF shares (the “ask” price). The spread, which varies over time based on trading volume and market liquidity, is generally narrower if the Nuveen ETF has more trading volume and market liquidity and wider if the Nuveen ETF has less trading volume and market liquidity (which is often the case for funds that are newly launched or small in size). The Nuveen ETF’s spread may also be impacted by market volatility generally and the liquidity of the underlying securities held by the Nuveen ETF, particularly for newly launched or smaller funds. Because of the costs inherent in buying or selling Nuveen ETF shares, frequent trading may detract significantly from investment results.
· Mortgage Roll Risk—The risk that Advisors will not correctly predict mortgage prepayments and interest rates, which will diminish the investment performance of a Fund compared with what such performance would have been without the use of the strategy.
· Non-Diversification Risk—The Nuveen ETF is considered to be non-diversified under the 1940 Act. Non-diversified status means that a Fund can invest a greater percentage of its assets in the securities of a single issuer than a diversified fund. Investing in a non-diversified fund involves greater risk than investing in a diversified fund because a loss in value of a particular investment may have a greater effect on the fund’s return since that investment may represent a larger portion of the fund’s total portfolio assets, which could lead to greater volatility in the fund’s returns.
· Non-Investment-Grade Securities Risk—Issuers of non-investment-grade securities, which are usually called “high-yield” or “junk bonds,” are typically speculative in nature, in weaker financial health and such securities can be
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harder to value and sell and their prices can be more volatile than more highly rated securities. While these securities generally have higher rates of interest, they also involve greater risk of default than do securities of a higher-quality rating. In addition, high-yield securities generally are less liquid than investment-grade securities and the risks associated with high-yield securities are heightened during times of weakening economic, political, unusual or adverse market conditions or rising interest rates. Any investment in distressed or defaulted securities subjects a Fund to even greater credit risk than investments in other below-investment-grade securities.
· Portfolio Turnover Risk—In pursuing its investment objectives, a Fund may engage in trading that results in a high portfolio turnover rate, which may vary greatly from year to year, as well as within a given year. A higher portfolio turnover rate may result in correspondingly greater transactional expenses that are borne by a Fund. Such expenses may include bid-ask spreads, dealer mark-ups, and other transactional costs on the sale of securities and reinvestment in other securities, and may result in the realization of taxable capital gains (including short-term gains, which are generally taxed to shareholders as ordinary income). These costs, which are not reflected in annual fund operating expenses or in the example thereunder, may affect a Fund’s performance.
· Preferred Security Risk—There are special risks associated with investing in preferred securities:
· Limited Voting Rights—Generally, preferred security holders have no voting rights with respect to the issuing company unless preferred dividends have been in arrears for a specified number of periods, at which time the preferred security holders may elect a number of directors to the issuer’s board. Generally, once all the arrearages have been paid, the preferred security holders no longer have voting rights. In the case of certain preferred securities issued by trusts or special purpose entities, holders generally have no voting rights except if a declaration of default occurs and is continuing. In such an event, preferred security holders generally would have the right to appoint and authorize a trustee to enforce the trust’s or special purpose entity’s rights as a creditor under the agreement with its operating company.
· Special Redemption Rights—In certain circumstances, an issuer of preferred securities may redeem the securities prior to their stated maturity date. For instance, for certain types of preferred securities, a redemption may be triggered by a change in federal income tax or securities laws or by regulatory or major corporate action. As with call provisions, a redemption by the issuer may negatively impact the return of the security held by a Fund.
· Payment Deferral—Generally, preferred securities may be subject to provisions that allow an issuer, under certain conditions, to skip (“non-cumulative” preferred securities) or defer (“cumulative” preferred
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securities) distributions without any adverse consequences to the issuer. Non-cumulative preferred securities can skip distributions indefinitely. Cumulative preferred securities typically contain provisions that allow an issuer, at its discretion, to defer distribution payments for up to ten years. If a Fund owns a preferred security that is deferring its distribution, the Fund may be required to report income for tax purposes although it has not yet received such income. In addition, recent changes in bank regulations may increase the likelihood of issuers deferring or skipping distributions.
· Subordination—Preferred securities generally are subordinated to bonds and other debt instruments in a company’s capital structure and therefore are subject to greater credit risk than those debt instruments.
· Floating Rate Payments—The dividend or interest rates on preferred securities may be floating, or convert from fixed to floating at a specified future time. The market value of floating rate securities may fall in a declining interest rate environment and may also fall in a rising interest rate environment if there is a lag between the rise in interest rates and the reset. This risk may also be present with respect to fixed rate securities that will convert to a floating rate at a future time. A secondary risk associated with declining interest rates is the risk that income earned by a Fund on floating rate securities may decline due to lower coupon payments on the floating rate securities. Finally, many financial instruments use or may use a floating rate based upon the London Interbank Offered Rate, or “LIBOR,” (which was phased out) or the Federal Funds Rate. See “Additional information on investment strategies and risks of the Fund and Underlying Funds—The Fixed-Income Funds” for additional information.
· Fixed Rate Payments—The market value of preferred securities with fixed dividends or interest rates may decline in a rising interest rate environment.
· Liquidity—Preferred securities may be substantially less liquid than many other securities, such as U.S. Government securities or common stock, subjecting a Fund to illiquid investments risk. Less liquid securities involve the risk that the securities will not be able to be sold at the time desired by a Fund or at prices approximating the value at which the Fund is carrying the securities on its books.
· Financial Services Industry—The preferred securities market is comprised predominately of securities issued by companies in the financial services industry. Therefore, preferred securities present substantially increased risks at times of financial turmoil, which could affect financial services companies more than companies in other sectors and industries.
· Tax Risk—A Fund may invest in preferred securities or other securities the federal income tax treatment of which may not be clear or may be
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subject to recharacterization by the Internal Revenue Service (“IRS”). It could be more difficult for a Fund to comply with the tax requirements applicable to regulated investment companies if the tax characterization of the Fund’s investments or the tax treatment of the income from such investments were successfully challenged by the IRS.
· Regulatory Risk—Issuers of preferred securities may be in industries that are heavily regulated and that may receive government funding. The value of preferred securities issued by these companies may be affected by changes in government policy, such as increased regulation, ownership restrictions, deregulation or reduced government funding.
· Quantitative Analysis Risk—The risk that securities selected for Funds that are actively managed, in whole or in part, according to a quantitative analysis methodology can perform differently from the market as a whole based on the model and the factors used in the analysis, the weight placed on each factor and changes in the factor’s historical trends and the risk that such quantitative analysis and modeling may not adequately take into account certain factors, may contain design flaws or inaccurate assumptions and may rely on inaccurate data inputs. If inaccurate market data is entered into a quantitative model, the resulting information will be incorrect. Because such models are based on assumptions of these and other market factors, the models may not take into account certain factors, or perform as intended, and may result in a decline in the value of a Fund’s portfolio.
· Real Estate Investing Risk—As a result of the Nuveen Real Estate Securities Select Fund’s investment objective, the Fund is subject to all of the risks associated with the ownership of real estate. These risks include, among others: declines in the value of real estate, negative changes in the climate for real estate, risks related to general and local economic conditions, overbuilding and increased competition, decreases in property revenues, increases in property taxes and operating expenses, changes in zoning laws, casualty or condemnation losses, limitations on rents, changes in neighborhood values, the appeal of properties to tenants, leveraging of interests in real estate, increases in prevailing interest rates and costs resulting from the cleanup of environmental problems. Because of its objective of investing in the securities of issuers whose products and services are engaged in or related to the real estate industry, it is subject to the risk that the value of such securities will be negatively affected by one or more of these risks.
In addition to these risks, equity real estate investment trusts (“REITs”) may be affected by changes in the value of the underlying property of the trusts, while mortgage REITs may be affected by changes in the quality of any credit extended. Both equity and mortgage REITs are dependent upon management skill and may not be diversified. REITs are also subject to heavy cash flow dependency, defaults by borrowers, self-liquidation and the possibility of failing to qualify for special tax treatment under the Internal
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Revenue Code of 1986, as amended (the “Code”), or failing to meet other applicable regulatory requirements. Finally, certain REITs may be self-liquidating, meaning that a specific term of existence is provided for in their trust documents. In acquiring the securities of REITs, the Fund runs the risk that it could sell such securities at an inopportune time.
· Senior Loan Risk—Many senior loans are rated lower than investment grade, or considered to be of comparable credit risk, so they present credit risk comparable to high-yield securities. While backed by collateral, the value of the collateral may not equal a Fund’s investment and may be hard to sell, so the liquidation of the collateral may not satisfy the borrower’s obligation to the Fund in the event of non-payment of scheduled interest or principal. Senior loans also expose a Fund to call risk and illiquid investments risk. There is no organized exchange or board of trade on which loans are traded; rather, they trade in an unregulated inter-dealer or inter-bank resale market, so the secondary market for senior loans can be limited. Trades can be infrequent and the values for senior loans may experience volatility. In some cases, negotiations for the sale or settlement of senior loans may require weeks to complete, which may impair a Fund’s ability to raise cash to satisfy redemptions, pay dividends, pay expenses or take advantage of other investment opportunities in a timely manner. If an issuer of a senior loan prepays or redeems the loan prior to maturity, a Fund will have to reinvest the proceeds in other senior loans or instruments that may pay lower interest rates.
· Sovereign Debt Risk—The risk that the issuer of non-U.S. sovereign debt or the governmental authorities that control the repayment of such debt may be unable or unwilling to repay principal or interest when due. This may result from political or social factors, the general economic environment of a country, levels of foreign debt or foreign currency exchange rates, among other possible reasons. In addition, the issuer of sovereign debt may be unable or unwilling to repay due to the imposition of international sanctions and other similar measures. As a result, there is an increased budgetary and financial pressure on municipalities and heightened risk of default or other adverse credit or similar events for issuers of municipal securities, which would adversely impact a Fund’s investments. To the extent the issuer or controlling governmental authority is unable or unwilling to repay principal or interest when due, a Fund may have limited recourse to compel payment in the event of default.
· Special Risks for Inflation-Indexed Bonds—The risk that market values of inflation-indexed investments held by the Nuveen Inflation Linked Bond Fund may be adversely affected by a number of factors, including changes in the market’s inflation expectations, changes in real rates of interest or declines in inflation (or deflation). There is a risk that interest payments in inflation-indexed investments may fall because of a decline in inflation (or deflation). In addition, the CPI-U may not accurately reflect the true rate of inflation. If
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the market perceives that any of these events have occurred, then the market value of those investments could be adversely affected.
· Special Situation Risk—Stocks of companies involved in acquisitions, consolidations, tender offers or exchanges, takeovers, reorganizations, mergers and other special situations can involve more risk than ordinary securities due to the high degree of uncertainty associated with such events. If the anticipated benefits of such developments do not ultimately materialize, the value of a special situation company may decline. As a result, the prices of securities of these companies can be more volatile than the prices of securities of similar companies, resulting in permanent loss of capital. Also, transactions may take longer than originally anticipated, resulting in lower annualized returns than contemplated at the time of investment. The following types of companies, for example, are more likely to experience special situations: smaller companies, emerging growth companies, and early development stage companies. Also, companies with any of the following characteristics are more likely to experience special situations: participating in an initial public offering, operating at a loss, or having little or no revenue history.
· U.S. Government Securities Risk—U.S. Treasury obligations and some obligations of U.S. Government agencies and instrumentalities are supported by the full faith and credit of the U.S. Government. Other U.S. Government agencies or instrumentalities are backed by the right of the issuer to borrow from the U.S. Treasury. Still others are supported only by the credit of the issuer. No assurance can be given that the U.S. Government would provide financial support to its agencies or instrumentalities if not required to do so by law, and such agencies or instrumentalities may not have the funds to meet their payment obligations in the future. Therefore, securities issued by U.S. Government agencies or instrumentalities that are not backed by the full faith and credit of the U.S. Government may involve increased risk of loss of principal and interest. In addition, the value of U.S. Government securities may be affected by changes in the credit rating of the U.S. Government.
To the extent a Fund invests significantly in securities issued or guaranteed by the U.S. Government or its agencies or instrumentalities, any market movements, regulatory changes or changes in political or economic conditions that affect the securities of the U.S. Government or its agencies or instrumentalities in which the Fund invests may have a significant impact on the Fund’s performance. Events that would adversely affect the market prices of securities issued or guaranteed by one U.S. Government agency or instrumentality may adversely affect the market prices of securities issued or guaranteed by other agencies or instrumentalities.
In addition to the investment risks set forth above, there are other non-principal risks associated with investing in the Fund and Underlying Funds and their investments that are discussed elsewhere in the Fund’s and Underlying Funds’
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Prospectuses and in the Fund’s and Underlying Funds’ SAIs. There can be no assurances that the Fund will achieve its investment objective. You should not consider the Fund to be a complete investment program.
Additional information on investment strategies and risks of the Fund and Underlying Funds
The Equity Funds
The Underlying Funds that invest primarily in equity securities—including the Nuveen Core Equity Fund, Nuveen Large Cap Growth Fund, Nuveen Large Cap Value Fund, Nuveen Quant International Small Cap Equity Fund, Nuveen Quant Small Cap Equity Fund, Nuveen Quant Small/Mid Cap Equity Fund, Nuveen Emerging Markets Equity Fund, Nuveen International Equity Fund, Nuveen International Opportunities Fund, Nuveen Real Estate Securities Select Fund, Nuveen Dividend Growth Fund, Nuveen Dividend Value Fund and Nuveen ETF (collectively, the “Equity Funds”)—may also invest in short-term debt securities of the same type as those held by the Nuveen Money Market Fund and other kinds of short-term instruments. These short-term investments help the Equity Funds maintain liquidity, use cash balances effectively, and take advantage of attractive investment opportunities. Certain Equity Funds also may invest up to 20% of their assets in fixed-income securities (as defined for purposes of each Equity Fund’s investment strategies). Such Equity Funds may invest in fixed-income investments to obtain current income, to use cash balances effectively and in circumstances when Advisors or the Equity Fund’s other investment adviser or sub-adviser determines that the risk of loss from equity securities outweighs the potential for capital gains or higher income. For a general discussion of fixed-income investments, see “Investment policies—Debt instruments generally” in the Fund’s SAI. Certain Equity Funds may also manage cash by investing in money market funds or other short-term investment company securities.
Certain Equity Funds and/or the Fund may write (sell) call options, including covered call options, and purchase put options, to try to enhance income, reduce portfolio volatility and protect gains in its portfolio. Such options may include put and call options on securities of the types in which the Fund or an Equity Fund may invest and on securities indices composed of such securities. In writing (selling) call options, the Fund or an Equity Fund may give up the opportunity to profit on a security if the market price of the security rises and the option is exercised and, conversely, the premiums received from call options sold may not reduce the extent of the Fund’s or an Equity Fund’s losses during periods of market decline. In purchasing call and put options, the Fund or an Equity Fund may purchase a call or put option that expires with no value due to the market price of the security remaining below or above, as applicable, the strike price of the option. In such an event, the Fund or an Equity Fund would lose the value of the premium paid for the call or put option but would also receive no economic benefit from the purchase or sale, as applicable, of the security. The Fund and certain Equity Funds can also write (sell) put options. In writing put options, the
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Fund or an Equity Fund may experience losses on a security if the market price of the security declines and the option is exercised and, conversely, the premiums received from the put options sold may not reduce the extent of the Fund’s or an Equity Fund’s losses during periods of market decline.
In addition, certain Equity Funds and/or the Fund may buy and sell futures contracts on securities indices composed of securities of the types in which it may invest, and put and call options on such futures contracts. Certain Equity Funds and/or the Fund may use such futures contracts and options on futures contracts for hedging or cash management purposes, or to seek increased total return. Futures contracts permit the Fund and/or an Equity Fund to gain exposure to groups of securities and thereby have the potential to earn returns that are similar to those that would be earned by direct investments in those securities or instruments.
Where appropriate futures contracts do not exist, or if Advisors or the Equity Fund’s other investment adviser or sub-adviser deems advisable for other reasons, the Fund and/or certain Equity Funds may invest in investment company securities, such as ETFs. The Fund and/or certain Equity Funds may also invest in ETFs as well as ETNs for cash management purposes or other purposes, including to gain exposure to certain sectors or securities that are represented by ownership in ETFs. ETFs and ETNs will be subject to the risks associated with the types of asset classes, securities or sectors that they track, while ETNs, which are structured as fixed-income obligations, will also be subject to the general risks of fixed-income securities, including credit risk. When an Equity Fund or the Fund invests in Nuveen mutual funds, ETFs, ETNs or other Underlying Funds that are not offered by the Trust (“Non-Trust Underlying Funds”), it will bear a proportionate share of expenses charged by the investment company in which the Equity Fund or the Fund invests. An ETF may trade at a premium or discount to NAV. In seeking to manage currency exposure, the Fund and/or certain Equity Funds may also enter into forward currency contracts and currency swaps and may buy or sell put and call options and futures contracts on foreign currencies.
The Fund and certain Equity Funds can also invest in derivatives and other similar financial instruments, such as equity swaps (including contracts for difference (“CFDs”), an arrangement where the return is linked to the price movement of an underlying security or a stock market index) and equity-linked fixed-income securities, so long as these derivatives and financial instruments are consistent with a particular Fund’s investment objective, restrictions and policies and current regulations.
Certain Equity Funds may invest in preferred securities. Preferred securities, which generally pay fixed or adjustable rate dividends or interest to investors, have preference over common stock in the payment of dividends or interest and the liquidation of a company’s assets, which means that a company typically must pay dividends or interest on its preferred securities before paying any dividends on its common stock. On the other hand, preferred securities are junior to most other forms of the company’s debt, including both senior and
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subordinated debt. Because of their subordinated position in the capital structure of an issuer, the ability to defer dividend or interest payments for extended periods of time without triggering an event of default for the issuer, and certain other features, preferred securities are often treated as equity-like instruments by both issuers and investors, as their quality and value are heavily dependent on the profitability and cash flows of the issuer rather than on any legal claims to specific assets.
The Fixed-Income Funds
The Underlying Funds of the Trust that invest primarily in fixed-income securities—including the Nuveen Core Plus Bond Fund, Nuveen High Yield Fund, Nuveen Inflation Linked Bond Fund, Nuveen International Bond Fund and Nuveen Short Term Bond Fund (collectively, the “Fixed-Income Funds”)—may make certain other investments, but not as principal strategies. For example, Fixed-Income Funds may invest in interest-only and principal-only mortgage-backed securities. These instruments have unique characteristics and are more sensitive to prepayment risk and extension risk than traditional mortgage-backed securities. Similarly, the Fixed-Income Funds may also buy and sell put and call options, futures contracts, and options on futures. The Fixed-Income Funds intend to use options and futures primarily as a hedging technique or for cash management as well as risk management. In seeking to manage currency risk, the Fixed-Income Funds can also enter into forward currency contracts, and buy or sell options and futures on foreign currencies, or enter into foreign currency contracts. The Fixed-Income Funds can also buy and sell swaps and options on swaps, so long as these are consistent with each Fixed-Income Fund’s investment objective, restrictions and policies, as well as current regulations.
Certain instruments in which the Fund or a Fixed-Income Fund may invest are subject to rates that are tied to reference rates or benchmarks such as Secured Overnight Financing Rates (“SOFR”). As a result of benchmark reforms, publication of most LIBOR settings has ceased. Some U.S. dollar LIBOR settings continue to be published, but only on a temporary, synthetic and non-representative basis. It is expected that all synthetic U.S. dollar LIBOR settings will be discontinued at the end of September 2024. Many contracts have already transitioned away from LIBOR reference as a result of contractual fallback mechanics, negotiated amendments or as a result of statutory fallback mechanisms; some contracts continue to use synthetic U.S. dollar LIBOR and may continue to do so until synthetic LIBOR is discontinued. Instruments which transitioned from LIBOR to an alternative reference rate or which continue to use synthetic LIBOR may experience increased volatility and illiquidity or other adverse consequences, such as decreased yields and reduction in value for these instruments. This may adversely affect a Fund or an Underlying Fund and its investment in such instruments. Although some LIBOR-based or formerly LIBOR-based instruments may have contemplated a scenario where LIBOR is no longer available by providing for an alternative rate-setting methodology and/or
48 Prospectus ■ Nuveen Managed Allocation Fund
increased costs for certain LIBOR-related instruments or financing transactions, others may not have had such provisions and there may be significant uncertainty regarding the effect of any such alternative methodologies. Instruments that included robust fallback provisions to facilitate the transition from LIBOR to an alternative reference rate may also have included adjustments that do not adequately compensate the holder for the different characteristics of the alternative reference rate. Such fallback provisions may have resulted in a value transfer from one party to the instrument to the counterparty. Additionally, because such provisions may differ across instruments (e.g., hedges versus cash positions hedged or investments in structured finance products transitioning to a different rate or at a different time as the assets underlying those structured finance products), the transition from LIBOR to differing alternative reference rates or using different adjustments may give rise to basis risk and render hedges less effective. Any such effects of the transition process, including unforeseen effects, could result in losses to a Fund or an Underlying Fund. In many cases, in the event that an instrument falls back to an alternative reference rate, including SOFR, the alternative reference rate will not perform the same as LIBOR because the alternative reference rate does not include a credit sensitive component in the calculation of the rate. These developments could negatively impact financial markets in general and present heightened risks, including with respect to a Fund’s or Underlying Fund’s investments.
Global economic risk
National and regional economies and financial markets are becoming increasingly interconnected, which increases the possibilities that conditions in one country, region or market might adversely impact issuers in a different country, region or market. Changes in legal, political, regulatory, tax and economic conditions may cause fluctuations in markets and securities prices around the world, which could negatively impact the value of the Fund’s or an Underlying Fund’s investments. Major economic or political disruptions, particularly in large economies, may have global negative economic and market repercussions. Additionally, events such as war, armed conflict, terrorism, the imposition of economic sanctions, natural and environmental disasters and the spread of infectious illnesses or other public health emergencies may adversely affect the global economy and the markets and issuers in which the Fund or an Underlying Fund invests. These events could reduce consumer demand or economic output, result in market closure, travel restrictions or quarantines, and generally have a significant impact on the economy. These events could also impair the information technology and other operational systems upon which the Fund’s or an Underlying Fund’s service providers, including the investment adviser, Advisors, rely, and could otherwise disrupt the ability of employees of the Fund’s or an Underlying Fund’s service providers to perform essential tasks on behalf of the Fund or an Underlying Fund. In addition, sanctions and other
Nuveen Managed Allocation Fund ■ Prospectus 49
measures could limit or prevent the Fund or an Underlying Fund from buying and selling securities (in sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact liquidity and performance. Governmental and quasi-governmental authorities and regulators throughout the world have in the past responded to major economic disruptions with a variety of significant fiscal and monetary policy changes, including but not limited to, direct capital infusions into companies, new monetary programs and dramatically lower interest rates. An unexpected or quick reversal of these policies, or the ineffectiveness of these policies, could increase volatility in securities markets, which could adversely affect the Fund’s or an Underlying Fund’s investments.
The Fund’s or an Underlying Fund’s investments may be subject to inflation risk, which is the risk that the real value (i.e., nominal price of the asset adjusted for inflation), liquidity of assets or income from investments will be less in the future because inflation decreases the purchasing power and value of money (i.e., as inflation increases, the real value of the Fund’s or an Underlying Fund’s assets can decline as can the value of the Fund’s or the Underlying Fund’s distributions). Inflation rates may change frequently and significantly as a result of various factors, including unexpected shifts in the domestic or global economy, changes in monetary or economic policies (or expectations that these policies may change), public health policies, and other crises and responses by governments and companies to such crises. The market price of debt securities generally falls as inflation increases because the purchasing power of the future income and repaid principal is expected to be worth less when received by the Fund or an Underlying Fund. The risk of inflation is greater for debt instruments with longer maturities and especially those that pay a fixed rather than variable interest rate. In addition, this risk may be significantly elevated compared to normal conditions because of monetary policy measures and the current interest rate environment and level of government intervention and spending.
Cybersecurity risk
The Fund and Underlying Fund and their service providers (including, but not limited to, the Fund and Underlying Fund’s administrator, custodian, transfer agent, distributor and their delegates) are susceptible to operational, information security and related risks through breaches in cybersecurity. In general, cybersecurity attacks can result from infection by computer viruses or other malicious software or from deliberate actions or unintentional events, including gaining unauthorized access through hacking or other means to digital systems, networks, or devices that are used to service the Fund and Underlying Fund’s operations in order to misappropriate assets or sensitive information, corrupt data, or cause operational disruption. Cybersecurity failures or breaches affecting the Fund and Underlying Fund and their service providers have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, interference with the Fund and Underlying Fund’s ability to
50 Prospectus ■ Nuveen Managed Allocation Fund
calculate their NAV, impediments to trading, the inability of Fund and Underlying Fund shareholders to transact business, destruction to equipment and systems, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs and/or additional compliance costs. In addition, substantial costs may be incurred in order to prevent any cybersecurity breaches in the future.
Derivatives risks
The risks associated with investing in derivatives, including futures, options, swaps, forwards, and other fixed-income or equity derivative instruments, and other similar instruments (referred to collectively as “derivatives”) may be different and greater than the risks associated with directly investing in the underlying securities and other instruments, including leverage risk, market risk, counterparty risk, liquidity risk, operational risk and legal risk. Operational risk generally refers to risk related to potential operational issues, including documentation issues, settlement issues, systems failures, inadequate controls, and human error, and legal risk generally refers to insufficient documentation, insufficient capacity or authority of counterparty, or legality or enforceability of a contract. Derivatives such as swaps are particularly subject to risks such as liquidity risk, interest rate risk, market risk, legal risk and credit risk. These derivatives involve the risk of mispricing or improper valuation and the risk that the prices of certain options, futures, swaps (including credit default swaps), forwards and other types of derivative instruments may not correlate perfectly with the prices or performance of the underlying security, currency, rate, index or other asset. Certain derivatives present counterparty risk, or the risk of default by the other party to the contract, and some derivatives are, or may suddenly become, illiquid. Changes in the value of a derivative may also create margin delivery or settlement obligations for the Fund or an Underlying Fund. The Fund or an Underlying Fund may have to sell securities or other instruments at a time when it may be disadvantageous to do so to meet such payment requirements. Some of these risks exist for futures, options and swaps which may trade on established markets. Unanticipated changes in interest rates, securities prices or currency exchange rates may result in poorer overall performance of the Fund or an Underlying Fund than if it had not entered into derivatives transactions. The potential for loss as a result of investing in derivatives, and the speed at which such losses can be realized, may be greater than investing directly in the underlying security or other instrument. Derivatives can create leverage by magnifying investment losses or gains, and the Fund and an Underlying Fund could lose more than the amount invested.
Investments for temporary defensive purposes
The Fund, as well as each Underlying Fund, may, for temporary defensive purposes, invest all of its assets in cash and money market instruments, including, for certain Underlying Funds, the Nuveen Money Market Fund. In doing
Nuveen Managed Allocation Fund ■ Prospectus 51
so, the Fund and the Underlying Fund may be successful in reducing market losses but may otherwise fail to achieve their respective investment objectives. Cash assets are generally not income-generating and would impact the Fund’s or an Underlying Fund’s performance.
A description of the Fund’s policies and procedures with respect to the disclosure of its portfolio holdings is available in the Fund’s SAI.
While the Fund will normally seek to invest in Underlying Funds for the long term, it may frequently rebalance those holdings with the goal of staying close to its projected target allocations. Therefore, the Fund may sell shares of Underlying Funds regardless of how long they have been held. Although the Fund bears no brokerage commissions when it buys or sells shares of Underlying Funds of the Trust or other affiliated Underlying Funds, it may bear transaction costs, including brokerage commissions, when it transacts in shares of Non-Trust Underlying Funds. A “high portfolio turnover rate” for the Fund with respect to its holdings of Non-Trust Underlying Funds generally will result in greater transaction costs, including brokerage commissions or bid-ask spreads, borne by the Fund and, ultimately, by shareholders. The portfolio turnover rate of the Fund during recent fiscal periods is provided in the Financial highlights. The Fund is not subject to a specific limitation on portfolio turnover and is generally not managed to minimize tax burdens of shareholders.
An Underlying Fund that engages in active and frequent trading of portfolio securities will have a correspondingly higher portfolio turnover rate. A high portfolio turnover rate for an Underlying Fund generally will result in greater transaction costs, including brokerage commissions or bid-ask spreads, borne by the Underlying Fund and, ultimately, by Fund shareholders. Also, Underlying Funds with high portfolio turnover rates may be more likely to generate capital gains that must be distributed to the Fund, and ultimately to Fund shareholders, as taxable income. None of the Underlying Funds of the Trust are subject to a specific limitation on portfolio turnover, and securities of each Underlying Fund may be sold at any time such sale is deemed advisable for investment or operational reasons.
The Fund may offer Class A, Class R6 and Retirement Class shares in this Prospectus. The Fund’s investments are held by the Fund as a whole, not by a particular share class, so an investor’s money will be invested the same way no matter which class of shares is held. However, there are differences among the fees and expenses associated with each class and not everyone is eligible to buy every class. After determining which classes you are eligible to buy, decide which
52 Prospectus ■ Nuveen Managed Allocation Fund
class best suits your needs. Please contact us if you have questions or would like assistance in determining which class is right for you.
Advisors manages the assets of the Trust, under the supervision of the Board of Trustees. Advisors is an indirect wholly owned subsidiary of Teachers Insurance and Annuity Association of America (“TIAA”). TIAA is a life insurance company founded in 1918 by the Carnegie Foundation for the Advancement of Teaching and is the companion organization of College Retirement Equities Fund (“CREF”), the first company in the United States to issue a variable annuity. Advisors is registered as an investment adviser with the SEC under the Investment Advisers Act of 1940. Advisors also manages the investments of TIAA Separate Account VA-1 and Nuveen Life Funds. Through an affiliated investment adviser, TIAA-CREF Investment Management, LLC (“TCIM”), certain personnel of Advisors also manage the investment accounts of CREF. As of June 30, 2024, Advisors and TCIM together had approximately $657.3 billion of assets under management. Advisors is located at 730 Third Avenue, New York, NY 10017-3206.
TIAA entities sponsor an array of financial products for retirement and other investment goals. For some of these products, for example, the investment accounts of CREF, TIAA or its subsidiaries perform services “at-cost.” The Fund, however, pays the management fees and other expenses that are described in the table of fees and expenses in this Prospectus. The management fees paid by the Fund to Advisors are intended to compensate Advisors for its services to the Fund and are not limited to the reimbursement of Advisors’ costs. Thus, under this arrangement, Advisors can earn a profit or incur a loss on the services which it renders to the Fund. The Fund also pays Advisors for certain administrative services that Advisors provides to the Fund on an at-cost basis.
Advisors manages the assets of the Fund pursuant to an investment management agreement with the Trust (the “Management Agreement”). Advisors’ duties under the Management Agreement include, among other things, providing the Fund with investment research, advice and supervision; furnishing an investment program for the Fund; determining which securities or other investments to purchase, sell or exchange; and providing or obtaining any other necessary services to manage, acquire or dispose of securities, cash or other investments. Advisors also supervises and acts as liaison among the various service providers to the Fund, such as the custodian and transfer agent.
The annual investment management fees charged under the Management Agreement are 0.00%. Advisors receives investment management fees as the
Nuveen Managed Allocation Fund ■ Prospectus 53
investment adviser to the Underlying Funds. Affiliates of Advisors receive investment management fees as the investment adviser or sub-adviser of the Nuveen Dividend Growth Fund, Nuveen Dividend Value Fund and Nuveen ETF.
In addition, Advisors has contractually agreed to reimburse the Fund for any Total annual Fund operating expenses (excluding interest, taxes, brokerage commissions or other transactional expenses, Acquired fund fees and expenses and extraordinary expenses) that exceed certain amounts, as stated in the “Fees and expenses” section of the Fund in this Prospectus. These expense reimbursement arrangements will continue through at least September 30, 2025, unless changed with approval of the Board of Trustees. The Fund also pays Advisors for certain administrative services Advisors provides to the Fund on an at-cost basis.
A discussion regarding the basis for the Board of Trustees’ most recent approval of the Fund’s Management Agreement is available in the Fund’s Form N-CSR for the fiscal year ended May 31, 2024. For a free copy of the Fund’s shareholder report and Form N-CSR, please visit the Fund’s website at www.nuveen.com, visit the SEC’s website at www.sec.gov or call 800-257-8787.
The Fund is managed by a team of managers, whose members are responsible for the day-to-day management of the Fund, with expertise in the area applicable to the Fund’s investments. Certain team members may be, for example, principally responsible for selecting appropriate investments for the Fund and others may be principally responsible for asset allocation. The following is a list of members of the management team primarily responsible for managing the Fund’s investments, along with their relevant experience. The members of the management team may change from time to time.
Name & Title | Portfolio Role | Experience Over | Total
Experience | |||||
At |
| On | ||||||
NUVEEN MANAGED ALLOCATION FUND | ||||||||
John
Cunniff, CFA | Portfolio Manager | Advisors, TCIM and other advisory affiliates—2006 to Present (oversight and management responsibility for asset allocation funds) | 2006 | 1992 | 2006 | |||
Steve
Sedmak, CFA | Portfolio Manager | Advisors, TCIM and other advisory affiliates—2016 to Present (strategic allocation research) | 2016 | 2001 | 2020 | |||
* Including tenure at affiliate or predecessor firms, as applicable.
The Fund’s SAI provides additional disclosure about the compensation structure for the Fund’s portfolio managers, the other accounts they manage,
54 Prospectus ■ Nuveen Managed Allocation Fund
total assets in those accounts and potential conflicts of interest, as well as the portfolio managers’ ownership of shares of the Fund they manage.
Under the terms of the Administrative Services Agreement with the Trust, responsibility for payment of expenses relating to oversight and performance of certain services, including transfer agency, dividend disbursing, accounting, administrative, compliance and shareholder services, is allocated directly either to the Fund or to Advisors.
For Advisors’ provision of such administrative, compliance and other services to the Fund under the Administrative Services Agreement, the Fund pays to Advisors at the end of each calendar month the allocated costs of such services as determined under the TIAA cost allocation methodology then in effect.
Distribution and service arrangements
Nuveen Securities, LLC (“Nuveen Securities”) distributes each class of Fund shares. Nuveen Securities may enter into agreements with other intermediaries, including its affiliated broker-dealer, TIAA-CREF Individual & Institutional Services, LLC (“Services”), to offer and sell shares of the Fund. For Class A shares, Nuveen Securities may utilize some or all of the Rule 12b-1 plan fees it receives from Class A shares to pay such other intermediaries for services provided in connection with the sale, promotion and/or servicing of Class A shares.
Additional information about payments to intermediaries appears in the Fund’s SAI.
Please note that Nuveen Securities does not have a customer relationship with you solely by virtue of acting as distributor for the Fund. Nuveen Securities does not offer or provide investment monitoring, make investment decisions for you, or hold customer accounts or assets.
Class A
The Fund has adopted a distribution plan under Rule 12b-1 with respect to Class A shares under which the Fund pays Nuveen Securities an annual fee as compensation for Nuveen Securities’ or other entities’ services related to the sale, promotion and/or servicing of Class A shares.
Under the plan, the Fund pays Nuveen Securities at the annual rate of up to 0.25% of average daily net assets attributable to Class A shares for distribution and promotion-related activities, as well as shareholder and account maintenance services, and Nuveen Securities may pay another entity for providing such services. Advisors, Nuveen Securities and their affiliates, at their
Nuveen Managed Allocation Fund ■ Prospectus 55
own expense, may also pay for distribution, promotional and/or shareholder and account maintenance expenses of Class A shares. Because Rule 12b-1 plan fees are paid out of Class A assets on an ongoing basis, over time they will increase the cost of your investment in Class A.
In addition to the fees the Fund pays under the plan and fees the Fund pays to its transfer agent, Nuveen Securities or Advisors, on behalf of Class A shares of the Fund, the Fund may enter into non-plan agreements with financial intermediaries pursuant to which the Fund will pay financial intermediaries for administrative, networking, recordkeeping, sub-transfer agency and shareholder services. These payments are generally based on either (1) a percentage of the average daily net assets of Fund shareholders serviced by a financial intermediary or (2) a fixed dollar amount for each account serviced by a financial intermediary. The aggregate amount of these payments may be substantial and may vary significantly among intermediaries.
More information about the Fund’s distribution and services arrangements for Class A shares appears in the Fund’s SAI.
Class R6
More information about the Fund’s distribution and services arrangements for Class R6 shares appears in the Fund’s SAI.
Retirement Class
For Retirement Class shares of the Fund, the Fund has a separate service agreement with Advisors (the “Retirement Class Service Agreement”) pursuant to which Advisors provides or arranges for the provision of administrative and shareholder services for the Retirement Class shares, including services associated with maintenance of Retirement Class shares on retirement plan or other platforms. Under the Retirement Class Service Agreement, the Retirement Class of the Fund pays monthly a fee to Advisors at an annual rate of up to 0.25% of average daily net assets, which is reflected as part of “Other expenses” in the “Fees and expenses” sections of this Prospectus. Advisors may pay Services or other affiliated or unaffiliated persons an administrative charge at an annual rate of 0.25% of average daily net assets attributable to Retirement Class shares to assist it with fulfilling its obligations under the Retirement Class Service Agreement.
More information about the Fund’s distribution and services arrangements for Retirement Class shares appears in the Fund’s SAI.
Other payments by Nuveen Securities, Advisors or their affiliates
In addition to the sales commissions described below and the payments from distribution and service fees made to financial intermediaries as previously described, Nuveen Securities, Advisors or their affiliates may from time to time make additional payments, out of their own resources, to certain financial
56 Prospectus ■ Nuveen Managed Allocation Fund
intermediaries that sell shares of Nuveen mutual funds in order to promote the sales and retention of Fund shares by those firms and their customers. The amounts of these payments vary by financial intermediary and, with respect to a given firm, are typically calculated by reference to the amount of the firm’s recent gross sales of Nuveen mutual fund shares and/or total assets of Nuveen mutual funds held by the firm’s customers. The level of payments that Nuveen Securities, Advisors and/or their affiliates is willing to provide to a particular financial intermediary may be affected by, among other factors, the firm’s total assets held in and recent net investments into Nuveen mutual funds, the firm’s level of participation in Nuveen mutual fund sales and marketing programs, the firm’s compensation program for its registered representatives who sell Nuveen mutual fund shares and provide services to Nuveen mutual fund shareholders, and the asset class of the Nuveen mutual funds for which these payments are provided. The SAI contains additional information about these payments, including the names of the firms to which payments are made. Nuveen Securities may also make payments to financial intermediaries in connection with sales meetings, due diligence meetings, prospecting seminars and other meetings at which Nuveen Securities promotes its products and services. With respect to Class R6 shares, effective August 1, 2019, Nuveen Securities, Advisors or their affiliates have been permitted to make such payments pursuant to existing arrangements with financial intermediaries, but will not enter into new arrangements to make such payments with new third-party financial intermediaries.
In connection with the availability of Nuveen mutual funds within selected mutual fund no-transaction fee institutional platforms and fee-based wrap programs at certain financial intermediaries, Nuveen Securities, Advisors or their affiliates also make payments out of their own assets to those firms as compensation for certain recordkeeping, shareholder communications and other account administration services provided to Nuveen mutual fund shareholders who own its Fund shares through these platforms or programs. These payments are in addition to the service fee and any applicable sub-transfer agency or similar fees paid to these firms with respect to these services by the Nuveen mutual funds out of Fund assets.
The amounts of payments to a financial intermediary could be significant, and may create an incentive for the intermediary or its representatives to recommend or offer shares of the Fund to you. The intermediary may elevate the prominence or profile of the Fund within the intermediary’s organization by, for example, placing the Fund on a list of preferred or recommended funds and/or granting Nuveen Securities and/or its affiliates preferential or enhanced opportunities to promote the Fund in various ways within the intermediary’s organization.
Nuveen Managed Allocation Fund ■ Prospectus 57
Advisors also pays Services and/or other intermediaries an administrative charge at an annual rate of 0.25% of average daily net assets attributable to Retirement Class shares to compensate such intermediaries for maintenance of Retirement Class shares held on their platforms.
The Fund determines its NAV per share, or share price, on each Business Day. The NAV for the Fund is calculated each Business Day as of the latest close of the regular (or core) trading session of the NYSE, NYSE Arca Equities or NYSE American (collectively, the “NYSE Exchanges”) (normally 4:00 p.m. Eastern Time or such earlier time that is the latest close of a regular (or core) trading session of any of the NYSE Exchanges). The Fund does not price its shares on days that are not a Business Day. The NAV per share for each class is determined by dividing the value of the Fund’s assets attributable to such class, less all liabilities attributable to such class, by the total number of shares of the class outstanding. The assets of the Fund consist primarily of shares of Underlying Funds, which are valued at their respective NAVs in the case of mutual funds and at their market value per share in the case of ETFs. The values of any shares of Underlying Funds held by the Fund are based on the market value of the shares. Therefore, the share price of the Fund is determined based on the NAV per share or market value per share of each of its Underlying Funds (and the value of any other assets and liabilities of the Fund), subject to the fair value pricing procedures described below.
If the Fund invests in foreign securities that are primarily listed on foreign exchanges that trade on days when the Fund does not price its shares, the value of the foreign securities in the Fund’s portfolio may change on days when shareholders will not be able to purchase or redeem Fund shares. The value of the Fund’s investments denominated in foreign currencies is converted to U.S. dollars for purposes of determining the Fund’s NAV.
To value securities and other instruments held by the Underlying Funds (or the Fund, as applicable) of the Trust such Underlying Funds (or Fund, as applicable) generally use market quotations or values obtained from independent pricing services to value such assets. If market quotations are not readily available or are not considered reliable, the Underlying Funds of the Trust will use a security’s “fair value,” as determined in good faith using procedures approved by the Board of Trustees. Such Underlying Funds also use fair value if events that have a significant effect on the value of an investment (as determined in Advisors’ sole discretion) occur between the time when its price is determined and the time the Fund’s NAV is calculated. For example, the Fund might use a domestic security’s fair value when the exchange on which the security is principally traded closes early or when trading in the security is halted and does not resume before the Fund’s NAV is calculated. Like the Fund, the Underlying Funds of the Trust do not
58 Prospectus ■ Nuveen Managed Allocation Fund
price their shares on dates when the NYSE Exchanges are closed. This remains the case for Underlying Funds of the Trust that invest in foreign securities that are primarily listed on foreign exchanges that trade on days when such Underlying Funds do not price their shares, even though such securities may continue to trade and their values may fluctuate when the NYSE Exchanges are closed. The use of fair value pricing can involve reliance on quantitative models or individual judgment, and may result in changes to the prices of portfolio securities that are used to calculate the NAV of an Underlying Fund of the Trust. Although the Underlying Funds of the Trust fair value portfolio securities on a security-by-security basis, those that hold foreign portfolio securities may see their portfolio securities fair valued more frequently than other Underlying Funds that do not hold foreign securities.
Fair value pricing of equity securities most commonly occurs with securities that are primarily traded outside of the United States. This may have the effect of decreasing the ability of market timers to engage in “stale price arbitrage,” which takes advantage of the perceived difference in price from a foreign market closing price. For these foreign securities, an Underlying Fund of the Trust uses a fair value pricing service approved by Advisors, as the valuation designee. This pricing service employs quantitative models to value foreign equity securities in order to adjust for stale pricing, which may occur between the close of certain foreign exchanges and the close of the NYSE Exchanges. Fair value pricing is subjective in nature and the use of fair value pricing by an Underlying Fund of the Trust may cause the NAV of the Underlying Fund’s shares to differ significantly from the NAV that would have been calculated using market prices at the close of the foreign exchange on which a portfolio security is primarily traded.
While using a fair value price for foreign securities is intended to decrease the ability of market timers to make money by exchanging into or out of an affected Underlying Fund to the detriment of longer-term shareholders, it may reduce some of the certainty in pricing obtained by using actual market close prices.
Fixed-income securities held by an Underlying Fund of the Trust, including money market instruments (other than those held by a money market Underlying Fund of the Trust), are valued using market quotations, independent pricing sources or values derived from a pricing matrix that has various types of the applicable fixed-income instrument along one axis and various maturities along the other. The use of a price derived from a pricing matrix is a method of fair value pricing.
The Board of Trustees has designated Advisors as the valuation designee pursuant to Rule 2a-5 under the 1940 Act and delegated to Advisors the responsibility of making fair value determinations. The Fund will use fair value, as determined under its fair value procedures, to the extent that the value of any of its investments, including any Underlying Funds, is unavailable or not considered reliable.
Nuveen Managed Allocation Fund ■ Prospectus 59
The Fund expects to declare and distribute to shareholders substantially all of its net investment income and net realized capital gains, if any. The amount distributed will vary according to the income received from investments held by the Fund and capital gains realized from the sale of investments. The Fund plans to pay dividends on a quarterly basis.
The Fund intends to pay net capital gains, if any, annually. Dividends and capital gains can be paid in cash or reinvested. If you have elected to receive your distributions in cash and the distribution amount is less than $10, then the amount will be automatically reinvested in the Fund and no check will be issued. If the postal service is unable to deliver checks to your address of record, or the distribution check remains outstanding for six months or more, then the Fund reserves the right to reinvest the distribution check into your account using the Fund’s current NAV and to change your distribution option to reinvestment. No interest will accrue on amounts represented by uncashed distribution checks.
Dividends and capital gain distributions paid to shareholders who hold their shares through a TIAA-administered retirement plan or custody account will automatically be reinvested in additional shares of the same class of the Fund. All other shareholders may elect from the following distribution options (barring any restrictions from the intermediary or plan through which such shares are held):
1. Reinvestment option, same Fund. Your dividend and capital gain distributions are automatically reinvested in additional shares of the same share class of the Fund. Unless you elect otherwise, this will be your default distribution option.
2. Reinvestment option, different fund. Your dividend and capital gain distributions are automatically reinvested in additional shares of the same share class of another fund in which you already hold shares.
3. Income-earned option. Your long-term capital gain distributions are automatically reinvested, but you will be sent a check for each dividend and short-term capital gain distribution.
4. Capital gains option. Your dividend and short-term capital gain distributions are automatically reinvested, but you will be sent a check for each long-term capital gain distribution.
5. Cash option. A check will be sent for your dividend and each capital gain distribution.
On the Fund’s distribution date, the Fund makes distributions on a per share basis to the shareholders who hold and have paid for Fund shares on the record date. The Fund does this regardless of how long the shares have been held. This means that if you buy shares just before or on a record date, you will pay the full price for the shares and then you may receive a portion of the price back as a taxable distribution (see the discussion of “Buying a dividend” below under “Taxes”). Cash distribution checks will be mailed within seven days of the distribution date.
60 Prospectus ■ Nuveen Managed Allocation Fund
Shareholders who hold their shares through a variable insurance or annuity product, an employee benefit plan or through an intermediary may be subject to restrictions on their distribution payment options imposed by the product, plan or intermediary. Please contact the variable insurance or annuity product issuer or your plan sponsor or intermediary for more details.
As with any investment, you should consider how your investment in the Fund will be taxed.
Taxes on dividends and distributions. Unless you are tax-exempt or hold Fund shares in a tax-deferred account, you are subject to federal income tax on dividends and taxable distributions each year. Your dividends and taxable distributions generally are taxable when they are paid, whether you take them in cash or reinvest them. However, distributions declared in October, November or December of a year and paid in January of the following year are taxable as if they were paid on December 31 of the prior year.
For federal tax purposes, income and short-term capital gain distributions paid from the Fund are taxed as ordinary income, and long-term capital gain distributions are taxed as long-term capital gains. By February of each year, a statement showing the taxable distributions paid to you in the previous year from the Fund will be sent to you and the IRS (for taxable accounts only). Whether a capital gain distribution is considered long-term or short-term depends on how long the Fund held the securities the sale of which led to the gain.
A portion of ordinary income dividends paid by the Fund to individual investors may constitute “qualified dividend income” that is subject to the same maximum tax rates as long-term capital gains. The portion of a dividend that will qualify for this treatment will depend on the aggregated qualified dividend income received by the Fund. Notwithstanding this, certain holding period requirements with respect to a shareholder’s shares in the Fund may apply to prevent the shareholder from treating any portion of a dividend as “qualified dividend income.” Additional information about this can be found in the Fund’s SAI.
Taxes on transactions. Unless a transaction involves Fund shares held in a tax-deferred account, redemptions (sales), including exchanges to other funds, may also give rise to capital gains or losses. The amount of any capital gain or loss will be the difference, if any, between the adjusted cost basis of your shares and the price you receive when you sell or exchange them. In general, a capital gain or loss will be treated as a long-term capital gain or loss if you have held your shares for more than one year.
The Fund is required to report to the IRS and furnish to certain Fund shareholders the cost basis information for sale transactions of shares purchased on or after January 1, 2012. Shareholders may elect to have one of several cost basis methods applied to their account when calculating the cost basis of shares sold, including average cost, “first-in, first-out” (“FIFO”), or some
Nuveen Managed Allocation Fund ■ Prospectus 61
other specific identification method. Unless you instruct otherwise, the Fund will use average cost as its default cost basis method, and will treat sales as first coming from shares purchased prior to January 1, 2012. If average cost is used for a shareholder’s first sale of the Fund shares covered by these new rules, the shareholder may only use an alternative cost basis method for shares purchased prospectively. Fund shareholders should consult with their tax advisors to determine the best cost basis method for their tax situation.
For shares you sell that were purchased prior to January 1, 2012, you will be sent a statement showing how many shares you sold and at what price. However, the statement will not include cost basis information and will not be furnished to the IRS. You or your tax preparer must determine whether this sale resulted in a capital gain or loss and the amount of tax to be paid on any gain. Be sure to keep your regular account statements; the information they contain will be essential in calculating the amount of your capital gains or losses.
Backup withholding. If you fail to provide a correct taxpayer identification number or fail to certify that it is correct, the Fund is required by law to withhold 24% of all the distributions and redemption proceeds paid from your account. The Fund is also required to begin backup withholding if instructed by the IRS to do so.
Medicare tax. An additional 3.8% Medicare tax is imposed on certain net investment income (including ordinary dividends and capital gain distributions received from the Fund and net gains from redemptions or other taxable dispositions of Fund shares) of U.S. individuals, estates and trusts to the extent that such person’s “modified adjusted gross income” (in the case of an individual) or “adjusted gross income” (in the case of an estate or trust) exceeds certain threshold amounts.
Buying a dividend. If you buy shares just before the Fund deducts a distribution from its NAV, you will pay the full price for the shares and then receive a portion of the price back in the form of a taxable distribution. This is referred to as “buying a dividend.” For example, assume you bought shares of the Fund for $10.00 per share the day before the Fund paid a $0.25 dividend. After the dividend was paid, each share would be worth $9.75, and, unless you hold your shares through a tax-deferred arrangement such as a 401(a), 401(k) or 403(b) plan or an IRA, you will have to include the $0.25 dividend in your gross income for tax purposes.
Effect of foreign taxes. Foreign governments may impose taxes on the Fund and its Underlying Funds and their investments and these taxes generally will reduce the Fund’s distributions. If the Fund qualifies to pass through a credit for such taxes paid and elects to do so, an offsetting tax credit or deduction may be available to you if you maintain a taxable account. If so, your tax statement will show more taxable income than was actually distributed by the Fund, but will also show the amount of the available offsetting credit or deduction.
Other restrictions. There are tax requirements that all mutual funds must follow in order to avoid federal taxation. In its effort to adhere to these
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requirements, the Fund or an Underlying Fund may have to limit its investment in some types of instruments.
Special considerations for certain institutional investors. If you are a corporate investor, a portion of the dividends from net investment income paid by the Fund may qualify for the corporate dividends-received deduction. The portion of the dividends that will qualify for this treatment will depend on the aggregate qualifying dividend income received by the Fund from domestic (U.S.) sources. Certain holding period and debt financing restrictions may apply to corporate investors seeking to claim the deduction.
Taxes related to employee benefit plans or IRAs. Generally, individuals are not subject to federal income tax in connection with shares held (or that are held on their behalf) in participant or custody accounts under Code section 401(a) employee benefit plans (including 401(k) and Keogh plans), Code section 403(b) or 457 employee benefit plans, or IRAs. Distributions from such plan participant or custody accounts may, however, be subject to ordinary income taxation in the year of the distribution. For information about the tax aspects of your plan or IRA or Keogh account, please consult your plan administrator, TIAA or your tax advisor.
Other tax matters. Certain investments of the Fund, including certain debt instruments, foreign securities and shares of other investment funds, could affect the amount, timing and character of distributions you receive and could cause the Fund to recognize taxable income in excess of the cash generated by such investments (which may require the Fund to liquidate other investments in order to make required distributions).
This information is only a brief summary of certain federal income tax information about your investment in the Fund. The investment may have state, local or foreign tax consequences, and you should consult your tax advisor about the effect of your investment in the Fund in your particular situation. Additional tax information can be found in the Fund’s SAI.
How you can buy and sell shares
The Fund offers multiple classes of shares, each with a different combination of sales charges, fees, eligibility requirements and other features. Your financial advisor can help you determine which class is best for you. For further details, please see the SAI. Because the Prospectus and the SAI are available free of charge on the Fund’s website at www.nuveen.com, we do not disclose the following share class information separately on the website.
The different share classes offered by the Fund are described below. You will pay up-front or contingent deferred sales charges on some of these share classes. In addition, some share classes are subject to annual distribution and/or service fees in the amounts described above, which are paid out of the
Nuveen Managed Allocation Fund ■ Prospectus 63
Fund’s assets. These fees are paid to Nuveen Securities or Advisors, and are used primarily for providing compensation to financial intermediaries in connection with the distribution of Fund shares and for providing ongoing account services to shareholders. Certain classes of the Fund have adopted a distribution plan under Rule 12b-1 under the 1940 Act or a service plan that allows the Fund to pay these distribution and/or service fees. More information on these plans can be found above under “Distribution and service arrangements.” Because fees paid under the plans are paid out of the Fund’s assets on an ongoing basis, over time these fees will increase the cost of your investment and may cost you more than paying other types of sales charges.
Overview
Each share class of the Fund has certain eligibility requirements that apply when purchasing Fund shares. Eligibility to purchase a certain class of shares is generally based on the type of account being opened in the Fund as well as certain account minimums. In order to better understand the eligibility requirements outlined below, the following defined terms shall apply when used throughout this Prospectus.
Definitions
Financial Intermediary Accounts: These include accounts held through platforms, programs, plans and other similar entities, as well as omnibus accounts, on behalf of other investors. Additionally, Financial Intermediary Accounts may include, but are not limited to, the following:
· Employee Benefit Plans (as defined below);
· Certain custody accounts sponsored or administered by TIAA, or by other entities not affiliated with TIAA, that are established by individuals as IRAs pursuant to section 408 of the Code; and
· Wrap accounts or other such arrangements as may be offered by a financial advisor or other intermediary.
Employee Benefit Plans: These include accounts sponsored or administered by either TIAA and its affiliates or by other entities not affiliated with TIAA and that are established by or on behalf of employers, or the trustees of plans sponsored by employers, in connection with certain Employee Benefit Plans. Such Employee Benefit Plans include those described in sections 401(a) (including 401(k) and Keogh plans), 403(a), 403(b) or 457 of the Code. Shareholders investing through such Employee Benefit Plans may have to pay additional expenses related to the administration of such plans.
Eligible Investors: These include both Financial Intermediary Accounts and Employee Benefit Plans.
Direct Purchasers: These accounts are opened directly with the transfer agent for the Fund, SS&C GIDS, Inc., and include the following: individual, financial advisor, domestic trust and joint accounts; Traditional IRAs and Roth IRAs;
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corporate and institutional accounts; custodial accounts for a minor child under the Uniform Gift to Minors Act (“UGMA”) or Uniform Transfer to Minors Act (“UTMA”); and Coverdell education savings accounts.
Class A shares
You can purchase Class A shares at the offering price, which is the NAV per share plus an up-front sales charge. You may qualify for a reduced sales charge, or the sales charge may be waived, as described in “How to reduce your sales charge.” Class A shares are also subject to an annual distribution fee, as described above under “Distribution and service arrangements.” The up-front Class A sales charges for the Fund is as follows:
Amount of Purchase | Sales
Charge as | Sales
Charge as | Maximum
Financial | |||
Less than $50,000 | 5.75 | % | 6.10 | % | 5.00 | % |
$50,000 but less than $100,000 | 4.50 | 4.71 | 4.00 | |||
$100,000 but less than $250,000 | 3.75 | 3.90 | 3.25 | |||
$250,000 but less than $500,000 | 2.75 | 2.83 | 2.50 | |||
$500,000 but less than $1,000,000 | 2.00 | 2.04 | 1.75 | |||
$1,000,000 and over* | — | — | 1.00 |
* You can purchase $1 million or more of Class A shares at net asset value without an up-front sales charge. Nuveen Securities, LLC (the “Distributor”) pays financial intermediaries of record at a rate of 1.00% of the first $2.5 million, plus 0.75% of the next $2.5 million, plus 0.50% of the amount over $5 million, which includes an advance of the first year’s Rule 12b-1 fee. Unless you are eligible for a waiver, you may be assessed a contingent deferred sales charge (“CDSC”) of 1.00% if you redeem any of your shares within 18 months of purchase. See “Contingent deferred sales charges” below for information concerning the CDSC and “How to reduce your sales charge—CDSC waivers and reductions” below for information concerning CDSC waivers and reductions.
Class A shares are available through certain financial intermediaries or by contacting the Fund directly. The minimum initial investment is $2,000 per Fund account for Traditional IRA, Roth IRA and Coverdell accounts, $250 for Fund accounts purchased through fee-based programs, no minimum for retirement plans, and $2,500 for all other account types. Subsequent investments for all account types must be at least $100. Provided they meet the minimum investment and other eligible requirements, investors that are eligible include:
· Direct Purchasers;
· Financial Intermediary Accounts;
· Other investment companies or pools;
· State-sponsored tuition savings plans (529) or health savings accounts (HSA);
· Insurance company separate accounts advised by or affiliated with Advisors, or other affiliates of TIAA; and
Nuveen Managed Allocation Fund ■ Prospectus 65
· Other accounts, entities, programs, plans and categories of shareholders as may be approved by the Fund from time to time.
In addition, Class A shares may not be available through certain financial intermediaries. Please consult with your financial intermediary to determine whether their policies allow for an investment in Class A shares.
Retirement Class shares
You can purchase Retirement Class shares at the offering price, which is the NAV per share without any up-front sales charge. Retirement Class shares are subject to an annual service fee, described above under “Distribution and service arrangements.” Retirement Class shares are generally available for purchase through employee benefit plans or other types of savings plans or accounts, which include:
· Financial Intermediary Accounts;
· Other investment companies or pools;
· State-sponsored tuition savings plans (529) or health savings accounts (HSA);
· Insurance company separate accounts advised by or affiliated with Advisors, or other affiliates of TIAA; and
· Other accounts, entities, programs, plans and categories of shareholders as may be approved by the Fund from time to time.
Class R6 shares
Eligible investors can purchase Class R6 shares at the offering price, which is the NAV per share without any up-front sales charge. As Class R6 shares are not subject to sales charges or ongoing service or distribution fees, they have lower ongoing expenses than the other classes.
Class R6 shares are available to certain qualified retirement plans and other investors. There is no minimum initial investment for qualified retirement plans, health savings accounts and 529 savings plans. Class R6 shares are also available for purchase by clients of financial intermediaries who charge such clients an ongoing fee for advisory, investment, consulting or related services. Such clients may include individuals, corporations, endowments and foundations. The minimum initial investment for such clients is $1,000. Nuveen Securities may also waive the minimum for clients of financial intermediaries anticipated to reach this Class R6 share holdings level. All other eligible investors must meet a minimum initial investment of at least $1,000,000 in the Fund. Such minimum investment requirement may be applied collectively to affiliated accounts, in the discretion of Nuveen Securities. Class R6 shares may be purchased through financial intermediaries only if such intermediaries have entered into an agreement with Nuveen Securities to offer Class R6 shares. Class R6 shares are only available in cases where neither the investor nor the intermediary will
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receive any commission payments, account servicing fees, recordkeeping fees, 12b-1 fees, sub-transfer agent fees, so called “finder’s fees,” administration fees or similar fees with respect to Class R6 shares. However, Nuveen Securities, Advisors or their affiliates are permitted to make certain payments pursuant to arrangements in place prior to August 1, 2019 with financial intermediaries, but will not enter into new arrangements to make such payments with new third-party financial intermediaries. Provided they meet the minimum investment and other eligibility requirements, eligible investors include:
· Financial Intermediary Accounts;
· Direct Purchasers;
· Qualified retirement plans held in plan-level or omnibus accounts;
· Foundations and endowment funds;
· Any state, county, or city, or its instrumentality, department, authority or agency;
· 457 plans, including 457(b) governmental entity plans and tax exempt plans;
· Omnibus or other pooled accounts registered to insurance companies, trust companies, bank trust departments, registered investment advisor firms and family offices;
· Investment companies;
· Corporations, including corporate non-qualified deferred compensation plans of such corporations;
· Collective investment trusts;
· State-sponsored tuition savings plans (529) or health savings accounts (HSA);
· Insurance company separate accounts advised by or affiliated with Advisors, or other affiliates of TIAA;
· Discretionary accounts managed by Advisors or its affiliates; and
· Other accounts, entities, programs, plans and categories of shareholders as may be approved by the Fund from time to time.
Class R6 shares are also available for purchase, with no minimum initial investment, by the following categories of investors:
· Current and former trustees/directors of any Nuveen Fund, and their immediate family members (as defined in the SAI).
· Officers of Nuveen, LLC and its affiliates, and their immediate family members.
· Full-time and retired employees of Nuveen, LLC and its affiliates, and their immediate family members.
Class R6 shares are not available directly to traditional or Roth IRAs, Coverdell Savings Accounts, Keoghs, SEPs, SARSEPs, or SIMPLE IRAs.
Nuveen Managed Allocation Fund ■ Prospectus 67
Account minimums
The Fund has the discretion to waive or otherwise change the initial or subsequent minimum investment requirements described above at any time without any prior notice to shareholders. Financial intermediaries may enforce their own initial and subsequent investment minimums.
There are no minimum account requirements, including initial or subsequent minimum investment requirements, for Retirement Class shares.
All share classes
The Fund reserves the right to determine in its sole discretion whether any potential investor is eligible to purchase Class A, Class R6 and Retirement Class shares. For more information with regard to Class R6 or Retirement Class shares, please contact your financial intermediary or you may call the Fund at 800-257-8787, Monday through Friday, from 8:00 a.m. to 10:00 p.m. Eastern Time. If you are a Direct Purchaser of Class R6 shares, please contact your assigned relationship manager (“Relationship Manager”), or please call the Fund at 800-257-8787, Monday through Friday, from 8:00 a.m. to 6:00 p.m. Eastern Time. For more information with regard to Class A shares, please call the Fund at 800-257-8787, Monday through Friday, from 8:00 a.m. to 6:00 p.m. Eastern Time.
Investors in all share classes should be aware that the Fund may from time to time, in its discretion, suspend, change or terminate the processes and procedures outlined below for purchasing, redeeming and exchanging shares.
The Fund is not responsible for any losses due to unauthorized or fraudulent instructions when purchasing, redeeming or exchanging shares as long as the Fund follows reasonable security procedures to verify your identity. It is your responsibility to review and verify the accuracy of your confirmation statements immediately after you receive them.
Please refer to the SAI for more information about Class A, Class R6 or Retirement Class shares, including more detailed program descriptions and eligibility requirements. Additional information is also available from your financial advisor, who can also help you prepare any necessary application forms.
Contingent deferred sales charge
If you redeem Class A shares that are subject to a CDSC, you may be assessed a CDSC upon redemption. When you redeem Class A shares subject to a CDSC, your Fund will first redeem any shares that are not subject to a CDSC, and then redeem the shares you have owned for the longest period of time, unless you ask the Fund to redeem your shares in a different order. No CDSC is imposed on shares you buy through the reinvestment of dividends and capital gains. The CDSC holding period is calculated on a monthly basis and begins on the first day of the month in which the purchase was made. When you redeem shares subject to a CDSC, the CDSC is calculated on the lower of your purchase price or redemption proceeds, deducted from your redemption proceeds, and
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paid to Nuveen Securities. The CDSC may be waived under certain special circumstances as described below under “How you can buy and sell shares—How to reduce your sales charge—CDSC waivers and reductions,” in the appendix to this Prospectus titled “Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries,” and in the SAI.
How to reduce your sales charge
The Fund offers a number of ways to reduce or eliminate the up-front sales charge on Class A shares. In addition, under certain circumstances, the Fund will waive or reduce the CDSC imposed on redemptions of certain Class A shares purchased at NAV. The availability of the sales charge reductions and waivers discussed below will depend on the policies of the financial intermediary through which you purchase your shares. Information on intermediaries’ variations from the reductions and waivers discussed below are disclosed in the appendix to this Prospectus, “Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries.” In all instances, it is your responsibility to notify your financial intermediary at the time of purchase of any relationship or other facts qualifying you for sales charge waivers or discounts. In order to obtain waivers and discounts that are not available through your intermediary, you will have to purchase Fund shares through another intermediary.
Class A sales charge reductions
· Rights of Accumulation. In calculating the appropriate sales charge on a purchase of Class A shares of the Fund, you may be able to add the amount of your purchase to the value, based on the current NAV per share, of all of your prior purchases of any Nuveen mutual fund.
· Letter of Intent. Subject to certain requirements, you may purchase Class A shares of the Fund at the sales charge rate applicable to the total amount of the purchases you intend to make over a 13-month period.
For purposes of calculating the appropriate sales charge as described under Rights of Accumulation and Letter of Intent above, you may include purchases by (i) you, (ii) your spouse or domestic partner and children under the age of 21 years, and (iii) a corporation, partnership or sole proprietorship that is 100% owned by any of the persons in (i) or (ii). In addition, a trustee or other fiduciary can count all shares purchased for a single trust, estate or other single fiduciary account that has multiple accounts (including one or more employee benefit plans of the same employer).
Class A sales charge waivers
Class A shares of the Fund may be purchased at NAV without a sales charge as follows:
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· Purchases of $1,000,000 or more (although such purchases may be subject to a CDSC in certain circumstances, see “What share classes we offer—Contingent deferred sales charges” above).
· Shares purchased through the reinvestment of Nuveen mutual fund dividends and capital gain distributions.
· Shares purchased for accounts held directly with the Fund that do not have a financial intermediary of record.
· Shares of any Nuveen mutual fund purchased for accounts held directly with the Fund that held Class A shares of the Fund prior to May 6, 2024.
· Certain employer-sponsored retirement plans. Purchases by employer-sponsored retirement plans (“ESRPs”) as defined below, except that, in the case of ESRPs held through a brokerage account, Class A shares will be available at NAV without a sales charge only if the broker-dealer has entered into an agreement with Nuveen Securities that allows for such purchases. Intermediaries that have entered into such an agreement are listed in the appendix to this Prospectus, “Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries.”
For this purpose, ESRPs include, but are not limited to, 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans, health savings accounts, defined benefit plans, non-qualified deferred compensation plans, Roth 401(k) plans and Roth 403(b) plans, and do not include SEPs, SAR-SEPs, SIMPLE IRAs (other than SIMPLE IRAs opened before January 1, 2011 where Nuveen Securities is the broker of record), SIMPLE 401(k) plans, Solo 401(k) plans, KEOGH plans, non-qualified deferred compensation plans and single defined benefit plans.
· Employees of Nuveen, LLC and its affiliates. Purchases by current and retired employees of Nuveen, LLC and its affiliates and such employees’ immediate family members (as defined in the SAI).
· Current and former trustees/directors of the Nuveen Funds.
· Financial intermediary personnel. Purchases by any person who, for at least the last 90 days, has been an officer, director, or employee of any financial intermediary or any such person’s immediate family member.
· Certain trust departments. Purchases by bank or broker-affiliated trust departments investing funds over which they exercise exclusive discretionary investment authority and that are held in a fiduciary, agency, advisory, custodial or similar capacity.
· Additional categories of investors. Purchases made (i) by investors purchasing on a periodic fee, asset-based fee or no transaction fee basis through a broker-dealer sponsored mutual fund purchase program; (ii) by clients of investment advisers, financial planners or other financial intermediaries that charge periodic or asset-based fees for their services; and (iii) through a financial intermediary that has entered into an agreement with Nuveen Securities to offer the Fund’s shares to self-directed investment brokerage accounts and that may or may not charge a transaction fee to its customers. Intermediaries that have entered into such an agreement are
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listed in the appendix to this Prospectus, “Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries.”
In order to obtain a sales charge reduction or waiver on Class A share purchases, it may be necessary at the time of purchase for you to inform the Fund or your financial advisor of the existence of other accounts in which there are holdings eligible to be aggregated for such purposes. You may need to provide the Fund or your financial advisor information or records, such as account statements, in order to verify your eligibility for a sales charge reduction or waiver. This may include account statements of family members and information regarding Nuveen mutual fund shares held in accounts with other financial advisors. You or your financial advisor must notify Nuveen Securities at the time of each purchase if you are eligible for any of these programs. The Fund may modify or discontinue these programs at any time.
CDSC waivers and reductions
The CDSC payable upon the redemption of Class A shares that were purchased at NAV without a sales charge because the purchase amount exceeded $1,000,000, may be waived or reduced under the following circumstances:
· In the event of total disability of the shareholder.
· In the event of death of the shareholder.
· For certain redemptions made pursuant to a systematic redemption plan.
· For redemptions in connection with a payment of account or plan fees.
· For redemptions of accounts not meeting required minimum balances.
· For redemptions of Class A shares where Nuveen Securities did not pay a sales charge to the intermediary when the shares were purchased.
· For certain redemptions of shares held by an employer-sponsored qualified defined contribution plan.
· For certain redemptions of shares held in an IRA account, including redemptions to satisfy required minimum distributions from the account due to the shareholder reaching the qualified age based on applicable laws and regulations.
More information on these and other available CDSC waivers and reductions can be found in the appendix to this Prospectus, “Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries,” and in the SAI.
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For Class A shares and Direct Purchasers of Class R6 shares
How to open an account—Class A
Accounts can be opened via mail or in person. To open an account, send the Fund a completed application with your initial investment. To download an application to mail to the Fund, please visit www.nuveen.com. If you have any questions or need help obtaining or completing the application, call the Fund at 800-257-8787. If you currently hold or in the future intend to hold your Class A shares indirectly through a financial intermediary, please contact the intermediary about initiating or making additional purchases of Class A shares.
How to open an account—Class R6
Direct Purchasers interested in opening an account to hold Class R6 shares should request an application from their Relationship Manager, who can answer any questions or help complete the application. The application will need to be submitted directly either to a Relationship Manager or to the Fund via mail. Confirmation that the account has been established will be delivered to the applicant or can be obtained by calling the Fund.
Transaction methods for purchases
All Class A shareholders and Direct Purchasers of Class R6 shares automatically have the right to buy shares by telephone, and all Class A shareholders automatically have the right to buy shares through the TIAA Web Center, as long as bank account information and a voided check were provided at the time the account was established. If you do not want the telephone/web (as applicable) purchase option, you can indicate this on the application or call the Fund at 800-257-8787 any time after opening your account. You may add this privilege after the account has been established by completing an Account Services Form, which you can request by calling 800-257-8787, or you may download it from the Fund’s website. Class A and Class R6 impose a $100,000 per Fund account per day limit on telephone and web purchases, as applicable.
Over the Internet: Existing Direct Purchasers of Class A shares may process certain account transactions online. You may purchase additional shares or exchange shares between existing, identically registered direct accounts. You can also look up your account balance, history and dividend information, as well as order duplicate account statements and tax forms. To access your account, click on the “Online Account Access” link under the “Individual Investors—Mutual Fund Account Access” heading at www.nuveen.com/client-access. The system will walk you through the log-in process. To purchase shares online, you must have established transaction privileges on your account prior to the requested transaction. With TIAA’s Web Center, you can make electronic withdrawals from your designated bank account to buy additional Class A shares over the Internet. TIAA’s Web Center can be accessed through TIAA’s homepage at www.tiaa.org.
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By telephone: You can request electronic withdrawals from your designated bank account to buy additional Class R6 shares by calling your Relationship Manager or by calling 800-257-8787. You can request electronic withdrawals from your designated bank account to buy additional Class A shares of the Fund by calling 800-257-8787.
Purchasing via mail: Send a check to either of the addresses listed below with an investment coupon from a previous confirmation statement. If you do not have an investment coupon, use a separate piece of paper including your name, address, Fund account number, the Fund and class you want to invest in and the amount to be invested in the Fund.
Make checks payable to “The Nuveen Funds.”
First-Class Mail:
Nuveen Funds
P.O. Box 219140
Kansas City, MO 64121-9140
Overnight Mail:
Nuveen Funds
801 Pennsylvania Avenue, STE 219140
Kansas City, MO 64105-1307
Purchasing via wire: See the section entitled “For Eligible Investors in Class R6 and Retirement Class shares and their clients— Transaction methods for purchases” below.
Purchasing via Automatic Investment Plan for Class A shares: You can make subsequent investments into Class A shares automatically by electing to utilize the Fund’s automatic investment plan (“Automatic Investment Plan”) on your initial application or later upon request. By electing this option you authorize the Fund to take regular, automatic withdrawals from your bank account. To begin this service, send the Fund a voided checking or savings account deposit slip. It will take the Fund up to 10 days from the time it is received to set up your Automatic Investment Plan. You can make automatic investments semi-monthly or monthly (on the 1st and 15th of each month or on the next Business Day if those days are not Business Days). Investments must be made for at least $100 per Fund account. You can change the date or amount of your investment, or terminate the Automatic Investment Plan, at any time by letter or by telephone or over the Internet. The change will take effect approximately five Business Days after the Fund receives your request. The Fund can suspend, change or terminate the Automatic Investment Plan option at any time, although the Fund will notify you if this occurs.
In-kind purchases of shares: The Fund may allow the purchase of shares with investment securities (instead of cash), if it is determined that (i) the securities offered to the Fund are suitable for investment by the Fund and are appropriate,
Nuveen Managed Allocation Fund ■ Prospectus 73
in type and amount, for investment by the Fund in light of its investment objective(s), policies and current holdings; (ii) the Fund expects to continue to hold the securities received in-kind, subject to subsequent changes in investment determinations regarding particular securities or as the need to raise cash by selling portfolio securities may arise; and (iii) the purchase in-kind is in the best interest of the Fund and its existing shareholders. If the Fund accepts the in-kind securities, the shareholder will receive Fund shares equal in NAV to the market value of the securities received. Shareholders investing through a Financial Intermediary Account or Employee Benefit Plan who are interested in making in-kind purchases should contact their Financial Intermediary Account or Employee Benefit Plan sponsor directly. Otherwise, shareholders interested in making in-kind purchases should contact either their Relationship Manager or the Fund directly.
Payment limitations: Generally, for Class A shareholders and for Direct Purchasers of Class R6 shares the Fund will not accept payment in the following forms (exceptions may apply):
· checks made out to you or other parties and signed over to the Fund;
· corporate checks for investment into non-corporate accounts;
· third-party checks except in limited circumstances (any check not made payable directly to Nuveen Funds will be considered a third-party check); or
· travelers’ checks, money orders, credit card convenience checks, cash, counter checks or starter checks or digital (including virtual or crypto) currencies (e.g., Bitcoin).
Stopped checks: If your purchase check does not clear or payment on it is stopped, or if the Fund does not receive good funds through wire transfer or electronic funds transfer (“EFT”), the Fund may treat this as a redemption of the shares purchased when your check or electronic funds were received. You will be responsible for any resulting loss incurred by the Fund or Advisors and you may be subject to investment losses and tax consequences on such a redemption. If you are already a shareholder, the Fund can redeem shares from any of your accounts as reimbursement for all losses. The Fund also reserves the right to restrict you from making future purchases in the Fund or any other series of the Trust. There is a $25 fee for all returned items, including checks and EFTs. Please note that there is a 10 calendar day hold on all purchases by check or through EFT.
For Eligible Investors in Class R6 and Retirement Class shares and their clients
For Participants in an Employee Benefit Plan or Financial Intermediary Account administered by TIAA
How to open an account
You should first contact your employer to learn important details necessary to facilitate enrollment in an Employee Benefit Plan. Your employer must notify TIAA
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that you are eligible to enroll. In many cases, you will be able to use the TIAA Web Center’s online enrollment feature at www.tiaa.org. Some plans allow submission of a hard-copy application for a new account; this form can be returned to your human resources (HR) office, a TIAA Relationship Manager or to either of the addresses below:
First-Class or Standard Mail:
TIAA
P.O. Box 1259
Charlotte, NC 28201
Overnight Mail:
TIAA
8500 Andrew Carnegie Blvd
Charlotte, NC 28262
You may allocate single or ongoing contributions by selecting the Fund and the amounts you wish to contribute to the Fund.
Subject to the terms of your plan, you may be eligible to roll over or transfer in balances from other eligible accounts as determined by the Code.
The Fund may suspend or terminate the offering of Class R6 and Retirement Class shares to your employer’s plan. You may be able to change your allocation for future contributions by:
· using the TIAA website’s account access feature at www.tiaa.org;
· calling our Automated Telephone Service (24 hours a day) at 800-842-2252; or
· writing to TIAA at P.O. Box 1259, Charlotte, NC 28201.
For Participants in an Employee Benefit Plan or Financial Intermediary Account not administered by TIAA
How to open an account
Your Financial Intermediary Account or Employee Benefit Plan will have its own instructions and procedures for opening an account and establishing a position within the Fund. If you are enrolling in an Employee Benefit Plan, you should first contact your employer to learn important details necessary to facilitate enrollment into the plan. Financial advisors for a Financial Intermediary Account can help you review your financial needs and formulate long-term investment goals and objectives. In addition, financial advisors generally can help you develop a customized financial plan, select investments and monitor and review your portfolio on an ongoing basis to help assure your investments continue to meet your needs as circumstances change. Financial advisors (including brokers or agents) are paid for providing ongoing investment advice and services, either from Fund sales charges and fees or by charging you a separate fee in lieu of a sales charge.
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Financial advisors or other dealer firms may charge their customers a processing or service fee in connection with the purchase or redemption of Fund shares. The amount and applicability of such a fee is determined and disclosed to customers by each individual dealer. Processing or service fees typically are fixed, nominal dollar amounts and are in addition to the sales and other charges described in this prospectus and the SAI. Your dealer will provide you with specific information about any processing or service fees you will be charged. Shares you purchase through your financial advisor or other intermediary will normally be held with that firm. For more information, please contact your financial advisor.
Other information for Employee Benefit Plans
As a participant in an Employee Benefit Plan, the Fund imposes no minimum investment. The Fund does not currently restrict the frequency of investments made in the Fund by participants through Employee Benefit Plans, although the Fund reserves the right to impose such restrictions in the future. If you are investing in the Fund through an Employee Benefit Plan, your employer’s plan may limit the amount and available methods to invest in your account. Additionally, the Code limits total annual contributions to most types of Employee Benefit Plans.
Other information for Eligible Investors
An investor purchasing shares through Eligible Investors may purchase shares only in accordance with instructions and limitations pertaining to their account with the Eligible Investor. These Eligible Investors may set different minimum investment requirements for their customers’ investments. Please contact your Financial Intermediary Account or Employee Benefit Plan sponsor for more information.
Transaction methods for purchases
Purchasing via wire: You may remit initial or subsequent deposits into your account via wire. To open an account by wire please send a completed and signed application by mail as instructed above and then follow the wiring instructions below once you have confirmed the account is open and have the account number.
State Street Bank and Trust Company
One Congress Street, Suite 1
Boston, MA 02114-2016
ABA Number: 011000028
DDA Number: 99052771
Specify on the wire:
· “The Nuveen Funds—” and the “Share Class” being purchased. For example, a proper set of wire instructions for an initial or subsequent
76 Prospectus ■ Nuveen Managed Allocation Fund
investment into Class R6 would read as follows: “The Nuveen Funds—Class R6”;
· Account registration (names of registered owners), address and Social Security number or taxpayer identification number;
· The Fund account number; and
· The Fund and amount to be invested.
Points to remember for all purchases
The Fund considers all purchase requests to be received when they are received in “good order” as determined by the Fund’s transfer agent (or other authorized Fund agent). (See the section entitled “Important transaction information—Good order” below.) Your investment must be for a specified dollar amount. The Fund cannot accept purchase requests specifying a certain price, date, or number of shares. These types of requests will be deemed to be not in “good order” and the money you sent will be returned to you. If you hold your shares through a Financial Intermediary Account, such intermediary may have its own independent “good order” and eligibility requirements.
Your ability to purchase shares may be restricted due to limitations on purchases or exchanges, including limitations described in the section entitled “Frequent trading—applicable to all investors” (see below). If you hold your shares through a Financial Intermediary Account, it may charge you additional fees. Contact your Financial Intermediary Account to find out if it imposes any other conditions on your transactions, such as a different minimum investment requirement.
Federal law requires the Fund to obtain, verify and record information that identifies each person who opens an account. Until the Fund receives such information, it may not be able to open an account or effect transactions for you. Furthermore, if the Fund is unable to verify your identity, or that of another person authorized to act on your behalf, or if it is believed potential criminal activity has been identified, the Fund reserves the right to take such action as deemed appropriate, which may include closing your account.
Before you can use TIAA’s Web Center, you must enter the last four digits of your Social Security number, date of birth and last name. You will then be given an opportunity to create a user name and password. TIAA’s Web Center will lead you through the transaction process, and the Fund will use reasonable procedures to confirm that the instructions given are genuine. All transactions over TIAA’s Web Center and the Automated Telephone Service are recorded electronically.
All purchases must be in U.S. dollars and all checks must be drawn on U.S. banks. The Fund generally will only accept accounts with a U.S. address of record, but the Fund has the discretion to accept accounts with a non-U.S. address of record. Non-U.S. investors should be aware that U.S. withholding and estate taxes and certain U.S. tax reporting requirements may apply to any investment in the Fund. The Fund generally will not accept a P.O. Box as the
Nuveen Managed Allocation Fund ■ Prospectus 77
address of record. For payments made by check, the Fund can only accept payment to establish a new account if the check presented for deposit into the new account is drawn against an account registered in the same name as the prospective investor.
If your purchase check does not clear or payment on it is stopped, or if the Fund does not receive good funds through wire transfer or EFT, the Fund may treat this as a redemption of the shares purchased when your check or electronic funds were received. You will be responsible for any resulting loss incurred by the Fund or Advisors and you may be subject to investment losses and tax consequences on such a redemption. If you are already a shareholder, the Fund can redeem shares from any of your account(s) as reimbursement for all losses. There is a $25 fee for all returned items, including checks and EFTs. Please note that there is a 10 calendar day hold on all purchases by check, or through EFT.
There may be circumstances when the Fund will not accept new investments. The Fund reserves the right to suspend or terminate the offering of its shares at any time without prior notice. The Fund also reserves the right to restrict you from making future purchases in the Fund or any other series of the Trust. In addition, the Fund reserves the right to reject any application or investment or any other specific purchase request.
All share classes
You can redeem (sell) your shares on any Business Day. If you hold your Fund shares through a Financial Intermediary Account, please contact the intermediary to sell your shares. Your Financial Intermediary Account may have different requirements and restrictions on redemptions than the Fund. If you hold your Fund shares through an Employee Benefit Plan or Financial Intermediary Account administered by TIAA, the Employee Benefit Plan or Financial Intermediary Account may impose further restrictions on the sale of Fund shares.
You may be required to complete and return certain forms to effect your redemption. Before you complete your redemption request, please make sure you understand the possible federal and other income tax consequences of a redemption. Neither the Fund nor its transfer agent can process redemption requests that specify a certain price or date; these requests will be deemed not in “good order” and will be returned. (See the section entitled “Important transaction information—Good order” below.) The Fund will only process redemption requests received in “good order” as determined by the Fund’s transfer agent (or other authorized Fund agent).
For Direct Purchasers, the length of time that the Fund typically expects to pay redemption proceeds depends on whether payment is made by EFT or by check. The Fund typically expects to make payments of redemption proceeds by EFT on the next Business Day following receipt of the redemption request in good order. For payment by check, the Fund typically expects to mail the check on the
78 Prospectus ■ Nuveen Managed Allocation Fund
next Business Day following receipt of the redemption request by the Fund in good order.
For Fund shares held through a Financial Intermediary Account, the length of time that the Fund typically expects to pay redemption proceeds may depend on your intermediary. For payments that are made to your intermediary for transmittal to you, the Fund expects to pay redemption proceeds to the intermediary the next Business Day following the Fund’s receipt of the redemption request received in good order from the intermediary. Please contact your intermediary for additional information.
Payment of redemption proceeds may take longer than the time the Fund typically expects. However, in certain circumstances, the payment of redemption proceeds may take up to seven days as permitted by applicable law. For example, the payment of redemption proceeds may be delayed up to seven days (i) during periods of market stress or volatility, (ii) during any period in which an emergency exists so that disposal of the Fund’s investments or determination of its NAV is not reasonably practicable or (iii) when the Fund seeks to satisfy especially large redemption requests.
If a redemption is requested after a recent purchase of shares, the Fund may delay payment of the redemption proceeds until the check or an EFT transaction clears. This can take up to 10 days. There is a 10 calendar day hold from the date of purchase to the first available redemption for all Direct Purchasers redeeming through www.nuveen.com or the TIAA Web Center.
If you request a redemption, the Fund will send the redemption proceeds by check to the address of record, or by EFT to the bank account on file. A letter of instruction with a bank Medallion Signature Guarantee of all owners exactly as registered on the account is required if the redemption proceeds are sent to (i) a bank account not on file, (ii) an address other than the address of record, or (iii) an address of record that has been changed within the last 30 calendar days. You may obtain a Medallion Signature Guarantee from some commercial or savings banks, credit unions, trust companies or member firms of a U.S. stock exchange. A notary public cannot provide a Medallion Signature Guarantee.
The Fund can suspend the right of redemption of Fund shares or postpone payment beyond seven days if: (a) the NYSE is closed for other than usual holidays or weekends, or trading on the NYSE is restricted; (b) an emergency exists as defined by the SEC, or when the SEC requires that trading be restricted; or (c) the SEC permits a delay for the protection of investors.
The Fund’s transfer agent, acting on behalf of the Fund and acting in reliance on relief granted by the SEC staff, may place a temporary hold on the payment of redemption proceeds from the account of a Direct Purchaser if the transfer agent reasonably believes that financial exploitation of a Specified Adult (as defined below) has occurred, is occurring, has been attempted, or will be attempted. For purposes of this paragraph, the term “Specified Adult” refers to an individual who is a natural person (a) age 65 and older, or (b) age 18 and older and whom the
Nuveen Managed Allocation Fund ■ Prospectus 79
Fund’s transfer agent reasonably believes has a mental or physical impairment that renders the individual unable to protect his or her own interests.
The Fund reserves the right to require a Medallion Signature Guarantee for a redemption of any class. The Fund can suspend or terminate your ability to transact by telephone, Internet, or fax at any time, for any reason. Also, telephone, Internet or fax transactions may not always be available.
Once mailed to the Fund, your redemption request is irrevocable and cannot be modified or canceled.
The Fund typically will pay redemption proceeds using holdings of cash (including cash flows into the Fund) in the Fund’s portfolio, or using the proceeds from sales of portfolio securities. The Fund also may meet redemption requests through overdrafts at the Fund’s custodian, by borrowing under a credit agreement to which the Fund is a party or by borrowing from certain other registered investment companies advised by Advisors or TCIM, including the Fund, under an inter-fund lending program maintained by the Fund and such other registered investment companies pursuant to exemptive relief granted by the SEC. These methods listed in the foregoing sentence are more likely to be used to meet large redemption requests or in times of stressed market conditions. The Fund also reserves the right to honor redemptions in liquid portfolio securities instead of cash when your redemptions over a 90-day period exceed $250,000 or 1% of the Fund’s assets, whichever is less. For additional information, please see the “In-kind redemptions of shares” section below.
For participants holding shares through an Employee Benefit Plan (Class R6 and Retirement Class shares)
A redemption can be part of an exchange into (1) another fund available through your Employee Benefit Plan or (2) another account or IRA.
If you are married, and all or part of your investment is attributable to purchases made under either (i) an employer plan subject to the Employee Retirement Income Security Act of 1974 (“ERISA”) or (ii) an employer plan that provides for spousal rights to benefits, then to the extent required by the Code or ERISA or the terms of your employer plan, your rights to make certain redemptions may be restricted by the rights of your spouse to such benefits.
For Direct Purchasers, Eligible Investors and their clients (Class A and Class R6 shares)
Requests must include: account number, transaction amount (in dollars or shares), signatures of all owners exactly as registered on the account, Medallion Signature Guarantees (if required), and any other required supporting legal documentation. All other requests, including those specifying a certain price or date, will not be deemed to be in “good order” and will be returned. (See the section entitled “Important transaction information—Good order” below.)
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Transaction methods for redemptions
If your shares are held through a Financial Intermediary Account, please contact the intermediary for redemption requirements. Your intermediary may charge for this service.
Over the Internet: With TIAA’s Web Center, Class R6 and Retirement Class shares held through an Employee Benefit Plan or Financial Intermediary Account administered by TIAA can be redeemed over the Internet subject to any rules imposed by the Employee Benefit Plan or Financial Intermediary Account. Direct Purchasers of Class A shares can redeem their shares over the Internet although there is a limit on Internet redemptions. Investors in Class A shares are limited to Internet redemptions of up to $100,000 per Fund account per day. Internet redemptions are not available for self-directed IRA accounts and Coverdell education savings accounts held by Direct Purchasers. TIAA’s Web Center can be accessed through TIAA’s homepage at www.tiaa.org. Before you can use the Web Center, you must enter the last four digits of your Social Security number, date of birth and last name. The Fund will use reasonable procedures to confirm that the instructions given are genuine. All transactions over the Web Center are recorded electronically.
By telephone: Call the appropriate person or number provided in the section entitled “Purchasing shares” above. If you do not want to be able to redeem by telephone, contact either your TIAA Relationship Manager or Financial Intermediary Account.
· Participants holding Class R6 and Retirement Class shares through an Employee Benefit Plan or other account administered by TIAA can redeem up to $50,000 every seven calendar days or any greater amount as approved from time to time.
· Direct Purchasers of Class A and Class R6 shares can redeem amounts up to $100,000 per Fund account per day by phone.
By mail: Send your written request to the appropriate address as described in the section entitled “Purchasing shares” above.
By systematic redemption plan: For Class A shares, you can elect this feature only for accounts with balances of at least $5,000. The Fund will automatically redeem the requested dollar amount or number of shares for Class R6 and Retirement Class held in an Employee Benefit Plan or Financial Intermediary Account administered by TIAA on any Business Day between the 1st and 28th of the month or for Class A each month or quarter on the 1st or 15th of the month. For all share classes, if the days selected are not Business Days, shares will be redeemed on the following Business Day. Redemptions will be made via check or electronic transfer to your bank. You should not establish systematic redemptions if you intend to make concurrent purchases of Class A because you may unnecessarily pay a sales charge or CDSC on these purchases.
If you are a Direct Purchaser of Class A shares in the Fund and want to set up a systematic redemption plan, contact the Fund and it will send the necessary
Nuveen Managed Allocation Fund ■ Prospectus 81
forms to you or you may enroll online through www.nuveen.com or the TIAA Web Center. All owners of an account must sign the systematic redemption plan request. Similarly, all owners must sign any request to increase the amount or frequency of the systematic redemptions or a request for payments to be sent to an address other than the address of record. A Medallion Signature Guarantee is required for this address change. The Fund can suspend, change or terminate the systematic redemption plan option at any time, although the Fund will notify you if this occurs. You can terminate the plan or reduce the amount or frequency of the redemptions by writing or by calling the Fund or through www.nuveen.com or the TIAA Web Center. Requests to establish, terminate, or change the amount or frequency of redemptions will become effective within five days after the Fund receives your instructions.
In-kind redemptions of shares: Certain large redemptions of Fund shares may be detrimental to the Fund’s other shareholders because such redemptions can adversely affect a portfolio manager’s ability to implement the Fund’s investment strategy by causing premature sale of portfolio securities that would otherwise be held. Consequently, if, in any 90-day period, an investor redeems (sells) shares in an amount that exceeds the lesser of (i) $250,000 or (ii) 1% of the Fund’s assets, then the Fund, at its sole discretion, has the right (without prior notice) to satisfy the difference between the redemption amount and the lesser of the two previously mentioned figures with securities from the Fund’s or an Underlying Fund’s portfolio (which may consist of either Class R6 shares of one or more Underlying Funds of the Trust or actual securities held by one or more Underlying Funds) instead of cash. This is referred to as a “distribution in-kind” redemption and the securities you receive in this manner represent a portion of the Fund’s or an Underlying Fund’s portfolio. The securities you receive will be selected by the Fund in its discretion. The investor receiving the securities will be responsible for disposing of the securities and bearing any associated costs. In addition, securities redeemed on an in-kind basis will be subject to market risk until sold and taxable gains or losses may be incurred when the securities are converted to cash.
Reinstatement privilege: If you redeem Class A shares, you may reinvest all or part of your redemption proceeds up to one year later without incurring any additional charges. You may only reinvest into the same share class you redeemed. If you paid a CDSC, any shares purchased pursuant to the reinstatement privilege will not be subject to a CDSC. You may use this reinstatement privilege only once for any redemption.
Overview
An exchange is a simultaneous redemption of shares in the Fund and a purchase of shares of the same class of another Nuveen mutual fund available in your state. Investors can exchange shares on any Business Day subject to limitations (i) described in the section entitled “Frequent trading—applicable to
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all investors” below, (ii) imposed by your financial intermediary or (iii) any limitations under your employer’s Employee Benefit Plan. Shareholders who own shares through an Eligible Investor such as an Employee Benefit Plan or Financial Intermediary Account should contact the Eligible Investor for exchange requests.
You may be required to complete and return certain forms to effect your exchange. Exchanges between accounts can be made only if the accounts are registered in the same name(s), address and Social Security number or taxpayer identification number. Because restrictions may apply to certain accounts or plans, you should contact your Financial Intermediary Account or Employee Benefit Plan representative for further information. An exchange is considered a sale of securities and therefore may be a taxable event. You should consult your tax advisor about the tax consequences of exchanging your shares.
For Class A shareholders and Direct Purchasers of Class R6 shares, an exchange into a fund in which you already own shares must be for at least $50 for Class A and $1,000 for Class R6 and an exchange to a new fund account must meet the account minimums as stated by account type above. For Class R6 and Retirement Class shares held through an Employee Benefit Plan or Financial Intermediary Account administered by TIAA, exchanges must generally be for at least $1,000 (except for systematic exchanges, which must be for at least $100) or your entire balance, if it is less.
Make sure you understand the investment objective, policies, strategies and risks disclosed in the prospectus of the fund into which you exchange shares. The exchange option is not designed to allow you to time the market. It gives you a convenient way to adjust the balance of your account so that it more closely matches your overall investment objectives and risk tolerance level.
The Fund reserves the right to reject any exchange request and to modify or terminate the exchange option at any time without prior notice to shareholders. The Fund may do this, in particular, when your transaction activity is deemed to be harmful to the Fund, including if it is considered to be excessive trading or market timing activity.
Once made, an exchange request by mail cannot be modified or cancelled.
Transaction methods for exchanges
Over the Internet: You can exchange shares using www.nuveen.com or TIAA’s Web Center, which can be accessed through TIAA’s homepage at www.tiaa.org.
By telephone: If you are a Direct Purchaser of Class R6 shares, please call your Relationship Manager or 800-257-8787. For Direct Purchasers of Class A shares, please call 800-257-8787. For share classes held under Employee Benefit Plans or Financial Intermediary Accounts administered by TIAA, please call 800-842-2252. For share classes held under Employee Benefit Plans or Financial Intermediary Accounts not administered by TIAA, please contact your plan or intermediary for exchange requirements.
Nuveen Managed Allocation Fund ■ Prospectus 83
By mail: Send your written request to the appropriate address as described in the section entitled “Purchasing shares” above. The letter must include your name, address, and the funds and accounts you want to exchange between.
By systematic exchange: Under this feature, TIAA automatically redeems shares in the Fund and purchases shares of the same class of another Nuveen mutual fund as specified by the applicable agreement. However, the Fund does not offer systematic exchanges for Direct Purchasers in the Class R6 shares. In addition, for Class A shares, you can only elect this feature if the balance of the Fund account from which you are transferring shares is at least $5,000. Class A systematic exchanges can occur on the 1st or 15th day of the month or on the following Business Day if those days are not Business Days. For all systematic exchanges, you must specify the dollar amount and the funds involved in the exchange. If you want to set up a systematic exchange, contact Nuveen. You can terminate the plan or change the amount or frequency of the exchanges by writing or calling the number identified in the section entitled “Purchasing shares” above. Requests to establish, terminate, or change the amount or frequency of exchanges will become effective within five days after the Fund receives your instructions. All account owners must sign the systematic exchange request. Similarly, all account owners must sign any request to increase the amount or frequency of systematic exchanges. The Fund can suspend, change or terminate the systematic exchange feature at any time, although the Fund will notify you if this occurs.
Conversion of shares—applicable to all investors
A share conversion is a transaction where shares of one class of the Fund are exchanged for shares of another class of the Fund. Share conversions can occur between each share class of the Fund, subject to the payment of any applicable CDSC. Generally, share conversions occur where a shareholder becomes eligible for another share class of the Fund or no longer meets the eligibility of the share class they own (and another class exists for which they would be eligible). Please note that a share conversion is generally a non-taxable event, but please consult with your personal tax advisor on your particular circumstances.
A request for a share conversion will not be processed until it is received in “good order” (as defined below) by the Fund’s transfer agent (or other authorized Fund agent). Conversion requests received in “good order” prior to the time as of which the Fund’s NAV is determined on any Business Day will receive the NAV of the new class calculated that day. Please note that, because the NAV of each class of the Fund will generally vary from the NAVs of the other classes due to differences in expenses, you will receive a different number of shares in the new class than you held in the old class, but the total value of your holdings will remain the same.
The Fund’s frequent trading policies will not be applicable to share conversions. If you hold your shares through an Eligible Investor like an intermediary or plan sponsor, please contact the Eligible Investor for more
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information on share conversions. Please note that certain intermediaries or plan sponsors may not permit all types of share conversions. The Fund reserves the right to terminate, suspend or modify the share conversion privilege for any shareholder or group of shareholders.
Voluntary conversions
If you believe that you are eligible to convert your Fund shares to another class, you may place an order for a share conversion by contacting your Relationship Manager. If you hold your Fund shares through an Eligible Investor like a plan or intermediary, please contact the Eligible Investor regarding conversions. Please be sure to read the applicable sections of the prospectus for the new class in which you wish to convert prior to such a conversion in order to learn more about its different features, performance and expenses. Neither the Fund nor Advisors has any responsibility for reviewing accounts and/or contacting shareholders to apprise them that they may qualify to request a voluntary conversion. Some Eligible Investors may not allow investors who own Fund shares through them to make share conversions.
Mandatory conversions
The Fund reserves the right to automatically convert shareholders from one class to another if they no longer qualify as eligible for their existing class or if they become eligible for another class. Such mandatory conversions may be as a result of a change in value of an account due to market movements, exchanges or redemptions. The Fund will notify affected shareholders in writing prior to any mandatory conversion.
In addition, shareholders investing through a Financial Intermediary Account should be aware that the financial intermediary through which you hold shares may have the authority under the financial intermediary’s account agreement or other agreement with you to exchange the class of shares of the Fund that you currently hold for another class of shares of the same Fund under certain circumstances. Under these circumstances, neither the Fund, Advisors nor Nuveen Securities are responsible for any actions taken by such financial intermediary in this regard. The fees and expenses of the new share class may be higher than those of the previously held class.
Important transaction information
Good order. Purchase, redemption and exchange requests are not processed until received in good order by the Fund’s transfer agent at its processing center (or by another authorized Fund agent). “Good order” means actual receipt of the order along with all information and supporting legal documentation necessary to effect the transaction by the Fund’s transfer agent (or other authorized Fund agent). This information and documentation generally includes the Fund account number, the transaction amount (in dollars or shares), signatures of all account owners exactly as registered on the account and any other information or
Nuveen Managed Allocation Fund ■ Prospectus 85
supporting documentation as the Fund, its transfer agent or other authorized Fund agent may require. With respect to purchase requests, “good order” also generally includes receipt of sufficient funds by the Fund’s transfer agent (or other authorized Fund agent) to effect the purchase. The Fund, its transfer agent or any other authorized Fund agent may, in their sole discretion, determine whether any particular transaction request is in good order and reserve the right to change or waive any good order requirement at any time.
Financial intermediaries or plan sponsors may have their own requirements for considering transaction requests to be in “good order.” If you hold your shares through a financial intermediary or plan sponsor, please contact them for their specific “good order” requirements.
Share price. If the Fund’s transfer agent (or other authorized Fund agent) receives an order to purchase, redeem or exchange shares that is in “good order” prior to the time as of which the Fund’s NAV is determined on any Business Day, the transaction price will be the NAV per share for that day. If the Fund’s transfer agent (or other authorized Fund agent) receives an order to purchase, redeem or exchange shares that is in “good order” any time after the time as of which the Fund’s NAV is determined on any Business Day, the transaction price will be the NAV per share calculated the next Business Day.
If you hold Class R6 or Retirement Class shares through an Eligible Investor, the Eligible Investor, or financial intermediary, as applicable, may require you to communicate to it any purchase, redemption or exchange request by a specified deadline earlier than the close of that Business Day in order to receive that day’s NAV per share as the transaction price.
Large redemptions—applicable to all investors. Please contact the Fund before attempting to redeem a large dollar amount of shares (including exchange requests since they include redemption transactions). Large redemptions of Fund shares may be detrimental to the Fund’s other shareholders because such transactions can adversely affect a portfolio manager’s ability to efficiently manage the Fund. By contacting the Fund before you attempt to redeem a large dollar amount, you may avoid in-kind payment of your request.
Minimum account size.
· Class A. Due to the relatively high cost of maintaining smaller accounts, the Fund reserves the right to redeem shares in any account if the value of that account drops below $1,000. You will be allowed at least 60 days, after written notice, to make an additional investment to bring your account value up to at least the specified minimum before the redemption is processed. The Fund reserves the right to waive or reduce the minimum account size for the Fund’s account at any time. Additionally, the Fund may increase, terminate or revise the terms of the minimum account size requirements at any time without advance notice to shareholders.
· Class R6. While there is currently no minimum account size for maintaining a Class R6 account, the Fund reserves the right, without prior notice, to establish a minimum amount required to maintain an account.
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· Retirement Class. There is currently no minimum account size for maintaining a Retirement Class account. The Fund reserves the right, without prior notice, to establish a minimum amount required to open, maintain or add to an account.
Annual Low Balance Account Fee—Class A. The Fund charges an Annual Low Balance Account Fee of $15.00 per Class A account (applicable to both retirement and non-retirement accounts) in order to allocate shareholder servicing costs equitably if your Fund balance falls below $1,000 (for any reason, including a decrease in market value) as of a particular date each year. Investors cannot pay this fee by any other means besides an automatic deduction of the fee from their account.
The Annual Low Balance Account Fee will not apply to the following types of Class A Fund accounts: accounts held through retirement or Employee Benefit Plans; accounts held through intermediaries and their supermarkets and platforms (i.e., omnibus accounts); accounts that are registered under a taxpayer identification number (or Social Security number) that have aggregated non-retirement or non-Employee Benefit Plan assets held in accounts for the Fund or other Nuveen mutual funds of $25,000 or more; accounts currently enrolled in the Fund’s Automatic Investment Plan; and accounts held through tuition (529) plan programs. However, the Annual Low Balance Account Fee will apply to IRAs and Coverdell education savings accounts. The Fund reserves the right to waive or reduce the Annual Low Balance Account Fee for any Fund account at any time. Additionally, the Fund may increase, terminate or revise the terms of the Annual Low Balance Account Fee at any time without advance notice to shareholders.
Taxpayer identification number. Regardless of whether you hold your Fund shares directly or through a Financial Intermediary Account, you must give the Fund your taxpayer identification number (which, for most individuals, is your Social Security number) and tell the Fund whether or not you are subject to backup withholding. If you do not furnish your taxpayer identification number, redemptions or exchanges of shares, as well as dividends and capital gains distributions, will be subject to backup tax withholding. In addition, if you hold Fund shares directly and do not furnish your taxpayer identification number, then your account application will be rejected and returned.
Changing your address.
· Class A. To change the address on your account, please call the Fund or send the Fund a written notification signed by all registered owners of your account. If you hold your shares through a financial intermediary, please contact the intermediary to change your address.
· Class R6. To change the address on an account, please contact your Relationship Manager (for Direct Purchasers) or send the Fund a written notification.
· Retirement Class. To change the address on an Eligible Investor account, please send the Fund a written notification.
Nuveen Managed Allocation Fund ■ Prospectus 87
Medallion Signature Guarantee. For some transaction requests (for example, when you are redeeming shares within 30 days (for direct investors) or 14 days (for participants holding shares through an Employee Benefit Plan or Financial Intermediary Account administered by TIAA) of changing your address, bank or bank account or adding certain new services to an existing account), the Fund may require a Medallion Signature Guarantee of each owner of record of an account. This requirement is designed to protect you and the Fund from fraud, and to comply with rules on stock transfers. A Medallion Signature Guarantee is a written endorsement from an eligible guarantor institution that the signature(s) on the written request is (are) valid. Certain commercial banks, trust companies, savings associations, credit unions and members of U.S. stock exchanges participate in the Medallion Signature Guarantee program. No other form of signature verification will be accepted. A notary public cannot provide a signature guarantee. For more information about when a Medallion Signature Guarantee may be required, please contact the Fund or your Relationship Manager (for Direct Purchasers).
Transferring shares. For certain share classes, you can transfer ownership of your account to another person or organization that also qualifies to own the class of shares or change the name on your account by sending the Fund written instructions. Generally, each registered owner of the account must sign the request and provide Medallion Signature Guarantees. When you change the name on an account, shares in that account are transferred to a new account.
Limitations. Federal laws designed to counter terrorism and prevent money laundering might, in certain circumstances, require the Fund to block an account owner’s ability to make certain transactions and thereby refuse to accept a purchase order or any request for transfers or withdrawals, until instructions are received from the appropriate regulator. The Fund may also be required to provide additional information about you and your account to government regulators.
Advice about your account—Direct Purchasers only. Neither the Fund nor any affiliate of Advisors nor any service provider to the Fund has provided advice, recommendations or suggestions as to any specific investment decision in the Fund. Shareholders are urged to consult their own advisors before making investment-related decisions, including but not limited to those related to transfers or rollovers from retirement plans, purchases or sales of investments, selection or retention of investment managers, or selection of account beneficiaries.
Customer complaints. Customer complaints may be directed to Nuveen Funds, 730 Third Avenue, New York, NY 10017-3206, Attention: Shareholder Services.
Transfer On Death—Class A. If you live in certain states and hold Class A shares, you can designate one or more persons (“beneficiaries”) to whom your Fund shares can be transferred upon death. You can set up your account with a Transfer On Death (“TOD”) registration upon request. (Call us to get the necessary forms.) A TOD registration avoids probate if the beneficiary(ies)
88 Prospectus ■ Nuveen Managed Allocation Fund
survives all shareholders. You maintain total control over your account during your lifetime.
Internet and telephone transactions. The Fund is not liable for losses from unauthorized www.nuveen.com, TIAA Web Center and telephone transactions so long as reasonable procedures designed to verify the identity of the person effecting the transaction are followed. The Fund requires the use of personal identification numbers, codes and other procedures designed to reasonably confirm that instructions given through www.nuveen.com, TIAA’s Web Center or by telephone are genuine. The Fund also records telephone instructions and provides written confirmations of such instructions. The Fund accepts all telephone instructions that are reasonably believed to be genuine and accurate. However, you should verify the accuracy of your confirmation statements immediately after you receive them. The Fund may suspend or terminate Internet or telephone transaction facilities at any time, for any reason. If you do not want to be able to effect transactions over the telephone, call the Fund for instructions.
Frequent trading—applicable to all investors
The Fund is intended for long-term investment and should not be used for excessive trading. Excessive trading in the Fund’s shares can disrupt portfolio management, lead to higher operating costs, and cause other operating inefficiencies for the Fund. However, the Fund is also mindful that shareholders may have valid reasons for periodically purchasing and redeeming Fund shares.
Accordingly, the Fund have adopted a Frequent Trading Policy that seeks to balance the Fund’s need to prevent excessive trading in Fund shares while offering investors the flexibility in managing their financial affairs to make periodic purchases and redemptions of Fund shares.
The Fund’s Frequent Trading Policy generally limits an investor to two “round trip” trades in a 60-day period. A “round trip” is the purchase and subsequent redemption of Fund shares, including exchange transactions, or a redemption and then subsequent purchase of Fund shares, including exchange transactions. Upon completion of a second round trip, the account will not be permitted to exchange in or purchase additional shares for a period of 90 days.
The Fund receives certain share purchase and redemption orders through third-party financial intermediaries, some of whom rely on the use of omnibus accounts. An omnibus account typically includes multiple investors and provides the Fund only with a net purchase or redemption amount on any given day where multiple purchases, redemptions and exchanges of shares occur in the account. The identity of individual purchasers, redeemers and exchangers whose orders are aggregated in omnibus accounts, and the size of their orders, will generally not be known by the Fund. Despite the Fund’s efforts to detect and prevent frequent trading, the Fund may be unable to identify frequent trading because the netting effect in omnibus accounts often makes it more difficult to identify frequent traders. Nuveen Securities has entered into agreements with financial
Nuveen Managed Allocation Fund ■ Prospectus 89
intermediaries that maintain omnibus accounts with the Fund’s transfer agent. Under the terms of these agreements, the financial intermediaries undertake to cooperate with Nuveen Securities in monitoring purchase, exchange and redemption orders by their customers in order to detect and prevent frequent trading in the Fund through such accounts. Pursuant to these agreements, financial intermediaries may disclose to the Fund an investor’s taxpayer identification number and a record of the investor’s transactions at the request of the Fund. Technical limitations in operational systems at such intermediaries or at Nuveen Securities may also limit the Fund’s ability to detect and prevent frequent trading. In addition, the Fund may permit certain financial intermediaries, including broker-dealer and retirement plan administrators, among others, to enforce their own internal policies and procedures concerning frequent trading. Such policies may differ from the Fund’s Frequent Trading Policy and may be approved for use in instances where the Fund reasonably believes that the intermediary’s policies and procedures effectively discourage inappropriate trading activity. Shareholders holding their accounts with such intermediaries may wish to contact the intermediary for information regarding its frequent trading policy. Although the Fund does not knowingly permit frequent trading, it cannot guarantee that it will be able to identify and restrict all frequent trading activity.
The Fund reserves the right in its sole discretion to waive unintentional or minor violations (including transactions below certain dollar thresholds) if it determines that doing so would not harm the interests of Fund shareholders. In addition, certain categories of redemptions may be excluded from the application of the Frequent Trading Policy, as described in more detail in the SAI. These include, among others, redemptions pursuant to systematic withdrawal plans, redemptions in connection with the total disability or death of the investor, involuntary redemptions by operation of law, redemptions in payment of account or plan fees, and certain redemptions by retirement plans, including redemptions in connection with qualifying loans or hardship withdrawals, termination of plan participation, return of excess contributions, and required minimum distributions. The Fund may also modify or suspend the Frequent Trading Policy without notice during periods of market stress or other unusual circumstances.
The Fund reserves the right to impose restrictions on purchases or exchanges that are more restrictive than those stated above if it determines, in its sole discretion, that a transaction or a series of transactions involves market timing or excessive trading that may be detrimental to Fund shareholders. The Fund also reserves the right to reject any purchase order, including exchange purchases, for any reason. For example, the Fund may refuse purchase orders if the Fund would be unable to invest the proceeds from the purchase order in accordance with the Fund’s investment policies and/or objective, or if the Fund would be adversely affected by the size of the transaction, the frequency of trading in the account or various other factors. For more information about the
90 Prospectus ■ Nuveen Managed Allocation Fund
Fund’s Frequent Trading Policy and its enforcement, see “About the Trust and the shares—Frequent Trading Policy” in the SAI.
If you received this Prospectus electronically and would like a paper copy, please contact the Fund and one will be sent to you.
Additional information about index providers
Russell indices
Source: London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®,” “Russell®” and “FTSE Russell®” are trademarks of the relevant LSE Group companies and are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
MSCI indices
Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)
Nuveen Managed Allocation Fund ■ Prospectus 91
Bloomberg indices
Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). Bloomberg or Bloomberg’s licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall not have any liability or responsibility for injury or damages arising in connection therewith.
Morningstar index
©2024 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
Additional information about the Trust and the Board of Trustees
A trustee of the Trust (a “Trustee”) who is not an “interested person” of the Trust for purposes of the 1940 Act is deemed to be independent and disinterested when taking action as a Trustee. The Trustees oversee the management of the Trust and the Fund on behalf of the Trust, and not on behalf of individual owners of shares of beneficial interest in the Trust. The Trustees, on behalf of the Trust, approve certain service agreements with Advisors and certain other service providers in order to procure necessary or desirable services on behalf of the Trust and the Fund. Shareholders are not third-party beneficiaries of such service agreements. Neither this Prospectus nor any other communication from or on behalf of the Trust creates a contract between a shareholder of the Fund and the Trust, the Fund and/or the Trustees. The Trustees and Trust management may amend this Prospectus and interpret the investment objective, policies and restrictions applicable to the Fund without shareholder input or approval, except as otherwise provided by law or as disclosed by the Trust.
92 Prospectus ■ Nuveen Managed Allocation Fund
Code: The Internal Revenue Code of 1986, as amended, including any applicable regulations and Revenue Rulings.
Duration: Duration is a measure of volatility in the price of a bond in response to a change in prevailing interest rates, with a longer duration indicating more volatility. It can be understood as the weighted average of the time to each coupon and principal payment of such a security. For an investment portfolio of fixed-income securities, duration is the weighted average of each security’s duration. For example, the price of a bond with a duration of two years will rise (fall) two percent for every one percent decrease (increase) in its interest rate.
Equity Investments: Primarily, common stock, preferred stock and securities convertible or exchangeable into common stock, including convertible debt securities, convertible preferred stock and warrants or rights to acquire common stock, and depositary receipts.
Fixed-Income or Fixed-Income Investments: Primarily, bonds and notes (such as corporate and government debt obligations), mortgage-backed securities, asset-backed securities, and structured securities that generally pay fixed or variable rates of interest; debt obligations issued at a discount from face value (i.e., that have an imputed rate of interest); non-interest-bearing debt securities (i.e., zero coupon bonds); and other non-equity securities that pay dividends.
Foreign Investments: Foreign investments may include securities of foreign issuers, securities or contracts traded or acquired in non-U.S. markets or on non-U.S. exchanges, or securities or contracts payable or denominated in non-U.S. currencies. Obligations issued by U.S. companies in non-U.S. currencies are not considered to be foreign investments.
Foreign Issuers: Foreign issuers generally include (1) companies whose securities
are principally traded outside of the United States, (2) companies having their principal business operations
outside of the United States,
(3) companies organized outside the United States, and (4)
foreign governments and agencies or instrumentalities of foreign governments.
High-Yield Bond: Usually called a “junk bond,” a bond that has been rated lower than investment-grade by rating agencies or is deemed as such by Advisors and that generally pays a higher yield to compensate for its greater risk of default than an investment-grade bond.
Investment-Grade: A fixed-income security is investment-grade if it is rated in the four highest categories by a nationally recognized statistical rating organization (“NRSRO”) or an unrated security that Advisors determines is of comparable quality.
Short-Term Fixed-Income: Fixed-income securities with maturities from less than one year to five years.
Nuveen Managed Allocation Fund ■ Prospectus 93
U.S. Government Securities: Securities issued or guaranteed by the U.S. Government or its agencies or instrumentalities.
94 Prospectus ■ Nuveen Managed Allocation Fund
The Financial highlights table is intended to help you understand the financial performance of each class of shares of the Fund for the past five years (or, if the class has not been in operation for five years, since commencement of operations of that class). Certain information reflects financial results for a single share of the Fund. The total returns in the table show the rates that an investor would have earned or lost on an investment in the Fund (assuming reinvestment of all dividends and distributions).
PricewaterhouseCoopers LLP serves as the Fund’s independent registered public accounting firm and has audited the financial statements of the Fund for each of the periods presented. Its report appears in the Fund’s Annual Report, which is available without charge upon request by visiting the Fund’s website at www.nuveen.com, by visiting the SEC’s website at www.sec.gov or by calling 800-257-8787.
Nuveen Managed Allocation Fund ■ Prospectus 95
Financial highlights
Managed Allocation Fund
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| Selected per share data | |||||||||||||||||
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| Gain (loss) from investment operations |
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| ||||||||
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| Less distributions from | |||||
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| For
the |
| Net asset
|
|
| a |
| j | Total gain
|
| Net
|
| Net
|
| ||||||
Class A |
|
|
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|
|
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|
|
| |||||||
| 5/31/24 |
|
| $ 10.93 |
|
| $ 0.28 |
|
| $ 1.41 |
|
| $ 1.69 |
|
| $ (0.30 | ) |
| $ — |
| ||
| 5/31/23 |
|
| 11.77 |
|
| 0.24 |
|
| (0.26 | ) |
| (0.02 | ) |
| (0.25 | ) |
| (0.57 | ) | ||
| 5/31/22 |
|
| 14.51 |
|
| 0.22 |
|
| (1.46 | ) |
| (1.24 | ) |
| (0.41 | ) |
| (1.09 | ) | ||
| 5/31/21 |
|
| 12.36 |
|
| 0.20 |
|
| 3.07 |
|
| 3.27 |
|
| (0.33 | ) |
| (0.79 | ) | ||
| 5/31/20 |
|
| 12.21 |
|
| 0.25 |
|
| 0.59 |
|
| 0.84 |
|
| (0.25 | ) |
| (0.44 | ) | ||
|
|
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Class R6 |
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|
|
|
|
|
|
| |||||||
| 5/31/24 |
|
| 10.88 |
|
| 0.31 |
|
| 1.40 |
|
| 1.71 |
|
| (0.33 | ) |
| — |
| ||
| 5/31/23 |
|
| 11.73 |
|
| 0.26 |
|
| (0.26 | ) |
| — |
|
| (0.28 | ) |
| (0.57 | ) | ||
| 5/31/22 |
|
| 14.46 |
|
| 0.25 |
|
| (1.45 | ) |
| (1.20 | ) |
| (0.44 | ) |
| (1.09 | ) | ||
| 5/31/21 |
|
| 12.32 |
|
| 0.23 |
|
| 3.07 |
|
| 3.30 |
|
| (0.37 | ) |
| (0.79 | ) | ||
| 5/31/20 |
|
| 12.18 |
|
| 0.28 |
|
| 0.58 |
|
| 0.86 |
|
| (0.28 | ) |
| (0.44 | ) | ||
|
|
|
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|
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|
|
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|
|
Retirement Class |
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|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
| 5/31/24 |
|
| 10.87 |
|
| 0.28 |
|
| 1.39 |
|
| 1.67 |
|
| (0.30 | ) |
| — |
| ||
| 5/31/23 |
|
| 11.71 |
|
| 0.24 |
|
| (0.26 | ) |
| (0.02 | ) |
| (0.25 | ) |
| (0.57 | ) | ||
| 5/31/22 |
|
| 14.44 |
|
| 0.21 |
|
| (1.45 | ) |
| (1.24 | ) |
| (0.40 | ) |
| (1.09 | ) | ||
| 5/31/21 |
|
| 12.31 |
|
| 0.20 |
|
| 3.05 |
|
| 3.25 |
|
| (0.33 | ) |
| (0.79 | ) | ||
| 5/31/20 |
|
| 12.16 |
|
| 0.25 |
|
| 0.59 |
|
| 0.84 |
|
| (0.25 | ) |
| (0.44 | ) | ||
|
|
|
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a | Based on average shares outstanding. | |||||||||||||||||||||
b | Total returns are at NAV and do not include any sales charge. Total returns are not annualized. | |||||||||||||||||||||
e | The Fund’s expenses do not include the expenses of the Underlying Funds. | |||||||||||||||||||||
j | 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. | |||||||||||||||||||||
96 Prospectus ■ Nuveen Managed Allocation Fund
(concluded)
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| Ratios and supplemental data | |||||||||||||
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| Ratios to average net assets |
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Total
|
| Net asset
|
| Total
| b |
|
| Gross
| e | Net
| e |
|
| Portfolio
|
| ||||||||
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| $ (0.30 | ) |
| $ 12.32 |
|
| 15.70 | % | $789,834 |
|
| 0.32 | % |
| 0.25 | % |
| 2.44 | % | 11 | % | ||
| (0.82 | ) |
| 10.93 |
|
| 0.20 |
|
| 734,814 |
|
| 0.32 |
|
| 0.25 |
|
| 2.17 |
|
| 19 |
|
| (1.50 | ) |
| 11.77 |
|
| (9.69 | ) |
| 790,563 |
|
| 0.31 |
|
| 0.23 |
|
| 1.59 |
|
| 23 |
|
| (1.12 | ) |
| 14.51 |
|
| 27.20 |
|
| 918,856 |
|
| 0.31 |
|
| 0.25 |
|
| 1.48 |
|
| 42 |
|
| (0.69 | ) |
| 12.36 |
|
| 6.87 |
|
| 750,844 |
|
| 0.32 |
|
| 0.25 |
|
| 1.97 |
|
| 27 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (0.33 | ) |
| 12.26 |
|
| 15.97 |
|
| 18,769 |
|
| 0.03 |
|
| 0.00 |
|
| 2.68 |
|
| 11 |
|
| (0.85 | ) |
| 10.88 |
|
| 0.39 |
|
| 18,493 |
|
| 0.03 |
|
| 0.00 |
|
| 2.40 |
|
| 19 |
|
| (1.53 | ) |
| 11.73 |
|
| (9.45 | ) |
| 24,214 |
|
| 0.03 |
|
| 0.00 |
|
| 1.84 |
|
| 23 |
|
| (1.16 | ) |
| 14.46 |
|
| 27.52 |
|
| 24,885 |
|
| 0.02 |
|
| 0.00 |
|
| 1.71 |
|
| 42 |
|
| (0.72 | ) |
| 12.32 |
|
| 7.09 |
|
| 16,997 |
|
| 0.03 |
|
| 0.00 |
|
| 2.21 |
|
| 27 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (0.30 | ) |
| 12.24 |
|
| 15.60 |
|
| 72,504 |
|
| 0.28 |
|
| 0.25 |
|
| 2.44 |
|
| 11 |
|
| (0.82 | ) |
| 10.87 |
|
| 0.21 |
|
| 69,526 |
|
| 0.28 |
|
| 0.25 |
|
| 2.18 |
|
| 19 |
|
| (1.49 | ) |
| 11.71 |
|
| (9.70 | ) |
| 73,347 |
|
| 0.28 |
|
| 0.25 |
|
| 1.56 |
|
| 23 |
|
| (1.12 | ) |
| 14.44 |
|
| 27.15 |
|
| 88,693 |
|
| 0.27 |
|
| 0.25 |
|
| 1.48 |
|
| 42 |
|
| (0.69 | ) |
| 12.31 |
|
| 6.91 |
|
| 70,404 |
|
| 0.28 |
|
| 0.25 |
|
| 1.98 |
|
| 27 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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|
|
Nuveen Managed Allocation Fund ■ Prospectus 97
Appendix to the Prospectus
VARIATIONS
IN SALES CHARGE REDUCTIONS AND WAIVERS
AVAILABLE THROUGH CERTAIN INTERMEDIARIES
98 Prospectus ■ Nuveen Managed Allocation Fund
The availability of certain sales charge variations, waivers and discounts will depend on whether you purchase your shares directly from a Fund or through a financial intermediary. Financial intermediaries may impose different sales charges and have unique policies and procedures regarding the availability of sales charge waivers and/or discounts (including based on account type), which differ from those described in the prospectus and are disclosed below. All sales charges and sales charge variations, waivers and discounts available to investors, other than those set forth below, are described in the prospectus. To the extent a financial intermediary notifies Nuveen Fund Advisors, LLC (“Nuveen Fund Advisors”), Teachers Advisors, LLC (“TAL” or collectively with Nuveen Fund Advisors, the “Advisers”) or Nuveen Securities, LLC (“Nuveen Securities”) of its intention to impose sales charges or have sales charge waivers and/or discounts that differ from those described in the prospectus, such information provided by that intermediary will be disclosed in this Appendix.
In all instances, it is your responsibility to notify your financial intermediary at the time of purchase of any relationship or other facts qualifying you for sales charge waivers or discounts. Please contact your financial intermediary with questions regarding your eligibility for applicable sales charge variations, waivers and discounts or for additional information regarding your intermediary’s policies for implementing particular sales charge variations, waivers and discounts. For waivers and discounts not available through a particular financial intermediary, shareholders will have to purchase shares directly from a Fund or through another intermediary to receive these waivers or discounts.
The information provided below for a particular financial intermediary is reproduced based on information provided by that intermediary. A financial intermediary’s administration and implementation of its particular policies with respect to any variations, waivers and/or discounts is neither supervised nor verified by the Funds, the Advisers or Nuveen Securities.
As used below, the phrase “Nuveen-sponsored mutual fund(s)” means any mutual fund for which Nuveen Fund Advisors or TAL serves as the investment adviser.
AMERIPRISE FINANCIAL
Front-end sales charge reductions on Class A shares purchased through Ameriprise Financial
Shareholders purchasing Class A shares of a Fund through an Ameriprise Financial platform or account are eligible only for the following sales charge reductions, which may differ from those disclosed elsewhere in this prospectus or the SAI. Such shareholders can reduce their initial sales charge on the purchase of Class A shares as follows:
· Transaction size breakpoints, as described in this prospectus or the SAI.
· Rights of accumulation (ROA), as described in this prospectus or the SAI.
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· Letter of intent, as described in this prospectus or the SAI.
Front-end sales charge waivers on Class A shares purchased through Ameriprise Financial
Shareholders purchasing Class A shares of a Fund through an Ameriprise Financial brokerage account are eligible only for the following sales charge waivers, which may differ from those disclosed elsewhere in this prospectus or the SAI. Such shareholders may purchase Class A shares at NAV without payment of a sales charge as follows:
· shares purchased by employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs or SAR-SEPs.
· shares purchased through reinvestment of capital gains and dividend reinvestment when purchasing shares of the same fund (but not any other Nuveen-sponsored mutual fund).
· shares purchased by employees and registered representatives of Ameriprise Financial or its affiliates and their immediate family members.
· shares purchased by or through qualified accounts (including IRAs, Coverdell Education Savings Accounts, 401(k)s, 403(b) tax sheltered custodial accounts subject to ERISA, and defined benefit plans) that are held by a covered family member, defined as an Ameriprise Financial advisor and/or the advisor’s spouse, advisor’s lineal ascendant (mother, father, grandmother, grandfather, great-grandmother, great-grandfather), advisor’s lineal descendant (son, step-son, daughter, step-daughter, grandson, granddaughter, great grandson, great granddaughter) or any spouse of a covered family member who is a lineal descendant.
· shares purchased from the proceeds of redemptions of a Nuveen-sponsored mutual fund, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (i.e., Rights of Reinstatement).
CDSC waivers on Class A shares purchased through Ameriprise Financial
Fund shares purchased through an Ameriprise Financial platform or account are eligible only for the following CDSC waivers, which may differ from those disclosed elsewhere in this prospectus or the SAI:
· redemptions due to death or disability of the shareholder;
· shares sold as part of a systematic withdrawal plan as described in this prospectus or the SAI;
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· redemptions made in connection with a return of excess contributions from an IRA account;
· shares purchased through a Right of Reinstatement (as defined above); and
· redemptions made as part of a required minimum distribution for IRA and retirement accounts pursuant to the Internal Revenue Code.
SALES WAIVERS AND REDUCTIONS IN SALES CHARGES AVAILABLE AT ROBERT W. BAIRD & CO. (“BAIRD”)
Shareholders purchasing fund shares through a Baird platform or account will only be eligible for the following sales charge waivers (front-end sales charge waivers and CDSC waivers) and discounts, which may differ from those disclosed elsewhere in this prospectus or the SAI.
Front-End Sales Charge Waivers on Class A Shares Available at Baird
· Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund
· Shares purchased by employees and registered representatives of Baird or its affiliate and their family members as designated by Baird
· Shares purchased from the proceeds of redemptions from another Nuveen-sponsored mutual fund, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same accounts, and (3) redeemed shares were subject to a front-end or deferred sales charge (known as rights of reinstatement)
· Employer-sponsored retirement plans or charitable accounts in a transactional brokerage account at Baird, including 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans. For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs or SAR-SEPs
CDSC Waivers on Class A Shares Available at Baird
· Shares sold due to death or disability of the shareholder
· Shares sold as part of a systematic withdrawal plan as described in this prospectus
· Shares bought due to returns of excess contributions from an IRA account
· Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching the qualified age based on applicable IRS regulations.
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· Shares sold to pay Baird fees but only if the transaction is initiated by Baird
· Shares acquired through a right of reinstatement
Front-End Sales Charge Discounts Available at Baird: Breakpoints and/or Rights of Accumulation
· Breakpoints as described in this prospectus
· Rights of accumulation, which entitles shareholders to breakpoint discounts, will be automatically calculated based on the aggregated holding of all Nuveen-sponsored mutual fund assets held by accounts within the purchaser’s household at Baird. Eligible Nuveen-sponsored mutual fund assets not held at Baird may be included in the rights of accumulation calculation only if the shareholder notifies his or her financial advisor about such assets
· Letters of intent, which allow for breakpoint discounts based on anticipated purchases of Nuveen-sponsored mutual funds through Baird over a 13-month period of time
EDWARD D. JONES & CO., L.P. (“EDWARD JONES”)
Policies Regarding Transactions Through Edward Jones
The following information has been provided by Edward Jones:
Effective on or after October 1, 2024, the following information supersedes prior information with respect to transactions and positions held in fund shares through an Edward Jones system. Clients of Edward Jones (also referred to as "shareholders") purchasing fund shares on the Edward Jones commission and fee-based platforms are eligible only for the following sales charge discounts (also referred to as "breakpoints") and waivers, which can differ from discounts and waivers described elsewhere in the mutual fund prospectus or statement of additional information (“SAI”) or through another broker-dealer. In all instances, it is the shareholder's responsibility to inform Edward Jones at the time of purchase of any relationship, holdings of Nuveen-sponsored mutual funds, or other facts qualifying the purchaser for discounts or waivers. Edward Jones can ask for documentation of such circumstance. Shareholders should contact Edward Jones if they have questions regarding their eligibility for these discounts and waivers.
Breakpoints
· Breakpoint pricing, otherwise known as volume pricing, at dollar thresholds as described in the prospectus.
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Rights of Accumulation (“ROA”)
· The applicable sales charge on a purchase of Class A shares is determined by taking into account all share classes (except certain money market funds and any assets held in group retirement plans) of Nuveen-sponsored mutual fund assets held by the shareholder or in an account grouped by Edward Jones with other accounts for the purpose of providing certain pricing considerations ("pricing groups"). If grouping assets as a shareholder, this includes all share classes held on the Edward Jones platform and/or held on another platform. The inclusion of eligible Nuveen-sponsored mutual fund assets in the ROA calculation is dependent on the shareholder notifying Edward Jones of such assets at the time of calculation. Money market funds are included only if such shares were sold with a sales charge at the time of purchase or acquired in exchange for shares purchased with a sales charge.
· The employer maintaining a SEP IRA plan and/or SIMPLE IRA plan may elect to establish or change ROA for the IRA accounts associated with the plan to a plan-level grouping as opposed to including all share classes at a shareholder or pricing group level.
· ROA is determined by calculating the higher of cost minus redemptions or market value (current shares x NAV).
Letter of Intent (“LOI”)
· Through an LOI, shareholders can receive the sales charge and breakpoint discounts for purchases shareholders intend to make over a 13-month period from the date Edward Jones receives the LOI. The LOI is determined by calculating the higher of cost or market value of qualifying holdings at LOI initiation in combination with the value that the shareholder intends to buy over a 13-month period to calculate the front-end sales charge and any breakpoint discounts. Each purchase the shareholder makes during that 13-month period will receive the sales charge and breakpoint discount that applies to the total amount. The inclusion of eligible Nuveen-sponsored mutual fund assets in the LOI calculation is dependent on the shareholder notifying Edward Jones of such assets at the time of calculation. Purchases made before the LOI is received by Edward Jones are not adjusted under the LOI and will not reduce the sales charge previously paid. Sales charges will be adjusted if the LOI is not met.
· If the employer maintaining a SEP IRA plan and/or SIMPLE IRA plan has elected to establish or change ROA for the IRA accounts associated with the plan to a plan-level grouping, LOIs will also be at the plan-level and may only be established by the employer.
Sales Charge Waivers
Sales charges are waived for the following shareholders and in the following situations:
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· Associates of Edward Jones and its affiliates and other accounts in the same pricing group (as determined by Edward Jones under its policies and procedures) as the associate. This waiver will continue for the remainder of the associate's life if the associate retires from Edward Jones in good-standing and remains in good standing pursuant to Edward Jones’ policies and procedures.
· Shares purchased in an Edward Jones fee-based program.
· Shares purchased through reinvestment of capital gains distributions and dividend reinvestment.
· Shares purchased from the proceeds of redeemed shares of a Nuveen-sponsored mutual fund so long as the following conditions are met: the proceeds are from the sale of shares within 60 days of the purchase, the sale and purchase are made from a share class that charges a front load, and one of the following (“Right of Reinstatement”):
· The redemption and repurchase occur in the same account.
· The redemption proceeds are used to process an: IRA contribution, excess contributions, conversion, recharacterizing of contributions, or distribution, and the repurchase is done in an account within the same Edward Jones grouping for ROA.
The Right of Reinstatement excludes systematic or automatic transactions including, but not limited to, purchases made through payroll deductions, liquidations to cover account fees, and reinvestments from non-mutual fund products.
· Shares exchanged into Class A shares from another share class so long as the exchange is into the same fund and was initiated at the discretion of Edward Jones. Edward Jones is responsible for any remaining contingent deferred sales charge due to the fund company, if applicable. Any future purchases are subject to the applicable sales charge as disclosed in the prospectus.
Contingent Deferred Sales Charge (“CDSC”) Waivers
If the shareholder purchases shares that are subject to a CDSC and those shares are redeemed before the CDSC is expired, the shareholder is responsible to pay the CDSC except in the following conditions:
· The death or disability of the shareholder.
· Systematic withdrawals with up to 10% per year of the account value.
· Return of excess contributions from an Individual Retirement Account (IRA).
· Shares redeemed as part of a required minimum distribution for IRA and retirement accounts if the redemption is taken in or after the year the shareholder reaches qualified age based on applicable IRS regulations.
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· Shares redeemed to pay Edward Jones fees or costs in such cases where the transaction is initiated by Edward Jones.
· Shares exchanged in an Edward Jones fee-based program.
· Shares acquired through NAV reinstatement.
· Shares redeemed at the discretion of Edward Jones for Minimum Balances, as described below.
Other Important Information Regarding Transactions Through Edward Jones
Minimum Purchase Amounts
· Initial purchase minimum: $250
· Subsequent purchase minimum: none
Minimum Balances
· Edward Jones has the right to redeem at its discretion fund holdings with a balance of $250 or less. The following are examples of accounts that are not included in this policy:
· A fee-based account held on an Edward Jones platform
· A 529 account held on an Edward Jones platform
· An account with an active systematic investment plan or LOI
Exchanging Share Classes
· At any time it deems necessary, Edward Jones has the authority to exchange at NAV a shareholder's holdings of a Nuveen-sponsored mutual fund to Class A shares of the same fund.
CLASS A SHARE SALES CHARGE REDUCTIONS AND WAIVERS AVAILABLE THROUGH JANNEY MONTGOMERY SCOTT LLC
Shareholders purchasing fund shares through a Janney Montgomery Scott LLC (“Janney”) brokerage account will be eligible only for the following load waivers (front-end sales charge waivers and contingent deferred sales charge (“CDSC”) waivers) and discounts, which may differ from those disclosed elsewhere in this fund’s Prospectus or SAI.
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Front-end sales charge waivers on Class A shares available at Janney
· Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other Nuveen-sponsored mutual fund).
· Shares purchased by employees and registered representatives of Janney or its affiliates and their family members as designated by Janney.
· Shares purchased from the proceeds of redemptions of a Nuveen-sponsored mutual fund, provided (1) the repurchase occurs within ninety (90) days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (i.e., right of reinstatement).
· Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans.
CDSC waivers on Class A shares available at Janney
· Shares sold upon the death or disability of the shareholder.
· Shares sold as part of a systematic withdrawal plan as described in the fund’s Prospectus.
· Shares purchased in connection with a return of excess contributions from an IRA account.
· Shares sold as part of a required minimum distribution for IRA and retirement accounts if the redemption is taken in or after the year the shareholder reaches the qualified age based on applicable IRS regulations.
· Shares sold to pay Janney fees but only if the transaction is initiated by Janney.
· Shares acquired through a right of reinstatement.
Front-end sales charge discounts available at Janney: breakpoints, rights of accumulation, and/or letters of intent
· Breakpoints as described in the fund’s Prospectus.
· Rights of accumulation (“ROA”), which entitle shareholders to breakpoint discounts, will be automatically calculated based on the aggregated holding of all Nuveen-sponsored mutual fund assets held by accounts within the purchaser’s household at Janney. Eligible Nuveen-sponsored mutual fund assets not held at Janney may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets.
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· Letters of intent which allow for breakpoint discounts based on anticipated purchases of Nuveen-sponsored mutual funds, over a 13-month time period. Eligible Nuveen-sponsored mutual fund assets not held at Janney Montgomery Scott may be included in the calculation of letters of intent only if the shareholder notifies his or her financial advisor about such assets.
J.P. MORGAN SECURITIES LLC
If you purchase or hold fund shares through an applicable J.P. Morgan Securities LLC brokerage account, you will be eligible for the following sales charge waivers (front-end sales charge waivers and contingent deferred sales charge (“CDSC”), or back-end sales charge, waivers), share class conversion policy and discounts, which may differ from those disclosed elsewhere in this fund’s prospectus or Statement of Additional Information (“SAI”).
Front-end sales charge waivers on Class A shares available at J.P. Morgan Securities LLC
· Qualified employer-sponsored defined contribution and defined benefit retirement plans, nonqualified deferred compensation plans, other employee benefit plans and trusts used to fund those plans. For purposes of this provision, such plans do not include SEP IRAs, SIMPLE IRAs, SAR-SEPs or 501(c)(3) accounts.
· Shares of funds purchased through J.P. Morgan Securities LLC Self-Directed Investing accounts.
· Shares purchased through rights of reinstatement.
· Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other Nuveen-sponsored mutual fund).
· Shares purchased by employees and registered representatives of J.P. Morgan Securities LLC or its affiliates and their spouse or financial dependent as defined by J.P. Morgan Securities LLC.
CDSC waivers on Class A Shares available at J.P. Morgan Securities LLC
· Shares sold upon the death or disability of the shareholder.
· Shares sold as part of a systematic withdrawal plan as described in the fund’s prospectus.
· Shares purchased in connection with a return of excess contributions from an IRA account.
· Shares sold as part of a required minimum distribution for IRA and retirement accounts pursuant to the Internal Revenue Code.
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· Shares acquired through a right of reinstatement.
Front-end load discounts available at J.P. Morgan Securities LLC: breakpoints, rights of accumulation & letters of intent
· Breakpoints as described in the prospectus.
· Rights of Accumulation (“ROA”) which entitle shareholders to breakpoint discounts as described in the fund’s prospectus will be automatically calculated based on the aggregated holding of all Nuveen-sponsored mutual fund assets held by accounts within the purchaser’s household at J.P. Morgan Securities LLC. Eligible Nuveen-sponsored mutual fund assets not held at J.P. Morgan Securities LLC (including 529 program holdings, where applicable) may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets.
· Letters of Intent (“LOI”) which allow for breakpoint discounts based on anticipated purchases of any Nuveen-sponsored mutual fund, through J.P. Morgan Securities LLC, over a 13-month period of time (if applicable).
CLASS A SHARE SALES CHARGE REDUCTIONS AND WAIVERS AVAILABLE THROUGH MERRILL LYNCH
Effective April 1, 2024, purchases or sales of front-end (i.e. Class A) mutual fund shares through a Merrill platform or account will be eligible only for the following sales load waivers (front-end, contingent deferred, or back-end waivers) and discounts, which differ from those disclosed elsewhere in this Fund’s prospectus or SAI. Purchasers will have to buy mutual fund shares directly from the mutual fund company or through another intermediary to be eligible for waivers or discounts not listed below.
It is the client’s responsibility to notify Merrill at the time of purchase or sale of any relationship or other facts that qualify the transaction for a waiver or discount. A Merrill representative may ask for reasonable documentation of such facts and Merrill may condition the granting of a waiver or discount on the timely receipt of such documentation.
Additional information on waivers and discounts is available in the Merrill Sales Load Waiver and Discounts Supplement (the “Merrill SLWD Supplement") and in the Mutual Fund Investing at Merrill pamphlet at ml.com/funds. Clients are encouraged to review these documents and speak with their financial advisor to determine whether a transaction is eligible for a waiver or discount.
Front-end Load Waivers Available at Merrill
· Shares of mutual funds available for purchase by employer-sponsored retirement, deferred compensation, and employee benefit plans (including health savings accounts) and trusts used to fund those plans provided the
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shares are not held in a commission-based brokerage account and shares are held for the benefit of the plan. For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans
· Shares purchased through a Merrill investment advisory program
· Brokerage class shares (e.g., Class A shares) exchanged from advisory class shares (e.g., Class I shares) due to the holdings moving from a Merrill investment advisory program to a Merrill brokerage account
· Shares purchased through the Merrill Edge Self-Directed platform
· Shares purchased through the systematic reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same mutual fund in the same account
· Shares purchased by eligible employees of Merrill or its affiliates and their family members who purchase shares in accounts within the employee’s Merrill Household (as defined in the Merrill SLWD Supplement)
· Shares purchased by eligible persons associated with the Fund as defined in this prospectus (e.g. the Fund’s officers or trustees)
· Shares purchased from the proceeds of a mutual fund redemption in front-end load shares provided (1) the repurchase is in a Nuveen-sponsored mutual fund; (2) the repurchase occurs within 90 calendar days from the redemption trade date, and (3) the redemption and purchase occur in the same account (known as Rights of Reinstatement). Automated transactions (i.e. systematic purchases and withdrawals) and purchases made after shares are automatically sold to pay Merrill’s account maintenance fees are not eligible for Rights of Reinstatement
Contingent Deferred Sales Charge (“CDSC”) Waivers on Front-end Shares Available at Merrill
· Shares sold due to the client’s death or disability (as defined by Internal Revenue Code Section 22I(3))
· Shares sold pursuant to a systematic withdrawal program subject to Merrill’s maximum systematic withdrawal limits as described in the Merrill SLWD Supplement
· Shares sold due to return of excess contributions from an IRA account
· Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the investor reaching the qualified age based on applicable IRS regulation
· Front-end (e.g., Class A shares) held in commission-based, non-taxable retirement brokerage accounts (e.g. traditional, Roth, rollover, SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans) that are transferred to fee-based
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accounts or platforms and exchanged for a lower cost share class of the same mutual fund
Front-End Load Discounts Available at Merrill: Breakpoints, Rights of Accumulation & Letters of Intent
· Breakpoint discounts, as described in this prospectus, where the sales load is at or below the maximum sales load that Merrill permits to be assessed to a front-end load purchase, as described in the Merrill SLWD Supplement
· Rights of Accumulation (ROA), as described in the Merrill SLWD Supplement, which entitle clients to breakpoint discounts based on the aggregated holdings of all Nuveen-sponsored mutual fund assets held in accounts in their Merrill Household
· Letters of Intent (LOI), which allow for breakpoint discounts on eligible new purchases based on anticipated future eligible purchases of any Nuveen-sponsored mutual fund at Merrill, in accounts within your Merrill Household, as further described in the Merrill SLWD Supplement
CLASS A SHARE FRONT-END SALES CHARGE WAIVERS AVAILABLE AT MORGAN STANLEY WEALTH MANAGEMENT
Shareholders purchasing Fund shares through a Morgan Stanley Wealth Management transactional brokerage account will be eligible only for the following front-end sales charge waivers with respect to Class A shares, which may differ from and may be more limited than those disclosed elsewhere in this Fund’s prospectus or SAI. Shareholders should contact Morgan Stanley Wealth Management to determine their eligibility for these waivers and discounts.
· Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans
· Morgan Stanley employee and employee-related accounts according to Morgan Stanley’s account linking rules
· Shares purchased through reinvestment of dividends and capital gains distributions when purchasing shares of the same fund
· Shares purchased through a Morgan Stanley self-directed brokerage account
· Class C (i.e., level-load) shares that are no longer subject to a contingent deferred sales charge and are converted to Class A shares of the same fund pursuant to Morgan Stanley Wealth Management’s share class conversion program
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· Shares purchased from the proceeds of redemptions of a Nuveen-sponsored mutual fund, provided (i) the repurchase occurs within 90 days following the redemption, (ii) the redemption and purchase occur in the same account, and (iii) redeemed shares were subject to a front-end or deferred sales charge.
CLASS A SHARE SALES CHARGE REDUCTIONS AND WAIVERS AVAILABLE THROUGH OPPENHEIMER & CO. INC.
Shareholders purchasing fund shares through an Oppenheimer & Co. Inc. (“OPCO”) platform or account are eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in this prospectus or SAI.
Front-End Sales Load Waivers on Class A Shares available at OPCO
· Employer-sponsored retirement, deferred compensation and employee benefit plans (including health savings accounts) and trusts used to fund those plans, provided that the shares are not held in a commission-based brokerage account and shares are held for the benefit of the plan
· Shares purchased by or through a 529 Plan
· Shares purchased through a OPCO affiliated investment advisory program
· Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other Nuveen-sponsored mutual fund)
· Shares purchased from the proceeds of redemptions of a Nuveen-sponsored mutual fund, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Restatement)
· Employees and registered representatives of OPCO or its affiliates and their family members
· Directors or Trustees of the Funds, and employees of the Funds’ investment adviser or any of its affiliates, as described in this prospectus
CDSC Waivers on A Shares available at OPCO
· Death or disability of the shareholder
· Shares sold as part of a systematic withdrawal plan as described in the prospectus
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· Return of excess contributions from an IRA Account
· Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching the qualified age based on applicable IRS regulations as described in the prospectus
· Shares sold to pay OPCO fees but only if the transaction is initiated by OPCO
· Shares acquired through a Right of Reinstatement
Front-End Load Discounts Available at OPCO: Breakpoints, Rights of Accumulation & Letters of Intent
· Breakpoints as described in the prospectus.
· Rights of Accumulation (ROA) which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of all Nuveen-sponsored mutual fund assets held by accounts within the purchaser’s household at OPCO. Eligible Nuveen-sponsored mutual fund assets not held at OPCO may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets.
PFS INVESTMENTS INC. (“PFSI”)
Policies Regarding Transactions Through PFSI
The following information supersedes all prior information with respect to transactions and positions held in fund shares purchased through PFSI and held on the mutual fund platform of its affiliate, Primerica Shareholder Services (“PSS”). Clients of PFSI (also referred to as “shareholders”) purchasing fund shares on the PSS platform are eligible only for the following share classes, sales charge discounts (also referred to as “breakpoints”) and waivers, which can differ from share classes, discounts and waivers described elsewhere in this prospectus or the related statement of additional information (“SAI”) or through another broker-dealer.
Share Classes
· Class A shares are available only to non-retirement accounts, individual retirement accounts (IRA), SEP IRAs, SIMPLE IRAs, Keogh Plans, and all other account types.
Breakpoints
· Breakpoint pricing at dollar thresholds as described in the prospectus of the fund you are purchasing.
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Rights of Accumulation (“ROA”)
· The applicable sales charge on a purchase of Class A shares is determined by taking into account all share classes (except any assets held in group retirement plans) of Nuveen-sponsored mutual funds held by the shareholder on the PSS Platform.
· It is the shareholder’s responsibility to inform PFSI of all eligible Nuveen-sponsored mutual fund assets at the time of calculation. Shares of money market funds are included only if such shares were acquired in exchange for shares of another Nuveen Fund purchased with a sales charge. No shares of Nuveen-sponsored mutual funds held by the shareholder away from the PSS platform will be granted ROA with shares of any Nuveen Fund purchased on the PSS platform.
· Any SEP IRA plan, any SIMPLE IRA plan or any Payroll Deduction plan (“PDP”) on the PSS platform will be defaulted to plan-level grouping for purposes of ROA, which allows each participating employee ROA with all other eligible shares held in plan accounts on the PSS platform. At any time, a participating employee may elect to exercise a one-time option to change grouping for purposes of ROA to shareholder-level grouping, which allows the plan account of the electing employee ROA with her other eligible holdings on the PSS platform, but not with all other eligible participant holdings in the plan. Eligible shares held in plan accounts electing shareholder-level grouping will not be available for purposes of ROA to plan accounts electing plan-level grouping.
· ROA is determined by calculating the higher of cost minus redemptions or current market value (current shares multiplied by Fund NAV).
Letter of Intent (“LOI”)
· By executing a LOI, shareholders can receive the sales charge and breakpoint discounts for purchases shareholders intend to make over a 13-month period through PFSI, from the date PSS receives the LOI. The purchase price of the LOI is determined by calculating the higher of cost or market value of qualifying holdings at LOI initiation in combination with the dollar amount the shareholder intends to invest over a 13-month period to arrive at total investment for purposes of determining any breakpoint discount and the applicable front-end sales charge. Each purchase the shareholder makes during that 13-month period will receive the sales charge and breakpoint discount that applies to the projected total investment.
· Only holdings of Nuveen-sponsored mutual funds on the PSS platform are eligible for inclusion in the LOI calculation and the shareholder must notify PFSI of all eligible assets at the time of calculation. It is the shareholder’s responsibility to inform PFSI at the time of a purchase of all holdings of Nuveen-sponsored mutual funds on the PSS platform, or other facts qualifying the purchaser for this discount.
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· Purchases made before the LOI is received by PSS are not adjusted under the LOI, and the LOI will not reduce any sales charge previously paid. Sales charges will be automatically adjusted if the total purchases required by the LOI are not met.
· If an employer maintaining a SEP IRA plan, SIMPLE IRA plan or non-IRA PDP on the PSS platform has elected to establish or change ROA for the accounts associated with the plan to a plan-level grouping, LOIs will also be at the plan-level and may only be established by the employer. LOIs are not available to PDP IRA plans on the PSS platform with plan-level grouping for purposes of ROA, but are available to any participating employee that elects shareholder-level grouping for purposes of ROA.
Sales Charge Waivers
Sales charges are waived for the following shareholders and in the following situations:
· Shares purchased through reinvestment of capital gains distributions and dividend reinvestment.
· Shares purchased with the proceeds of redeemed shares of a Nuveen-sponsored mutual fund so long as the following conditions are met: 1) the proceeds are from the sale of shares within 90 days of the purchase, 2) the sale and purchase are made in the same share class and the same account or the purchase is made in an individual retirement account with proceeds from liquidations in a non-retirement account, and 3) the redeemed shares were subject to a front-end or deferred sales load. Automated transactions (i.e. systematic purchases and withdrawals), full or partial transfers or rollovers of retirement accounts, and purchases made after shares are automatically sold to pay account maintenance fees are not eligible for this sales charge waiver.
· Shares exchanged into Class A shares from another share class so long as the exchange is into the same fund and was initiated at the discretion of PFSI. PFSI is responsible for any remaining CDSC due to the fund company, if applicable. Any future purchases are subject to the applicable sales charge as disclosed in the prospectus.
PFSI may request reasonable documentation of facts qualifying the purchaser for the discounts and waivers identified above, and condition the granting of any discount or waiver on the timely receipt of such documents. Shareholders should contact PSS if they have questions regarding their eligibility for these discounts and waivers.
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CLASS A SHARE SALES CHARGE REDUCTIONS AND WAIVERS AVAILABLE THROUGH RAYMOND JAMES & ASSOCIATES, INC., RAYMOND JAMES FINANCIAL SERVICES, INC. AND EACH ENTITY’S AFFILIATES (“RAYMOND JAMES”)
Shareholders purchasing Fund shares through a Raymond James platform or account, or through an introducing broker-dealer or independent registered investment adviser for which Raymond James provides trade execution, clearance, and/or custody services, will be eligible only for the following load waivers (front-end sales charge waivers and contingent deferred sales charge waivers) and discounts, which may differ from those disclosed elsewhere in your Fund’s prospectus or SAI.
Front-End Sales Load Waivers on Class A Shares Available at Raymond James
· Shares purchased through a Raymond James investment advisory program.
· Shares purchased of a Nuveen-sponsored mutual fund through a systematic reinvestment of capital gains and dividend distributions.
· Employees and registered representatives of Raymond James or its affiliates and their family members as designated by Raymond James.
· Shares purchased from the proceeds of redemptions of a Nuveen-sponsored mutual fund, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Reinstatement).
CDSC Waivers on Class A Shares Available at Raymond James
· Death or disability of the shareholder.
· Shares sold as part of a systematic withdrawal plan as described in the prospectus.
· Return of excess contributions from an IRA Account.
· Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching the qualified age based on applicable IRS regulations as described in the prospectus.
· Shares sold to pay Raymond James fees but only if the transaction is initiated by Raymond James.
· Shares acquired through a Right of Reinstatement.
Nuveen Managed Allocation Fund ■ Prospectus 115
Front-End Load Discounts Available at Raymond James: Breakpoints, Rights of Accumulation, and/or Letters of Intent
· Breakpoints as described in the prospectus.
· Rights of accumulation which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of all Nuveen-sponsored mutual fund assets held by accounts within the purchaser’s household at Raymond James. Eligible Nuveen-sponsored mutual fund assets not held at Raymond James may be included in the calculation of rights of accumulation only if the shareholder notifies his or her financial advisor about such assets.
· Letters of intent which allow for breakpoint discounts based on anticipated purchases of Nuveen-sponsored mutual funds, over a 13-month time period. Eligible Nuveen-sponsored mutual fund assets not held at Raymond James may be included in the calculation of letters of intent only if the shareholder notifies his or her financial advisor about such assets.
CLASS A SALES CHARGE WAIVERS AVAILABLE ONLY THROUGH SPECIFIED INTERMEDIARIES
As described in the Prospectus, Class A shares may be purchased at net asset value (“NAV”) without a sales charge by employer-sponsored retirement plans (“ESRPs”) as defined in the Prospectus, except that, in the case of ESRPs held through a brokerage account, Class A shares will be available at NAV without a sales charge only if the broker-dealer has entered into an agreement with Nuveen Securities that allows for such purchases.
The following intermediaries have entered into such an agreement:
Baker & Co., Inc.
Cetera Advisor
Networks LLC
Cetera Advisors LLC
Cetera Financial Specialists LLC
Cetera
Investment Services LLC
Country Club Financial Services, Inc.
Cutter & Co.
Brokerage Inc.
Davenport & Co. LLC
Devenir Investment Advisors, LLC
Fintrust
Brokerage Services
First Kentucky Securities Corp.
First Western Securities
Gold
Coast Securities, Inc.
Hewitt Financial Services LLC
Hilltop Securities
Inc.
Infinex Investments, Inc.
J.P. Morgan Securities LLC
116 Prospectus ■ Nuveen Managed Allocation Fund
KMS Financial Services, Inc.
Mid-Atlantic Capital
Corp.
OFG Financial Services, Inc.
Principal Securities Inc.
RDM
Investment Services, Inc.
Register Financial Associates, Inc.
Shareholders Service
Group Inc.
Southeast Investments, NC, Inc.
Stifel, Nicolaus & Co., Inc.
Waddell
& Reed Inc.
As described in the prospectus, Class A shares may be purchased at NAV without a sales charge through a financial intermediary that has entered into an agreement with Nuveen Securities to offer the Funds’ shares to self-directed investment brokerage accounts and that may or may not charge a transaction fee to its customers.
The following intermediaries have entered into such an agreement:
Citigroup
Global Markets Inc.
J.P. Morgan Securities LLC
Merrill Lynch,
Pierce, Fenner & Smith Inc.
TD Ameritrade, Inc.
TD Ameritrade Clearing,
Inc.
TIAA-CREF Individual & Institutional Services, LLC
Nuveen Managed Allocation Fund ■ Prospectus 117
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For more information about Nuveen Funds
Statement of Additional Information (“SAI”). The Fund’s SAI contains more information about certain aspects of the Fund. A current SAI has been filed with the SEC and is incorporated into this Prospectus by reference. This means that the Fund’s SAI is legally a part of the Prospectus.
Annual and Semi-annual Reports. The Fund’s annual and semi-annual reports and Form N-CSR provide additional information about the Fund’s investments. In the Fund’s annual report, you will find a discussion of the market conditions and investment strategies that significantly affected the Fund’s performance during the preceding fiscal year. In the Fund’s Form N-CSR, you will find the Fund’s annual and semi-annual financial statements.
Requesting documents. You can request a copy of the Fund’s SAI, these reports, and other information such as the Fund’s financial statements, without charge, or contact the Fund for any other purpose, in any of the following ways:
Over the Internet:
www.nuveen.com
By telephone:
Call 800-257-8787
In writing:
Nuveen
Funds
P.O. Box 1259
Charlotte, NC 28201
The reports and other information are also available through the EDGAR Database on the SEC’s Internet website at www.sec.gov. Copies of the information can also be obtained, upon payment of a duplicating fee, by electronic request at the following e-mail address: publicinfo@sec.gov.
To lower costs and eliminate duplicate documents sent to your home, the Fund may mail only one copy of the Fund’s Prospectus, prospectus supplements, annual and semi-annual reports, or any other required documents to your household, even if more than one shareholder lives there. If you would prefer to continue receiving your own copy of any of these documents, you may call the Fund toll-free or write to the Fund as follows:
By telephone:
Call 800-257-8787
In writing:
Nuveen Funds
P.O.
Box 1259
Charlotte, NC 28201
Important information about procedures for opening a new account:
To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions, including the Fund, to obtain, verify and record information that identifies each person who opens an account.
What this means for you: When you open an account, the Fund will ask for your name, address, date of birth, Social Security number and other information that will allow the Fund to identify you, such as your home telephone number. Until you provide the Fund with the information it needs, the Fund may not be able to open an account or effect any transactions for you.
1940 Act File No. 811-9301 | A11948 (10/24) |
| Statement of |
OCTOBER 1, 2024
Tickers | |||||||
Class A | | Premier
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Nuveen Lifecycle Funds |
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Nuveen Lifecycle Retirement Income Fund (formerly TIAA-CREF Lifecycle Retirement Income Fund) | TLRRX | TLRHX | TPILX | TLRIX | TLIRX | ||
Nuveen Lifecycle 2010 Fund (formerly TIAA-CREF Lifecycle 2010 Fund) | — | TCLHX | TCTPX | TCTIX | TCLEX | ||
Nuveen Lifecycle 2015 Fund (formerly TIAA-CREF Lifecycle 2015 Fund) | — | TCNHX | TCFPX | TCNIX | TCLIX | ||
Nuveen Lifecycle 2020 Fund (formerly TIAA-CREF Lifecycle 2020 Fund) | — | TCWHX | TCWPX | TCWIX | TCLTX | ||
Nuveen Lifecycle 2025 Fund (formerly TIAA-CREF Lifecycle 2025 Fund) | — | TCQHX | TCQPX | TCYIX | TCLFX | ||
Nuveen Lifecycle 2030 Fund (formerly TIAA-CREF Lifecycle 2030 Fund) | — | TCHHX | TCHPX | TCRIX | TCLNX | ||
Nuveen Lifecycle 2035 Fund (formerly TIAA-CREF Lifecycle 2035 Fund) | — | TCYHX | TCYPX | TCIIX | TCLRX | ||
Nuveen Lifecycle 2040 Fund (formerly TIAA-CREF Lifecycle 2040 Fund) | — | TCZHX | TCZPX | TCOIX | TCLOX | ||
Nuveen Lifecycle 2045 Fund (formerly TIAA-CREF Lifecycle 2045 Fund) | — | TTFHX | TTFPX | TTFIX | TTFRX | ||
Nuveen Lifecycle 2050 Fund (formerly TIAA-CREF Lifecycle 2050 Fund) | — | TFTHX | TCLPX | TFTIX | TLFRX | ||
Nuveen Lifecycle 2055 Fund (formerly TIAA-CREF Lifecycle 2055 Fund) | — | TTRHX | TTRPX | TTRIX | TTRLX | ||
Nuveen Lifecycle 2060 Fund (formerly TIAA-CREF Lifecycle 2060 Fund) | — | TLXHX | TLXPX | TLXNX | TLXRX | ||
Nuveen Lifecycle 2065 Fund (formerly TIAA-CREF Lifecycle 2065 Fund) | — | TSFHX | TSFPX | TSFTX | TSFRX | ||
Nuveen Lifecycle Index Funds |
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Nuveen Lifecycle Index Retirement Income Fund (formerly TIAA-CREF Lifecycle Index Retirement Income Fund) | — | TLIHX | TLIPX | TRILX | TRCIX | ||
Nuveen Lifecycle Index 2010 Fund (formerly TIAA-CREF Lifecycle Index 2010 Fund) | — | TLTHX | TLTPX | TLTIX | TLTRX | ||
Nuveen Lifecycle Index 2015 Fund (formerly TIAA-CREF Lifecycle Index 2015 Fund) | — | TLFAX | TLFPX | TLFIX | TLGRX | ||
Nuveen Lifecycle Index 2020 Fund (formerly TIAA-CREF Lifecycle Index 2020 Fund) | — | TLWHX | TLWPX | TLWIX | TLWRX | ||
Nuveen Lifecycle Index 2025 Fund (formerly TIAA-CREF Lifecycle Index 2025 Fund) | — | TLQHX | TLVPX | TLQIX | TLQRX | ||
Nuveen Lifecycle Index 2030 Fund (formerly TIAA-CREF Lifecycle Index 2030 Fund) | — | TLHHX | TLHPX | TLHIX | TLHRX | ||
Nuveen Lifecycle Index 2035 Fund (formerly TIAA-CREF Lifecycle Index 2035 Fund) | — | TLYHX | TLYPX | TLYIX | TLYRX | ||
Nuveen Lifecycle Index 2040 Fund (formerly TIAA-CREF Lifecycle Index 2040 Fund) | — | TLZHX | TLPRX | TLZIX | TLZRX | ||
Tickers | |||||||
Class A | | Premier
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Nuveen Lifecycle Index 2045 Fund (formerly TIAA-CREF Lifecycle Index 2045 Fund) | — | TLMHX | TLMPX | TLXIX | TLMRX | ||
Nuveen Lifecycle Index 2050 Fund (formerly TIAA-CREF Lifecycle Index 2050 Fund) | — | TLLHX | TLLPX | TLLIX | TLLRX | ||
Nuveen Lifecycle Index 2055 Fund (formerly TIAA-CREF Lifecycle Index 2055 Fund) | — | TTIHX | TTIPX | TTIIX | TTIRX | ||
Nuveen Lifecycle Index 2060 Fund (formerly TIAA-CREF Lifecycle Index 2060 Fund) | — | TVIHX | TVIPX | TVIIX | TVITX | ||
Nuveen Lifecycle Index 2065 Fund (formerly TIAA-CREF Lifecycle Index 2065 Fund) | — | TFIHX | TFIPX | TFITX | TFIRX | ||
Nuveen Lifestyle Funds |
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Nuveen Lifestyle Income Fund (formerly TIAA-CREF Lifestyle Income Fund) | TSILX | TSIHX | TSIPX | TSITX | TLSRX | ||
Nuveen Lifestyle Conservative Fund (formerly TIAA-CREF Lifestyle Conservative Fund) | TSCLX | TLSHX | TLSPX | TCSIX | TSCTX | ||
Nuveen Lifestyle Moderate Fund (formerly TIAA-CREF Lifestyle Moderate Fund) | TSMLX | TSMHX | TSMPX | TSIMX | TSMTX | ||
Nuveen Lifestyle Growth Fund (formerly TIAA-CREF Lifestyle Growth Fund) | TSGLX | TSGHX | TSGPX | TSGGX | TSGRX | ||
Nuveen Lifestyle Aggressive Growth Fund (formerly TIAA-CREF Lifestyle Aggressive Growth Fund) | TSALX | TSAHX | TSAPX | TSAIX | TSARX | ||
Nuveen Managed Allocation Fund |
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Nuveen Managed Allocation Fund (formerly TIAA-CREF Managed Allocation Fund) | TIMRX | — | — | TIMIX | TITRX | ||
This Statement of Additional Information (“SAI”) contains additional information that you should consider before investing in the above listed series, which are investment portfolios or “Funds” of the TIAA-CREF Funds (the “Trust”). The SAI is not a prospectus, but is incorporated by reference into and made a part of each prospectus issued and filed by the above-referenced Funds on or after October 1, 2024 (each, a “Prospectus”).
The SAI should be read carefully in conjunction with the Prospectuses. The Prospectuses may be obtained, without charge, by writing the Funds at Nuveen Funds, 730 Third Avenue, New York, NY 10017–3206 or by calling 800-257-8787.
This SAI describes 32 Funds: thirteen Nuveen Lifecycle Funds, thirteen Nuveen Lifecycle Index Funds, five Nuveen Lifestyle Funds and the Nuveen Managed Allocation Fund. Each Fund may offer up to five share classes: Class A, Class I, Premier Class, Class R6 and Retirement Class.
Capitalized terms used, but not defined, herein have the same meaning as in the Prospectuses. The Funds’ audited financial statements for the fiscal year ended May 31, 2024 are incorporated into this SAI by reference to the Funds Annual Reports for that year to shareholders and filed on Form N-CSR. The Funds will furnish you, without charge, a copy of the Annual Reports or Form N-CSR on request by calling 800-257-8787.
Table of contents
Investment objectives, policies, restrictions and risks 4 Disclosure of portfolio holdings 40 Principal holders of securities 59 Investment advisory and other services 76 |
Statement of Additional Information 3
Investment objectives, policies, restrictions and risks
The investment objectives and policies of each Fund are discussed in their respective Prospectuses. Because each Fund invests in either Class W shares or Class R6 shares of other Nuveen mutual funds and potentially in other investment pools or investment products, including other funds or exchange-traded funds (“ETFs”) advised by the Funds’ investment adviser, Teachers Advisors, LLC (“Advisors”), or its affiliates (the “Underlying Funds”), investors in each Fund will be affected by an Underlying Fund’s investment strategies in direct proportion to the amount of assets the Fund allocates to the Underlying Fund pursuing such strategies. Accordingly, each Fund is subject to the same risks as the Underlying Funds in direct proportion to the allocation of its assets among the Underlying Funds. The following discussion of investment policies and restrictions supplements the descriptions in the Prospectuses of the Funds as well as the prospectuses of the Underlying Funds described in this SAI. Under the Investment Company Act of 1940, as amended (the “1940 Act”), any fundamental policy of a registered investment company may not be changed without the vote of a majority of the outstanding voting securities (as defined in the 1940 Act) of that series. However, the investment objective of each Fund as described in its Prospectus, and its non-fundamental investment restrictions as described in “Investment policies” below, may be changed by the Board of Trustees of the Trust (the “Board of Trustees” or the “Board”) at any time without shareholder approval. The Trust is an open-end management investment company.
Each Fund is classified as “diversified” within the meaning of the 1940 Act. In addition, each Fund has qualified and intends to continue to meet the diversification requirements of Subchapter M of Chapter 1 of the Internal Revenue Code of 1986, as amended (the “Code”).
Unless otherwise noted, each of the following investment policies and risk considerations applies to each Fund.
Fundamental policies
The following restrictions are fundamental policies of each Fund:
1. The Fund will not issue senior securities except as permitted by law.
2. The Fund will not borrow money, except: (a) each Fund may purchase securities on margin, as described in restriction 7 below; and (b) from banks (only in amounts not in excess of 331/3% of the market value of that Fund’s assets at the time of borrowing), and, from other sources for temporary purposes (only in amounts not exceeding 5%, or such greater amount as may be permitted by law, of that Fund’s total assets taken at market value at the time of borrowing).
3. The Fund will not underwrite the securities of other companies, except to the extent that it may be deemed an underwriter in connection with the disposition of securities from its portfolio.
4. The Fund will not purchase real estate or mortgages directly, except that the Fund may invest in investment vehicles that purchase real estate or mortgages directly.
5. The Fund will not purchase commodities or commodities contracts, except to the extent futures are purchased as described herein.
6. The Fund will not lend any security or make any other loan if, as a result, more than 331/3% of its total assets would be lent to other parties, but this limit does not apply to repurchase agreements.
7. The Fund will not purchase any security on margin except that the Fund may obtain such short-term credit as may be necessary for the clearance of purchases and sales of portfolio securities.
8. The Fund will not invest 25% or more of its total assets in the securities of one or more issuers conducting their principal business activities in the same industry (excluding the U.S. Government or any of its agencies or instrumentalities). With respect to investment restriction number 8, each Fund may invest more than 25% of its assets in any one Underlying Fund. For concentration purposes, each Fund will look through to the holdings of its affiliated Underlying Funds to assess its industry concentration. Currently, none of the Funds nor any of the Underlying Funds, other than the Nuveen Real Estate Securities Select Fund and the privately offered Nuveen Real Property Fund LP, concentrates, or intends to concentrate, its investments in a particular industry.
The following restriction is a fundamental policy of each Fund other than the Nuveen Managed Allocation Fund:
9. The Fund will not, with respect to at least 75% of the value of its total assets, invest more than 5% of its total assets in the securities of any one issuer, other than securities issued or guaranteed by the U.S. Government, its agencies and instrumentalities or securities of other investment companies, or hold more than 10% of the outstanding voting securities of any one issuer.
The following restriction is a fundamental policy of the Nuveen Managed Allocation Fund:
10. The Fund will not invest in securities other than securities of other registered investment companies or other permissible investment products or pools that are approved by the Board of Trustees, government securities or short-term securities.
4 Statement of Additional Information
With the exception of percentage restrictions relating to borrowings, if a percentage restriction is adhered to at the time of investment, a later increase or decrease in percentage beyond the specified limit resulting from a change in the values of portfolio securities will not be considered a violation by the Fund.
Investment policies
The following policies and restrictions are non-fundamental policies of each Fund. These restrictions may be changed by the Board without the approval of Fund shareholders. Since each Fund will invest primarily in shares of other investment companies, rather than investing directly in individual securities, the investment policies listed below are applicable to the Underlying Funds (other than Nuveen Real Property Fund LP (the “Real Property Fund”) unless specifically noted below) in which the Funds invest. References to “Advisors” in the investment policies listed below may refer to Advisors or another investment adviser or sub-adviser of an Underlying Fund.
Non-Equity Investments of the Equity and Real Estate Securities Select Underlying Funds. The equity Underlying Funds (the “Equity Funds”) and the Nuveen Real Estate Securities Select Fund can, in addition to stocks, hold other types of securities with equity characteristics, such as convertible bonds, preferred stock, warrants and depository receipts or rights for such securities. Pending more permanent investments or to use cash balances effectively, these Funds may hold the same types of money market instruments as held by money market funds, as well as other short-term instruments. These other instruments are the same type of instruments a money market fund may hold, but they have longer maturities than the instruments allowed in money market funds, or otherwise do not meet the requirements for “Eligible Securities” (as defined in Rule 2a-7 under the 1940 Act).
When market conditions warrant, the Equity Funds and the Nuveen Real Estate Securities Select Fund may invest directly in investment-grade debt securities similar to those the Nuveen Core Bond Fund may invest in. The Equity Funds and the Nuveen Real Estate Securities Select Fund may also hold debt securities that they acquire because of mergers, recapitalizations or otherwise.
The Equity Funds and the Nuveen Real Estate Securities Select Fund also may invest in options and futures, as well as newly developed financial instruments, such as equity swaps and equity-linked fixed-income securities, so long as these are consistent with their investment objectives and regulatory requirements.
These investments and other Underlying Fund investment strategies are discussed in detail below.
Temporary Defensive Positions. The Underlying Funds may take temporary defensive positions. During periods when Advisors believes there are unstable market, economic, political or currency conditions domestically or abroad, Advisors may assume, on behalf of a Fund or an Underlying Fund, a temporary defensive posture and (1) without limitation, hold cash and/or invest in money market instruments, and/or the Nuveen Money Market Fund (the “Money Market Fund”), or (2) restrict the securities markets in which the Fund’s or the Underlying Fund’s assets will be invested by investing those assets in securities markets deemed by Advisors to be conservative in light of the Fund’s or the Underlying Fund’s investment objective and policies. Under normal circumstances, each Fund and Underlying Fund may invest a portion of its total assets in cash or money market instruments for cash management purposes, pending investment in accordance with the Fund’s or Underlying Fund’s investment objective and policies and to meet operating expenses. To the extent that a Fund or an Underlying Fund holds cash or invests in money market instruments, it may not achieve its investment objective. Cash assets are generally not income-generating and would impact the Fund’s or Underlying Fund’s performance.
Credit Facility and Inter-Fund Borrowing and Lending. Certain Underlying Funds, along with certain other funds managed by Advisors or Nuveen Fund Advisors, LLC (“Participating Funds”), are parties to a 364-day, approximately $2.7 billion credit agreement with a group of lenders (the “Credit Agreement”), which expires in June 2025, unless extended or renewed. An Underlying Fund may borrow under the Credit Agreement to meet shareholder redemptions and for other lawful temporary purposes. Borrowing results in interest expense and being a Participating Fund results in other fees and expenses, which may increase an Underlying Fund’s net expenses and reduce the Underlying Fund’s return. In addition, borrowing by an Underlying Fund may create leverage by increasing the Underling Fund’s investment exposure. This will result in any changes in an Underlying Fund’s net asset value (“NAV”), either positive or negative, being greater than they would have been if the Underlying Fund had not borrowed. Participating Funds have been allocated different first priority portions of the committed amount of the credit facility based primarily on the expected likelihood and extent of the need to borrow under the Credit Agreement. Administration, legal, arrangement, upfront and undrawn fees under the Credit Agreement are allocated among Participating Funds based upon these first priority portions of the aggregate commitment available to them and other factors deemed relevant by Advisors and the Board of each Participating Fund, while fees on any amounts drawn by a Participating Fund under the Credit Agreement are borne by that Participating Fund.
Additionally, the Securities and Exchange Commission (“SEC”) has granted an exemptive order (the “Order”) permitting the Funds to participate in an inter-fund lending facility whereby the participating Funds may directly lend to and borrow money from each other for temporary purposes (e.g., to satisfy redemption requests or to cover unanticipated cash shortfalls) (the “Inter-Fund Program”). Certain accounts or series of College Retirement Equities Fund (“CREF”), TIAA-CREF Life Funds (“TCLF”) and TIAA Separate Account VA-1 (“VA-1”), as well as certain other series of the Trust, each of which is managed by Advisors or an
Statement of Additional Information 5
affiliate of Advisors, also participate in the Inter-Fund Program, and each such account or series is considered to be a “Fund” for the purpose of the description of the Inter-Fund Program in this section. The Inter-Fund Program is subject to a number of conditions, including, among other things, the requirements that: (i) no Fund may borrow or lend money through the Inter-Fund Program unless it receives a more favorable interest rate than is available from a bank or other financial institution for a comparable transaction; (ii) no Fund may borrow on an unsecured basis through the Inter-Fund Program unless the Fund’s outstanding borrowings from all sources immediately after the inter-fund borrowing total 10% or less of its total assets; provided that if the borrowing Fund has a secured borrowing outstanding from any other lender, including but not limited to another Fund, the inter-fund loan must be secured on at least an equal priority basis with at least an equivalent percentage of collateral to loan value; (iii) if a Fund’s total outstanding borrowings immediately after an inter-fund borrowing would be greater than 10% of its total assets, the Fund may borrow through the inter-fund loan on a secured basis only; (iv) no Fund may lend money if the loan would cause its aggregate outstanding loans through the Inter-Fund Program to exceed 15% of its current net assets at the time of the loan; (v) a Fund’s inter-fund loans to any one Fund shall not exceed 5% of the lending Fund’s net assets; (vi) the duration of inter-fund loans will be limited to the time required to receive payment for securities sold, but in no event more than seven days; and (vii) each inter-fund loan may be called on one business day’s notice by a lending Fund and may be repaid on any day by a borrowing Fund. In addition, a Fund may participate in the Inter-Fund Program only if and to the extent that such participation is consistent with the Fund’s investment objective and investment policies, including the fundamental investment policies on borrowing and lending set forth above, and authorized by its portfolio manager(s). The Board has approved the Funds’ participation in the Inter-Fund Program and is responsible for ongoing oversight of the Inter-Fund Program, as required by the Order.
The limitations detailed above and the other conditions of the SEC exemptive order permitting the Inter-Fund Program are designed to minimize the risks associated with the Inter-Fund Program for both the lending Fund and the borrowing Fund. However, no borrowing or lending activity is without risk. When a Fund borrows money from another Fund, there is a risk that the loan could be called on one day’s notice or not renewed, in which case the Fund may have to borrow from a bank at a higher rate or take other actions to pay off such loan if an inter-fund loan is not available from another Fund. Any delay in repayment to a lending Fund could result in a lost investment opportunity or additional costs. The Nuveen Dividend Value Fund and Nuveen Dividend Growth Fund participate in a separate inter-fund lending facility than the Underlying Funds of the Trust and the Funds.
Additional Risks Resulting From Market or Other Events and Government Intervention in Financial Markets and Regulatory Matters. National and regional economies and financial markets are becoming increasingly interconnected, which increases the possibilities that conditions in one country, region or market might adversely impact issuers in a different country, region or market. Changes in legal, political, regulatory, tax and economic conditions may cause fluctuations in markets and securities prices around the world, which could negatively impact the value of a Fund’s or an Underlying Fund’s investments. Major economic or political disruptions, particularly in large economies, may have global negative economic and market repercussions. Events such as war (for example, the ongoing armed conflict between Russia and Ukraine, as well as that between Israel and Hamas and other militant groups in the Middle East), terrorism, natural and environmental disasters and the spread of infectious illnesses or other public health emergencies, conflicts, social unrest, recessions, inflation, rapid interest rate changes and supply chain disruptions may adversely affect the global economy and the markets and issuers in which a Fund or an Underlying Fund invests. Additionally, the spread of infectious outbreaks, epidemics or pandemics have caused volatility, severe market dislocations and liquidity constraints in many markets, including markets for the investments the Funds or the Underlying Funds hold, and have, at times, adversely affected the Funds’ or Underlying Funds’ investments and operations. These events could reduce consumer demand or economic output, result in market closures, travel restrictions or quarantines, and generally have a significant impact on the economy. These events could also impair the information technology and other operational systems upon which a Fund’s or an Underlying Fund’s service providers, including Advisors, rely, and could otherwise disrupt the ability of employees of a Fund’s or an Underlying Fund’s service providers to perform essential tasks on behalf of a Fund or an Underlying Fund.
U.S. and global markets, in recent years, have experienced increased volatility, including as a result of the failures of certain U.S. and non-U.S. banks, which could be harmful to the Funds or the Underlying Funds and issuers in which they invest. For example, if a bank in which a Fund and/or an Underlying Fund or an issuer in which a Fund and/or an Underlying Fund invests has an account that fails, any cash or other assets in bank accounts may be temporarily inaccessible or permanently lost by the Fund or Underlying Fund or issuer. If a bank that provides a subscription line credit facility, asset-based facility, other credit facility and/or other services to an issuer fails, the issuer could be unable to draw funds under its credit facilities or obtain replacement credit facilities or other services from other lending institutions with similar terms. Even if banks remain solvent, continued volatility in the banking sector could cause or intensify an economic recession, increase the costs of capital and banking services or result in the issuers in which the Funds or the Underlying Funds invest being unable to obtain or refinance indebtedness at all or on as favorable terms as could otherwise have been obtained. Conditions in the banking sector are evolving, and the scope of any potential impacts to the Funds or the Underlying Funds and issuers, both from market conditions and also potential legislative or regulatory responses, are uncertain. Such conditions and responses, as well as a changing interest rate environment, can contribute to decreased market liquidity and erode the value of certain holdings. Continued
6 Statement of Additional Information
market volatility and uncertainty and/or a downturn in market and economic and financial conditions, as a result of developments in the banking industry or otherwise (including as a result of delayed access to cash or credit facilities), could have an adverse impact on the Funds or the Underlying Funds and issuers in which they invest.
Changing interest rate environments (whether downward or upward) impact the various sectors of the economy in different ways. During periods when interest rates are low (or negative), a Fund and/or an Underlying Fund’s yield (or total return) may also be low and fall below zero. Very low or negative interest rates may magnify interest rate risk. An Underlying Fund may be subject to heightened levels of interest rate risk because the U.S. Federal Reserve (the “Fed”) has increased interest rates significantly over recent periods. To the extent the Fed further raises interest rates, there is a risk that rates across the financial system may rise. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility and may detract from Fund or Underlying Fund performance to the extent a Fund and/or an Underlying Fund is exposed to such interest rates and/or volatility.
Governments or their agencies may also acquire distressed assets from financial institutions and acquire ownership interests in those institutions. The implications of government ownership and disposition of these assets are unclear, and such a program may have positive or negative effects on the liquidity, valuation and performance of a Fund and/or an Underlying Fund’s portfolio holdings. Furthermore, volatile financial markets can expose a Fund and/or an Underlying Fund to greater market and liquidity risk and potential difficulty in valuing portfolio holdings, as well as potentially higher portfolio turnover and related transaction costs. Advisors will monitor developments and seek to manage each Fund or Underlying Fund in a manner consistent with achieving its investment objective, but there can be no assurance that Advisors will be successful in doing so.
In November 2022, the SEC proposed rule amendments which, among other things, would require funds to adopt swing pricing in order to mitigate dilution of shareholders’ interests in a fund by requiring the adjustment of fund NAV per share to pass on costs stemming from shareholder purchase or redemption activity. In addition, the proposed rule would amend the existing liquidity rule framework. The proposal’s impact on the Funds or the Underlying Funds will not be known unless and until any final rulemaking is adopted.
In December 2023, the SEC adopted rule amendments providing that any covered clearing agency (“CCA”) for U.S. Treasury securities require that every direct participant of the CCA (which generally would be a bank or broker-dealer) submit for clearance and settlement all eligible secondary market transactions in U.S. Treasury securities to which it is a counterparty. The clearing mandate includes in its scope all repurchase or reverse repurchase agreements of such direct participants collateralized by U.S. Treasury securities (collectively, “Treasury repo transactions”) of a type accepted for clearing by a registered CCA, including both bilateral Treasury repo transactions and triparty Treasury repo transactions where a bank agent provides custody, collateral management and settlement services.
The Treasury repo transactions of registered funds with any direct participants of a CCA will be subject to the mandatory clearing requirement. Currently, the Fixed Income Clearing Corporation (“FICC”) is the only CCA for U.S. Treasury securities. FICC currently operates a “Sponsored Program” for clearing of Treasury repo transactions pursuant to which a registered fund may enter into a clearing arrangement with a “sponsoring member” bank or broker-dealer that is a direct participant of FICC as a “sponsored member” of FICC.
Compliance with the clearing mandate for Treasury repo transactions is scheduled to be required by June 30, 2026. The clearing mandate is expected to result in each Fund or Underlying Fund being required to clear all or substantially all of its Treasury repo transactions as of the compliance date, and may necessitate expenditures by each Fund or Underlying Fund that trades in Treasury repo transactions in connection with entering into new agreements with sponsoring members and taking other actions to comply with the new requirements. Advisors will monitor developments in the Treasury repo transactions market as the implementation period progresses.
Until any policy or regulatory changes are made, it is not possible to predict the impact such changes may have on the value of portfolio holdings of a Fund and/or an Underlying Fund, the issuers thereof or Teachers Insurance and Annuity Association of America (“TIAA”) (or their affiliates). Financial entities, such as investment companies and investment advisers, are generally subject to extensive government regulation and intervention. Legislation or regulation may change the way in which the Funds and the Underlying Funds themselves are regulated. Such legislation or regulation may also affect the expenses incurred directly by a Fund and/or an Underlying Fund and the value of its investments, and could limit or preclude a Fund’s or an Underlying Fund’s ability to achieve its investment objective. Government regulation may change frequently and may have significant adverse consequences. Moreover, government regulation may have unpredictable and unintended effects.
The value of a Fund’s or an Underlying Fund’s holdings is also generally subject to the risk of future local, national, or global economic disturbances based on unknown weaknesses in the markets in which an Underlying Fund invests. For example, any public health emergency could reduce consumer demand or economic output, result in market closures, travel restrictions or quarantines, and generally have a significant impact on the economy, which in turn could adversely affect a Fund’s or an Underlying Fund’s investments. In the event of such a disturbance, issuers of securities held by an Underlying Fund may experience significant declines in the value of their assets and even cease operations, or may receive government assistance accompanied by increased restrictions on their business operations or other government intervention. In addition, it is not certain that the U.S. Government will intervene in response to a future market disturbance and the effect of any such future
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intervention cannot be predicted. It is difficult for issuers to prepare for the impact of future financial downturns, although companies can seek to identify and manage future uncertainties through risk management programs.
Money Market Funds. The Money Market Fund is a “government money market fund,” as defined in the applicable rules governing money market funds, and as such invests at least 99.5% of its total assets in cash, U.S. Government securities and/or repurchase agreements that are collateralized fully by cash or U.S. Government securities. With respect pursuant to Rule 2a-7, a money market fund that satisfies the applicable diversification requirements of Rule 2a-7 shall be deemed to have satisfied the diversification requirements of the 1940 Act and the rules adopted thereunder. As a “government” money market fund, the Money Market Fund is exempt from the provisions under Rule 2a-7 relating to mandatory and discretionary liquidity fees (although the Fund or Underlying Fund would be permitted to rely on the ability to impose discretionary (but not mandatory) liquidity fees after providing at least sixty days’ prior notice to shareholders).
Illiquid Investments. The Funds and the Underlying Funds (except the Money Market Fund) have implemented a written liquidity risk management program (the “Liquidity Risk Program”), as required by applicable SEC regulation, reasonably designed to assess and manage the Funds’ and Underlying Funds’ liquidity risk. As a result of its designation as the Liquidity Risk Program administrator by the Board, Advisors is also responsible for determining the liquidity of investments held by each Fund and Underlying Fund of the Trust. Nuveen Fund Advisors, LLC (“Nuveen Fund Advisors”) has been designated as the Liquidity Risk Program administrator for the Nuveen Dividend Value Fund, Nuveen Dividend Growth Fund and Nuveen Growth Opportunities ETF (collectively, the “Non-Trust Underlying Funds”). Each Fund and Underlying Fund (except the Money Market Fund) may invest up to 15% of its net assets, measured at the time of investment, in illiquid investments that are assets. The Money Market Fund may not acquire any illiquid investment if, immediately after the acquisition, the Fund would have invested more than 5% of its total assets in illiquid investments. Illiquid investments are those that are not reasonably expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. Investments may be illiquid because of, among other factors, the absence of a trading market or distress in a trading market, making it difficult to value the investments or dispose of them promptly at the value at which they are carried. Investments in illiquid investments or holding securities that have become illiquid pose risks of potential delays in resale. Limitations on or delays in resale may have an adverse effect on the marketability of portfolio securities, and it may be difficult for the Funds or Underlying Funds to dispose of illiquid investments promptly or to sell such investments for the value at which they are carried, if at all, or at any price within the desired time frame. Each Fund and Underlying Fund (except the Money Market Fund) may receive distressed prices and incur higher transaction costs when selling illiquid investments. There is also a risk that unusually high redemption requests, including redemption requests from certain large shareholders (such as institutional investors), asset allocation changes, or other unusual market conditions may make it difficult for a Fund or an Underlying Fund to sell investments in sufficient time to allow it to meet redemptions. Redemption requests could require a Fund or an Underlying Fund to sell illiquid investments at reduced prices or under unfavorable conditions, which may negatively impact a Fund’s or an Underlying Fund’s performance. The regulations adopted by the SEC may limit a Fund or an Underlying Fund’s ability to invest in illiquid investments, which may adversely affect a Fund’s or an Underlying Fund’s performance and ability to achieve its investment objective.
Inflation/Deflation Risk. A Fund’s or an Underlying Fund’s investments may be subject to inflation risk, which is the risk that the real value (i.e., nominal price of the asset adjusted for inflation) of assets or income from investments will be less in the future as inflation decreases the purchasing power and value of money (i.e., as inflation increases, the real value of a Fund’s or an Underlying Fund’s assets can decline). Inflation rates may change frequently and significantly as a result of various factors, including unexpected shifts in the domestic or global economy and changes in monetary or economic policies (or expectations that these policies may change), and a Fund’s or an Underlying Fund’s investments may not keep pace with inflation, which would generally adversely affect the real value of Fund or Underlying Fund shareholders’ investments in the Fund or Underlying Fund. This risk is generally greater for fixed-income instruments with longer durations.
Deflation risk is the risk that prices throughout the economy decline over time. Deflation may have an adverse effect on the creditworthiness of issuers and may make issuer default more likely, which may result in a decline in the value of a Fund’s or an Underlying Fund’s assets.
Restricted Securities. The Funds and certain Underlying Funds may invest in restricted securities. A restricted security is one that has a contractual restriction on resale or cannot be resold publicly until it is registered under the Securities Act of 1933, as amended (the “1933 Act”). From time to time, restricted securities can be considered illiquid under the Funds’ and Underlying Funds’ Liquidity Risk Program. However, purchases by a Fund or an Underlying Fund of securities of foreign issuers offered and sold outside the United States may not be considered illiquid even though they are restricted. The Board of Trustees of the Funds and Underlying Funds of the Trust has designated Advisors to determine the value and liquidity of restricted securities and other investments held by each Fund and Underlying Fund of the Trust.
Preferred Stock. Some Underlying Funds can invest in preferred stock consistent with their investment objectives. Preferred stock pays dividends at a specified rate and generally has preference over common stock in the payment of dividends and the liquidation of the issuer’s assets but is junior to the debt securities of the issuer in those same respects. Unlike interest payments on debt securities, dividends on preferred stock are generally payable at the discretion of the issuer’s board of
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directors, and shareholders may suffer a loss of value if dividends are not paid. Preferred shareholders generally have no legal recourse against the issuer if dividends are not paid. The market prices of preferred stocks are subject to changes in interest rates and are more sensitive to changes in the issuer’s creditworthiness than are the prices of debt securities. Under ordinary circumstances, preferred stock does not carry voting rights.
Small and Medium Capitalization Companies. Some Underlying Funds may invest in common stocks of issuers with small or medium market capitalizations. An investment in common stocks of issuers with small or medium market capitalizations generally involves greater risk and price volatility than an investment in common stocks of larger, more established companies. This increased risk may be due to the greater business risks of their small or medium size, limited markets and financial resources, narrow product lines and frequent lack of management depth. The securities of small and medium capitalization companies are often traded in the over-the-counter market, and might not be traded in volumes typical of securities traded on a national securities exchange. Thus, the securities of small and medium capitalization companies are likely to be less liquid and subject to more abrupt or erratic market movements than securities of larger, more established companies.
Initial Public Offerings (“IPOs”). Some Underlying Funds may invest a portion of their assets in securities of companies offering shares in IPOs. IPOs may have a magnified performance impact on an Underlying Fund with a small asset base. The impact of IPOs on an Underlying Fund’s performance likely will decrease as the Underlying Fund’s asset size increases. IPOs may not be consistently available to an Underlying Fund for investing, particularly as the Underlying Fund’s asset base grows. Because IPO shares frequently are volatile in price, an Underlying Fund may hold IPO shares for a very short period of time. This may increase the portfolio turnover of an Underlying Fund and may lead to increased expenses for the Underlying Fund, such as commissions and transaction costs. By selling shares, an Underlying Fund may realize taxable gains it will subsequently distribute to shareholders. In addition, the market for IPO shares can be speculative and/or inactive for extended periods of time. The limited number of shares available for trading in some IPOs may make it more difficult for an Underlying Fund to buy or sell significant amounts of shares without an unfavorable impact on prevailing prices. Holders of IPO shares (including an Underlying Fund) can be affected by substantial dilution in the value of the IPO issuer’s shares, by sales of additional shares and by concentration of control in existing management and principal shareholders.
An Underlying Fund’s investment in IPO shares may include the securities of unseasoned companies (companies with less than three years of continuous operations), which present risks considerably greater than common stocks of more established companies. These companies may have limited operating histories and their prospects for profitability may be uncertain. These companies may be involved in new and evolving businesses and may be vulnerable to competition and changes in technology, markets and economic conditions. These companies may also be more dependent on key managers and third parties and may have limited product lines.
Options and Futures. Some of the Underlying Funds may engage in options (puts and calls) and futures strategies to the extent permitted by the SEC and the Commodity Futures Trading Commission (“CFTC”). The Underlying Funds may use options and futures contracts for a variety of purposes. These purposes include the following: (i) hedging; (ii) cash management; (iii) risk management; (iv) seeking to stay fully invested; (v) seeking to increase total return; (vi) seeking to reduce transaction costs; (vii) seeking to simulate an investment in equity or debt securities or other investments; (viii) seeking to add value by using derivatives to more efficiently implement portfolio positions when derivatives are favorably priced relative to equity or debt securities or other investments; and (ix) for other purposes.
Options and futures transactions may increase an Underlying Fund’s transaction costs and portfolio turnover rate and will be initiated only when consistent with the Underlying Fund’s investment objective.
Options. Options-related activities could include: (1) the sale of call option contracts (including covered call options) and the purchase of call option contracts, including for the purpose of closing a purchase transaction; (2) buying put option contracts (including covered put options) and selling put option contracts, including to close out a position acquired through the purchase of such options; and (3) selling call option contracts or buying put option contracts on groups of securities and on futures on groups of securities, and buying similar call option contracts or selling put option contracts, including to close out a position acquired through a sale of such options. This list of options-related activities is not intended to be exclusive, and the Underlying Funds may engage in other types of options transactions consistent with their investment objectives and policies and applicable law.
A call option is a short-term contract (generally for nine months or less) that gives the purchaser of the option the right but not the obligation to purchase the underlying security at a fixed exercise price at any time (American style) or at a set time (European style) prior to the expiration of the option regardless of the market price of the security during the option period. As consideration for the call option, the purchaser pays the seller a premium, which the seller retains whether or not the option is exercised. The seller of a call option has the obligation, upon the exercise of the option by the purchaser, to sell the underlying security at the exercise price. Selling a call option would benefit the seller if, over the option period, the underlying security declines in value or does not appreciate above the aggregate of the exercise price and the premium. However, the seller risks an “opportunity loss” of profits if the underlying security appreciates above the aggregate value of the exercise price and the premium.
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An Underlying Fund may close out a position acquired through selling a call option by buying a call option on the same security with the same exercise price and expiration date as the call option that it had previously sold on that security. Depending on the premium for the call option purchased by an Underlying Fund, the Underlying Fund will realize a profit or loss on the transaction on that security.
A put option is a similar short-term contract that gives the purchaser of the option the right to sell the underlying security at a fixed exercise price at any time prior to the expiration of the option regardless of the market price of the security during the option period. As consideration for the put option, the purchaser pays the seller a premium, which the seller retains whether or not the option is exercised. The seller of a put option has the obligation, upon the exercise of the option by the purchaser, to purchase the underlying security at the exercise price. The buying of a covered put contract limits the downside exposure for the investment in the underlying security. The risk of purchasing a put option is that the market price of the underlying stock prevailing on the expiration date may be above the option’s exercise price. In that case, the option would expire worthless and the entire premium would be lost.
Selling a put or call option may require the payment of initial and variation margin, and adverse market movements against the underlying security or instrument may require the seller to make additional margin payments. An Underlying Fund may have to sell securities or other instruments at a time when it may be disadvantageous to do so to meet margin and settlement payment requirements in connection with the sale of put or call options.
An Underlying Fund may close out a position acquired through buying a put option by selling an identical put option on the same security with the same exercise price and expiration date as the put option that it had previously bought on the security. Depending on the premium for the put option purchased by an Underlying Fund, the Underlying Fund would realize a profit or loss on the transaction.
In addition to options (both calls and puts) on individual securities, there are also options on groups of securities, such as the options on the Standard & Poor’s 100 Index, which are traded on the Chicago Board Options Exchange. There are also options on the futures of groups of securities such as the Standard & Poor’s 500 Index and the New York Stock Exchange Composite Index. The selling of such calls can be used in anticipation of, or in, a general market or market sector decline that may adversely affect the market value of an Underlying Fund’s portfolio of securities. To the extent that an Underlying Fund’s portfolio of securities changes in value in correlation with a given stock index, the sale of call options on the futures of that index would substantially reduce the risk to the portfolio of a market decline, and, by so doing, provide an alternative to the liquidation of securities positions in the portfolio with resultant transaction costs. A risk in all options, particularly the relatively new options on groups of securities and on the futures on groups of securities, is a possible lack of liquidity. This will be a major consideration of Advisors before it deals in any option on behalf of an Underlying Fund.
There is another risk in connection with selling a call option on a group of securities or on the futures of groups of securities. This arises because of the imperfect correlation between movements in the price of the call option on a particular group of securities and the price of the underlying securities held in the portfolio. Unlike a covered call on an individual security, where a large movement on the upside for the call option will be offset by a similar move on the underlying stock, a move in the price of a call option on a group of securities may not be offset by a similar move in the price of securities held due to the difference in the composition of the particular group and the portfolio itself.
Futures. To the extent permitted by applicable regulatory authorities, certain Underlying Funds may purchase and sell futures contracts on securities or other instruments, or on groups or indices of securities or other instruments. The purpose of hedging techniques using financial futures is to protect the principal value of the Underlying Fund against adverse changes in the market value of securities or instruments in its portfolio, and to obtain better returns on investments than available in the cash market. Since these are hedging techniques, the gains or losses on the futures contract normally will be offset by losses or gains, respectively, on the hedged investment. Futures contracts also may be offset prior to the future date by executing an opposite futures contract transaction.
A futures contract on an investment is a binding contractual commitment which, if held to maturity, generally will result in an obligation to make or accept delivery, during a particular future month, of the securities or instrument underlying the contract.
By purchasing a futures contract—assuming a “long” position—Advisors will legally obligate an Underlying Fund to accept the future delivery of the underlying security or instrument and pay the agreed price. By selling a futures contract—assuming a “short” position—Advisors will legally obligate an Underlying Fund to make the future delivery of the security or instrument against payment of the agreed price.
Positions taken in the futures markets are not normally held to maturity, but are instead liquidated through offsetting transactions that may result in a profit or a loss. While futures positions taken by an Underlying Fund usually will be liquidated in this manner, an Underlying Fund may instead make or take delivery of the underlying securities or instruments whenever it appears economically advantageous to an Underlying Fund to do so. A clearing corporation associated with the exchange on which futures are traded assumes responsibility for closing out positions and guarantees that the sale and purchase obligations will be performed with regard to all positions that remain open at the termination of the contract.
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A stock index futures contract, unlike a contract on a specific security, does not provide for the physical delivery of securities, but merely provides for profits and losses resulting from changes in the market value of the contract to be credited or debited at the close of each trading day to the respective accounts of the parties to the contract. On the contract’s expiration date, a final cash settlement occurs and the futures positions are closed out. Changes in the market value of a particular stock index futures contract reflect changes in the specified index of equity securities on which the future is based.
Stock index futures may be used to hedge the equity investments of the Underlying Funds with regard to market (systematic) risk (involving the market’s assessment of overall economic prospects), as distinguished from stock specific risk (involving the market’s evaluation of the merits of the issuer of a particular security). By establishing an appropriate “short” position in stock index futures, Advisors may seek to protect the value of the Underlying Funds’ securities portfolio against an overall decline in the market for equity securities. Alternatively, in anticipation of a generally rising market, Advisors can seek to avoid losing the benefit of apparently low current prices by establishing a “long” position in stock index futures and later liquidating that position as particular equity securities are in fact acquired. To the extent that these hedging strategies are successful, the Underlying Fund will be affected to a lesser degree by adverse overall market price movements, unrelated to the merits of specific portfolio equity securities, than would otherwise be the case.
Unlike the purchase or sale of a security, no price is paid or received by an Underlying Fund upon the purchase or sale of a futures contract. Initially, an Underlying Fund will be required to deposit in a segregated account with the broker (futures commission merchant) carrying the futures account on behalf of the Underlying Fund an amount of cash, U.S. Treasury securities, or other permissible assets equal to a percentage of the contract amount as determined by the clearinghouse. This amount is known as “initial margin.” The nature of initial margin in futures transactions is different from that of margin in security transactions in that futures contract margin does not involve the borrowing of funds by the customer to finance the transactions. Rather, the initial margin is in the nature of a performance bond or good faith deposit on the contract that is returned to an Underlying Fund upon termination of the futures contract assuming all contractual obligations have been satisfied. Subsequent payments to and from the broker, called “variation margin,” will be made on a daily basis as the price of the underlying stock index fluctuates, making the long and short positions in the futures contract more or less valuable, a process known as “marking to the market.”
For example, when the Underlying Fund has purchased a stock index futures contract and the price of the underlying stock index has risen, that position will have increased in value, and the Underlying Fund will receive from the broker a variation margin payment equal to that increase in value. Conversely, where the Underlying Fund has purchased a stock index futures contract and the price of the underlying stock index has declined, the position would be less valuable and the Underlying Fund would be required to make a variation margin payment to the broker. At any time prior to expiration of the futures contract, the Underlying Fund may elect to close the position by taking an opposite position that will operate to terminate the Underlying Fund’s position in the futures contract. A final determination of variation margin is then made, additional cash is required to be paid by or released to the Underlying Fund, and the Underlying Fund realizes a loss or a gain.
There are several risks in connection with the use of a futures contract as a hedging device. One risk arises because of the imperfect correlation between movements in the prices of the futures contracts and movements in the securities or instruments that are the subject of the hedge. Advisors, on behalf of an Underlying Fund, will attempt to reduce this risk by engaging in futures transactions, to the extent possible, where, in Advisors’ judgment, there is a significant correlation between changes in the prices of the futures contracts and the prices of the Underlying Fund’s portfolio securities or instruments sought to be hedged.
Successful use of futures contracts for hedging purposes also is subject to Advisors’ ability to correctly predict movements in the direction of the market. For example, it is possible that where an Underlying Fund has sold futures to hedge its portfolio against declines in the market, the index on which the futures are written may advance and the values of securities or instruments held in the Underlying Fund’s portfolio may decline. If this occurred, the Underlying Fund would lose money on the futures and also experience a decline in value in its portfolio investments. However, Advisors believes that over time the value of an Underlying Fund’s portfolio will tend to move in the same direction as the market indices that are intended to correlate to the price movements of the portfolio securities or instruments sought to be hedged.
It also is possible that, for example, if an Underlying Fund has hedged against the possibility of a decline in the market adversely affecting stocks held in its portfolio and stock prices increased instead, the Underlying Fund will lose part or all of the benefit of increased value of those stocks that it has hedged because it will have offsetting losses in its futures positions. In addition, in such situations, if an Underlying Fund has insufficient cash, it may have to sell securities or instruments to meet daily variation margin requirements. Such sales may be, but will not necessarily be, at increased prices that reflect the rising market. The Underlying Fund may have to sell securities or instruments at a time when it may be disadvantageous to do so.
In addition to the possibility that there may be an imperfect correlation, or no correlation at all, between movements in the futures contracts and the portion of the portfolio being hedged, the prices of futures contracts may not correlate perfectly with movements in the underlying security or instrument due to certain market distortions. First, all transactions in the futures market are subject to margin deposit and maintenance requirements. Rather than meeting additional margin deposit requirements, investors may close futures contracts through offsetting transactions that could distort the normal relationship
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between the index and futures markets. Second, the margin requirements in the futures market are less onerous than margin requirements in the securities market, and as a result the futures market may attract more speculators than the securities market does. Increased participation by speculators in the futures market also may cause temporary price distortions. Due to the possibility of price distortion in the futures market and also because of the imperfect correlation between movements in the futures contracts and the portion of the portfolio being hedged, even a correct forecast of general market trends by Advisors still may not result in a successful hedging transaction over a very short time period.
Use of Options and Futures by the Funds. Each of the Funds may directly engage in options (puts and calls) and futures strategies to the extent permitted by the SEC and the CFTC. The Funds may use options and futures strategies for cash management, efficient portfolio management and other purposes. The Funds may also use options for purposes such as rebalancing and tactical asset allocation. Options and futures transactions may increase a Fund’s transaction costs and portfolio turnover rate and will be initiated only when consistent with a Fund’s investment objective. The terms and risks of such instruments are provided in more detail under the sections above.
Firm Commitment Agreements and Purchase of “When-Issued” Securities. Some Underlying Funds can enter into firm commitment agreements for the purchase of securities on a specified future date. Thus, an Underlying Fund may purchase, for example, issues of fixed-income instruments on a “when-issued” basis, whereby the payment obligation, or yield to maturity, or coupon rate on the instruments may not be fixed at the time of the transaction. In addition, the Underlying Funds may invest in asset-backed securities on a delayed delivery basis. This reduces an Underlying Fund’s risk of early repayment of principal, but exposes the Underlying Fund to some additional risk that the transaction will not be consummated.
When an Underlying Fund enters into a firm commitment agreement, liability for the purchase price—and the rights and risks of ownership of the securities—accrues to the Underlying Fund at the time it becomes obligated to purchase such securities, although delivery and payment occur at a later date. Accordingly, if the market price of the security should decline, the effect of the agreement would be to obligate the Underlying Fund to purchase the security at a price above the current market price on the date of delivery and payment. In addition, certain rules of the Financial Industry Regulatory Authority (“FINRA”) include mandatory margin requirements that will require the Underlying Funds to post collateral in connection with their to-be-announced (“TBA”) transactions. There is no similar requirement applicable to the Underlying Funds’ TBA counterparties. The required collateralization of TBA trades could increase the cost of TBA transactions to the Underlying Funds and impose added operational complexity. An Underlying Fund may have to sell securities or other instruments at a time when it may be disadvantageous to do so to meet such payment requirements. An Underlying Fund must comply with the SEC rule related to the use of derivatives and certain other transactions when engaging in the transactions discussed above. See “Derivatives and Other Similar Instruments” below.
Participatory Notes. Some of the Underlying Funds may invest in participatory notes issued by banks or broker-dealers that are designed to replicate the performance of certain non-U.S. companies traded on a non-U.S. exchange. Participatory notes are a type of equity-linked derivative which generally are traded over-the-counter. Even though a participatory note is intended to reflect the performance of the underlying equity securities on a one-to-one basis so that investors will not normally gain or lose more in absolute terms than they would have made or lost had they invested in the underlying securities directly, the performance results of participatory notes will not replicate exactly the performance of the issuers or markets that the participatory notes seek to replicate due to transaction costs and other expenses. Investments in participatory notes involve risks normally associated with a direct investment in the underlying securities. In addition, participatory notes are subject to counterparty risk, which is the risk that the broker-dealer or bank that issues the notes will not fulfill its contractual obligation to complete the transaction with an Underlying Fund. Participatory notes constitute general unsecured, unsubordinated contractual obligations of the banks or broker-dealers that issue them, and an Underlying Fund is relying on the creditworthiness of such banks or broker-dealers and has no rights under a participatory note against the issuers of the securities underlying such participatory notes. There can be no assurance that the trading price or value of participatory notes will equal the value of the underlying equity securities they seek to replicate.
Master Limited Partnerships. Some of the Underlying Funds may invest in equity securities issued by master limited partnerships (“MLPs”). An MLP is an entity, most commonly a limited partnership that is taxed as a partnership, publicly traded and listed on a national securities exchange. Holders of common units of MLPs typically have limited control and limited voting rights as compared to holders of a corporation’s common shares. Preferred units issued by MLPs are not typically listed or traded on an exchange. Holders of preferred units can be entitled to a wide range of voting and other rights. MLPs are limited by the Code to only apply to enterprises that engage in certain businesses, mostly pertaining to the use of natural resources, such as petroleum and natural gas extraction, and transportation, although some other enterprises may also qualify as MLPs.
There are certain tax risks associated with investments in MLPs. The benefit derived from an investment in an MLP is largely dependent on the MLP being treated as a partnership for federal income tax purposes. A change to current tax law, or a change in the underlying business mix of a given MLP, could result in an MLP being treated as a corporation for federal income tax purposes. If an MLP were treated as a corporation, the MLP would be required to pay federal income tax on its taxable income. This would reduce the amount of cash available for distribution by the MLP, which could result in a reduction of the value of an Underlying Fund’s investment in the MLP and lower income to the Underlying Fund. Additionally, since MLPs generally conduct
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business in multiple states, an Underlying Fund may be subject to income or franchise tax in each of the states in which the partnership does business. The additional cost of preparing and filing the tax returns and paying the related taxes may adversely impact an Underlying Fund’s return on its investment in MLPs.
Investments held by MLPs may be relatively illiquid, limiting the MLPs’ ability to vary their portfolios promptly in response to changes in economic or other conditions, and MLPs may have limited financial resources. Securities of MLPs may trade infrequently and in limited volume, and they may be subject to more abrupt or erratic price movements than common shares of larger or more broadly based companies. An Underlying Fund’s investment in MLPs also subjects the Underlying Fund to the risks associated with the specific industry or industries in which the MLP invests. MLPs are generally considered interest rate sensitive investments, and during periods of interest rate volatility, may not provide attractive returns. A portion of any gain or loss recognized by an Underlying Fund on a disposition of an MLP equity security may be separately computed and taxed as ordinary income or loss under the Code. Any such gain may exceed net taxable gain realized on the disposition and will be recognized even if there is a net taxable loss on the disposition.
Short Sales Against the Box. Some of the Underlying Funds may engage in “short sales against the box” if their portfolio managers believe that the price of a particular security held by the Underlying Fund may decline in order to hedge the unrealized gain on such security. Selling short against the box involves selling a security which an Underlying Fund owns for delivery at a specified date in the future. An Underlying Fund will limit its transactions in short sales against the box to 5% of its net assets. If, for example, an Underlying Fund bought 100 shares of ABC at $40 per share in January and the price appreciates to $50 in March, the Underlying Fund might “sell short” the 100 shares at $50 for delivery the following July. Thereafter, if the price of the stock declines to $45, it will realize the full $1,000 gain rather than the $500 gain it would have received had it sold the stock in the market. On the other hand, if the price appreciates to $55 per share, an Underlying Fund would be required to sell at $50 and thus receive a $1,000 gain rather than the $1,500 gain it would have received had it sold the stock in the market. An Underlying Fund may also be required to pay a premium for short sales which would partially offset any gain.
Royalty Trust. Some of the Underlying Funds may invest in publicly traded royalty trusts. Royalty trusts are income-oriented equity investments that indirectly, through the ownership of trust units, provide investors (called “unit holders”) with exposure to energy sector assets such as coal, oil and natural gas. A royalty trust generally acquires an interest in natural resource companies or chemical companies and distributes the income it receives to the investors of the royalty trust. A sustained decline in demand for crude oil, natural gas and refined petroleum products could adversely affect income and royalty trust revenues and cash flows. Factors that could lead to a decrease in market demand include a recession or other adverse economic conditions, an increase in the market price of the underlying commodity, higher taxes or other regulatory actions that increase costs, or a shift in consumer demand for such products. A rising interest rate environment could adversely impact the performance of royalty trusts. Rising interest rates could limit the capital appreciation of royalty trusts because of the increased availability of alternative investments at more competitive yields.
Private Investments in Public Equity. Some of the Underlying Funds may purchase equity securities in a private placement that are issued by issuers who have outstanding, publicly traded equity securities of the same class (“private investments in public equity” or “PIPES”). Shares in PIPES generally are not registered with the SEC until after a certain time period from the date the private sale is completed. This restricted period can last many months. Until the public registration process is completed, PIPES are restricted as to resale and an Underlying Fund cannot freely trade the securities. Generally, such restrictions cause the PIPES to be illiquid during this time. PIPES may contain provisions that the issuer will pay specified financial penalties to the holder if the issuer does not publicly register the restricted equity securities within a specified period of time, but there is no assurance that the restricted equity securities will be publicly registered, or that the registration will remain in effect.
Special Purpose Acquisition Companies. Some of the Underlying Funds may invest in equity securities of special purpose acquisition companies (“SPACs”). Also known as a “blank check company,” a SPAC is a company with no commercial operations that is formed solely to raise capital from investors for the purpose of acquiring one or more existing private companies. SPACs often have pre-determined time frames to make an acquisition (typically two years) or the SPAC will liquidate. An Underlying Fund may purchase units or shares of SPACs that have completed an IPO on a secondary market, during a SPAC’s IPO or through a PIPES offering. See “Private Investments in Public Equity” above for information about PIPES offerings.
Unless and until an acquisition is completed, a SPAC generally invests its assets in U.S. Government securities, money market securities and cash. Because SPACs have no operating history or ongoing business other than seeking acquisitions, the value of their securities is particularly dependent on the ability of the entity’s management to identify and complete a profitable acquisition. There is no guarantee that the SPACs in which an Underlying Fund invests will complete an acquisition or that any acquisitions that are completed will be profitable. Public stockholders of SPACs such as an Underlying Fund may not be afforded a meaningful opportunity to vote on a proposed initial business combination because certain stockholders, including stockholders affiliated with the management of the SPAC, may have sufficient voting power, and a financial incentive, to approve such a transaction without support from public stockholders. As a result, a SPAC may complete a business combination even though a majority of its public stockholders do not support such a combination. An investment in a SPAC may
Statement of Additional Information 13
be diluted by additional, later offerings of securities by the SPAC or by other investors exercising existing rights to purchase securities of the SPAC. Additionally, a significant portion of the funds raised by a SPAC may be expended during the search for a target acquisition or merger. Some SPACs may pursue acquisitions only within certain industries or regions, which may increase the volatility of their prices.
The private companies that SPACs acquire are often unseasoned and lack a trading history, a track record of reporting to investors and widely available research coverage. Securities of SPAC-derived companies are thus subject to extreme price volatility and speculative trading. In addition, the ownership of many SPAC-derived companies often includes large holdings by venture capital and private equity investors who seek to sell their shares in the public market in the months following a business combination transaction when shares restricted by lock-up are released, causing even greater price volatility and possible downward pressure during the time that locked-up shares are released.
Debt instruments generally
A debt instrument held by an Underlying Fund will be affected by general changes in interest rates that will, in turn, result in increases or decreases in the market value of the instrument. The market value of non-convertible debt instruments (particularly fixed-income instruments) in an Underlying Fund’s portfolio can be expected to vary inversely to changes in prevailing interest rates. In periods of declining interest rates, the yield of an Underlying Fund holding a significant amount of debt instruments will tend to be somewhat higher than prevailing market rates, and in periods of rising interest rates, the Underlying Fund’s yield will tend to be somewhat lower. In addition, when interest rates are falling, money received by such an Underlying Fund from the continuous sale of its shares will likely be invested in portfolio instruments producing lower yields than the balance of its portfolio, thereby reducing the Underlying Fund’s current yield. In periods of rising interest rates, the opposite result can be expected to occur. During periods of declining interest rates, because the interest rates on adjustable-rate securities generally reset downward, their market value is unlikely to rise to the same extent as the value of comparable fixed-rate securities. Interest rate risk is generally heightened during periods when prevailing interest rates are low or negative, and during such periods, an Underlying Fund may not be able to maintain a positive yield or yields on par with historical levels. Risks associated with rising interest rates are heightened given that the Fed has increased interest rates over recent periods. Further, rising interest rates may cause issuers to not make principal and interest payments on fixed-income investments when due. Additionally, rising interest rates could lead to heightened credit risk if issuers are less willing or able to make payments when due. Changes in interest rates, among other factors, may also adversely affect the liquidity of an Underlying Fund’s fixed-income investments.
The market for fixed-income instruments has consistently grown over the past decades while the growth of capacity for traditional dealers to engage in fixed-income trading and provide liquidity to markets has not kept pace and in some cases has decreased. Because dealers acting as market makers provide stability to a market, a reduction in dealer inventories could potentially lead to decreased liquidity and increased volatility in the fixed-income markets. Such issues may be exacerbated during periods of economic uncertainty or market volatility (including rapid interest rate changes).
Ratings as Investment Criteria. Nationally Recognized Statistical Rating Organization (“NRSRO”) ratings represent the opinions of those organizations as to the quality of securities that they rate. Although these ratings, which are relative and subjective and are not absolute standards of quality, are used by Advisors as one of many criteria for the selection of portfolio securities on behalf of the Underlying Funds, Advisors also relies upon its own analysis to evaluate potential investments.
Subsequent to its purchase by an Underlying Fund, an issue of securities may cease to be rated or its rating may be reduced below the minimum required for purchase by the Underlying Fund. These events will not require the sale of the securities by an Underlying Fund. However, Advisors will consider the event in its determination of whether the Underlying Fund should continue to hold the securities. To the extent that a NRSRO’s rating changes as a result of a change in the NRSRO or its rating system, Advisors will attempt to use comparable ratings as standards for the Underlying Funds’ investments in accordance with their investment objectives and policies.
Certain Investment-Grade Debt Obligations. Although obligations rated in the top four credit categories by a NRSRO or deemed to be of the same quality by Advisors using its own credit analysis, for example, are considered investment-grade, they may be viewed as being subject to greater risks than other investment-grade obligations. Obligations rated Baa by Moody’s Investors Services, Inc. (“Moody’s”) are considered medium-grade obligations that lack outstanding investment characteristics and have speculative characteristics as well, while obligations rated BBB by Standard and Poor’s (“S&P”) are regarded as having only an adequate capacity to pay principal and interest.
U.S. Government Debt Securities. Some of the Underlying Funds may invest in U.S. Government securities. These include: debt obligations of varying maturities issued by the U.S. Treasury or issued or guaranteed by the Federal Housing Administration, Farmers Home Administration, Export-Import Bank of the United States, Small Business Administration, Government National Mortgage Association (“GNMA”), General Services Administration, any of the various institutions that previously were, or currently are, part of the Farm Credit System, including the National Bank for Cooperatives, the Farm Credit Banks and the Banks for Cooperatives, Federal Home Loan Banks, Federal Home Loan Mortgage Corporation (“FHLMC”), Federal Intermediate Credit Banks, Federal Land Banks, Federal National Mortgage Association (“FNMA”), Maritime
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Administration, Tennessee Valley Authority and District of Columbia Armory Board. Direct obligations of the U.S. Treasury include a variety of securities that differ in their interest rates, maturities and issue dates. Certain of the foregoing U.S. Government securities are supported by the full faith and credit of the United States. These U.S. Government securities present limited credit risk compared to other types of debt securities but are not free of risk. Other U.S. Government securities are supported by the right of the agency or instrumentality to borrow an amount limited to a specific line of credit from the U.S. Treasury or by the discretionary authority of the U.S. Government or GNMA to purchase financial obligations of the agency or instrumentality, which are thus subject to a greater amount of credit risk than those supported by the full faith and credit of the United States. Still other U.S. Government securities are only supported by the credit of the issuing agency or instrumentality, which are subject to greater credit risk as compared to other U.S. Government securities. The maximum potential liability of the issuers of some U.S. Government securities may exceed then current resources, including any legal right to support from the U.S. Treasury. Because the U.S. Government is not obligated by law to support an agency or instrumentality that it sponsors, or such agency’s or instrumentality’s securities, an Underlying Fund only invests in U.S. Government securities when Advisors determines that the credit risk associated with the obligation is suitable for the Underlying Fund.
It is possible that issuers of U.S. Government securities will not have the funds to meet their payment obligations in the future. FHLMC and FNMA have been operating under conservatorship, with the Federal Housing Finance Administration (“FHFA”) acting as their conservator, since September 2008. The FHFA and U.S. Presidential administration have made public statements regarding plans to consider ending the conservatorships. Under a letter agreement between the FHFA (in its role as conservator) and the U.S. Treasury, the FHFA is prohibited from removing its conservatorship of each enterprise until litigation regarding the conservatorship has ended and each enterprise has retained equity capital levels equal to three percent of their total assets. It is unclear how long it will be before the FHFA will be able to remove its conservatorship of the enterprises under this letter agreement. The FHFA has indicated that the conservatorship of each enterprise will end when the director of the FHFA determines that FHFA’s plan to restore the enterprise to a safe and solvent condition has been completed. Under amendments to the Enterprise Regulatory Capital Framework (“ERCF”), FHLMC and FNMA have published capital disclosures that provide additional information about their capital position and capital requirements on a quarterly basis since the first quarter of 2023 and delivered their first capital plans to FHFA in May 2023. The FHFA finalized amendments to certain provisions of the ERCF in November 2023 that modify various capital requirements for FHLMC and FNMA. In the event that FHLMC or FNMA are taken out of conservatorship, it is unclear how their respective capital structure would be constructed and what impact, if any, there would be on FHLMC’s or FNMA’s creditworthiness and guarantees of certain mortgage-backed securities. The ERCF requires FHLMC and FNMA, upon exit from conservatorship, to maintain higher levels of capital than prior to conservatorship to satisfy their risk-based capital requirements, leverage ratio requirements, and prescribed buffer amounts. The entities are dependent upon the continued support of the U.S. Department of the Treasury and FHFA in order to continue their business operations. These factors, among others, could affect the future status and role of FHLMC and FNMA and the value of their securities and the securities which they guarantee.
Uncertainty regarding the status of negotiations in the U.S. Congress to increase the statutory debt ceiling, which may occur from time to time, may increase the risk that the U.S. Government may default on payments on certain U.S. Government securities, including those held by the Underlying Funds. In August 2023, the long-term credit rating of the United States was downgraded by S&P and Fitch Investors Service, Inc. respectively, as a result of disagreements within the U.S. Government over raising the debt ceiling to repay outstanding obligations. Similar situations in the future could result in higher interest rates, lower prices of U.S. Treasury securities and could increase the costs of various kinds of debt, which may adversely affect the Underlying Funds.
Risks of Lower-Rated, Lower-Quality Debt Instruments. Lower-rated debt securities (i.e., those securities rated in the fifth or lower rating categories) are sometimes referred to as “high-yield” or “junk” bonds. Each of the Underlying Funds (except for the Money Market Fund) may invest in lower-rated debt securities. In particular, under normal market conditions, the Nuveen High Yield Fund invests at least 80% of its net assets in below-investment-grade securities. These securities are considered, on balance, as predominantly speculative with respect to capacity to pay interest and repay principal in accordance with the terms of the obligation and will generally involve more credit risk than securities in the higher-rated categories. Reliance on credit ratings entails greater risks with regard to lower-rated securities than it does with regard to higher-rated securities, and Advisors’ success is more dependent upon its own credit analysis with regard to lower-rated securities than is the case with regard to higher-rated securities. The market values of such securities tend to reflect individual corporate developments to a greater extent than do higher-rated securities, which react primarily to fluctuations in the general level of interest rates. Such lower-rated securities also tend to be more sensitive to economic conditions than are higher-rated securities. Adverse publicity and investor perceptions, whether or not based on fundamental analysis, regarding lower-rated bonds may depress prices and liquidity for such securities. To the extent an Underlying Fund invests in these securities, factors adversely affecting the market value of lower-rated securities will adversely affect the Underlying Fund’s NAV. In addition, an Underlying Fund may incur additional expenses to the extent it is required to seek recovery upon a default in the payment of principal or interest on its portfolio holdings.
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An Underlying Fund may have difficulty disposing of certain lower-rated securities for which there is a thin trading market. Because not all dealers maintain markets in lower-rated securities, there is no established retail secondary market for many of these securities, and Advisors anticipates that they could be sold only to a limited number of dealers or institutional investors. To the extent there is a secondary trading market for lower-rated securities, it is generally not as liquid as that for higher-rated securities. The lack of a liquid secondary market for certain securities may make it more difficult for the Underlying Funds to obtain accurate market quotations for purposes of valuing their assets. Market quotations are generally available on many lower-rated issues only from a limited number of dealers and may not necessarily represent firm bids of such dealers or prices for actual sales. When market quotations are not readily available, lower-rated securities must be fair valued by Advisors, in its role as valuation designee, in accordance with Advisors’ fair valuation procedures, which have been approved by the Board of Trustees. This valuation is more difficult and judgment plays a greater role in such valuation when there are less reliable objective data available.
Any debt instrument, no matter its initial rating, may, after purchase by an Underlying Fund, have its rating lowered due to the deterioration of the issuer’s financial position. Advisors may determine that an unrated security is of comparable quality to securities with a particular rating. Such unrated securities are treated as if they carried the rating of securities with which Advisors compares them.
Lower-rated debt securities may be issued by corporations in the growth stage of their development. They may also be issued in connection with a corporate reorganization or as part of a corporate takeover. Companies that issue such lower-rated securities are often highly leveraged and may not have available to them more traditional methods of financing. Therefore, the risk associated with acquiring the securities of such issuers is greater than would be the case with higher-rated securities. For example, during an economic downturn or a sustained period of rising interest rates, highly leveraged issuers of lower-rated securities may experience financial stress. During such periods, such issuers may not have sufficient revenues to meet their interest payment obligations. The issuer’s ability to service its debt obligations may also be adversely affected by specific corporate developments, the issuer’s inability to meet specific projected business forecasts or the unavailability of additional financing.
The risk of loss due to default by the issuer is significantly greater for the holders of lower-rated securities because such securities are generally unsecured and are often subordinated to other creditors of the issuer.
It is possible that a major economic recession could adversely affect the market for lower-rated securities. Any such recession might severely affect the market for and the values of such securities, as well as the ability of the issuers of such securities to repay principal and pay interest thereon.
Certain Underlying Funds may acquire lower-rated securities that are sold without registration under the federal securities laws and therefore carry restrictions on resale. The Underlying Funds may incur special costs in disposing of such securities, but will generally incur no costs when the issuer is responsible for registering the securities.
Certain Underlying Funds may also acquire lower-rated securities during an initial underwriting. Such securities involve special risks because they are new issues. The Underlying Funds have no arrangement with any person concerning the acquisition of such securities, and Advisors will carefully review the credit and other characteristics pertinent to such new issues. An Underlying Fund may from time to time participate on committees formed by creditors to negotiate with the management of financially troubled issuers of securities held by the Underlying Fund. Such participation may subject the Underlying Fund to expenses such as legal fees and may make the Underlying Fund an “insider” of the issuer for purposes of the federal securities laws, and, therefore, may restrict the Underlying Fund’s ability to trade in or acquire additional positions in a particular security when it might otherwise desire to do so. Participation by an Underlying Fund on such committees also may expose the Underlying Fund to potential liabilities under the federal bankruptcy laws or other laws governing the rights of creditors and debtors. The Underlying Fund would participate on such committees only when Advisors believes that such participation is necessary or desirable to enforce the Underlying Fund’s rights as a creditor or to protect the value of securities held by the Underlying Fund.
Although most of the Underlying Funds can invest a percentage of their assets in lower-rated securities, the Nuveen High Yield Fund can invest up to 100% of its assets in debt instruments that are unrated or rated lower than the four highest rating categories assigned by Moody’s or S&P. Up to 20% of the Nuveen High Yield Fund’s assets may be invested in securities rated lower than B– or its equivalent by at least two rating agencies. Thus, the preceding information about lower-rated securities is especially applicable to the Nuveen High Yield Fund.
Corporate Debt Securities. Some Underlying Funds may invest in corporate debt securities of U.S. and foreign issuers and/or hold its assets in these securities for cash management purposes. The investment return of corporate debt securities reflects interest earnings and changes in the market value of the security. The market value of a corporate debt obligation may be expected to rise and fall inversely with interest rates generally. There also exists the risk that the issuers of the securities may not be able to meet their obligations on interest or principal payments at the time called for by an instrument.
Zero Coupon Obligations. Some of the Underlying Funds may invest in zero coupon obligations. Zero coupon securities generally pay no cash interest (or dividends in the case of preferred stock) to their holders prior to maturity. Accordingly, such
16 Statement of Additional Information
securities usually are issued and traded at a deep discount from their face or par value and generally are subject to greater fluctuations of market value in response to changing interest rates than securities of comparable maturities and credit quality that pay cash interest (or dividends in the case of preferred stock) on a current basis. Although an Underlying Fund will receive no payments on its zero coupon securities prior to their maturity or disposition, it will be required for federal income tax purposes generally to include in its dividends to shareholders each year an amount equal to the annual income that accrues on its zero coupon securities. Such dividends will be paid from the cash assets of the Underlying Fund, from borrowings or by liquidation of portfolio securities, if necessary, at a time that the Underlying Fund otherwise would not have done so. To the extent an Underlying Fund is required to liquidate thinly traded securities, the Underlying Fund may be able to sell such securities only at prices lower than if such securities were more widely traded. The risks associated with holding securities that are not readily marketable may be accentuated at such time. To the extent the proceeds from any such dispositions are used by an Underlying Fund to pay distributions, the Underlying Fund will not be able to purchase additional income-producing securities with such proceeds, and as a result its current income ultimately may be reduced.
Floating and Variable Rate Instruments. Variable and floating rate securities provide for a periodic adjustment in the interest rate paid on the obligations. The terms of such obligations provide that interest rates are adjusted periodically based upon an interest rate adjustment index as provided in the respective obligations. The adjustment intervals may be regular, and range from daily up to annually, or may be event based, such as based on a change in the prime rate. The interest rate on a floater is a variable rate which is tied to another interest rate, such as a money market index or U.S. Treasury bill rate. The interest rate on a floater resets periodically, typically every 1–3 months. Some of the Underlying Funds may invest in floating and variable rate instruments. Income securities may provide for floating or variable rate interest or dividend payments. The floating or variable rate may be determined by reference to a known lending rate, such as a bank’s prime rate, a certificate of deposit rate, the London Interbank Offered Rate (“LIBOR”) (use of which has generally been phased out and is anticipated to cease publication), the Federal Funds Rate, the Secured Overnight Financing Rate (“SOFR”) or other rates based on SOFR. Alternatively, the rate may be determined through an auction or remarketing process. The rate also may be indexed to changes in the values of the interest rate of securities indexed, currency exchange rate or other commodities. Variable and floating rate securities tend to be less sensitive than fixed-rate securities to interest rate changes and to have higher yields when interest rates increase. However, during rising interest rates, changes in the interest rate of an adjustable-rate security may lag changes in market rates. The amount by which the rates are paid on an income security may increase or decrease and may be subject to periodic or lifetime caps. Fluctuations in interest rates above these caps could cause adjustable-rate securities to behave more like fixed-rate securities in response to extreme movements in interest rates.
Some Underlying Funds may also invest in inverse floating rate debt instruments (“inverse floaters”). The interest rate on an inverse floater resets in the opposite direction from the market rate of interest to which the inverse floater is indexed. An inverse floating rate security may exhibit greater price volatility than a fixed-rate obligation of similar credit quality. Such securities may also pay a rate of interest determined by applying a multiple to the variable rate. The extent of increases and decreases in the value of securities whose rates vary inversely with changes in market rates of interest generally will be larger than comparable changes in the value of an equal principal amount of a fixed-rate security having similar credit quality redemption provisions and maturity.
As a result of benchmark reforms, publication of most LIBOR settings has ceased. Some U.S. dollar LIBOR settings continue to be published, but only on a temporary, synthetic and non-representative basis. It is expected that all synthetic U.S. dollar LIBOR settings will be discontinued at the end of September 2024. Many contracts have already transitioned away from LIBOR reference as a result of contractual fallback mechanics, negotiated amendments or as a result of statutory fallback mechanisms; some contracts continue to use synthetic U.S. dollar LIBOR and may continue to do so until synthetic LIBOR is discontinued. Instruments which transitioned from LIBOR to an alternative reference rate or which continue to use synthetic LIBOR may experience increased volatility and illiquidity or other adverse consequences, such as decreased yields and reduction in value for these instruments. This may adversely affect an Underlying Fund and its investment in such instruments.
Although some LIBOR-based or formerly LIBOR-based instruments may have contemplated a scenario where LIBOR is no longer available by providing for an alternative rate-setting methodology and/or increased costs for certain LIBOR-related instruments or financing transactions, others may not have had such provisions and there may be significant uncertainty regarding the effect of any such alternative methodologies. Instruments that included robust fallback provisions to facilitate the transition from LIBOR to an alternative reference rate may also have included adjustments that do not adequately compensate the holder for the different characteristics of the alternative reference rate. Such fallback provisions may have resulted in a value transfer from one party to the instrument to the counterparty. Additionally, because such provisions may differ across instruments (e.g., hedges versus cash positions hedged or investments in structured finance products transitioning to a different rate or at a different time as the assets underlying those structured finance products), the transition from LIBOR to differing alternative reference rates or using different adjustments may give rise to basis risk and render hedges less effective. Any such effects of the transition process, including unforeseen effects, could result in losses to an Underlying Fund. In many cases, in the event that an instrument falls back to an alternative reference rate, including SOFR, the alternative reference rate will not perform the same as LIBOR because the alternative reference rate does not include a credit sensitive component in the
Statement of Additional Information 17
calculation of the rate. These developments could negatively impact financial markets in general and present heightened risks, including with respect to an Underlying Fund’s investments.
The Internal Revenue Service (the “IRS”) has issued regulations regarding the tax consequences of the transition from LIBOR or another interbank offered rate (“IBOR”) to a new reference rate in debt instruments and non-debt contracts. Under the regulations, alteration or modification of the terms of a debt instrument to replace an operative rate that uses a discontinued IBOR with a qualified rate (as defined in the regulations), including true up payments equalizing the fair market value of contracts before and after such IBOR transition, to add a qualified rate as a fallback rate to a contract whose operative rate uses a discontinued IBOR or to replace a fallback rate that uses a discontinued IBOR with a qualified rate would not be taxable. The IRS may provide additional guidance, with potential retroactive effect.
Foreign Debt Obligations. The debt obligations of foreign governments and entities may or may not be supported by the full faith and credit of the foreign government. Some Underlying Funds may buy securities issued by certain “supra-national” entities, which include entities designated or supported by governments to promote economic reconstruction or development, international banking organizations and related government agencies. Examples are the International Bank for Reconstruction and Development (more commonly known as the “World Bank”), the Asian Development Bank and the Inter-American Development Bank.
The governmental members of these supra-national entities are “stockholders” that typically make capital contributions and may be committed to make additional capital contributions if the entity is unable to repay its borrowings. A supra-national entity’s lending activities may be limited to a percentage of its total capital, reserves and net income. There can be no assurance that the constituent foreign governments will continue to be able or willing to honor their capitalization commitments for those entities.
Structured or Indexed Securities (including Exchange-Traded Notes, Equity-Linked Notes and Inflation-Indexed Bonds). Some of the Underlying Funds may invest in structured or indexed securities. The value of the principal of and/or interest on such securities is based on a reference such as a specific currency, interest rate, commodity, index or other financial indicator (the “Reference”) or the relative change in two or more References. The interest rate or the principal amount payable upon maturity or redemption may be increased or decreased depending upon changes in the applicable Reference. The terms of the structured or indexed securities may provide that in certain circumstances no principal is due at maturity and, therefore, may result in a loss of an Underlying Fund’s investment. Structured or indexed securities may be positively or negatively indexed, so that appreciation of the Reference may produce an increase or a decrease in the interest rate or value of the security at maturity. In addition, changes in interest rates or the value of the security at maturity may be some multiple of the change in the value of the Reference. Consequently, structured or indexed securities may entail a greater degree of market risk than other types of debt securities. Structured or indexed securities may also be more volatile, have lower overall liquidity and be more difficult to accurately price than less complex securities. Structured and indexed securities are generally subject to the same risks as other fixed-income securities in addition to the special risks associated with linking the payment of principal and/or interest payments (or other payable amounts) to the performance of a Reference.
Certain Underlying Funds may also invest in inflation-indexed bonds. Inflation-indexed bonds are fixed-income securities whose principal value is periodically adjusted according to the rate of inflation. Two structures are common. The U.S. Treasury and some other issuers use a structure that accrues inflation into the principal value of the bond. Most other issuers pay out the Consumer Price Index (“CPI”) accruals as part of a semi-annual coupon.
If the periodic adjustment rate measuring inflation falls, the principal value of inflation-indexed bonds will be adjusted downward, and consequently the interest payable on these securities (calculated with respect to a smaller principal amount) will be reduced. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of a U.S. Treasury inflation-indexed bond, even during a period of deflation, although the inflation-adjusted principal received could be less than the inflation-adjusted principal that had accrued to the bond at the time of purchase. However, the current market value of the bonds is not guaranteed and will fluctuate. An Underlying Fund may also invest in other inflation-related bonds which may or may not provide a similar guarantee. If a guarantee of principal is not provided, the adjusted principal value of the bond repaid at maturity may be less than the original principal.
The value of inflation-indexed bonds is expected to change in response to changes in real interest rates. Real interest rates in turn are tied to the relationship between nominal interest rates and the rate of inflation. Therefore, if the rate of inflation rises at a faster rate than nominal interest rates, real interest rates might decline, leading to an increase in value of inflation-indexed bonds. In contrast, if nominal interest rates increase at a faster rate than inflation, real interest rates might rise, leading to a decrease in value of inflation-indexed bonds.
While these securities are expected to be protected from long-term inflationary trends, short-term increases in inflation may lead to a decline in value. If interest rates rise due to reasons other than inflation (for example, due to changes in currency exchange rates), investors in these securities may not be protected to the extent that the increase is not reflected in the bond’s inflation measure.
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The periodic adjustment of U.S. inflation-indexed bonds is tied to the Consumer Price Index for All Urban Consumers (“CPI-U”), which is not seasonally adjusted and which is calculated monthly by the U.S. Bureau of Labor Statistics. The CPI-U is a measurement of changes in the cost of living, made up of components such as housing, food, transportation and energy. Inflation-indexed bonds issued by a foreign government are generally adjusted to reflect a comparable inflation index calculated by that government. There can be no assurance that the CPI-U or any foreign inflation index will accurately measure the real rate of inflation in the prices of goods and services. Moreover, there can be no assurance that the rate of inflation in a foreign country will be correlated to the rate of inflation in the United States.
Convertible Securities. Certain of the Underlying Funds may invest in convertible securities. Convertible securities generally have less potential for gain or loss than common stocks. Convertible securities generally provide yields higher than the underlying common stocks, but generally lower than comparable non-convertible securities. Because of this higher yield, convertible securities generally sell at prices above their “conversion value,” which is the current market value of the stock to be received upon conversion. The difference between this conversion value and the price of convertible securities will vary over time depending on changes in the value of the underlying common stocks and interest rates. When the underlying common stocks decline in value, convertible securities will tend not to decline to the same extent because of the interest or dividend payments and the repayment of principal at maturity for certain types of convertible securities. However, securities that are convertible other than at the option of the holder generally do not limit the potential for loss to the same extent as securities convertible at the option of the holder. When the underlying common stocks rise in value, the value of convertible securities may also be expected to increase. At the same time, however, the difference between the market value of convertible securities and their conversion value will narrow, which means that the value of convertible securities will generally not increase to the same extent as the value of the underlying common stocks. Because convertible securities may also be interest rate sensitive, their value may increase as interest rates fall and decrease as interest rates rise. Convertible securities are also subject to credit risk, and are often lower-quality securities.
Contingent Capital Securities. Contingent capital securities (sometimes referred to as “CoCos”) are issued primarily by non-U.S. financial institutions, which have loss absorption mechanisms benefitting the issuer built into their terms. CoCos generally provide for mandatory conversion into the common stock of the issuer or a write-down of the principal amount or value of the CoCos upon the occurrence of certain “triggers.” These triggers are generally linked to regulatory capital thresholds or regulatory actions calling into question the issuing banking institution’s continued viability as a going concern. Equity conversion or principal write-down features are tailored to the issuer and its regulatory requirements and, unlike traditional convertible securities, conversions are not voluntary.
A trigger event for CoCos would likely be the result of, or related to, the deterioration of the issuer’s financial condition (e.g., a decrease in the issuer’s capital ratio) and status as a going concern. In such a case, with respect to CoCos that provide for conversion into common stock upon the occurrence of the trigger event, the market price of the issuer’s common stock received by an Underlying Fund will have likely declined, perhaps substantially, and may continue to decline, which may adversely affect the Underlying Fund’s NAV. Further, the issuer’s common stock would be subordinate to the issuer’s other classes of securities and therefore would worsen an Underlying Fund’s standing in a bankruptcy proceeding. In addition, because the common stock of the issuer may not pay a dividend, investors in these instruments could experience a reduced income rate, potentially to zero. In view of the foregoing, CoCos are often rated below investment-grade and are subject to the risks of high-yield securities.
CoCos may be subject to an automatic write-down (i.e., the automatic write-down of the principal amount or value of the securities, potentially to zero, and the cancellation of the securities) under certain circumstances, which could result in an Underlying Fund losing a portion or all of its investment in such securities. In addition, an Underlying Fund may not have any rights with respect to repayment of the principal amount of the securities that has not become due or the payment of interest or dividends on such securities for any period from (and including) the interest or dividend payment date falling immediately prior to the occurrence of such automatic write-down. An automatic write-down could also result in a reduced income rate if the dividend or interest payment is based on the security’s par value. Coupon payments on CoCos may be discretionary and may be cancelled by the issuer for any reason or may be subject to approval by the issuer’s regulator and may be suspended in the event there are insufficient distributable reserves.
In certain scenarios, investors in CoCos may suffer a loss of capital ahead of equity holders or when equity holders do not. The prices of CoCos may be volatile. There is no guarantee that an Underlying Fund will receive a return of principal on CoCos. Any indication that an automatic write-down or conversion event may occur can be expected to have a material adverse effect on the market price of CoCos.
Mortgage-backed and asset-backed securities
Mortgage-Backed and Asset-Backed Securities Generally. Some of the Underlying Funds may invest in mortgage-backed and asset-backed securities, which represent direct or indirect participation in, or are collateralized by and payable from, mortgage loans secured by real property or instruments derived from such loans. Mortgage-backed securities include various types of mortgage-related securities such as government stripped mortgage-related securities, adjustable-rate mortgage-related
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securities and collateralized mortgage obligations. Some of the Underlying Funds may also invest in asset-backed securities, which represent participation in, or are secured by and payable from, assets such as motor vehicle installment sales contracts, installment loan contracts, leases of various types of real and personal property, receivables from revolving credit (i.e., credit card) agreements and other categories of receivables. These assets are typically pooled and securitized by governmental, government-related or private organizations through the use of trusts and special purpose entities established specifically to hold assets and to issue debt obligations backed by those assets. Asset-backed or mortgage-backed securities are normally created or “sponsored” by banks or other financial institutions or by certain government-sponsored enterprises such as FNMA or FHLMC.
Payments or distributions of principal and interest may be guaranteed up to certain amounts and for certain time periods by letters of credit or pool insurance policies issued by a financial institution unaffiliated with the trust or corporation. Other credit enhancements also may exist.
Mortgage Pass-Through Securities. Some of the Underlying Funds may invest in mortgage pass-through securities. Mortgage-related securities represent pools of mortgage loans assembled for sale to investors by various governmental agencies, such as GNMA, by government-related organizations, such as FNMA and FHLMC, as well as by private issuers, such as commercial banks, savings and loan institutions, mortgage bankers and private mortgage insurance companies.
Interests in pools of mortgage-related securities differ from other forms of debt securities, which normally provide for periodic payment of interest in fixed amounts with principal payments at maturity or specified call dates. Instead, these securities provide a monthly payment which consists of both interest and principal payments. In effect, these payments are a “pass-through” of the monthly payments made by the individual borrowers on their residential or commercial mortgage loans, net of any fees paid to the issuer or guarantor of such securities. Additional payments are caused by repayments of principal resulting from the sale of the underlying property, refinancing or foreclosure, net of fees or costs which may be incurred. Some mortgage-related securities are described as “modified pass-through.” These securities entitle the holder to receive all interest and principal payments owed on the mortgage pool, net of certain fees, at the scheduled payment dates regardless of whether or not the mortgagor actually makes the payment.
Commercial banks, savings and loan institutions, private mortgage insurance companies, mortgage bankers and other secondary market issuers also create pass-through pools of conventional residential mortgage loans. Such issuers may, in addition, be the originators and/or servicers of the underlying mortgage loans as well as the guarantors of the mortgage-related securities. Pools created by such non-governmental issuers generally offer a higher rate of interest than government and government-related pools because there are no direct or indirect government or agency guarantees of payments in the former pools. However, timely payment of interest and principal of these pools may be supported by various forms of insurance or guarantees, including individual loan, title, pool and hazard insurance and letters of credit. The insurance and guarantees are issued by governmental entities, private insurers and the mortgage poolers. Such insurance and guarantees, and the creditworthiness of the issuers thereof, will be considered in determining whether a mortgage-related security meets an Underlying Fund’s investment quality standards. There can be no assurance that the private insurers or guarantors can meet their obligations under the insurance policies or guarantee arrangements. An Underlying Fund may buy mortgage-related securities without insurance or guarantees if, through an examination of the loan experience and practices of the originator/servicers and poolers, Advisors determines that the securities meet the Underlying Fund’s quality standards. Although the market for such securities is becoming increasingly liquid, securities issued by certain private organizations may not be readily marketable, especially in the current financial environment. In addition, recent developments in the fixed-income and credit markets may have an adverse impact on the liquidity of mortgage-related securities.
Under the direction of FHFA, GNMA and FHLMC have entered into a joint initiative to develop a common securitization platform for the issuance of a uniform Mortgage-Backed Security (the “Single Security Initiative”), which would generally align the characteristics of FNMA and FHLMC certificates. The Single Security Initiative launched in June 2019, and is intended to maximize liquidity for both FNMA and FHLMC mortgage-backed securities in the TBA market. While the initial effects of the issuance of a uniform Mortgage-Backed Security on the market for mortgage-related securities have been relatively minimal, the long-term effects that the Single Security Initiative may have on the market for mortgage-backed securities are uncertain.
Collateralized Mortgage Obligations (“CMOs”). CMOs are structured into multiple classes, each bearing a different stated maturity. Similar to a bond, interest and prepaid principal are paid, in most cases, on a monthly basis. Actual maturity and average life will depend upon the prepayment experience of the collateral. CMOs provide for a modified form of call protection through a de facto breakdown of the underlying pool of mortgages according to how quickly the loans are repaid. Monthly payment of principal received from the pool of underlying mortgages, including prepayments, is first returned to investors holding the shortest maturity class. Investors holding the longer maturity classes receive principal only after the first class has been retired. An investor is partially guarded against a sooner than desired return of principal because of the sequential payments.
In a typical CMO transaction, a corporation (“issuer”) issues multiple series (e.g., A, B, C, Z) of CMO bonds (“Bonds”). Proceeds of the Bond offering are used to purchase mortgages or mortgage pass-through certificates (“Collateral”). The Collateral is pledged to a third-party trustee as security for the Bonds.
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Principal and interest payments from the Collateral are used to pay principal on the Bonds in the order A, B, C, Z. The Series A, B, and C Bonds all bear current interest. Interest on the Series Z Bond is accrued and added to principal and a like amount is paid as principal on the Series A, B, or C Bond currently being paid off. When the Series A, B, and C Bonds are paid in full, interest and principal on the Series Z Bond begin to be paid currently. With some CMOs, the issuer serves as a conduit to allow loan originators (primarily builders or savings and loan associations) to borrow against their loan portfolios.
The average maturity of pass-through pools of mortgage-related securities in which some of the Underlying Funds may invest varies with the maturities of the underlying mortgage instruments. In addition, a pool’s stated maturity may be shortened by unscheduled payments on the underlying mortgages. Factors affecting mortgage prepayments include the level of interest rates, general economic and social conditions, developments in the commercial or residential real estate markets, location of the mortgaged property and age of the mortgage. For example, in periods of falling interest rates, the rate of prepayment tends to increase, thereby shortening the actual average life of the mortgage-related security. Conversely, when interest rates are rising, the rate of prepayment tends to decrease, thereby lengthening the actual average life of the mortgage-related security. Accordingly, it is not possible to accurately predict the average life of a particular pool. Reinvestment of prepayments may occur at higher or lower rates than originally expected. Therefore, the actual maturity and realized yield on pass-through or modified pass-through mortgage-related securities will vary based upon the prepayment experience of the underlying pool of mortgages. For purposes of calculating the average life of the assets of the relevant Underlying Fund, the maturity of each of these securities will be the average life of such securities based on the most recent estimated annual prepayment rate.
Asset-Backed Securities Unrelated to Mortgage Loans. Some of the Underlying Funds may invest in asset-backed securities that are unrelated to mortgage loans. These include, but are not limited to, credit card securitizations, auto and equipment lease and loan securitizations and rate reduction bonds. In the case of credit card securitizations, it is typical to have a revolving master trust issue “soft bullet” maturities representing a fractional interest in trusts whose assets consist of revolving credit card receivables. Auto and equipment lease and loan securitizations reference specific static asset pools whereby monthly payments of principal and interest are passed through directly to certificate holders typically in order of seniority. The ultimate performance of these securities is a function of both the creditworthiness of the borrowers as well as recovery obtained on collateral foreclosed upon by the respective trust(s). Rate reduction bonds represent a secured interest in future rate recovery on stranded utility assets that may result from, for example, storm damages or environmental costs. Typically these costs are recouped over time from a broad rate payer base. The performance of these securities would depend primarily upon a continuance of sufficient rate base to repay the notes in the specified time frame and a stable regulatory environment.
Mortgage Dollar Rolls. Some of the Underlying Funds may enter into mortgage “dollar rolls” in which the Underlying Fund sells securities for delivery in the current month and simultaneously contracts with a counterparty to repurchase either similar or substantially identical securities on a specified future date. To be considered “substantially identical,” the securities returned to an Underlying Fund generally must: (1) be collateralized by the same types of underlying mortgages; (2) be issued by the same agency and be part of the same program; (3) have the same original stated maturity; (4) have identical net coupon rates; (5) have identical form and type so as to provide the same risks and rights; and (6) satisfy “good delivery” requirements, meaning that the aggregate principal amounts of the securities delivered and received back must be within 2.5% of the initial amount delivered. The Underlying Fund loses the right to receive principal and interest paid on the securities sold. However, the Underlying Fund would benefit to the extent of any price received for the securities sold and the lower forward price for the future purchase (often referred to as the “drop”) plus the interest earned on the short-term investment awaiting the settlement date of the forward purchase. Unless such benefits exceed the income and gain or loss due to mortgage repayments that would have been realized on the securities sold as part of the mortgage dollar roll, the use of this technique will diminish the investment performance of the Underlying Fund compared with what such performance would have been without the use of mortgage dollar rolls. An Underlying Fund must comply with the SEC rule related to the use of derivatives and certain other transactions when engaging in the transactions discussed above. See “Derivatives and Other Similar Instruments” below. The benefits derived from the use of mortgage dollar rolls may depend upon Advisors’ ability to correctly predict mortgage prepayments and interest rates. There is no assurance that mortgage dollar rolls can be successfully employed. In connection with mortgage dollar roll transactions, an Underlying Fund could receive securities with investment characteristics that are different than those originally sold by the Underlying Fund, which may adversely affect the sensitivity of the Underlying Fund to changes in interest rates.
Other investment policies
Securities Lending. Subject to the Underlying Funds’ fundamental investment policies relating to loans of portfolio securities set forth above, each Underlying Fund may lend its securities. The Underlying Funds of the Trust may lend their securities to brokers and dealers that are not affiliated with TIAA, are registered with the SEC and are members of FINRA, and also to certain other financial institutions. All loans will be fully collateralized. Any borrower of an Underlying Fund’s portfolio securities must maintain acceptable collateral, marked to market daily, with the Underlying Fund’s custodian (or a sub-custodian or a special “tri-party” custodian). In connection with the lending of its securities, an Underlying Fund of the Trust will receive as collateral cash, securities issued or guaranteed by the U.S. Government (e.g., Treasury securities), or other collateral permitted by
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applicable law, which at all times while the loan is outstanding will be maintained in amounts equal to at least 102% of the current market value of the outstanding loaned securities for U.S. equities and fixed-income assets and 105% for non-U.S. equities, or such lesser percentage as may be permitted by the SEC (including a decline in the value of the collateral) (not to fall below 100% of the market value of the loaned securities not including a decline in the value of the collateral), as reviewed daily. Cash collateral received by an Underlying Fund of the Trust will generally be invested in high-quality short-term instruments, or in one or more funds maintained by the securities lending agent for the purpose of investing cash collateral, including a fund that qualifies as a “government money market fund” under the SEC rules governing money market funds. During the term of the loan, an Underlying Fund of the Trust will continue to have investment risks with respect to the securities being loaned, as well as risk with respect to the investment of the cash collateral, and the Underlying Fund may lose money as a result of the investment of such collateral. In addition, an Underlying Fund of the Trust could suffer a loss if the loan terminates and the Underlying Fund is forced to liquidate investments at a loss in order to return the cash collateral to the borrower.
By lending its securities, an Underlying Fund of the Trust will receive amounts equal to the interest or dividends paid on the securities loaned and, in addition, will expect to receive a portion of the income generated by the short-term investment of cash received as collateral or, alternatively, where securities or letter of credit are used as collateral, a lending fee paid directly to the Underlying Fund by the borrower of the securities. Under certain circumstances, a portion of the lending fee may be paid or rebated to the borrower by the Underlying Fund of the Trust. Such loans will be terminable by the Underlying Fund of the Trust at any time and will not be made to affiliates of TIAA. An Underlying Fund of the Trust may terminate a loan of securities in order to regain record ownership of, and to exercise beneficial rights related to, the loaned securities, including, but not necessarily limited to, voting or subscription rights or certain tax benefits, and Advisors may, in the exercise of its fiduciary duties, terminate a loan in the event that a vote of holders of those securities is required on a material matter. An Underlying Fund of the Trust may pay reasonable fees to persons unaffiliated with the Underlying Fund for services, for arranging such loans, or for acting as securities lending agent (each an “Agent”). Loans of securities will be made only to firms deemed creditworthy. In lending its securities, an Underlying Fund of the Trust bears the market risk with respect to the investment of collateral and the risk the Agent may default on its contractual obligations to the Underlying Fund. An Agent bears the risk that the borrower may default on its obligation to return the loaned securities as the Agent is contractually obligated to indemnify the Underlying Fund of the Trust if at the time of a default by a borrower some or all of the loaned securities have not been returned. Substitute payments for dividends received by an Underlying Fund of the Trust for securities loaned out by the Underlying Fund will not be considered as qualified dividend income or as eligible for the corporate dividend received deduction.
The Non-Trust Underlying Funds may lend their securities on terms that differ from those of the Underlying Funds of the Trust. Each Agent is authorized to engage a third-party bank as a special “tri-party” custodian for securities lending activities and enter into a separate custodian undertaking with each applicable borrower under the Underlying Funds’ of the Trust securities lending program.
Regulations adopted by federal banking regulators under the Dodd-Frank Wall Street Reform and Consumer Protection Act require that certain qualified financial contracts (“QFCs”) with counterparties that are part of U.S. or foreign global systemically important banking organizations be amended to include contractual restrictions on close-out and cross-default rights. QFCs include, but are not limited to, securities contracts, commodities contracts, forward contracts, repurchase agreements, securities lending agreements and swap agreements, as well as related master agreements, security agreements, credit enhancements, and reimbursement obligations. If a covered counterparty of an Underlying Fund or certain of the covered counterparty’s affiliates were to become subject to certain insolvency proceedings, the Underlying Fund may be temporarily unable to exercise certain default rights, and the QFC may be transferred to another entity. These requirements may impact an Underlying Fund’s credit and counterparty risks.
Repurchase Agreements. Repurchase agreements are one of several short-term vehicles certain Underlying Funds can use to manage cash balances effectively. In a repurchase agreement, the Underlying Fund buys an underlying debt instrument on the condition that the seller agrees to buy it back at a fixed price and time (usually no more than a week and never more than a year). Repurchase agreements have the characteristics of loans, and will be fully collateralized (either with physical securities or evidence of book entry transfer to the account of the custodian bank) at all times. During the term of the repurchase agreement, the Underlying Fund entering into the agreement retains the security subject to the repurchase agreement as collateral securing the seller’s repurchase obligation, continually monitors the market value of the security subject to the agreement, and requires the Underlying Fund’s seller to deposit with the Underlying Fund additional collateral equal to any amount by which the market value of the security subject to the repurchase agreement falls below the resale amount provided under the repurchase agreement. Each Underlying Fund will enter into repurchase agreements only with member banks of the Fed, or with primary dealers in U.S. Government securities or their wholly owned subsidiaries whose creditworthiness has been reviewed and found satisfactory by Advisors and who have, therefore, been determined to present minimal credit risk.
Securities underlying repurchase agreements will be limited to certificates of deposit, commercial paper, bankers’ acceptances, or obligations issued or guaranteed by the U.S. Government or its agencies or instrumentalities, in which the Underlying Fund entering into the agreement may otherwise invest.
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If a seller of a repurchase agreement defaults and does not repurchase the security subject to the agreement, the Underlying Fund entering into the agreement would look to the collateral underlying the seller’s repurchase agreement, including the securities subject to the repurchase agreement, for satisfaction of the seller’s obligation to the Underlying Fund. In such event, the Underlying Fund might incur disposition costs in liquidating the collateral and might suffer a loss if the value of the collateral declines. In addition, if bankruptcy proceedings are instituted against a seller of a repurchase agreement, realization upon the collateral may be delayed or limited.
Swap Transactions. Some of the Underlying Funds may, to the extent permitted by the applicable state and federal regulatory authorities, enter into privately negotiated “swap” transactions with other financial institutions in order to take advantage of investment opportunities generally not available in public markets (generally known as an over-the-counter, “OTC” or “uncleared” swap). In general, these transactions involve “swapping” a return based on certain securities, instruments, or financial indices with another party, such as a commercial bank, in exchange for a return based on different securities, instruments, or financial indices.
By entering into a swap transaction, an Underlying Fund may be able to protect the value of a portion of its portfolio against declines in market value. Each Underlying Fund may also enter into swap transactions to facilitate implementation of allocation strategies between different market segments or countries or to take advantage of market opportunities that may arise from time to time. An Underlying Fund may be able to enhance its overall performance if the return offered by the other party to the swap transaction exceeds the return swapped by the Underlying Fund. However, there can be no assurance that the return an Underlying Fund receives from the counterparty to the swap transaction will exceed the return it swaps to that party.
While the Underlying Funds will only enter into swap transactions with counterparties considered creditworthy (and will monitor the creditworthiness of parties with which they enter into swap transactions), a risk inherent in swap transactions is that the other party to the transaction may default on its obligations under the swap agreement. In times of general market turmoil, the creditworthiness of even large, well-established counterparties may decline rapidly. If the other party to a swap transaction defaults on its obligations, the Underlying Fund entering into the agreement would be limited to the agreement’s contractual remedies. There can be no assurance that an Underlying Fund will succeed when pursuing its contractual remedies. To minimize an Underlying Fund’s exposure in the event of default, it will usually enter into swap transactions on a net basis (i.e., the parties to the transaction will net the payments payable to each other before such payments are made). When an Underlying Fund enters into swap transactions on a net basis, the net amount of the excess, if any, of the Underlying Fund’s obligations over its entitlements with respect to each such swap agreement will be accrued on a daily basis. An Underlying Fund must comply with the SEC rule related to the use of derivatives and certain other transactions when engaging in the transactions discussed above. See “Derivatives and Other Similar Instruments” below.
Additionally, certain standardized swaps that were historically traded OTC must now be transacted through a futures commission merchant and cleared through a clearinghouse that serves as a central counterparty (generally known as a “cleared” swap). Exchange trading and central clearing are intended to reduce counterparty credit risk and increase liquidity, but it does not make cleared swap transactions risk-free. Depending on the size of an Underlying Fund and other factors, the margin required under the rules of a clearinghouse and by a clearing member may be in excess of the collateral required to be posted by the Underlying Fund to support its obligations under a similar uncleared swap. However, the CFTC and other applicable regulators have adopted rules imposing certain margin requirements, including minimums, on uncleared swaps which may result in an Underlying Fund and its counterparties posting higher amounts for uncleared swaps.
In addition to other swap transactions certain Underlying Funds (including the Nuveen Quant International Equity Fund) may purchase and sell Contracts for Difference (“CFDs”). A CFD is a form of equity swap in which its value is based on the fluctuating value of some underlying asset (e.g., shares of a particular stock or a stock index). A CFD is a contract between two parties, buyer and seller, stipulating that the seller will pay to the buyer the difference between the nominal value of the underlying stock at the opening of the contract and the stock’s value at the close of the contract. The size of the contract and the contract’s expiration date are typically negotiated by the parties to the CFD transaction. CFDs enable an Underlying Fund to take short or long positions on an underlying stock and thus potentially capture gains on movements in the share prices of the stock without the need to own the underlying stock.
By entering into a CFD transaction, an Underlying Fund could incur losses because it would face many of the same types of risks as owning the underlying equity security directly. For example, an Underlying Fund might buy a short position in a CFD and the contract value at the close of the transaction may be greater than the contract value at the opening of the transaction. This may be due to, among other factors, an increase in the market value of the underlying equity security. In such a situation, the Underlying Fund would have to pay the difference in value of the contract to the seller of the CFD. As with other types of swap transactions, CFDs also carry counterparty risk, i.e., the risk that the counterparty to the CFD transaction may be unable or unwilling to make payments or to otherwise honor its financial obligations under the terms of the contract. If the counterparty were to do so, the value of the contract, and of the Underlying Fund’s shares, may be reduced.
Entry into a swap or CFD transaction may, in certain circumstances, require the payment of initial margin and adverse market movements against the underlying stock may require the buyer to make additional margin payments and make settlement
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payments. An Underlying Fund may have to sell securities or instruments at a time when it may be disadvantageous to do so to meet such payment requirements.
Certain Underlying Funds may also invest in credit default swaps (“CDS”). CDS are contracts in which the buyer makes a payment or series of payments to the seller in exchange for a payment if the reference security or asset (e.g., a bond or an index) undergoes a “credit event” (e.g., a default). CDS share many risks common to other types of swaps and derivatives, including credit risk, counterparty risk and market risk. Certain Underlying Funds may also invest in credit default swap indices (“CDX”). A CDX is a portfolio of credit default swaps with similar characteristics, such as credit default swaps on high-yield bonds. Certain CDX indices are subject to mandatory central clearing and exchange trading, which may reduce counterparty credit risk and increase liquidity compared to other CDS or CDX transactions. In addition, there may be disputes between the buyer and seller of a CDS agreement or within the swaps market as a whole as to whether a credit event has occurred or what the payment should be. Such disputes could result in litigation or other delays, and the outcome could be adverse for the buyer or seller.
Swap agreements may be illiquid and, in such circumstances, could be subject to the limitations on illiquid investments. See “Illiquid Investments” above.
To the extent that there is an imperfect correlation between the return on an Underlying Fund’s obligation to its counterparty under the swap and the return on related assets in its portfolio, the swap transaction may increase the Underlying Fund’s financial risk. No Underlying Fund will enter into a swap transaction that is inconsistent with its investment objective, policies and strategies. Certain Underlying Funds may engage in swap transactions to hedge or manage the risks associated with assets held in, or to facilitate the implementation of portfolio strategies of purchasing and selling assets for, the Underlying Fund, to manage their cash flow more efficiently and to seek to increase total return.
Derivatives and Other Similar Instruments. Under Rule 18f-4, which regulates a registered investment company’s use of derivatives and certain other investments, a registered investment company’s derivatives exposure is limited through a value-at-risk test and the rule requires the adoption and implementation of a derivatives risk management program for certain derivatives users. However, subject to certain conditions, limited derivatives users (as defined in Rule 18f-4) are not subject to the full requirements of Rule 18f-4. In addition, under Rule 18f-4, a Fund or Underlying Fund is permitted to invest in when-issued securities, and the transaction will be deemed not to involve a senior security, provided that (i) the Fund or Underlying Fund intends to physically settle the transaction and (ii) the transaction will settle within 35 days of its trade date (the “Delayed-Settlement Securities Provision”). A Fund or Underlying Fund may otherwise engage in such transactions that do not meet the conditions of the Delayed-Settlement Securities Provision so long as the Fund or Underlying Fund treats any such transaction as a “derivatives transaction” for purposes of compliance with the rule. Rule 18f4 could limit a Fund’s or an Underlying Fund’s ability to engage in certain derivatives transactions and/or increase the costs of such derivatives transactions, which could adversely affect the value or performance of the Fund or Underlying Fund.
Certain Underlying Funds may also use futures contracts, options on futures contracts and swaps as hedging techniques to manage their cash flow more effectively and to seek to increase total return and the Funds may directly engage in certain derivatives strategies. These instruments will, however, only be used in accordance with certain CFTC exemptive provisions that permit Advisors to claim an exclusion from the definition of a “commodity pool operator” under the Commodity Exchange Act with regard to the Funds and the Underlying Funds of the Trust. Advisors has claimed an exclusion from the definition of the term “commodity pool operator” under the Commodity Exchange Act and the regulations thereunder and, therefore, is not currently subject to registration or regulation as a commodity pool operator with regard to the Funds and the Underlying Funds of the Trust. A similar exclusion has been claimed on behalf of the Non-Trust Underlying Funds. If the exclusion becomes unavailable, a Fund or an Underlying Fund may incur additional expenses.
Investment Companies. Subject to certain exceptions and limitations, each Underlying Fund may invest up to 5% of its assets in any single investment company and up to 10% of its assets in all other investment companies in the aggregate. However, no Underlying Fund can hold more than 3% of the total outstanding voting stock of any single investment company. These restrictions would not apply to any Fund that the Trust introduces in the future that invests substantially all of its assets in the securities of other funds of the Trust. When a Fund or Underlying Fund invests in another investment company, it bears a proportionate share of expenses charged by the investment company in which it invests. Registered investment companies may invest in an underlying fund in excess of these percentage limits imposed by the 1940 Act in reliance on certain exemptions, such as Rule 12d1-4 under the 1940 Act. When a Fund or Underlying Fund serves as an underlying fund in reliance on Rule 12d1-4, or in reliance on Section 12(d)(1)(G) of the 1940 Act while relying on Rule 12d1-4 to invest in other investment companies, such Fund’s or Underlying Fund’s ability to invest in other investment companies and private funds will generally be limited to 10% of the Fund’s or Underlying Fund’s assets. Each Fund is required to comply with Rule 12d1-4. Complying with the requirements of Rule 12d1-4 may adversely impact a Fund’s investment strategies and operations, as well as those of the Underlying Funds in which the Fund invests.
Note that any Fund or Underlying Fund that serves as an underlying fund investment for an affiliated fund of funds (such as the Nuveen Lifecycle Funds, the Nuveen Lifecycle Index Funds, the Nuveen Lifestyle Funds and the Nuveen Managed Allocation
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Fund) pursuant to Section 12(d)(1)(G) of the 1940 Act has a policy not to, in turn, rely on Sections 12(d)(1)(F) or (G) to invest in other affiliated or unaffiliated funds beyond the limits of Sections 12(d)(1)(A) or (B).
Exchange-Traded Funds. Additionally, a Fund or an Underlying Fund may invest in other investment companies, which may include ETFs, for cash management, investment exposure or defensive purposes. ETFs generally seek to track the performance of an equity, fixed-income or balanced index by holding in its portfolio either the contents of the index or a representative sample of the securities in the index. Some ETFs, however, select securities consistent with the ETF’s investment objectives and policies without reference to the composition of an index. Typically, a Fund or an Underlying Fund would purchase ETF shares to obtain exposure to all or a portion of the stock or bond market. An investment in an ETF generally presents the same primary risks as an investment in a conventional stock, bond or balanced mutual fund (i.e., one that is not exchange-traded) that has the same investment objective, strategies, and policies. The price of an ETF can fluctuate within a wide range, and a Fund or an Underlying Fund could lose money investing in an ETF if the prices of the securities owned by the ETF go down. In addition, ETFs are subject to the following risks that do not apply to conventional mutual funds: (1) the market price of the ETF’s shares may trade at a discount or premium to their NAV; (2) an active trading market for an ETF’s shares may not develop or be maintained; or (3) trading of an ETF’s shares may be halted if the listing exchange’s officials deem such action appropriate, the shares are de-listed from the exchange, or the activation of market-wide “circuit breakers” (which are tied to large decreases in stock prices) halts stock trading generally. Most ETFs are investment companies. As with other investment companies, when a Fund or an Underlying Fund invests in an ETF, it will bear certain investor expenses charged by the ETF. Generally, a Fund or an Underlying Fund will treat an investment in an ETF as an investment in the type of security or index to which the ETF is attempting to provide investment exposure. For example, an investment in an ETF that attempts to provide the return of the equity securities represented in the Russell 3000® Index will be considered as an equity investment by the Fund or Underlying Fund.
Exchange-Traded Notes (“ETNs”) and Equity-Linked Notes (“ELNs”). A Fund or an Underlying Fund may purchase shares of ETNs or ELNs. ETNs and ELNs are fixed-income securities with principal and/or interest payments (or other payments) linked to the performance of referenced currencies, interest rates, commodities, indices or other financial indicators (each, a “Reference”), or linked to the performance of a specified investment strategy (such as an options or currency trading program). ETNs are traded on an exchange, while ELNs are not. Often, ETNs and ELNs are structured as uncollateralized medium-term notes. Typically, a Fund or an Underlying Fund would purchase ETNs or ELNs to obtain exposure to all or a portion of the financial markets or specific investment strategies. Because ETNs and ELNs are structured as fixed-income securities, they are generally subject to the risks of fixed-income securities, including (among other risks) the risk of default by the issuer of the ETN or ELN. The price of an ETN or ELN can fluctuate within a wide range, and a Fund or an Underlying Fund could lose money investing in an ETN or ELN if the value of the Reference or the performance of the specified investment strategy goes down. In addition, ETNs and ELNs are subject to the following risks that do not apply to most fixed-income securities: (1) the market price of the ETNs or ELNs may trade at a discount to the market price of the Reference or the performance of the specified investment strategy; (2) an active trading market for ETNs or ELNs may not develop or be maintained; or (3) trading of ETNs may be halted if the listing exchange’s officials deem such action appropriate, the ETNs are de-listed from the exchange or the activation of market-wide “circuit breakers” (which are tied to large decreases in stock prices) halts stock trading generally.
When a Fund or an Underlying Fund invests in an ETN or ELN, it will bear certain investor expenses charged by these products. While ETNs and ELNs are structured as fixed-income obligations, rather than as investment companies, they generally provide exposure to a specified market sector or index like ETFs, but are also subject to the general risks of fixed-income securities, including risk of default by their issuers.
Generally, a Fund or an Underlying Fund will treat an investment in an ETN or ELN as an investment in the type of security or index to which the ETN or ELN is attempting to provide investment exposure. For example, an investment in an ELN that attempts to provide the return of the equity securities represented in the Russell 3000 Index will be considered as an equity investment by a Fund or an Underlying Fund, and not a fixed-income investment.
Borrowing. Each Fund may generate cash by borrowing money from banks (no more than 331/3% of the market value of its assets at the time of borrowing), rather than through the sale of portfolio securities, when such borrowing appears more attractive for the Fund. Each Fund may also borrow money from other sources temporarily (no more than 5% of the total market value of its assets at the time of borrowing), when, for example, the Fund needs to meet liquidity requirements caused by greater than anticipated redemptions. See “Fundamental policies” above.
Currency transactions
The value of an Underlying Fund’s assets as measured in U.S. dollars may be affected favorably or unfavorably by changes in foreign currency exchange rates and exchange control regulations, and the Underlying Fund may incur costs in connection with conversions between various currencies. To manage the impact of such factors on NAVs, certain Underlying Funds may engage in foreign currency transactions in connection with their investments in foreign securities.
The Underlying Funds will conduct their currency exchange transactions either on a spot (i.e., cash) basis at the rate prevailing in the currency exchange market, or through forward contracts to purchase or sell foreign currencies. A forward currency contract involves an obligation to purchase or sell a specific currency at a future date, which may be any fixed number
Statement of Additional Information 25
of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. These contracts are entered into with large commercial banks or other currency traders that are participants in the interbank market.
By entering into a forward contract for the purchase or sale of foreign currency involved in an underlying security transaction, an Underlying Fund is able to protect itself against possible loss between trade and settlement dates for that purchase or sale resulting from an adverse change in the relationship between the U.S. dollar and such foreign currency. This practice is sometimes referred to as “transaction hedging.” In addition, when it appears that a particular foreign currency may suffer a substantial decline against the U.S. dollar, an Underlying Fund may enter into a forward contract to sell an amount of foreign currency approximating the value of some or all of its portfolio securities denominated in such foreign currency. This practice is sometimes referred to as “portfolio hedging.” Similarly, when it appears that the U.S. dollar may suffer a substantial decline against a foreign currency, an Underlying Fund may enter into a forward contract to buy that foreign currency for a fixed dollar amount. Although such transactions tend to minimize the risk of loss due to a decline in the value of a hedged currency, they also may limit any potential gain that might result should the value of such currency increase.
Some of the Underlying Funds may also hedge their foreign currency exchange rate risk by engaging in currency financial futures, options and “cross-hedge” transactions. In “cross-hedge” transactions, an Underlying Fund holding securities denominated in one foreign currency will enter into a forward currency contract to buy or sell a different foreign currency (one that generally tracks the currency being hedged with regard to price movements). Such cross-hedges are expected to help protect an Underlying Fund against an increase or decrease in the value of the U.S. dollar against certain foreign currencies.
Some of the Underlying Funds may hold a portion of their respective assets in bank deposits denominated in foreign currencies, so as to facilitate investment in foreign securities as well as protect against currency fluctuations and the need to convert such assets into U.S. dollars (thereby also reducing transaction costs). Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supra-national entities such as the International Monetary Fund, or by the imposition of currency controls or other political developments in the United States or abroad. To the extent these monies are converted back into U.S. dollars, the value of the assets so maintained will be affected favorably or unfavorably by changes in foreign currency exchange rates and exchange control regulations.
The forecasting of short-term currency market movement is extremely difficult and whether a short-term hedging strategy will be successful is highly uncertain. Moreover, it is impossible to correctly forecast with absolute precision the market value of portfolio securities at the expiration of a foreign currency forward contract. Accordingly, an Underlying Fund may be required to buy or sell additional currency on the spot market (and bear the expense of such transaction) if Advisors’ predictions regarding the movement of foreign currency or securities markets prove inaccurate. In addition, the use of cross-hedging transactions may involve special risks, and may leave an Underlying Fund in a less advantageous position than if such a hedge had not been established. Because foreign currency forward contracts are privately negotiated transactions, there can be no assurance that an Underlying Fund will have flexibility to rollover the foreign currency forward contract upon its expiration if it desires to do so. Additionally, there can be no assurance that the other party to the contract will perform its obligations thereunder. Entry into a foreign currency transaction may, in certain circumstances, require the payment of initial margin, and adverse market movements against the underlying currency may require an Underlying Fund to make additional margin payments and make settlement payments. An Underlying Fund may have to sell securities or other instruments at a time when it may be disadvantageous to do so to meet such payment requirements.
Real estate securities
As described more fully in the Prospectuses, certain Funds may invest in the Nuveen Real Estate Securities Select Fund. The Nuveen Real Estate Securities Select Fund will invest primarily in the equity and fixed-income securities of companies that are principally engaged in or related to the real estate industry, including those that own significant real estate assets, such as real estate investment trusts (“REITs”). Certain other Underlying Funds may also invest in REITs and other real-estate-related securities. An issuer is principally “engaged in” or principally “related to” the real estate industry if at least 50% of its total assets, gross income, or net profits are attributable to ownership, construction, management or sale of residential, commercial or industrial real estate, or to products or services related to the real estate industry. Issuers engaged in the real estate industry include equity REITs (which directly own real estate), mortgage REITs (which make short-term construction or real estate development loans or invest in long-term mortgages or mortgage pools), real estate brokers and developers, homebuilders, companies that manage real estate and companies that own substantial amounts of real estate. Businesses related to the real estate industry include manufacturers and distributors of building supplies and financial institutions that make or service mortgage loans.
The Nuveen Real Estate Securities Select Fund generally invests in common stocks, but may also, without limitation, invest in preferred stock, convertible securities, rights and warrants, and debt securities of issuers that are principally engaged in or related to the real estate industry, as well as publicly traded limited partnerships that are principally engaged in or related to the real estate industry. In addition to these securities, the Nuveen Real Estate Securities Select Fund may invest up to 20% of its total assets in equity and debt securities of issuers that are not principally engaged in or related to the real estate industry,
26 Statement of Additional Information
including debt securities and convertible preferred stock and convertible debt securities rated in the fifth or lower categories by a NRSRO. If held by the Nuveen Real Estate Securities Select Fund in significant amounts, such lower-rated debt securities would increase financial risk and income volatility. The Nuveen Real Estate Securities Select Fund may make investments or engage in investment practices that involve special risks, which include convertible securities, “when-issued” securities, securities issued on a delayed-delivery basis, options on securities and securities indices, financial futures contracts and options thereon, restricted securities, illiquid investments, repurchase agreements, structured or indexed securities and lending portfolio securities.
Investments in the securities of companies that own, construct, manage or sell residential, commercial or industrial real estate will be subject to all of the risks associated with the ownership of real estate. These risks include, among others: declines in the value of real estate, negative changes in the climate for real estate, risks related to local, regional, national and global economic conditions, the availability of and economic cost associated with financing properties, overbuilding and increased competition, decreases in property revenues, changes in prevailing interest rates and lending standards, property taxes and operating expenses, overconcentration of properties by geography, sector or tenant mix, changes in zoning laws, casualty or condemnation losses, limitations on rents, tenant defaults, population shifts and other demographic changes, increase in vacancies (potentially for extended periods), reduced demand for real estate space as well as maintenance, tenant improvement costs and costs to convert properties for other uses, changing preferences (such as for remote work arrangements), changes in neighborhood values or the appeal of properties to tenants, fluctuation in property values due to geographically specific health issues, leveraging of interests in real estate, uninsured losses at properties due to terrorism, natural disasters or acts of violence, and costs resulting from the cleanup of environmental problems (collectively “Direct Real Estate Ownership Risks”). The occurrence of any of the foregoing developments would likely increase default risk for the properties and loans underlying these investments as well as impact the value of, and income generated by, these investments. These developments could also result in reduced liquidity for such real-estate-related investments.
REIT-Related Risks. REITs will generally not be liable for federal corporate income taxes as long as they continue to distribute no less than 100% of their taxable income, and meet certain Code requirements. To maintain REIT status, a REIT must distribute at least 90% of its taxable income each year and satisfy certain asset diversification and income tests.
In addition to the risks discussed above, equity REITs may be affected by changes in the value of the underlying property of the trusts, while mortgage REITs may be affected by changes in the quality of any credit extended. Moreover, changes in consumer behavior that affect the use of commercial spaces could negatively impact the value of properties underlying certain REITs. Both equity and mortgage REITs are dependent upon management skill and may not be diversified themselves. REITs are also subject to heavy cash flow dependency, defaults by borrowers, self-liquidation, and the possibility of failing to qualify for the special tax treatment discussed above, or failing to meet other applicable regulatory requirements. The value of a REIT may be affected by changes in interest rates. In general, during periods of high interest rates, REITs may lose some of their appeal for investors who may be able to obtain higher yields from other income-producing investments, such as long-term bonds. Rising interest rates generally increase the cost of financing for real estate projects, which could cause the value of an equity REIT to decline. For example, the value of these securities may decline when interest rates rise and will also be affected by the real estate market and by the management or development of the underlying properties, which may also be subject to mortgage loans and the underlying mortgage loans may be subject to the risks of default. During periods of declining interest rates, mortgagors may elect to prepay mortgages held by mortgage REITs, which could lower or diminish the yield on the REIT. Finally, certain REITs may be self-liquidating in that a specific term of existence is provided for in their trust document. In acquiring the securities of REITs, an Underlying Fund runs the risk that it will sell them at an inopportune time.
Exposure to direct real estate
As described in the Nuveen Lifecycle Funds Prospectuses, each Nuveen Lifecycle Fund may gain exposure to direct real estate through direct or indirect investment in one or more limited partnerships and/or REITs that are managed by Advisors or its affiliate (each, a “Direct Real Estate Underlying Fund”). The Nuveen Lifecycle Funds have obtained exemptive relief from the SEC to permit investment in affiliated Direct Real Estate Underlying Funds. To the extent a Nuveen Lifecycle Fund invests in a Direct Real Estate Underlying Fund, the Fund would be exposed to the risks of such Direct Real Estate Underlying Fund in direct proportion to the amount of assets the Fund allocates to such Direct Real Estate Underlying Fund. More specifically, each Nuveen Lifecycle Fund, through its investment in one or more Direct Real Estate Underlying Funds, would be subject to the risks associated with acquiring and owning real estate including the Direct Real Estate Ownership Risks explained above in the “Real estate securities” section.
In addition to the risks of acquiring and owning real estate, each Lifecycle Fund, through its investment in one or more Direct Real Estate Underlying Funds, would be subject to the risks associated with selling real estate including, among others, that the sales price may differ, perhaps significantly, from its estimated or appraised value leading to losses or reduced profits, that the Direct Real Estate Underlying Fund might not be able to sell a property at a particular time for a price which Advisors believes represents its fair or full value, the availability of financing (for potential purchasers of the properties to be sold), disruptions in
Statement of Additional Information 27
the credit and capital markets, and that the Direct Real Estate Underlying Fund may be required to make significant expenditures before it is able to market and/or sell a property.
The Nuveen Lifecycle Funds are also subject to certain valuation risks associated with an investment in Direct Real Estate Underlying Funds because the valuation of real property involves significant judgment and is based on appraisals, which are estimates of property values based on a professional’s opinion and may not be accurate predictors of the amount a Direct Real Estate Underlying Fund would receive in a sale. Appraisals can be subjective and can rely on a variety of assumptions in the local real estate market in which the property is located, demonstrating that the value of real property is highly susceptible to even minor market shifts. For example, if there has been a lack of transaction activity in a particular market, prices for comparable real estate may be more volatile than in a market with more frequent transactions. The valuation difficulties associated with real property in general, combined with the challenges of valuing private REITs, could result in a gap between the realizable value of real property and the fair value of such real property.
A Nuveen Lifecycle Fund’s direct or indirect investment in a Direct Real Estate Underlying Fund operating as a REIT is subject to the REIT-Related Risks identified in the “Real estate securities” section above. Because private REITs are not traded on a national securities exchange, such products may be generally illiquid, reducing the ability of a Direct Real Estate Underlying Fund to redeem its investment in a REIT early. Also, private REITs are harder to value and may bear higher fees than public REITs.
The Direct Real Estate Underlying Funds are not registered as investment companies under the 1940 Act. As a result, in addition to the risks associated with a Direct Real Estate Underlying Fund’s portfolio holdings, the Nuveen Lifecycle Funds would also be subject to risks related to investment in private investment funds including, but not limited to, the absence of regulatory oversight and a secondary market for Direct Real Estate Underlying Fund shares or interests, restrictions on the transfer or sale of Direct Real Estate Underlying Fund shares or interests by the Nuveen Lifecycle Fund, and the absence of protections typically afforded to investors when purchasing securities registered under the 1933 Act or any state or other U.S. or non-U.S. securities laws. When a Nuveen Lifecycle Fund invests in a Direct Real Estate Underlying Fund, it bears a proportionate share of the fees and expenses borne by the Direct Real Estate Underlying Fund in which it invests.
Foreign investments
As described more fully in the Prospectuses and the prospectuses for the Underlying Funds, certain of the Underlying Funds (but especially the Nuveen Emerging Markets Debt Fund, Nuveen Emerging Markets Equity Fund, Nuveen Emerging Markets Equity Index Fund, Nuveen International Bond Fund, Nuveen International Equity Fund, Nuveen International Equity Index Fund, Nuveen International Opportunities Fund and Nuveen Quant International Small Cap Equity Fund) may invest in foreign securities, including those in emerging markets. The Money Market Fund may only invest in foreign securities that are U.S. dollar denominated. In addition to the general risk factors discussed in the Prospectuses and below, there are a number of country- or region-specific risks and other considerations that may adversely affect these investments. These are also discussed in the Underlying Funds’ Statements of Additional Information. Many of the risks are more pronounced for investments in emerging market countries, as described below.
General. Since foreign companies may not be subject to accounting, auditing or financial reporting practices, disclosure and other requirements comparable to those applicable to U.S. companies, there may be less publicly available information about a foreign company than about a U.S. company, and it may be difficult to interpret the information that is available. There may be difficulties in obtaining or enforcing judgments against foreign issuers and it also is often more difficult to keep currently informed of corporate actions which affect the prices of portfolio securities. In certain countries, there is less government supervision and regulation of stock exchanges, brokers and listed companies than in the United States. Volume and liquidity in most foreign markets are less than in the United States, and securities of many foreign companies have lower overall liquidity and are more volatile than securities of comparable U.S. companies. Notwithstanding the fact that each Underlying Fund generally intends to acquire the securities of foreign issuers only where there are public trading markets, investments by an Underlying Fund in the securities of foreign issuers may tend to increase the risks with respect to the liquidity of the Underlying Fund’s portfolio and the Underlying Fund’s ability to meet a large number of shareholder redemption requests should there be economic or political turmoil in a country in which the Underlying Fund has a substantial portion of its assets invested or should relations between the United States and foreign countries deteriorate markedly. Securities may trade at price/earnings multiples higher than comparable U.S. securities and such levels may not be sustainable. Fixed commissions on some foreign securities exchanges are higher than negotiated commissions on U.S. exchanges, although the Underlying Funds endeavor to achieve the most favorable net results on their portfolio transactions.
Foreign markets have different clearance and settlement procedures, and in certain markets there have been times when settlements have been unable to keep pace with the volume of securities transactions, making it difficult to conduct these transactions. Settlement practices for transactions in foreign markets may differ from those in the U.S. markets. Such differences include delays beyond periods customary in the United States and practices, such as delivery of securities prior to receipt of payment, which increase the likelihood of “failed settlement.” The inability of an Underlying Fund to make intended security purchases due to settlement problems could cause the Underlying Fund to miss attractive investment opportunities.
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Losses to the Underlying Fund due to subsequent declines in the value of portfolio securities, or liabilities arising out of the Underlying Fund’s inability to fulfill a contract to sell these securities, could result from failed settlements. In addition, evidence of securities ownership may be uncertain in many foreign countries. As a result, there is a risk that an Underlying Fund’s trade details could be incorrectly or fraudulently entered at the time of the transaction, resulting in a loss to the Underlying Fund.
With respect to certain foreign countries, there is the possibility of expropriation or confiscatory taxation, political or social instability, or diplomatic developments that could affect the Underlying Fund’s investments in those countries. The economies of some countries differ unfavorably from the U.S. economy in such respects as growth of national product, rate of inflation, capital reinvestment, resource self-sufficiency, and balance of payments position. In addition, the internal politics of some foreign countries are not as stable as in the United States. Governments in certain foreign countries continue to participate to a significant degree, through ownership interest or regulation, in their respective economies. Action by these governments could have a significant effect on market prices of securities and payment of dividends. The economies of many foreign countries are heavily dependent upon international trade and are accordingly affected by protective trade barriers and economic conditions of their trading partners. The enactment by these trading partners of protectionist trade legislation could have a significant adverse effect upon the securities markets of such countries.
Terrorism and related geopolitical risks have led, and may in the future lead, to increased short-term market volatility and may have adverse long-term effects on world economies and markets generally.
Investment and Repatriation Restrictions. Foreign investment in the securities markets of certain foreign countries is restricted or controlled to varying degrees. These restrictions limit and, at times, preclude investment in certain of such countries (especially emerging market countries) and increase the cost and expenses of Underlying Funds investing in them. These restrictions may take the form of prior governmental approval, limits on the amount or type of securities held by foreigners, and limits on the types of companies in which foreigners may invest. Additional or different restrictions may be imposed at any time by these or other countries in which the Underlying Funds invest. In addition, the repatriation (i.e., remitting back to the United States) of both investment income and capital from several foreign countries is restricted and controlled under certain regulations, including in some cases the need for certain government consents. The Underlying Funds could be adversely affected by delays in or a refusal to grant any required governmental registration or approval for repatriation.
Taxes. The dividends and interest payable on certain of the Underlying Funds’ foreign portfolio securities may be subject to foreign withholding and, in some cases, other taxes, thus reducing the net amount of income available for distribution to the Underlying Funds’ shareholders, including the Funds.
Emerging Market Securities. An “emerging market security” is a security that is principally traded on a securities exchange of an emerging market or that is issued by an issuer that is located or has primary operations in an emerging market. Note that the Nuveen Emerging Markets Equity Fund and Nuveen Emerging Markets Equity Index Fund primarily invest in emerging market securities, but other Underlying Funds may invest in emerging market securities as well.
Emerging Markets. Investments in companies domiciled in emerging market countries may be subject to potentially higher risks than investments in companies in developed countries. The term “emerging market” describes any country or market that is generally considered to be emerging or developing by major organizations in the international financial community, such as the International Finance Corporation, or by financial industry analysts like MSCI, Inc., which compiles the MSCI Emerging Markets Index, and J.P. Morgan Chase & Co., which compiles several fixed-income emerging markets benchmarks; or other countries or markets with similar emerging characteristics. Emerging markets can include every nation in the world except the United States, Canada, Japan, Australia, New Zealand and most nations located in Western Europe. Notwithstanding the foregoing, the fixed-income portfolio management team generally views Israel as an emerging market.
Risks of investing in emerging markets and emerging market securities include: (i) less social, political and economic stability; (ii) the smaller size of the markets for these securities and the currently low or nonexistent volume of trading that results in a lack of liquidity and in greater price volatility; (iii) the lack of publicly available information, including reports of payments of dividends or interest on outstanding securities, and less stringent regulation of accounting, auditing, financial reporting and recordkeeping requirements, which could render financial information and related audits to be unreliable and unverifiable and affect an Underlying Fund’s ability to evaluate potential portfolio companies; (iv) certain national policies that may restrict an Underlying Fund’s investment opportunities, including restrictions on investment in issuers or industries deemed sensitive to national interests; (v) local taxation; (vi) the absence of developed structures governing private or foreign investment or allowing for judicial redress for injury to private property; (vii) the absence until recently, in certain countries, of a capital structure or market-oriented economy; (viii) the possibility that recent favorable economic developments in certain countries may be slowed or reversed by unanticipated political or social events as well as armed conflicts in these countries; (ix) restrictions that may make it difficult or impossible for the Underlying Fund to vote proxies, exercise shareholder rights, pursue legal remedies, and obtain judgments in foreign courts; (x) the risk of uninsured loss due to lost, stolen, or counterfeit stock certificates; (xi) possible losses through the holding of securities in domestic and foreign custodial banks and depositories; (xii) heightened opportunities for governmental corruption; (xiii) large amounts of foreign debt to finance basic governmental duties that could lead to restructuring or default; (xiv) limited legal remedies for investors in emerging markets (including derivative litigation) and a limited ability of U.S. authorities (e.g., SEC and U.S. Department of Justice) to bring actions
Statement of Additional Information 29
against bad actors; (xv) heavy reliance on exports that may be severely affected by global economic downturns; and (xvi) the risk of man-made or natural disasters. Additionally, the degree of cooperation between issuers in emerging market countries with foreign and U.S. financial regulators may vary significantly. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is highly uncertain. Changes in exchange rates and interest rates and the imposition of sanctions could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent the Underlying Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact an Underlying Fund’s liquidity and performance.
In addition, some countries in which the Underlying Funds may invest have experienced substantial, and in some periods, extremely high rates of inflation for many years. Inflation and rapid fluctuations in inflation rates have had and may continue to have negative effects on the economies and securities markets of certain countries. Further, the economies of emerging market countries generally are heavily dependent upon international trade and, accordingly, have been and may continue to be adversely affected by trade barriers, exchange controls, managed adjustments in relative currency values and other protectionist measures imposed or negotiated by the countries with which they trade.
Governments of many emerging market countries have become overly reliant on the international capital markets and other forms of foreign credit to finance large public spending programs that cause huge budget deficits. As a result of either an inability to pay or submission to political pressure, certain of these governments have sought to restructure their loan and/or bond obligations, have declared a temporary suspension of interest payments, or have defaulted (in part or full) on their outstanding debt obligations. These events have adversely affected the values of securities issued by such governments and corporations domiciled in these emerging market countries and have negatively affected not only their cost of borrowing but also their ability to borrow in the future. The economic and political environment has presented significant challenges to the economies of emerging markets, including, among others, rising inflation, food insecurity, subdued employment growth, and economic setback caused by supply chain disruption and the reduction in exports.
The risks outlined above are often more pronounced in “frontier markets” in which an Underlying Fund may invest. Frontier markets are those emerging markets that are considered to be among the smallest, least mature and least liquid, and as a result, the risks of investing in emerging markets are magnified in frontier markets. This magnification of risks is the result of a number of factors, including: government ownership or control of parts of the private sector and of certain companies; trade barriers; exchange controls; managed adjustments in relative currency values and other protectionist measures imposed or negotiated by the countries with which frontier market countries trade; less uniformity in accounting and reporting requirements; unreliable securities valuation; greater risk associated with custody of securities; and the relatively new and unsettled securities laws in many frontier market countries. In addition, the markets of frontier countries typically have low trading volumes, leading to a greater potential for extreme price volatility and illiquidity. This volatility may be further increased by the actions of a few large investors. For example, a substantial increase or decrease in cash flows of mutual funds investing in these markets could significantly affect local securities prices and, therefore, the NAV of an Underlying Fund. All of these factors may make investing in frontier market countries significantly riskier than investing in other countries, including more developed and traditional emerging market countries, and any one of them could cause the NAV of an Underlying Fund’s shares to decline.
Investment in Canada. The United States is Canada’s largest trading partner and foreign investor, and developments in economic policy do have a significant impact on the Canadian economy. The expanding economic and financial integration of the United States, Canada, and Mexico through the United States-Mexico-Canada Agreement (“USMCA”) has made, and will likely continue to make, the Canadian economy and securities market more sensitive to North American trade patterns. Any disruption in the continued operation of USMCA may have a significant and adverse impact on Canada’s economic outlook and the value of an Underlying Fund’s investments in Canada. Growth has continued to slow in recent years for certain sectors of the Canadian economy, particularly energy extraction and manufacturing. Forecasts on growth remain modest. Oil prices have fluctuated greatly over time and the enduring volatility in the relative strength of the Canadian dollar against the U.S. dollar from time to time may negatively affect Canada’s exporting industries. Decreasing imports from Asian and European Union (“EU”) producers, new or changing trade regulations, changes in exchange rates or a recession of the Chinese or EU economies may have an adverse impact on the economy of Canada.
Canada’s parliamentary system of government is, in general, stable. However, one of the provinces, Quebec, does have a separatist party whose objective is to achieve sovereignty and increased self-governing legal and financial powers. In addition, the Canadian market is relatively concentrated in issuers involved in the production and distribution of natural resources such as forest products, metals, agricultural products, and energy related products like oil, gas, and hydroelectricity. Accordingly, changes in the supply and demand of such commodity resources, both domestically and internationally, can have a significant effect on Canadian market performance.
Investment in Europe. The EU is an intergovernmental and supra-national union of certain European countries, known as member states. A key activity of the EU is the establishment and administration of a common single market, consisting of,
30 Statement of Additional Information
among other things, a single currency and a common trade policy. The most widely used currency in the EU (and the unit of currency of the European Economic and Monetary Union (“EMU”)) is the euro, which is in use in many of the member states. In addition to adopting a single currency, EMU member states generally no longer control their own monetary policies. Instead, the authority to direct monetary policy is exercised by the European Central Bank and, as a result, EMU member states are significantly affected by fiscal and monetary policies implemented by the EMU and European Central Bank.
While economic and monetary convergence in the EU may offer new opportunities for those investing in the region, investors should be aware that the success of the EU is not wholly assured. Europe must grapple with a number of challenges, any one of which could threaten the survival of this monumental undertaking. Many disparate economies continue to adjust to a unified monetary system, the absence of exchange rate flexibility, and the loss of economic sovereignty. Europe’s economies are diverse, its governments are decentralized, and its cultures differ widely. As member states unify their economic and monetary policies, movements in European markets will lose the benefit of diversification within the region. High unemployment could pose political risk. One or more member states might exit the union, placing the currency and banking system in jeopardy. Major issues currently facing the EU relate to its membership, structure, procedures and policies; they include the adoption, abandonment or adjustment of the constitutional treaty, the EU’s enlargement to the south and east, and resolving the EU’s problematic fiscal and democratic accountability. Any or all of these challenges may affect the value of an Underlying Fund’s investments economically tied to the EU.
The EU has been extending its influence to the south and east. For former Iron Curtain member states, membership serves as a strong political impetus to employ tight fiscal and monetary policies. Nevertheless, several entrants that most recently joined the EU are former Soviet satellites that remain burdened to various extents by the inherited inefficiencies of centrally planned economies similar to that which existed under the old Soviet Union.
In addition, certain member states in the EU have had to accept assistance from supra-governmental agencies such as the International Monetary Fund and the European Financial Stability Facility. The European Central Bank has also intervened to purchase eurozone debt in order to seek to stabilize markets and reduce borrowing costs. Responses to these financial problems by European governments, central banks and others, including austerity measures and reforms, may not work, may result in social unrest, and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world.
The EU’s economy may grow further as more countries join. However, the EU’s economic growth has been below that of the United States most years since 1990, and the economic performance of certain of its key members is a matter of serious concern to policy makers. Although economic conditions vary among EU member states, there is continued concern about national level support for the euro and the accompanying coordination of fiscal and wage policy of EU member states.
Further, it is possible that the euro could be abandoned in the future by EU member states that have already adopted its use, and the effects of such an abandonment or a member state’s forced expulsion from the euro on that member state, on the EMU, and on global markets are impossible to predict and could be negative. The exit of any member state out of the euro would likely have a significant destabilizing effect on all eurozone countries and their economies and a negative effect on the global economy as a whole. In addition, under these circumstances, it may be difficult to value investments denominated in euros or in a replacement currency.
In a June 2016 referendum, citizens of the UK voted to leave the EU. On January 31, 2020, the UK withdrew from the EU. Negotiators representing the UK and EU signed a trade agreement on December 30, 2020 on the terms governing certain aspects of the EU’s and UK’s relationship, the EU-UK Trade and Cooperation Agreement (the “TCA”). The TCA became effective May 1, 2021 and many aspects of the UK-EU trade relationship remain subject to further negotiation. Notwithstanding the TCA, there is likely to be considerable uncertainty as to the UK’s post-transition framework, and in particular as to the arrangements which will apply to the UK’s relationships with the EU and with other countries, and the framework will likely continue to develop and could result in increased volatility and illiquidity and potentially lower economic growth. It is not possible to anticipate the longer term impact to the economic, legal, political, regulatory and social framework that will result from any agreements between the UK and the EU. The effects will depend, in part, on whether the UK is able to negotiate agreements to retain access to EU markets including, but not limited to, trade and finance agreements. In addition, such agreements may lead to ongoing political, regulatory and economic uncertainty and periods of exacerbated volatility in both the UK and in wider European markets for some time.
The impact of the UK’s withdrawal on the UK and European economies and the broader global economy could be significant, resulting in negative impacts, such as increased volatility and illiquidity, potentially lower economic growth and decreased asset valuations. The UK’s withdrawal from the EU may have a destabilizing impact on the EU to the extent other member states similarly seek to withdraw from the union and may cause additional market disruption globally and introduce new legal and regulatory uncertainties. It may also have a negative impact on the economy and currency of the UK as a result of anticipated, perceived or actual changes to the UK’s economic and political relations with the EU. The UK’s withdrawal could result in lower growth for companies in the UK, EU and globally, which could have an adverse effect on the value of an Underlying Fund’s investments. An Underlying Fund may make investments in the UK (during the transition period and
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afterwards), other EU members and in non-EU countries that are directly or indirectly affected by the exit of the UK from the EU. Any or all of these challenges may affect the value of an Underlying Fund’s investments economically tied to the UK or EU and may have an adverse effect on the Underlying Fund’s performance. Additionally, the willingness or ability of financial and other counterparties to enter into transactions may be affected by the UK’s withdrawal.
An increasingly assertive Russia poses its own set of risks for the EU, as evidenced by the Russian invasion of Ukraine in February 2022 and the ongoing Russian-Ukraine conflict. Opposition to EU expansion to members of the former Soviet bloc may prompt more intervention by Russia in the affairs of its neighbors. This interventionist stance may carry various negative consequences, including direct effects, such as export restrictions on Russia’s natural resources, Russian support for separatist groups of pro-Russian parties located in EU countries, Russian interference in the internal political affairs of current or potential EU members or the EU itself, externalities of ongoing conflict, such as an influx of refugees from Ukraine and Syria, or collateral damage to foreign assets in conflict zones, all of which could negatively impact EU economic activity.
Investment in Eastern Europe. Investing in the securities of Eastern European issuers involves risks not usually associated with investing in the more developed markets of Western Europe. Changes occurring in Eastern Europe today could have long-term potential consequences. These changes could result in rising standards of living, lower manufacturing costs, growing consumer spending and substantial economic growth.
Political and economic reforms may not have eliminated the possibility of a return to centrally planned economies and state-owned industries. Investments in Eastern European countries may involve risks of nationalization, expropriation and confiscatory taxation. In many of the countries of Eastern Europe, there is no stock exchange or formal market for securities. Such countries may also have government exchange controls, currencies with no recognizable market value relative to the established currencies of Western market economies, little or no experience in trading in securities, no accounting or financial reporting standards, a lack of a banking and securities infrastructure to handle such trading and a legal tradition which does not recognize rights in private property.
Eastern European markets are particularly sensitive to social, political, economic, and currency events in Russia and may suffer heavy losses as a result of their trading and investment links to the Russian economy and currency. Russia also may attempt to assert its influence in the region through economic or even military measures. The ongoing conflict between Russia and Ukraine poses great risk to Eastern European countries’ economic stability. In particular, the value and liquidity of securities issued by Ukrainian companies have been adversely affected and the disruption to the Russian economy as a result of sanctions imposed on Russia by the U.S. and EU may hurt Eastern European countries with close trade links to Russia. Eastern European markets will be significantly affected by the fiscal and monetary controls of the EMU. Changes in regulations on trade, decreasing imports or exports, changes in the exchange rate of the euro and recessions among European countries may have a significant adverse effect on the economies of other European countries including those of Eastern Europe.
Several Eastern European countries on the periphery of the EU have recently been the destination for a surge of refugees and migrants fleeing global conflict zones, particularly the civil wars in Syria and Afghanistan, the Russian invasion of Ukraine and economic hardship across Africa and the developing world. While these countries have borne many of the direct costs of managing the flow of refugees and migrants seeking resettlement in Europe, they have also faced significant international criticism over their treatment of migrants and refugees which may affect foreign investor confidence in the attractiveness of such markets.
Investment in Saudi Arabia. The Saudi Arabian government exerts substantial influence over many aspects of the private sector. While the political situation in Saudi Arabia is generally stable, future political instability or instability in the larger Middle East region could adversely impact the economy of Saudi Arabia, particularly with respect to foreign investments. Certain issuers located in Saudi Arabia may operate in, or have dealings with, countries subject to sanctions and/or embargoes imposed by the U.S. Government and the United Nations and/or countries identified by the U.S. Government as state sponsors of terrorism. Investments in Saudi Arabia are also subject to the risk of expropriation or nationalization of assets or the risk of restrictions on foreign investments and repatriation of capital.
Saudi Arabian issuers may be impacted by the significant ties in the Saudi Arabian economy to petroleum exports. As a result, changes within the petroleum industry could have a significant impact on the overall health of the Saudi Arabian economy. Additionally, the Saudi Arabian economy relies heavily on foreign labor, and changes in the availability of this labor supply could have an adverse effect on the economy.
The ability of foreign investors to invest in Saudi Arabian issuers is relatively new and untested, and such ability may be revoked or restricted by the government of Saudi Arabia in the future, which may materially affect an Underlying Fund. An Underlying Fund may be unable to obtain or maintain the required licenses, which would affect the Underlying Fund’s ability to buy and sell securities at full value. Additionally, an Underlying Fund’s ownership of any single issuer listed on the Saudi Arabian Stock Exchange may be limited by the Saudi Arabia Capital Market Authority (“CMA”). The securities markets in Saudi Arabia may not be as developed as those in other countries. As a result, securities markets in Saudi Arabia are subject to greater risks associated with market volatility, lower market capitalization, lower trading volume, illiquidity, inflation, greater price fluctuations, uncertainty regarding the existence of trading markets, governmental control and heavy regulation of labor
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and industry. Major disruptions or regulatory changes may occur in the Saudi Arabian market, which could negatively impact an Underlying Fund.
An Underlying Fund’s ability to invest in Saudi Arabian securities depends on the ability of Advisors’ and/or the Underlying Fund to maintain its respective status as a Foreign Portfolio Manager and/or a Qualified Foreign Investor (“QFI”), as applicable, with the CMA and, if applicable, an Underlying Fund as a client of a QFI who has been approved by the CMA (“QFI Client”). QFI regulations and local market infrastructure are relatively new and have not been tested and the CMA may discontinue the QFI regime at any time. Any change in the QFI system generally, including the possibility of Advisors’ or an Underlying Fund losing its Foreign Portfolio Manager, QFI and/or QFI Client status, as applicable, may adversely affect the Underlying Fund.
There may also be a limited number of brokers who can provide services to an Underlying Fund that invests in Saudi Arabian securities, which may have an adverse impact on the prices, quantity or timing of Underlying Fund transactions. The limited number of brokers may impact an Underlying Fund’s ability to achieve best execution on securities transactions, make the Underlying Fund more susceptible to credit loss or trading disruptions in the event of a default or business disruptions by one or more of the available brokers, disrupt the operations of the Underlying Fund and cause the Underlying Fund to incur losses due to the acts or omissions of its brokers in the execution or settlement of any transaction or in the transfer of any funds or securities.
Investment in Russia. Russia has experienced political, social and economic turbulence as a result of decades of Communist rule. In addition, there is a heightened risk of political corruption and weak and variable government oversight. To date, many of the country’s economic reform initiatives have not yet been implemented or successful. In this environment, there is always the risk that the nation’s government will abandon the current program of economic reform and replace it with drastically different political and economic policies that would be detrimental to the interests of foreign investors.
Along with the general risks of investing in emerging markets, investing in the Russian market is subject to significant risks due to the less developed state of Russia’s banking system and its settlement, clearing and securities registration processes as compared to more developed markets. With the implementation of the National Settlement Depository in Russia (“NSD”) as a recognized central securities depository, title to Russian equities is now based on the records of the NSD and not the local registrars. The implementation of the NSD is generally expected to decrease the risk of loss in connection with recording and transferring title to securities; however, loss may still occur. To the extent that an Underlying Fund suffers a loss relating to title or corporate actions relating to its portfolio securities, it may be difficult for the Underlying Fund to enforce its rights or otherwise remedy the loss.
There is relatively little long-term historical data on the Russian securities market because it is relatively new, and a substantial proportion of securities transactions in Russia are privately negotiated outside of stock exchanges. The inexperience of the Russian securities market and the limited volume of trading in securities in the market may make obtaining accurate prices on portfolio securities from independent sources more difficult than in more developed markets. Additionally, because of less stringent auditing and financial reporting standards that apply to companies operating in Russia, there is little solid corporate information available to investors. Investments in Russia may be subject to the risk of nationalization or expropriation of assets. Regional armed conflict and its collateral economic and market effects may also pose risks for investments in Russia. As a result, it may be difficult to assess the value or prospects of an investment in Russian companies.
The United States and the regulatory bodies of certain other countries, as well as the EU, have imposed economic sanctions against Russia in response to recent military actions. The imposition of sanctions and other similar measures and the threat of additional sanctions could, among other things, have further adverse consequences, including a decline in the value and/or liquidity of securities issued by Russia or companies located in or economically tied to Russia, downgrades in the credit ratings of Russian securities or those of companies located in or economically tied to Russia, devaluation of Russia’s currency, and increased market volatility and disruption in Russia and throughout the world. Sanctions and other similar measures, including banning Russia from global payment systems that facilitate cross-border payments, could limit or prevent an Underlying Fund from buying and selling securities (in Russia and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact an Underlying Fund’s liquidity and performance. In particular, U.S. sanctions prohibit any “new investment” in Russia which is defined to include any new purchases of Russian securities. U.S. persons also are required to freeze securities issued by certain Russian entities identified on the List of Specially Designated Nationals, which includes several large publicly traded Russian banks and other companies. Russia has issued various countermeasures that affect the ability of non-Russian persons to trade in Russian securities which may prohibit an Underlying Fund from selling or transacting in these securities and potentially impact the Underlying Fund’s liquidity. Moreover, disruptions caused by Russian military action or other actions (including cyberattacks and espionage) or resulting actual and threatened responses to such activity, including cyberattacks on the Russian government, Russian companies, or Russian individuals, including politicians, may impact Russia’s economy and Russian issuers of securities in which an Underlying Fund invests. The Russian military action, as well as the resulting sanctions and negative consumer and investor sentiment, could have a severe negative and long-term impact on Russia’s economy. The scope and magnitude of the sanctions and negative sentiment could make it difficult for Russia’s economy to recover even if the sanctions were to be lifted.
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The EU could also broaden, strengthen and/or otherwise change existing sanctions. These sanctions, or even the threat of further sanctions, could impair an Underlying Fund’s ability to invest in securities it views as attractive investment opportunities or to sell securities or other financial instruments as needed to meet shareholder redemptions. Such sanctions may result in the decline of the value and liquidity profile of Russian securities, a weakening of the ruble or other adverse consequences to the Russian economy. Sanctions, as well as other political actions, could also result in Russia taking countermeasures or retaliatory actions which may further impair the value and liquidity of Russian securities or depositary receipts tied to Russian securities. Such retaliatory measures include prohibiting individuals and companies from sanctioned countries from obtaining loans, transferring securities, and engaging in certain foreign currency transactions. Additional retaliatory sanctions may be imposed in the future. The impact that sanctions and countermeasures have are highly uncertain at this time. These and any related events could have a significant impact on Underlying Fund performance and the value of Underlying Fund investments.
Investment in Latin America. The history of certain Latin American countries has been characterized by political, economic and social instability, intervention by the military in civilian and economic spheres, and political corruption. For investors, this has meant additional risk caused by periods of regional conflict, political corruption, totalitarianism, protectionist measures, nationalizations, hyperinflation, debt crises, sudden and large currency devaluation, and military intervention. However, there have been changes in this regard, particularly in the past decade. Democracy is becoming well established in some countries. A move to a more mature and accountable political environment is well under way. Domestic economies have been deregulated, privatization of state-owned companies has progressed, and foreign trade restrictions have been relaxed. Nonetheless, to the extent that events such as those listed above that increase the risk of investment in this region continue in the future, they could reverse favorable trends toward market and economic reform, privatization, and removal of trade barriers, and result in significant disruption in securities markets.
Economies of most Latin American countries are highly dependent on commodity exports and, for certain countries, oil exports. Fluctuations in commodity and oil prices and currency rates can therefore have a pronounced effect on Latin American countries’ economies. The 2008–2009 worldwide economic downturn and the effects of the COVID-19 pandemic have in the past weakened demand for commodities and oil, and led to recession or economic difficulties in these countries. Certain Latin American countries recently have shown signs of recovery and have entered into regional trade agreements.
For example, USMCA has facilitated economic and financial integration among the United States, Canada and Mexico. However, any disruption and uncertainty regarding USMCA may have a significant and adverse impact on Mexico’s outlook and the value of an Underlying Fund’s investments in securities economically tied to Mexico. More broadly, the prices of oil and other commodities are in the midst of a period of high volatility driven, in part, by a continued slowdown in growth in China and the conflict in Ukraine. If growth in China remains slow, the conflict in Ukraine continues or if global economic conditions worsen, Latin American countries may face significant economic difficulties. Thus, there can be no assurance that any recent growth will be sustained and that Latin American countries will not face further recessionary pressures.
Most Latin American countries have experienced, at one time or another, and including for some, continue to experience severe and persistent levels of inflation, including in some cases, hyperinflation. This has, in turn, led to high interest rates, extreme measures by governments to keep inflation in check, and a generally debilitating effect on economic growth. For example, recent political instability in Venezuela has resulted in social unrest and a massive disruption in the Venezuelan economy, including a deep recession and near hyperinflation. Although inflation in many countries has lessened, there is no guarantee it will remain at lower levels.
Certain Latin American countries may experience sudden and large adjustments in their currency which, in turn, can have a disruptive and negative effect on foreign investors. Certain Latin American countries may impose restrictions on the free conversion of their currency into foreign currencies, including the U.S. dollar. There is no significant foreign exchange market for many currencies and it would, as a result, be difficult for the Underlying Funds to engage in foreign currency transactions designed to protect the value of the Underlying Funds’ interests in securities denominated in such currencies.
Almost all of the region’s economies have become highly dependent upon foreign credit and loans from external sources to fuel their state-sponsored economic plans. Government plans for modernization have exhausted these resources with little benefit accruing to the economy and most countries have been forced to restructure their loans or risk default on their debt obligations. In addition, interest on the debt is subject to market conditions and may reach levels that would impair economic activity and create a difficult and costly environment for borrowers. Accordingly, these governments may be forced to reschedule or freeze their debt repayment, which could negatively affect the market for Latin American securities. Latin American economies that depend on foreign credit and loans may also face significant economic difficulties if the Fed raises interest rates, which could potentially jeopardize various countries’ ability to service debt obligations or to service such obligations in a timely manner. Any ongoing or future deterioration of global economic conditions may reduce demand for exports from Latin America and limit the availability of foreign credit for some countries in the region.
Investment in Japan. Government-industry cooperation, a strong work ethic, mastery of high technology, emphasis on education, and a comparatively small defense allocation helped Japan advance with extraordinary speed to become one of the largest economic powers along with the United States and the EU. Despite its impressive history, investors face special risks when investing in Japan.
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The growth of Japan’s economy has recently lagged that of its Asian neighbors and other major developed countries. Since the early 2000s, Japan’s economic growth rate has remained low relative to other advanced economies and may remain low in the future. The Japanese economy is heavily reliant on international trade and has been adversely affected in the past by trade tariffs, other protectionist measures, competition from emerging economies, and the economic conditions of its trading partners. In addition, China has become an important trading partner with Japan, and therefore, changes in China’s growth rates may significantly impact the Japanese economy. The animosity between Japan and other Asian countries, such as China and Korea, may affect the trading relations between these countries. China’s territorial ambition over Taiwan may negatively impact Japan’s relationship with China given Japan’s historical and economic interests in Taiwan. Japan is also heavily dependent on oil and other commodity imports, and higher commodity prices could therefore have a negative impact on the Japanese economy. Although Japan has recently worked to reduce its dependence on oil by encouraging energy conservation and the use of alternative fuels, there is no guarantee that this trend will continue. The yen has had a history of unpredictable and volatile movements against the U.S. dollar; a weakening yen hurts U.S. investors holding yen-denominated securities. The Japanese stock market has also experienced wild swings in value over time and has often been considered significantly overvalued. Furthermore, Japan’s economic growth rate could be impacted by the Bank of Japan’s monetary policies, changing interest rates and global inflation, tax increases, budget deficits and volatility in the yen.
Beginning in the late 1990s, the nation’s financial institutions were successfully overhauled under the strong leadership of the government. The successful financial sector reform coincided with a Japanese economic recovery, which had set the stage for a comparatively brighter outlook for Japanese companies. However, Japan has an aging workforce and has experienced a significant population decline in recent years. Japan’s labor market appears to be undergoing fundamental structural changes, as a labor market traditionally accustomed to lifetime employment adjusts to meet the need for increased labor mobility, which may affect Japan’s economic competitiveness.
Japan is susceptible to natural disasters such as earthquakes and tsunamis, and an Underlying Fund’s investment in Japan may be more likely to be affected by such events than its investments in other geographic regions. There are special risks associated with investments in Japan, including foreign trade policy, regional economic disruption, government debt, aging and shrinking of the population, an uncertain financial sector, economic, political or social instability, low domestic consumption and certain corporate structural weaknesses.
Investment in Asia Other Than Japan. The political history of some Asian countries has been characterized by political uncertainty, intervention by the military in civilian and economic spheres, regional conflicts and government corruption. Such developments, if they continue to occur, could reverse favorable trends toward market and economic reform, privatization, and removal of trade barriers and result in significant disruption in securities markets. The economies of many countries in the region are heavily dependent on international trade and are accordingly affected by protective trade barriers and the economic conditions of their trading partners, principally, the United States, Japan, China and the EU.
Unlike in the United States, the currencies of certain Asian countries are not determined by the market but are instead managed at artificial levels to the U.S. dollar. This type of system can lead to sudden and large adjustments in the currency which, in turn, can have a disruptive and negative effect on foreign investors. Certain Asian countries also may restrict the free conversion of their currency into foreign currencies, including the U.S. dollar. There is no significant foreign exchange market for certain currencies and it would, as a result, be difficult for the Underlying Funds to engage in foreign currency transactions designed to protect the value of the Underlying Funds’ interests in securities denominated in such currencies.
Asian countries have historically been prone to natural disasters, such as droughts, floods and tsunamis, and the region’s economies may be affected by such environmental events in the future. Given the particular vulnerability of the region to the effects of climate change, disruptions in international efforts to address climate-related issues may have a disproportionate impact on an Underlying Fund’s investments in the region. An Underlying Fund’s investment in or exposure to Asian countries is, therefore, subject to the risk of such events.
By investing in securities or instruments that are economically tied to the People’s Republic of China (“PRC”) excluding Hong Kong, Macau and Taiwan for the purpose of this disclosure or other developing market Asian countries, an Underlying Fund is subject to certain risks in addition to those generally applicable to investment in foreign and emerging markets. In many Asian securities markets, including but not limited to the PRC qualified foreign institutional investors program (“FII” program, including the qualified foreign institutional investor (“QFII”) program based on recent PRC regulatory developments), there is a high concentration of market capitalization and trading volume in a small number of issuers representing a limited number of industries, as well as a high concentration of investors and financial intermediaries. Many of these markets also may be affected by developments with respect to more established markets in the region. Special risks associated with investments in the PRC include exposure to currency fluctuations, less liquidity, expropriation, confiscatory taxation, nationalization and exchange control regulations (including currency blockage). Inflation and rapid fluctuations in inflation and interest rates have had, and may continue to have, negative effects on the economy and securities markets of PRC, Hong Kong and Taiwan. Brokers in developing market Asian countries typically are fewer in number and less well capitalized than brokers in the United States. A number of Asian companies are also highly dependent on foreign loans for their operation, which could impose strict repayment term schedules and require significant economic and financial restructuring. In addition, there is a lack of clarity and
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more frequent changes in the laws and regulations in certain Asian countries compared to more developed international markets, and there could potentially be a lack of consistency in interpreting and applying the relevant regulations. These factors may severely restrict an Underlying Fund’s ability to pursue its investment objective or strategies, may result in fewer investment opportunities for an Underlying Fund and may have an adverse impact on the investment performance of an Underlying Fund.
Investment in securities or instruments that are economically tied to the PRC is also subject to the risk of political instability in the PRC. Including those risks associated with investing in emerging markets, an Underlying Fund’s investment in or exposure to the PRC is also subject to risks associated with, among other things, (a) inefficiencies resulting from erratic growth; (b) the unavailability of consistently reliable economic data; (c) potentially high rates of inflation; (d) dependence on exports and international trade; (e) relatively high levels of asset price volatility; (f) potential shortage of liquidity and limited accessibility by foreign investors; (g) greater competition from regional economies; (h) fluctuations in currency exchange rates or currency devaluation by the PRC government or central bank, particularly in light of the relative lack of currency hedging instruments and controls on the ability to exchange local currency for U.S. dollars; (i) the relatively small size and absence of operating history of many PRC companies; (j) the developing nature of the legal and regulatory framework for securities markets, custody arrangements and commerce; (k) uncertainty and potential changes with respect to the rules and regulations of the FII program and other market access programs through which such investments are made; (l) the commitment of the PRC government to continue with its economic reforms; and (m) the fact that Chinese regulators may suspend trading in Chinese issuers (or permit such issuers to suspend trading) during market disruptions, and that such suspensions may be widespread. In addition, certain securities are, or may in the future become, restricted and an Underlying Fund may be forced to sell such restricted security and incur a loss as a result. In addition, the relationship between the PRC and Taiwan is particularly sensitive, and hostilities between the PRC and Taiwan may present a risk to an Underlying Fund’s investment in either the PRC or Taiwan. Moreover, as demonstrated by past protests in Hong Kong over political, economic, and legal freedoms, and the PRC government’s response to them, political uncertainty exists within Hong Kong and there is no guarantee that additional protests will not arise in the future. Hostilities between the PRC and Hong Kong may present a risk to an Underlying Fund’s investment in the PRC or Hong Kong.
There also exists control on foreign investment in the PRC and limitations on repatriation of invested capital. Under the FII program, which is a market access program through which PRC investments are made available, or through investments in companies listed on exchanges outside of the PRC that provide exposure to companies that are based or operated in the PRC, there are certain regulatory restrictions imposed, particularly on (without limitation) investment scope, repatriation of funds, foreign shareholding limit and account structure. Although the relevant regulations have recently been revised to relax regulatory restrictions on the onshore capital management by FIIs (including but not limited to removing the investment quota limit and simplifying routine repatriation of investment proceeds), it is a new development and is therefore subject to uncertainties as to whether and how it will be implemented in practice, especially at this early stage. On the other hand, the recently amended FII regulations are also enhancing ongoing supervision on FIIs in terms of information disclosure among other aspects. In particular, FIIs are required to procure their underlying clients (such as any Underlying Fund investing in PRC securities via the FII program) to comply with PRC disclosure of interests rules and make the required disclosure on behalf of such underlying investors. As a result of PRC regulatory requirements, an Underlying Fund may be limited in its ability to invest in securities or instruments tied to the PRC and/or may be required to liquidate its holdings in securities or instruments tied to the PRC, including at an inopportune time. Under certain instances, such involuntary liquidations may result in losses for an Underlying Fund. In addition, securities exchanges in the PRC typically have the right to suspend or limit trading in any security traded on the relevant exchange. The PRC government or relevant PRC regulators may also implement policies that may adversely affect the PRC financial markets. Such suspensions, limitations or policies may have a negative impact on the performance of an Underlying Fund’s investments.
The PRC has historically been prone to natural or human disasters such as droughts, floods, pandemics, epidemics, earthquakes and tsunamis, and the region’s economy may be affected by such environmental events in the future. An Underlying Fund’s investment in the PRC is, therefore, subject to the risk of such events.
Investments in the PRC may subject an Underlying Fund’s investments to a number of PRC tax rules, and the application of many of those rules may be uncertain. Moreover, the PRC has implemented a number of tax reforms in recent years, and may amend or revise its existing tax laws and/or procedures in the future, possibly with retroactive effect. Changes in applicable PRC tax law could reduce the after-tax profits of the Underlying Funds, directly or indirectly, including by reducing the after-tax profits of companies in the PRC in which an Underlying Fund invests. PRC taxes that may apply to an Underlying Fund’s investments include income tax or withholding tax on dividends, interest or gains earned by the Underlying Fund, business tax and stamp duty. Uncertainties in the PRC tax rules could result in unexpected tax liabilities for the Underlying Funds. In addition, because the Public Company Accounting Oversight Board (“PCAOB”) is generally restricted from inspecting the audit work and practices of registered accountants in the PRC, there is the risk that material accounting and financial information about PRC issuers may be unavailable or unreliable. The PCAOB signed a Statement of Protocol with the China Securities Regulatory Commission and the Ministry of Finance of the PRC to grant the PCAOB access to inspect and investigate registered public
36 Statement of Additional Information
accounting firms in mainland China and Hong Kong completely, consistent with U.S. law. To the extent the PCAOB remains unable to inspect audit work papers and practices of the PCAOB-registered accounting firms in China with respect to their audit work of U.S. reporting companies, such inability may impose significant additional risks associated with investments in China. Further, to the extent an Underlying Fund invests in the securities of a company whose securities become subject to a trading prohibition, the Underlying Fund’s ability to transact in such securities, and the liquidity of the securities, as well as their market price, would likely be adversely affected. Foreign companies listed on U.S. exchanges, including offshore companies that utilize a variable interest entity (“VIE”) structure, also could face delisting or other ramifications for failure to meet the requirements of the listing exchange, the SEC, the PCAOB or other United States regulators, which could adversely affect the liquidity or value of the securities and have negative implications for U.S. investors and result in significant investment losses.
Variable Interest Entities. An Underlying Fund may invest in companies based or operated in the PRC by investing through legal structures known as VIEs. Certain PRC companies have used VIEs in order to facilitate foreign investment without distributing ownership of the PRC-based companies primarily due to the PRC governmental restrictions on non-PRC ownership of companies in certain industries and sectors. In such cases, the PRC-based operating company typically establishes an offshore company in another jurisdiction, and the offshore company enters into contractual arrangements (such as powers of attorney, equity pledge agreements, and other exclusive services or business cooperation agreements) with the PRC-based operating company. These contractual arrangements are intended to give the offshore company the ability to exercise power over and obtain economic rights from the PRC-based operating company. Shares of the offshore company, in turn, are listed and traded on exchanges outside of the PRC and are available to non-PRC investors such as an Underlying Fund. This arrangement allows non-PRC investors to hold stock in the offshore company, rather than the PRC-based operating company, to obtain economic exposure without direct equity ownership.
VIE structures are longstanding and well known to officials and regulators in the PRC. However, VIEs are not formally recognized under PRC law. Intervention by the PRC government with respect to VIEs could significantly affect the PRC operating company’s performance and the enforceability of the VIE’s contractual arrangements with the PRC company. There is a risk that the PRC may cease to allow VIEs at any time or impose new restrictions on the structure, such as penalties, revocation of business and operating licenses or forfeiture of ownership interests. Investments involving a VIE may also pose additional risks because such investments are made through a company whose interests in the underlying operating company are established through contract rather than through direct equity ownership. For example, the non-PRC offshore company’s contractual arrangement may be less effective than direct equity ownership, and the company may incur substantial costs to enforce the terms of the arrangements. If the parties to the contractual arrangements do not meet their obligations as intended or there are effects on the enforceability of these arrangements from changes in PRC law or practice, a breach of the contractual arrangement between the listed company and VIE, or if any physical instruments are used without authorization (such as PRC chops and seals), the listed company may lose control over the PRC-based operating company, and investments in the listed company’s securities may suffer significant economic losses. Also, the terms of such arrangements may be deemed unenforceable in the PRC, thus limiting (or eliminating) the remedies and rights available to the non-PRC offshore company and its investors and potentially resulting in significant economic losses with little or no recourse available. Such legal uncertainty may also be exploited against the interests of the offshore company and its investors. Further, the interests of the equity owners of the operating company may conflict with the interests of the investors of the offshore company, and the fiduciary duties of the officers and directors of the operating company may differ from, or conflict with, the fiduciary duties of the officers and directors of the offshore company. Any of the foregoing risks and events could negatively impact an Underlying Fund’s performance and NAV.
China A-Shares and China Stock Connect Risk. The following risks are in addition to the risks described under “Investment in Asia Other Than Japan” and “Emerging Markets.” Certain Underlying Funds may invest in eligible renminbi (“RMB”)-denominated shares of mainland China-based companies that trade on Chinese stock markets such as the Shanghai Stock Exchange and the Shenzhen Stock Exchange (referred to as “China A-Shares”) through the Shanghai and Shenzhen-Hong Kong Stock Connect programs (“Stock Connect”). Stock Connect allows non-Chinese investors (such as the Underlying Funds) to purchase certain PRC-listed equities via brokers in Hong Kong. There are significant risks and limitations inherent in investing in China A-Shares through Stock Connect. For example, an Underlying Fund’s investment in China A-Shares may only be traded through Stock Connect and is not otherwise transferable. Further, the list of eligible China A-Shares may change from time to time. When a China A-Shares issue is recalled from the scope of securities eligible for trading through Stock Connect, an Underlying Fund invested in such China A-Shares issue traded through Stock Connect may only sell, not buy, the China A-Shares issue, which may adversely affect the Underlying Fund’s investment strategy.
Stock Connect is not subject to individual investment quotas but market-wide daily and aggregate investment quotas apply to all Stock Connect participants. Once a daily quota limit is reached, orders to purchase additional China A-Shares of such issuance through Stock Connect will be rejected. Once such daily quotas are used up, acceptance of the corresponding buy orders will be immediately suspended and no further buy orders will be accepted for the remainder of the trading day. Buy orders which have been accepted will not be affected by the using up of the daily quota, while sell orders will continue to be accepted. Such quotas, which are subject to change from time to time, may restrict or preclude an Underlying Fund from investing in China A-Shares on a timely basis, which could affect the Underlying Fund’s ability to effectively pursue its
Statement of Additional Information 37
investment strategy. Further, an investor cannot purchase and sell the same security on the same trading day, which may restrict an Underlying Fund’s ability to invest in China A-Shares through Stock Connect and to enter into or exit trades where it is advantageous to do so on the same trading day. In addition, because Stock Connect trades are routed through Hong Kong brokers and the Hong Kong Stock Exchange, Stock Connect is affected by trading holidays in either the PRC or Hong Kong, and there are trading days in the PRC when Stock Connect investors will not be able to trade. As a result, prices of Stock Connect may fluctuate at times when an Underlying Fund is unable to add to or exit its position, which could adversely affect the Underlying Fund’s investment performance. Both the PRC and Hong Kong regulators are permitted, independently of each other, to suspend Stock Connect (or to permit such issues to suspend trading) in response to certain market conditions. Stock Connect trades are settled in RMB and investors must have timely access to a reliable supply of RMB in Hong Kong, which cannot be guaranteed.
Stock Connect regulations provide that investors enjoy the rights and benefits of Shanghai Stock Exchange equities purchased through Stock Connect, but the nominee structure under Stock Connect requires that China A-Shares be held through the Hong Kong Securities Clearing Company (“HKSCC”), as nominee for investors. An Underlying Fund’s ownership of China A-Shares will be reflected on the custodian’s records but the Underlying Fund itself will have only beneficial rights in such China A-Shares, and the mechanisms that beneficial owners may use to enforce their rights are untested. For instance, courts in China have limited experience in applying the concept of beneficial ownership and the law surrounding beneficial ownership will continue to evolve. An Underlying Fund may not be able to participate in corporate actions affecting Stock Connect securities due to time constraints or for other operational reasons. Similarly, an Underlying Fund will not be able to vote in shareholders’ meetings except through HKSCC and will not be able to attend shareholders’ meetings. Taken together with Stock Connect’s omnibus clearing structure, this structure may limit Advisors’ ability to effectively manage an Underlying Fund and may expose the Underlying Fund to the credit risk of its custodian or to greater risk of expropriation. While certain aspects of the Stock Connect trading process are subject to Hong Kong law, PRC rules applicable to share ownership will apply.
Additionally, China generally has less established legal, accounting and financial reporting systems than those in more developed markets, which may reduce the scope or quality of financial information relating to Chinese issuers. China A-Shares traded via Stock Connect are subject to risks associated with the legal and technical framework of Stock Connect. The trading, settlement and information technology (“IT”) systems required to operate Stock Connect are continuing to evolve. If relevant Stock Connect systems fail to function properly, trading in China A-Shares on Stock Connect could be disrupted. Further, in the event of high trading volume or unexpected market conditions, Stock Connect may be available on a limited basis.
The risks related to investments in China A Shares through Stock Connect are heightened to the extent that an Underlying Fund invests in China A Shares listed on the Science and Technology Innovation Board of the Shanghai Stock Exchange (“STAR Market”) and/or the ChiNext Market of the Shenzhen Stock Exchange (“ChiNext Market”). Listed companies on the STAR Market and ChiNext Market are usually of an emerging nature with smaller operating scale. They are subject to higher fluctuation in stock prices and liquidity. It may be more common and faster for companies listed on the STAR Market and ChiNext Market to delist.
China Bond Connect Risk. There are risks associated with an Underlying Fund’s investment in Chinese government bonds and other PRC-based debt instruments traded on the China Interbank Bond Market (“CIBM”) through the Bond Connect program. Bond Connect refers to the arrangement between Hong Kong and the PRC that enables Hong Kong and overseas investors to trade various types of debt securities in each other’s bond markets through connection between the relevant respective financial infrastructure institutions. Such trading is subject to a number of restrictions that may affect an Underlying Fund’s investments and returns. For example, investments made through Bond Connect are subject to order, clearance and settlement procedures that are relatively untested in the PRC, which could pose risks to an Underlying Fund. Furthermore, securities purchased through Bond Connect will be held on behalf of ultimate investors (such as an Underlying Fund) via a book entry omnibus account in the name of the Hong Kong Monetary Authority Central Money Markets Unit maintained with either the China Central Depository & Clearing Co. (“CCDC”) or the Shanghai Clearing House (“SCH”), each a PRC-based custodian. An Underlying Fund’s ownership interest in Bond Connect securities will not be reflected directly in book entry with CCDC or SCH and will instead only be reflected on the books of its Hong Kong sub-custodian. This recordkeeping system also subjects an Underlying Fund to various risks, such as the risks of settlement delays and counterparty default of the Hong Kong sub-custodian, or the risk that the Underlying Fund may have a limited ability to enforce rights as a bondholder. While the ultimate investors hold a beneficial interest in Bond Connect securities, the mechanisms that beneficial owners may use to enforce their rights are untested and courts in the PRC have limited experience in applying the concept of beneficial ownership. As such, an Underlying Fund may not be able to participate in corporate actions affecting its rights as a bondholder, such as timely payment of distributions, due to time constraints or for other operational reasons. Bond Connect trades are settled in RMB and investors must have timely access to a reliable supply of RMB in Hong Kong, which cannot be guaranteed. Furthermore, securities purchased through Bond Connect generally may not be sold, purchased or otherwise transferred other than through Bond Connect in accordance with applicable rules.
A primary feature of Bond Connect is the application of the home market’s laws and rules applicable to investors in Chinese fixed-income instruments. Therefore, an Underlying Fund’s investments in securities through Bond Connect are generally subject
38 Statement of Additional Information
to Chinese securities regulations and listing rules, among other restrictions. Such securities may lose their eligibility at any time, in which case they could be sold but could no longer be purchased through Bond Connect. An Underlying Fund will not benefit from access to Hong Kong investor compensation underlying funds, which are designed to protect against defaults of trades, when investing through Bond Connect. Bond Connect is only available on days when markets in both the PRC and Hong Kong are open. As a result, prices of securities purchased through Bond Connect may fluctuate at times when an Underlying Fund is unable to add to or exit its position and, therefore, may limit the Underlying Fund’s ability to trade when it would be otherwise attractive to do so.
The Bond Connect program may be subject to further interpretation, guidance and regulatory change. The trading, settlement and IT systems required for non-Chinese investors in Bond Connect are continuing to evolve. In the event that the relevant systems do not function properly, trading through Bond Connect could be disrupted. An Underlying Fund’s ability to trade through Bond Connect (and hence to pursue its investment strategy) may therefore be adversely affected. There can be no assurance that further regulations will not affect the availability of securities in the program, the frequency of redemptions or other limitations. In addition, the application and interpretation of the laws and regulations of Hong Kong and the PRC, and the rules, policies or guidelines published or applied by relevant regulators and exchanges in respect of the Bond Connect program are uncertain, and they may have an adverse effect on an Underlying Fund’s performance.
Potential lack of liquidity due to low trading volume of certain Underlying Fund investments in securities through Bond Connect may result in prices of certain fixed-income securities traded on such market fluctuating significantly, which may expose an Underlying Fund to liquidity risks. The bid and offer spreads of the prices of securities through Bond Connect may be large, and the Underlying Funds may therefore incur significant trading and realization costs and may even suffer losses when disposing of such investments.
Depositary Receipts. The Equity Funds and the Nuveen Real Estate Securities Select Fund can invest in American, European and Global Depositary Receipts (“ADRs,” “EDRs” and “GDRs,” respectively). They are alternatives to the purchase of the underlying securities in their national markets and currencies. Although their prices are quoted in U.S. dollars, they do not eliminate all the risks of foreign investing.
ADRs represent the right to receive securities of foreign issuers deposited in a domestic bank or a foreign correspondent bank. To the extent that an Underlying Fund acquires ADRs through banks which do not have a contractual relationship with the foreign issuer of the security underlying the ADR to issue and service such ADRs, there may be an increased possibility that the Underlying Fund would not become aware of, and be able to respond to, corporate actions such as stock splits or rights offerings involving the foreign issuer in a timely manner. In addition, the lack of information may result in inefficiencies in the valuation of such instruments. However, by investing in ADRs rather than directly in the stock of foreign issuers, an Underlying Fund will avoid currency risks during the settlement period for either purchases or sales. In general, there is a large, liquid market in the United States for ADRs quoted on a national securities exchange or the national market system, including the NASDAQ Stock Market, Inc. (“NASDAQ”). The information available for ADRs is subject to the accounting, auditing and financial reporting standards of the domestic market or exchange on which they are traded, which standards are more uniform and more exacting than those to which many foreign issuers may be subject.
EDRs and GDRs are receipts evidencing an arrangement with a non-U.S. bank similar to that for ADRs and are designed for use in non-U.S. securities markets. EDRs and GDRs are not necessarily quoted in the same currency as the underlying security.
Other policies
Other Investment Techniques and Opportunities. The Underlying Funds may take certain actions with respect to merger proposals, tender offers, conversion of equity-related securities and other investment opportunities with the objective of enhancing the portfolio’s overall return, regardless of how these actions may affect the weight of the particular securities in the Underlying Funds’ portfolios.
In the future, upon approval by the Board of Trustees, a portion of each Fund may invest in certain annuity or other contracts issued by TIAA or in real estate or other real asset pools, to the extent that it is determined that they are appropriate in light of the Funds’ desired levels of risk and potential return at the particular time, and provided that the Funds have received the necessary exemptive relief from the SEC.
Industry Concentration. Currently, none of the Funds or the Underlying Funds, other than the Nuveen Real Estate Securities Select Fund and the privately offered Real Property Fund, will concentrate more than 25% of its total assets in any one industry. While the Funds will not concentrate their investments in a particular industry, the Funds may indirectly concentrate in a particular industry or group of industries through their investments in one or more Underlying Funds. Currently, no Underlying Fund, other than the Nuveen Real Estate Securities Select Fund and the privately offered Real Property Fund, concentrates 25% or more of its total assets in any one industry.
Special Risks Related to Cybersecurity. With the increased use of technologies such as the internet to conduct business, the Funds, the Underlying Funds and their service providers (including, but not limited to, a Fund’s or an Underlying Fund’s custodian, transfer agent and financial intermediaries) are susceptible to cybersecurity risks. In general, cybersecurity attacks
Statement of Additional Information 39
can result from infection by computer viruses or other malicious software or from deliberate actions or unintentional events, including gaining unauthorized access through hacking or other means to digital systems, networks, or devices that are used to service the Funds’ and Underlying Funds’ operations in order to misappropriate assets or sensitive information, corrupt data, or cause operational disruption. Cybersecurity attacks can also be carried out in a manner that does not require gaining unauthorized access, including by carrying out a “denial-of-service” attack on a Fund or an Underlying Fund or its service providers’ websites. In addition, authorized persons could inadvertently or intentionally release confidential or proprietary information stored on the Trust’s, a Fund’s or an Underlying Fund’s systems.
Cybersecurity failures by Advisors or its affiliated investment advisers, other service providers, or the issuers of the portfolio securities in which a Fund or an Underlying Fund invests have the ability to result in disruptions to and impacts on business operations. Such disruptions or impacts may result in financial losses, interference with the Funds’ or an Underlying Funds’ ability to calculate their NAVs, barriers to trading, Fund or an Underlying Fund shareholders’ inability to transact business with a Fund or an Underlying Fund, violations of applicable federal and state privacy or other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, or additional compliance costs. The Funds, the Underlying Funds and their service providers may also maintain sensitive information (including relating to personally identifiable information of investors) and a cybersecurity breach may cause such information to be lost or improperly accessed, used or disclosed. The Funds and Underlying Funds may incur additional, incremental costs to prevent and mitigate the risks of cybersecurity attacks or incidents in the future. The Funds, Underlying Funds and their shareholders could be negatively impacted by such attacks or incidents. Although Advisors and its affiliated investment advisers have established business continuity plans and risk-based processes and controls to address such cybersecurity risks, there are inherent limitations in such plans and systems in part due to the evolving nature of technology and cybersecurity attack tactics. The use of cloud-based service providers could heighten or change these risks. In addition, work-from-home arrangements by the Funds, Underlying Funds, Advisors or their service providers could increase all of the above risks, create additional data and information accessibility concerns, and make the Funds, Underlying Funds, Advisors or their service providers more susceptible to operational disruptions, any of which could adversely impact their operations. As a result, it is possible that the Funds, Underlying Funds, Advisors or its affiliated investment advisers or a Fund’s or an Underlying Fund’s service providers will not be able to adequately identify or prepare for all cybersecurity attacks. In addition, the Funds and Underlying Funds cannot directly control the cybersecurity plans or systems implemented by their service providers or issuers in which they invest.
Liquidation of Funds. The Board of Trustees or similar governing body of an Underlying Fund that is not offered by the Trust may determine to close and/or liquidate a Fund or an Underlying Fund at any time, which may have adverse tax consequences to the shareholders of such Fund. In the event of the liquidation of a Fund or an Underlying Fund, shareholders will receive a liquidating distribution in cash or in-kind equal to their proportionate interest in the Fund or an Underlying Fund. A liquidating distribution may be a taxable event to shareholders, resulting in a gain or loss for tax purposes, depending upon a shareholder’s basis in their shares of the Fund. A shareholder of a liquidating Fund or an Underlying Fund will not be entitled to any refund or reimbursement of expenses borne, directly or indirectly, by the shareholder (such as shareholder account fees (if any) or fund operating expenses), and a shareholder may receive an amount in liquidation less than the shareholder’s original investment.
Portfolio Turnover. Generally, the transactions in which a Fund or an Underlying Fund engages are reflected in the Fund’s and Underlying Fund’s respective portfolio turnover rate (although the Money Market Fund does not have a portfolio turnover rate). The rate of portfolio turnover is calculated by dividing the lesser of the amount of purchases or sales of portfolio securities during the fiscal year by the monthly average of the value of the Fund’s or the Underlying Fund’s portfolio securities (excluding from the computation all securities, including options, with maturities at the time of acquisition of one year or less). A high rate of portfolio turnover generally involves correspondingly greater brokerage commission expenses, which must be borne directly by the Fund or the Underlying Fund and ultimately by the Fund’s and/or the Underlying Fund’s shareholders. However, because portfolio turnover is not a limiting factor in determining whether or not to sell portfolio securities, a particular investment may be sold at any time, if investment judgment or account operations make a sale advisable. As a result, each Fund will purchase and sell the principal portion of its portfolio securities (i.e., shares of the Underlying Funds) by dealing directly with the issuer (the Underlying Funds), and the Funds will not incur any brokerage commissions on most of their portfolio trades.
For the fiscal year ended May 31, 2024, the portfolio turnover rates of none of the Funds significantly changed from portfolio turnover rates in 2023.
Disclosure of portfolio holdings
The Funds have adopted a portfolio holdings disclosure policy that governs the dissemination of a Fund’s portfolio holdings. In accordance with this policy, a Fund may provide portfolio holdings information to third parties no earlier than the time a report is filed with the SEC that is required to contain such information or one day after the information is posted on the Fund’s publicly accessible website, www.nuveen.com. A complete list of portfolio holdings information is generally made available on the Fund’s website ten business days after the end of the month. Additionally, the Fund publishes on the website a list of its top ten holdings as of the end of each month, approximately two to five business days after the end of the month for which the
40 Statement of Additional Information
information is current. This information will remain available on the website at least until the Fund files with the SEC its Form N-CSR or Form N-PORT for the period that includes the date as of which the website information is current.
Additionally, a Fund may disclose portfolio holdings information that has not been included in a filing with the SEC or posted on the Fund’s website (i.e., non-public portfolio holdings information) only if there is a legitimate business purpose for doing so and if the recipient is required, either by explicit agreement or by virtue of the recipient’s duties to the Fund as an agent or service provider, to maintain the confidentiality of the information and to not use the information in an improper manner (e.g., personal trading). In this context, portfolio holdings information does not include summary information from which the identity of the Fund’s specific portfolio holdings cannot reasonably be derived. A Fund may disclose on an ongoing basis non-public portfolio holdings information in the normal course of its investment and administrative operations to various service providers, including, but not limited to, Nuveen and TIAA employees, fund accounting agents, auditors, custodians, pricing vendors, financial printers, proxy voting agents, securities lending agents, counsel to the Funds or the independent trustees, regulatory authorities, stock exchanges and other listing organizations. Also, Advisors may transmit to service providers non-public portfolio holdings information to enable Advisors to perform portfolio attribution analysis using third-party systems and software programs. Advisors may also provide certain portfolio holdings information to broker-dealers from time to time in connection with the purchase or sale of securities or requests for price quotations or bids on one or more securities. In providing this information, reasonable precautions are taken in an effort to avoid potential misuse of the disclosed information, including limitations on the scope of the portfolio holdings information disclosed, when appropriate. The Funds and Advisors do not receive compensation or other consideration in exchange for the disclosure of portfolio holdings.
Non-public portfolio holdings information may be provided to other persons if approved by a Managing Director in the Legal Department or Secretary of the Funds upon a determination that there is a legitimate business purpose for doing so, the disclosure is consistent with the interests of the shareholders of the Fund, and the recipient is obligated to maintain the confidentiality of the information and not misuse it, which includes a prohibition on trading on such non-public information. Notification must be provided to the Funds’ Chief Compliance Officer prior to the holdings information being released.
Compliance officers of the Funds and Advisors periodically monitor overall compliance with the policy to ascertain whether portfolio holdings information is disclosed in a manner that is consistent with the Funds’ policies.
There is no assurance that the Funds’ policies on portfolio holdings information will protect a Fund from the potential misuse of portfolio holdings information by individuals or firms in possession of such information.
The following parties currently receive non-public portfolio holdings information regarding one or more of the Funds on an ongoing basis pursuant to the various arrangements described above: Advent; Adviser Compliance Associates, LLC; Bank of America PriceServe; Broadridge Investor Communication Solutions, Inc.; Broadridge Systems; Chapman and Cutler, LLP; Compliance Solutions Strategies; Confluence NXT; Eagle Investment Systems, LLC; Electra Information Systems; Ernst & Young; Financial Graphic Services; Glass, Lewis & Co., LLC; ICE Benchmark Administration Limited; ICE Data Services; ISS; Investortools; KPMG, LLP; Lipper, Inc., a Reuters Company; Moody’s; Morningstar, Inc.; Mellon Analytical Solutions; Northern Trust Corp; Omgeo, LLC; PricewaterhouseCoopers LLP; S&P Global; PricingDirect Inc.; Refinitiv; Rimes Technologies Corporation; SS&C; State Street Bank and Trust Co.; Strategic Insight; Wolters Kluwer; The Thomson Corporation; Command Financial Press; the Investment Company Institute; Donnelley Financial Solutions; Bloomberg Finance, L.P.; Data Explorers Limited; eA Data Automation Services LLC; Objectiva Software (d/b/a Nu:Pitch); CoreOne Technologies; Cabot Research, LLC; Brown Brothers Harriman & Co.; Fidelity Information Services, LLC; EquiLend Holdings LLC; FactSet Research Systems Inc. and Sherpa Funds Technology Pte Ltd.
You can request more frequent portfolio holdings information, subject to the Funds’ policy as stated above, by writing to the Funds at Nuveen Funds, 730 Third Avenue, New York, NY 10017-3206.
In addition, Advisors has adopted a policy regarding distribution of portfolio attribution analyses and related data and commentary (“Portfolio Data”). This policy permits Advisors to provide oral or written information about the Funds, including, but not limited to, how each Fund’s investments are divided among: various sectors; industries; countries; value and growth stocks; small-, mid- and large-cap stocks; and various asset classes such as stocks, bonds, currencies and cash; as well as types of bonds, bond maturities, bond coupons and bond credit quality ratings. Portfolio Data may also include information on how these various weightings and factors contributed to Fund performance including the attribution of a Fund’s return by asset class, sector, industry and country. Portfolio Data may also include various financial characteristics of a Fund or its underlying portfolio securities, including, but not limited to, alpha, beta, R-squared, duration, maturity, information ratio, Sharpe ratio, earnings growth, payout ratio, price/book value, projected earnings growth, return on equity, standard deviation, tracking error, weighted average quality, market capitalization, percent debt to equity, price to cash flow, dividend yield or growth, default rate, portfolio turnover and risk and style characteristics.
Portfolio Data may be based on a Fund’s most recent quarter-end portfolio, month-end portfolio or some other interim period. Portfolio Data may be provided to members of the press, participants in the Fund, persons considering investing in the Fund, or representatives of such participants or potential participants, such as consultants, financial intermediaries, fiduciaries of a 401(k) plan or a trust and their advisers and rating and ranking organizations. While Advisors will provide Portfolio Data to persons upon appropriate request, the content and nature of the information provided to any person or category of persons may
Statement of Additional Information 41
differ. Please contact TIAA for information about obtaining Portfolio Data. Advisors may restrict access to any or all Portfolio Data in its sole discretion, including, but not limited to, if Advisors believes the release of such Portfolio Data may be harmful to the Fund.
Advisors serves as investment adviser to various other funds and accounts that may have investment objectives, strategies and portfolio holdings that are substantially similar to or overlap with those of the Funds, and in some cases, these funds may publicly disclose portfolio holdings on a more frequent basis than is required for the Funds. As a result, it is possible that other market participants may use such information for their own benefit, which could negatively impact the Funds’ execution of purchase and sale transactions.
The Trust is governed by its Board, which oversees the Trust’s business and affairs. The Board delegates the day-to-day management of the Funds to Advisors and the officers of the Trust (see below). The number of trustees of the Trust is twelve, all of whom are not interested persons of the Funds as defined in Section 2(a)(19) of the 1940 Act (referred to herein as “independent trustees”). None of the independent trustees has ever been a trustee, director or employee of, or consultant to, Advisors or its affiliates. The names, business addresses and years of birth of the Trustees and officers of the Funds, their principal occupations and other affiliations during the past five years, the number of portfolios each Trustee oversees and other directorships they hold are set forth below. Except as noted in the table below, the Trustees of the Trust are directors or trustees, as the case may be, of 216 Nuveen-sponsored registered investment companies (the “Nuveen Funds”), which include 147 open-end mutual funds, including the Funds (the “Nuveen Mutual Funds”), 46 closed-end funds and 23 exchange-traded funds.
42 Statement of Additional Information
Name,
address and |
| Position(s) held
|
| Term
of office |
| Principal occupation(s) during past 5 years |
| Number
of |
| Other directorships held by Trustee during past 5 years |
Independent |
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Joseph A. Boateng* |
| Trustee |
| Term—Indefinite. Length of Service— Since 2019. |
| Chief Investment Officer, Casey Family Programs (since 2007); formerly, Director of U.S. Pension Plans, Johnson & Johnson (2002-2006). |
| 210 |
| Board Member, Lumina Foundation (since 2018) and Waterside School (since 2021); Board Member (2012-2019) and Emeritus Board Member (since 2020), Year-Up Puget Sound; Investment Advisory Committee Member and Former Chair (since 2007), Seattle City Employees’ Retirement System; Investment Committee Member (since 2012), The Seattle Foundation; Trustee (2018-2023), the College Retirement Equities Fund; Manager (2019-2023), TIAA Separate Account VA-1. |
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Michael A. Forrester* |
| Trustee |
| Term—Indefinite. Length of Service— Since 2007. |
| Formerly, Chief Executive Officer (2014–2021) and Chief Operating Officer (2007–2014), Copper Rock Capital Partners, LLC. |
| 210 |
| Trustee, Dexter Southfield School (since 2019); Member (since 2020), Governing Council of the Independent Directors Council (IDC); Trustee, the College Retirement Equities Fund and Manager, TIAA Separate Account VA-1 (2007-2023). |
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Thomas J. Kenny |
| Co-Chair of the Board and Trustee |
| Term—Indefinite. Length of Service—
Since 2011. |
| Formerly, Advisory Director (2010–2011), Partner (2004–2010), Managing Director (1999–2004) and Co-Head of Global Cash and Fixed Income Portfolio Management Team (2002–2010), Goldman Sachs Asset Management. |
| 216 |
| Director (since 2015) and Chair of the Finance and Investment Committee (since 2018), Aflac Incorporated; Director (since 2018), ParentSquare; formerly, Director (2021-2022) and Finance Committee Chair (2016-2022), Sansum Clinic; formerly, Advisory Board Member (2017-2019), B’Box; formerly, Member (2011-2012), the University of California at Santa Barbara Arts and Lectures Advisory Council; formerly, Investment Committee Member (2012-2020), Cottage Health System; formerly, Board member (2009-2019) and President of the Board (2014-2018), Crane Country Day School; Trustee (2011-2023) and Chairman (2017-2023), the College Retirement Equities Fund; Manager (2011-2023) and Chairman (2017-2023), TIAA Separate Account VA-1. |
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Amy B. R. Lancellotta |
| Trustee |
| Term—Indefinite. Length of Service— Since 2024. |
| Formerly, Managing Director, IDC (supports the fund independent director community and is part of the Investment Company Institute (ICI), which represents regulated investment companies) (2006-2019); formerly, various positions with ICI (1989-2006). |
| 216 |
| President (since 2023) and Member (since 2020) of the Board of Directors, Jewish Coalition Against Domestic Abuse (JCADA). |
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Statement of Additional Information 43
Name,
address and |
| Position(s) held
|
| Term
of office |
| Principal occupation(s) during past 5 years |
| Number
of |
| Other directorships held by Trustee during past 5 years |
Joanne T. Medero |
| Trustee |
| Term—Indefinite. Length of Service— Since 2024. |
| Formerly, Managing Director, Government Relations and Public Policy (2009-2020) and Senior Advisor to the Vice Chairman (2018-2020), BlackRock, Inc. (global investment management firm); formerly, Managing Director, Global Head of Government Relations and Public Policy, Barclays Group (IBIM) (investment banking, investment management businesses) (2006-2009); formerly, Managing Director, Global General Counsel and Corporate Secretary, Barclays Global Investors (global investment management firm) (1996-2006); formerly, Partner, Orrick, Herrington & Sutcliffe LLP (law firm) (1993-1995); formerly, General Counsel, Commodity Futures Trading Commission (government agency overseeing U.S. derivatives markets) (1989-1993); formerly, Deputy Associate Director/Associate Director for Legal and Financial Affairs, Office of Presidential Personnel, The White House (1986-1989). |
| 216 |
| Member (since 2019) of the Board of Directors, Baltic-American Freedom Foundation (seeks to provide opportunities for citizens of the Baltic states to gain education and professional development through exchanges in the U.S.). |
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Albin F. Moschner |
| Trustee |
| Term—Indefinite. Length of Service— Since 2024. |
| Founder and Chief Executive Officer, Northcroft Partners, LLC (management consulting) (since 2012); formerly, held positions at Leap Wireless International, Inc., (consumer wireless service) including Consultant (2011-2012), Chief Operating Officer (2008-2011) and Chief Marketing Officer (2004-2008); formerly, President, Verizon Card Services division of Verizon Communications, Inc.(telecommunications services) (2000-2003); formerly, President, One Point Services at One Point Communications (telecommunications services) (1999-2000); formerly, Vice Chairman of the Board, Diba, Incorporated (internet technology provider) (1996-1997); formerly, various executive positions (1991-1996) and Chief Executive Officer (1995-1996) of Zenith Electronics Corporation (consumer electronics). |
| 216 |
| Formerly, Chairman (2019) and Director (2012-2019), USA Technologies, Inc. (a provider of solutions and services to facilitate electronic payment transactions); formerly, Director, Wintrust Financial Corporation (1996-2016). |
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John K. Nelson |
| Trustee |
| Term—Indefinite. Length of Service— Since 2024. |
| Formerly, Senior External Advisor to the Financial Services practice of Deloitte Consulting LLP. (2012-2014); Chief Executive Officer of ABN AMRO Bank N.V., North America, and Global Head of the Financial Markets Division (2007-2008), with various executive leadership roles in ABN AMRO Bank N.V. between 1996 and 2007. |
| 216 |
| Formerly, Member of Board of Directors (2008-2023) of Core12 LLC (private firm which develops branding, marketing and communications strategies for clients); formerly, Member of the President's Council (2010-2019) of Fordham University; formerly, Director (2009-2018) of the Curran Center for Catholic American Studies; formerly, Trustee and Chairman of The Board of Trustees of Marian University (2011-2013). |
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44 Statement of Additional Information
Name,
address and |
| Position(s) held
|
| Term
of office |
| Principal occupation(s) during past 5 years |
| Number
of |
| Other directorships held by Trustee during past 5 years |
Loren M. Starr† |
| Trustee |
| Term—Indefinite. Length of Service— Since 2022. |
| Independent Consultant/Advisor (since 2021); formerly, Vice Chair, Senior Managing Director (2020–2021), Chief Financial Officer, Senior Managing Director (2005–2020), Invesco Ltd. |
| 215 |
| Director (since 2023) and Audit Committee member (since 2024), AMG; formerly, Chair and Member of the Board of Directors (2014-2021), Georgia Leadership Institute for School Improvement (GLISI); formerly, Chair and Member of the Board of Trustees (2014-2018), Georgia Council on Economic Education (GCEE); Trustee, the College Retirement Equities Fund and Manager, TIAA Separate Account VA-1 (2022-2023). |
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Matthew Thornton III |
| Trustee |
| Term—Indefinite. Length of Service— Since 2024. |
| Formerly, Executive Vice President and Chief Operating Officer (2018-2019), FedEx Freight Corporation, a subsidiary of FedEx Corporation (“FedEx”) (provider of transportation, e-commerce and business services through its portfolio of companies); formerly, Senior Vice President, U.S. Operations (2006-2018), Federal Express Corporation, a subsidiary of FedEx. |
| 216 |
| Member of the Board of Directors (since 2014), The Sherwin-Williams Company (paints, coatings and related products); Member of the Board of Directors (since 2020), Crown Castle International (provider of communications infrastructure); formerly, Member of the Board of Directors (2012-2018), Safe Kids Worldwide® (a non-profit organization dedicated to preventing childhood injuries). |
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Terence J. Toth |
| Trustee |
| Term—Indefinite. Length of Service— Since 2024. Co-Chair for term ended June 30, 2024. |
| Formerly, Co-Founding Partner, Promus Capital (investment advisory firm) (2008-2017); formerly, Director of Quality Control Corporation (manufacturing) (2012- 2021); formerly, Director, Fulcrum IT Service LLC (information technology services firm to government entities) (2010-2019); formerly, Director, LogicMark LLC (health services) (2012-2016); formerly, Director, Legal & General Investment Management America, Inc. (asset management) (2008-2013); formerly, CEO and President, Northern Trust Global Investments (financial services) (2004-2007); Executive Vice President, Quantitative Management & Securities Lending (2000-2004); prior thereto, various positions with Northern Trust Company (financial services) (since 1994). |
| 216 |
| Chair and Member of the Board of Directors (since 2021), Kehrein Center for the Arts (philanthropy); Member of the Board of Directors (since 2008), Catalyst Schools of Chicago (philanthropy); Member of the Board of Directors (since 2012), formerly, Investment Committee Chair (2017-2022), Mather Foundation (philanthropy); formerly, Member (2005-2016), Chicago Fellowship Board (philanthropy); formerly, Member, Northern Trust Mutual Funds Board (2005-2007), Northern Trust Global Investments Board (2004-2007), Northern Trust Japan Board (2004-2007), Northern Trust Securities Inc. Board (2003-2007) and Northern Trust Hong Kong Board (1997-2004). |
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Margaret L. Wolff |
| Trustee |
| Term—Indefinite. Length of Service— Since 2024. |
| Formerly, Of Counsel (2005-2014), Skadden, Arps, Slate, Meagher & Flom LLP (Mergers & Acquisitions Group) (legal services). |
| 216 |
| Member of the Board of Trustees (since 2005), New York-Presbyterian Hospital; Member of the Board of Trustees (since 2004) formerly, Chair (2015-2022), The John A. Hartford Foundation (philanthropy dedicated to improving the care of older adults); formerly, Member (2005-2015) and Vice Chair (2011-2015) of the Board of Trustees of Mt. Holyoke College; formerly, Member of the Board of Directors (2013-2017) of Travelers Insurance Company of Canada and The Dominion of Canada General Insurance Company (each, a part of Travelers Canada, the Canadian operation of The Travelers Companies, Inc.). |
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Statement of Additional Information 45
Name, address and
|
| Position(s)
held |
| Term of office
|
| Principal occupation(s) during past 5 years |
| Number
of |
| Other directorships held by Trustee during past 5 years | |
Robert L. Young |
| Trustee |
| Term—Indefinite. Length of Service—
Since 2024. |
| Formerly, Chief Operating Officer and Director, J.P. Morgan Investment Management Inc. (financial services) (2010-2016); formerly, President and Principal Executive Officer (2013-2016) and Senior Vice President and Chief Operating Officer (2005-2010), of J.P. Morgan Funds; formerly, Director and various officer positions for J.P. Morgan Investment Management Inc. (formerly, JPMorgan Funds Management, Inc. and formerly, One Group Administrative Services) and JPMorgan Distribution Services, Inc. (financial services) (formerly, One Group Dealer Services, Inc.) (1999-2017). |
| 216 |
| None. | |
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* | Mr. Boateng and Mr. Forrester were each elected or appointed as a board member of each of the Nuveen Funds except Nuveen Core Plus Impact Fund, Nuveen Multi-Asset Income Fund, Nuveen Multi-Market Income Fund, Nuveen Preferred and Income Term Fund, Nuveen Real Asset Income and Growth Fund, and Nuveen Variable Rate Preferred & Income Fund, for which each serves as a consultant. | ||||||||||
† | Mr. Starr was elected or appointed as a board member of each of the Nuveen Funds except Nuveen Multi-Market Income Fund, for which he serves as a consultant. | ||||||||||
46 Statement of Additional Information
Name, business address and
|
| Position(s)
held |
| Term
of office |
| Principal occupation(s) during past five years |
Officers of the Trust: |
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Richard S. Biegen |
| Chief Compliance Officer |
| Term—Indefinite
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| Senior Managing Director of TIAA; Chief Compliance Officer of the TIAA-CREF Funds, TIAA-CREF Life Funds, College Retirement Equities Fund and TIAA Separate Account VA-1. |
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Mark J. Czarniecki |
| Vice President and Assistant Secretary |
| Term—Indefinite
|
| Managing Director and Assistant Secretary of Nuveen Securities, LLC and Nuveen Fund Advisors, LLC; Managing Director and Associate General Counsel of Nuveen; Managing Director, Assistant Secretary and Associate General Counsel of Nuveen Asset Management, LLC; has previously held various positions with Nuveen; Managing Director, Associate General Counsel and Assistant Secretary of Teachers Advisors, LLC and TIAA-CREF Investment Management, LLC. |
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Jordan M. Farris |
| Chief Administrative Officer (Principal Executive Officer) |
| Term—Indefinite
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| Head of Public Product Strategy and Development, Global Wealth, of Nuveen; Managing Director of Nuveen Fund Advisors, LLC; has previously held various positions with Nuveen. |
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Jeremy D. Franklin |
| Vice President and Assistant Secretary |
| Term—Indefinite
|
| Managing Director and Assistant Secretary, Nuveen Fund Advisors, LLC; Managing Director, Associate General Counsel and Assistant Secretary, Nuveen Asset Management, LLC, Teachers Advisors, LLC and TIAA-CREF Investment Management, LLC; Vice President and Associate General Counsel, Teachers Insurance and Annuity Association of America; Vice President and Assistant Secretary, TIAA-CREF Life Funds; Vice President, Associate General Counsel and Assistant Secretary, TIAA Separate Account VA-1 and College Retirement Equities Fund; has previously held various positions with TIAA. |
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Diana R. Gonzalez |
| Vice President and Assistant Secretary |
| Term—Indefinite
|
| Vice President and Assistant Secretary of Nuveen Fund Advisors, LLC; Vice President, Associate General Counsel and Assistant Secretary of Nuveen Asset Management, LLC, Teachers Advisors, LLC and TIAA-CREF Investment Management, LLC; Vice President and Associate General Counsel of Nuveen. |
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Nathaniel T. Jones |
| Vice President and Treasurer |
| Term—Indefinite
|
| Senior Managing Director of Nuveen; Senior Managing Director of Nuveen Fund Advisors, LLC; has previously held various positions with Nuveen; Chartered Financial Analyst. |
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Brian H. Lawrence |
| Vice President and Assistant Secretary |
| Term—Indefinite
|
| Vice President and Associate General Counsel of Nuveen; Vice President, Associate General Counsel and Assistant Secretary of Teachers Advisors, LLC and TIAA-CREF Investment Management, LLC; formerly, Corporate Counsel of Franklin Templeton (2018-2022). |
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Tina M. Lazar |
| Vice President |
| Term—Indefinite |
| Managing Director of Nuveen Securities, LLC. |
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Brian J. Lockhart |
| Vice President |
| Term—Indefinite |
| Senior Managing Director and Head of Investment Oversight of Nuveen; Senior Managing Director of Nuveen Fund Advisors, LLC; has previously held various positions with Nuveen; Chartered Financial Analyst and Certified Financial Risk Manager. |
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John M. McCann |
| Vice President and Assistant Secretary |
| Term—Indefinite
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| Managing Director, General Counsel and Secretary of Nuveen Fund Advisors, LLC; Managing Director, Associate General Counsel and Assistant Secretary of Nuveen Asset Management, LLC; Managing Director and Assistant Secretary of TIAA SMA Strategies LLC; Managing Director, Associate General Counsel and Assistant Secretary of College Retirement Equities Fund, TIAA Separate Account VA-1, TIAA-CREF Funds, TIAA-CREF Life Funds, Teachers Insurance and Annuity Association of America, Teacher Advisors LLC, TIAA-CREF Investment Management, LLC and Nuveen Alternative Advisors LLC; has previously held various positions with Nuveen/TIAA. |
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Kevin J. McCarthy |
| Vice President and Assistant Secretary |
| Term—Indefinite
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| Executive Vice President, Secretary and General Counsel of Nuveen Investments, Inc.; Executive Vice President and Assistant Secretary of Nuveen Securities, LLC and Nuveen Fund Advisors, LLC; Executive Vice President and Secretary of Nuveen Asset Management, LLC, Teachers Advisors, LLC, TIAA-CREF Investment Management, LLC and Nuveen Alternative Investments, LLC; Executive Vice President, Associate General Counsel and Assistant Secretary of TIAA-CREF Funds and TIAA-CREF Life Funds; has previously held various positions with Nuveen/TIAA; Vice President and Secretary of Winslow Capital Management, LLC; formerly, Vice President (2007-2021) and Secretary (2016-2021) of NWQ Investment Management Company, LLC and Santa Barbara Asset Management, LLC. |
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Statement of Additional Information 47
Name, business address and
|
| Position(s)
held |
| Term
of office |
| Principal occupation(s) during past five years |
Jon Scott Meissner |
| Vice President and Assistant Secretary |
| Term—Indefinite
|
| Managing Director, Mutual Fund Tax and Expense Administration of Nuveen, TIAA-CREF Funds, TIAA-CREF Life Funds, TIAA Separate Account VA-1 and College Retirement Equities Fund; Managing Director of Nuveen Fund Advisors, LLC; Managing Director, Mutual Fund and Tax Expense Administration; has previously held various positions with Nuveen/TIAA. |
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Mary Beth Ramsay |
| Vice President |
| Term—Indefinite |
| Chief Risk Officer, Nuveen and TIAA Financial Risk; Head of Nuveen Risk & Compliance; Executive Vice President, Teachers Insurance and Annuity Association of America; Executive Vice President, TIAA Separate Account VA-1 and the College Retirement Equities Fund; formerly, Senior Vice President, Head of Sales and Client Solutions (2019-2022) and U.S. Chief Pricing Actuary (2016-2019), SCOR Global Life Americas; Member of the Board of Directors of Society of Actuaries. |
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William A. Siffermann |
| Vice President |
| Term—Indefinite |
| Managing Director of Nuveen. |
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E. Scott Wickerham |
| Vice President and Controller (Principal Financial Officer) |
| Term—Indefinite
|
| Senior Managing Director, Head of Public Investment Finance of Nuveen; Senior Managing Director of Nuveen Fund Advisors, LLC, Nuveen Asset Management, LLC, Teachers Advisors, LLC and TIAA-CREF Investment Management, LLC; Principal Financial Officer, Principal Accounting Officer and Treasurer of the TIAA-CREF Funds, the TIAA-CREF Life Funds, the TIAA Separate Account VA-1 and the College Retirement Equities Fund; has previously held various positions with TIAA. |
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Mark L. Winget |
| Vice President and Assistant Secretary |
| Term—Indefinite
|
| Vice President and Assistant Secretary of Nuveen Securities, LLC and Nuveen Fund Advisors, LLC; Vice President, Associate General Counsel and Assistant Secretary of Teachers Advisors, LLC and TIAA-CREF Investment Management, LLC and Nuveen Asset Management, LLC; Vice President and Associate General Counsel of Nuveen. |
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Rachael Zufall |
| Vice President and Secretary |
| Term—Indefinite
|
| Managing Director and Assistant Secretary of Nuveen Fund Advisors, LLC; Managing Director, Associate General Counsel and Assistant Secretary of the College Retirement Equities Fund, TIAA Separate Account VA-1, TIAA-CREF Funds and TIAA-CREF Life Funds; Managing Director, Associate General Counsel and Assistant Secretary of Teacher Advisors, LLC and TIAA-CREF Investment Management, LLC; Managing Director of Nuveen, LLC and of TIAA. |
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48 Statement of Additional Information
Board leadership structure and risk oversight
The Board of Trustees (including the Board of Trustees of the Trust) or the Board of Directors (as the case may be, each is referred to hereafter as the “Board” or “Board of Trustees” and the directors or trustees of the Nuveen Funds, as applicable, are each referred to herein as “trustees”) oversees the operations and management of the Nuveen Funds, including the duties performed for the Nuveen Funds by Advisors or its affiliates. The Board has adopted a unitary board structure. A unitary board consists of one group of trustees who serve on the board of every fund in the Nuveen Fund complex (except with respect to certain Nuveen Funds where certain trustees may instead serve as consultants, as indicated in the “Independent Trustees” table included herein). In adopting a unitary board structure, the trustees seek to provide effective governance through establishing a board, the overall composition of which will, as a body, possess the appropriate skills, diversity (including, among other things, gender, race and ethnicity), independence and experience to oversee the Nuveen Funds’ business. With this overall framework in mind, when the Board, through its Nominating and Governance Committee discussed below, seeks nominees for the Board, the trustees consider, not only the candidate’s particular background, skills and experience, among other things, but also whether such background, skills and experience enhance the Board’s diversity and at the same time complement the Board given its current composition and the mix of skills and experiences of the incumbent trustees. The Nominating and Governance Committee believes that the Board generally benefits from diversity of background (including, among other things, gender, race and ethnicity), skills, experience and views among its members, and considers this a factor in evaluating the composition of the Board, but has not adopted any specific policy on diversity or any particular definition of diversity.
The Board believes the unitary board structure enhances good and effective governance, particularly given the nature of the structure of the investment company complex. Funds in the same complex generally are served by the same service providers and personnel and are governed by the same regulatory scheme which raises common issues that must be addressed by the trustees across the fund complex (such as compliance, valuation, liquidity, brokerage, trade allocation or risk management). The Board believes it is more efficient to have a single board review and oversee common policies and procedures which increases the Board’s knowledge and expertise with respect to the many aspects of fund operations that are complex-wide in nature. The unitary structure also enhances the Board’s influence and oversight over the investment adviser and other service providers.
In an effort to enhance the independence of the Board, the Board also has Co-Chairs that are independent trustees. The Board recognizes that a chair can perform an important role in setting the agenda for the Board, establishing the boardroom culture, establishing a point person on behalf of the Board for Fund management, and reinforcing the Board’s focus on the long-term interests of shareholders. The Board recognizes that a chair may be able to better perform these functions without any conflicts of interests arising from a position with Fund management. Accordingly, the trustees have elected Mr. Kenny to serve as an independent Co-Chair of the Board for a one-year term expiring on December 31, 2024 and Mr. Young to serve as an independent Co-Chair of the Board for a six-month term from July 1, 2024 through December 31, 2024. Specific responsibilities of the Co-Chairs include: (i) coordinating with Fund management in the preparation of the agenda for each meeting of the Board; (ii) presiding at all meetings of the Board and of the shareholders; and (iii) serving as a liaison with other trustees, the Trust’s officers and other Fund management personnel, and counsel to the independent trustees. The Co-Chairs perform such other duties as the Board may from time to time determine.
Although the Board has direct responsibility over various matters (such as advisory contracts and underwriting contracts), the Board also exercises certain of its oversight responsibilities through several committees that it has established and which report back to the full Board. The Board believes that a committee structure is an effective means to permit trustees to focus on particular operations or issues affecting the Nuveen Funds, including risk oversight. More specifically, with respect to risk oversight, the Board has delegated matters relating to valuation, compliance and investment risk to certain committees (as summarized below). In addition, the Board believes that the periodic rotation of trustees among the different committees allows the trustees to gain additional and different perspectives of the Nuveen Funds’ operations. The Board has established seven standing committees: the Executive Committee, the Dividend Committee, the Audit Committee, the Compliance, Risk Management and Regulatory Oversight Committee, the Nominating and Governance Committee, the Investment Committee and the Open-End Funds Committee. Prior to January 1, 2024, the Board had established different standing committees. During the fiscal year ended May 31, 2024, the former Audit and Compliance Committee met two times, the former Investment Committee met three times, the former Nominating and Governance Committee met two times, and the former Operations Committee met two times. During the fiscal year ended May 31, 2024, the former Executive Committee and the former Special Emergency Valuation Committee did not meet. The Board may also from time to time create ad hoc committees to focus on particular issues as the need arises. The membership and functions of the standing committees are summarized below. For more information on the Board, please visit www.nuveen.com/fundgovernance.
The Executive Committee, which may meet between regular meetings of the Board, is authorized to exercise all of the powers of the Board. The members of the Executive Committee are Mr. Kenny and Mr. Young, Co-Chairs, Mr. Nelson and Mr. Toth. During the fiscal year ended May 31, 2024, the Executive Committee, in its current structure, met four times.
Statement of Additional Information 49
The Audit Committee assists the Board in the oversight and monitoring of the accounting and financial reporting policies, processes and practices of the Nuveen Funds, and the audits of the financial statements of the Nuveen Funds; the quality and integrity of the financial statements of the Nuveen Funds; the Nuveen Funds’ compliance with legal and regulatory requirements relating to the Nuveen Funds’ financial statements; the independent auditors’ qualifications, performance and independence; and the Valuation Policy of the Nuveen Funds and the internal valuation group of Advisors, as valuation designee for the Nuveen Funds. It is the responsibility of the Audit Committee to select, evaluate and replace any independent auditors (subject only to Board approval and, if applicable, shareholder ratification) and to determine their compensation. The Audit Committee is also responsible for, among other things, overseeing the valuation of securities comprising the Nuveen Funds’ portfolios. The Audit Committee is also primarily responsible for the oversight of the Valuation Policy and actions taken by Advisors, as valuation designee of the Funds, through its internal valuation group, which provides regular reports to the committee, reviews any issues relating to the valuation of the Nuveen Funds’ securities brought to its attention and considers the risks to the Nuveen Funds in assessing the possible resolutions to these matters. The Audit Committee may also consider any financial risk exposures for the Nuveen Funds in conjunction with performing its functions.
To fulfill its oversight duties, the Audit Committee regularly meets with Fund management to discuss the Nuveen Funds’ annual and semi-annual reports and has regular meetings with the external auditors for the Nuveen Funds and Advisors’ internal audit group. In assessing financial risk disclosure, the Audit Committee also may review in a general manner the processes the Board or other Board committees have in place with respect to risk assessment and risk management as well as compliance with legal and regulatory matters relating to the Nuveen Funds’ financial statements. The Audit Committee operates under a written charter adopted and approved by the Board. Members of the Audit Committee shall be independent (as set forth in the charter) and free of any relationship that, in the opinion of the trustees, would interfere with their exercise of independent judgment as an Audit Committee member. The members of the Audit Committee are Mr. Nelson, Chair, Mr. Boateng, Mr. Moschner, Mr. Starr, Ms. Wolff and Mr. Young, each of whom is an independent trustee of the Funds. Mr. Boateng, Mr. Moschner, Mr. Nelson, Mr. Starr and Mr. Young have each been designated as an “audit committee financial expert” as defined by the rules of the SEC. During the fiscal year ended May 31, 2024, the Audit Committee, in its current structure, met six times.
The Nominating and Governance Committee is responsible for seeking, identifying and recommending to the Board qualified candidates for election or appointment to the Board. In addition, the Nominating and Governance Committee oversees matters of corporate governance, including the evaluation of Board performance and processes, the assignment and rotation of committee members, and the establishment of corporate governance guidelines and procedures, to the extent necessary or desirable, and matters related thereto. The committee recognizes that as demands on the Board evolve over time (such as through an increase in the number of funds overseen or an increase in the complexity of the issues raised), the committee must continue to evaluate the Board and committee structures and their processes and modify the foregoing as may be necessary or appropriate to continue to provide effective governance. Accordingly, the Nominating and Governance Committee has a separate meeting each year to, among other things, review the Board and committee structures, their performance and functions, and recommend any modifications thereto or alternative structures or processes that would enhance the Board’s governance of the Nuveen Funds.
In addition, the Nominating and Governance Committee, among other things, makes recommendations concerning the continuing education of trustees; monitors performance of legal counsel; establishes and monitors a process by which security holders are able to communicate in writing with members of the Board; and periodically reviews and makes recommendations about any appropriate changes to trustee compensation. In the event of a vacancy on the Board, the Nominating and Governance Committee receives suggestions from various sources, including shareholders, as to suitable candidates. Suggestions should be sent in writing to William Siffermann, Manager of Fund Board Relations, Nuveen, LLC, 333 West Wacker Drive, Chicago, IL 60606. The Nominating and Governance Committee sets appropriate standards and requirements for nominations for new trustees and reserves the right to interview any and all candidates and to make the final selection of any new trustees. In considering a candidate’s qualifications, each candidate must meet certain basic requirements, including relevant skills and experience, time availability (including the time requirements for due diligence meetings with sub-advisers and service providers) and, if qualifying as an independent trustee candidate, independence from Advisors and other service providers, including any affiliates of these entities. These skill and experience requirements may vary depending on the current composition of the Board, since the goal is to ensure an appropriate range of skills, diversity and experience, in the aggregate. Accordingly, the particular factors considered and weight given to these factors will depend on the composition of the Board and the skills and backgrounds of the incumbent trustees at the time of consideration of the nominees. All candidates, however, must meet high expectations of personal integrity, independence, governance experience and professional competence. All candidates must be willing to be critical within the Board and with Fund management and yet maintain a collegial and collaborative manner toward other Board members. The Nominating and Governance Committee operates under a written charter adopted and approved by the Board. This committee is composed of the independent trustees of the Nuveen Funds. Accordingly, the members of the Nominating and Governance Committee are Mr. Kenny and Mr. Young, Co-Chairs, Mr. Boateng,
50 Statement of Additional Information
Mr. Forrester, Ms. Lancellotta, Ms. Medero, Mr. Moschner, Mr. Nelson, Mr. Starr, Mr. Thornton, Mr. Toth and Ms. Wolff. During the fiscal year ended May 31, 2024, the Nominating and Governance Committee, in its current structure, met two times.
The Dividend Committee is authorized to declare distributions (with subsequent ratification by the Board) on the Nuveen Funds’ shares, including, but not limited to, regular and special dividends, capital gains and ordinary income distributions. The Dividend Committee operates under a written charter adopted by the Board. The members of the Dividend Committee are Mr. Thornton, Chair, Ms. Lancellotta, Mr. Nelson and Mr. Starr. During the fiscal year ended May 31, 2024, the Dividend Committee, in its current structure, met four times.
The Compliance, Risk Management and Regulatory Oversight Committee (the “Compliance Committee”) is responsible for the oversight of compliance issues, risk management and other regulatory matters affecting the Nuveen Funds that are not otherwise the jurisdiction of the other committees. The Board has adopted and periodically reviews policies and procedures designed to address the Nuveen Funds’ compliance and risk matters. As part of its duties, the Compliance Committee reviews the policies and procedures relating to compliance matters and recommends modifications thereto as necessary or appropriate to the full Board; develops new policies and procedures as new regulatory matters affecting the Nuveen Funds arise from time to time; evaluates or considers any comments or reports from examinations from regulatory authorities and responses thereto; and performs any special reviews, investigations or other oversight responsibilities relating to risk management, compliance and/or regulatory matters as requested by the Board.
In addition, the Compliance Committee is responsible for risk oversight, including, but not limited to, the oversight of general risks related to investments which are not reviewed by other committees, such as liquidity and derivatives usage; risks related to product structure elements, such as leverage; techniques that may be used to address the foregoing risks, such as hedging and swaps and Fund operational risk and risks related to the overall operation of the TIAA/Nuveen enterprise and, in each case, the controls designed to address or mitigate such risks. In assessing issues brought to the Compliance Committee’s attention or in reviewing a particular policy, procedure, investment technique or strategy, the Compliance Committee evaluates the risks to the Nuveen Funds in adopting a particular approach compared to the anticipated benefits to the Nuveen Funds and their shareholders. In fulfilling its obligations, the Compliance Committee meets on a quarterly basis. The Compliance Committee receives written and oral reports from the Nuveen Funds’ Chief Compliance Officer (“CCO”) and meets privately with the CCO at each of its quarterly meetings. The CCO also provides an annual report to the full Board regarding the operations of the Nuveen Funds’ and service providers’ compliance programs as well as any recommendations for modifications thereto. Certain matters not addressed at the committee level may be addressed by another committee or directly by the full Board. The Compliance Committee operates under a written charter adopted and approved by the Board. The members of the Compliance Committee are Ms. Wolff, Chair, Mr. Forrester, Mr. Kenny, Ms. Lancellotta, Ms. Medero, Mr. Thornton and Mr. Toth. During the fiscal year ended May 31, 2024, the Compliance Committee, in its current structure, met three times.
The Investment Committee is responsible for the oversight of Nuveen Fund performance, investment risk management and other portfolio-related matters affecting the Nuveen Funds which are not otherwise the jurisdiction of the other Board committees. As part of such oversight, the Investment Committee reviews each Nuveen Fund’s investment performance and investment risks, which may include, but is not limited to, an evaluation of Nuveen Fund performance relative to investment objectives, benchmarks and peer group; a review of risks related to portfolio investments, such as exposures to particular issuers, market sectors, or types of securities, as well as consideration of other factors that could impact or are related to Nuveen Fund performance; and an assessment of Nuveen Fund objectives, policies and practices as such may relate to Nuveen Fund performance. In assessing issues brought to the Investment Committee’s attention or in reviewing an investment policy, technique or strategy, the Investment Committee evaluates the risks to the Nuveen Funds in adopting or recommending a particular approach or resolution compared to the anticipated benefits to the Nuveen Funds and their shareholders.
In fulfilling its obligations, the Investment Committee receives quarterly reports from the investment oversight and the investment risk groups at Nuveen, including from Advisors. Such groups also report to the full Board on a quarterly basis and the full Board participates in further discussions with Fund management at its quarterly meetings regarding matters relating to Nuveen Fund performance and investment risks, including with respect to the various drivers of performance and Nuveen Fund use of leverage and hedging. Accordingly, the Board directly and/or in conjunction with the Investment Committee oversees the investment performance and investment risk management of the Nuveen Funds. The Investment Committee operates under a written charter adopted and approved by the Board. This Investment Committee is composed of the independent trustees of the Nuveen Funds. Accordingly, the members of the Investment Committee are Mr. Boateng and Ms. Lancellotta, Co-Chairs, Mr. Forrester, Mr. Kenny, Ms. Medero, Mr. Moschner, Mr. Nelson, Mr. Starr, Mr. Thornton, Mr. Toth, Ms. Wolff and Mr. Young. During the fiscal year ended May 31, 2024, the Investment Committee, in its current structure, met two times.
The Open-End Funds Committee is responsible for assisting the Board in the oversight and monitoring of the Nuveen Funds that are registered as open-end management investment companies (“Open-End Funds”). The committee may review and evaluate matters related to the formation and the initial presentation to the Board of any new Open-End Fund and may review and evaluate any matters relating to any existing Open-End Fund. The Open-End Funds Committee operates under a written charter adopted and approved by the Board. The members of the Open-End Funds Committee are Mr. Forrester and
Statement of Additional Information 51
Ms. Medero, Co-Chairs, Mr. Boateng, Mr. Kenny, Mr. Thornton, Mr. Toth and Mr. Young. During the fiscal year ended May 31, 2024, the Open-End Funds Committee, in its current structure, met two times.
Board diversification and Trustee qualifications
In determining that a particular trustee was qualified to serve on the Board, the Board has considered each trustee’s background, skills, experience and other attributes in light of the composition of the Board with no particular factor controlling. The Board believes that trustees need to have the ability to critically review, evaluate, question and discuss information provided to them, and to interact effectively with Fund management, service providers and counsel, in order to exercise effective business judgment in the performance of their duties, and the Board believes each trustee satisfies this standard. An effective trustee may achieve this ability through his or her educational background; business, professional training or practice; public service or academic positions; experience from service as a board member or executive of investment funds, public companies or significant private or not-for-profit entities or other organizations; and/or other life experiences. Accordingly, set forth below is a summary of the experiences, qualifications, attributes, and skills that led to the conclusion, as of the date of this document, that each trustee should continue to serve in that capacity. References to the experiences, qualifications, attributes and skills of directors are pursuant to requirements of the SEC, do not constitute holding out of the Board or any director as having any special expertise or experience and shall not impose any greater responsibility or liability on any such person or on the Board by reason thereof.
Joseph A. Boateng
Since 2007, Mr. Boateng has served as the Chief Investment Officer for Casey Family Programs. 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 from 2018 to 2023 and on the Management Committee for TIAA Separate Account VA-1 from 2019 to 2023. Mr. Boateng received a B.S. from the University of Ghana and an M.B.A. from the University of California, Los Angeles.
Michael A. Forrester
From 2007 to 2021, Mr. Forrester held various positions with Copper Rock Capital Partners, LLC (“Copper Rock”), including Chief Executive Officer (2014-2021), Chief Operating Officer (“COO”) (2007-2014) and Board Member (2007-2021). Mr. Forrester is currently a member of the Independent Directors Council Governing Council of the Investment Company Institute. He also serves on the Board of Trustees of the Dexter Southfield School. Mr. Forrester previously served on the Board of Trustees for the College Retirement Equities Fund and on the Management Committee for TIAA Separate Account VA-1 from 2007 to 2023. Mr. Forrester has a B.A. from Washington and Lee University.
Thomas J. Kenny
Mr. Kenny, the Nuveen Funds’ Independent Co-Chair for a one year-term expiring on December 31, 2024, served as an Advisory Director (2010-2011), Partner (2004-2010), Managing Director (1999-2004) and Co-Head (2002-2010) of Goldman Sachs Asset Management’s Global Cash and Fixed Income Portfolio Management team, having worked at Goldman Sachs since 1999. Mr. Kenny is a Director and the Chair of the Finance and Investment Committee of Aflac Incorporated and a Director of ParentSquare. He is a former Director and Finance Committee Chair for the Sansum Clinic; former Advisory Board Member, B’Box; former Member of the University of California at Santa Barbara Arts and Lectures Advisory Council; former Investment Committee Member, Cottage Health System; and former President of the Board of Crane Country Day School. Mr. Kenny previously served on the Board of Trustees (2011-2023) and as Chairman (2017-2023) for the College Retirement Equities Fund and on the Management Committee (2011-2023) and as Chairman (2017-2023) for TIAA Separate Account VA-1. He received a B.A. from the University of California, Santa Barbara, and an M.S. from Golden Gate University. He is also a Chartered Financial Analyst.
Amy B. R. Lancellotta
After 30 years of service, Ms. Lancellotta retired at the end of 2019 from the Investment Company Institute (ICI), which represents regulated investment companies on regulatory, legislative and securities industry initiatives that affect funds and their shareholders. From November 2006 until her retirement, Ms. Lancellotta served as Managing Director of ICI’s Independent Directors Council (IDC), which supports fund independent directors in fulfilling their responsibilities to promote and protect the interests of fund shareholders. At IDC, Ms. Lancellotta was responsible for all ICI and IDC activities relating to the fund independent director community. In conjunction with her responsibilities, Ms. Lancellotta advised and represented IDC, ICI, independent directors and the investment company industry on issues relating to fund governance and the role of fund
52 Statement of Additional Information
directors. She also directed and coordinated IDC’s education, communication, governance and policy initiatives. Prior to serving as Managing Director of IDC, Ms. Lancellotta held various other positions with ICI beginning in 1989. Before joining ICI, Ms. Lancellotta was an associate at two Washington, D.C. law firms. In addition, she has been President, since 2023, and a member, since 2020, of the Board of Directors of the Jewish Coalition Against Domestic Abuse (JCADA), an organization that seeks to end power-based violence, empower survivors and ensure safe communities. Ms. Lancellotta received a B.A. degree from Pennsylvania State University in 1981 and a J.D. degree from the National Law Center, George Washington University (currently known as George Washington University Law School) in 1984.
Joanne T. Medero
Ms. Medero has over 30 years of financial services experience and, most recently, from December 2009 until her retirement in July 2020, she was a Managing Director in the Government Relations and Public Policy Group at BlackRock, Inc. (BlackRock). From July 2018 to July 2020, she was also Senior Advisor to BlackRock’s Vice Chairman, focusing on public policy and corporate governance issues. In 1996, Ms. Medero joined Barclays Global Investors (BGI), which merged with BlackRock in 2009. At BGI, she was a Managing Director and served as Global General Counsel and Corporate Secretary until 2006. Then, from 2006 to 2009, Ms. Medero was a Managing Director and Global Head of Government Relations and Public Policy at Barclays Group (IBIM), where she provided policy guidance and directed legislative and regulatory advocacy programs for the investment banking, investment management and wealth management businesses. Before joining BGI, Ms. Medero was a Partner at Orrick, Herrington & Sutcliffe LLP from 1993 to 1995, where she specialized in derivatives and financial markets regulation issues. Additionally, she served as General Counsel of the Commodity Futures Trading Commission (CFTC) from 1989 to 1993 and, from 1986 to 1989, she was Deputy Associate Director/Associate Director for Legal and Financial Affairs at The White House Office of Presidential Personnel. Further, from 2006 to 2010, Ms. Medero was a member of the CFTC Global Markets Advisory Committee and she has been actively involved in financial industry associations, serving as Chair of the Steering Committee of the SIFMA (Securities Industry and Financial Markets Association) Asset Management Group (2016-2018) and Chair of the CTA (Commodity Trading Advisor), CPO (Commodity Pool Operator) and Futures Committee of the Managed Funds Association (2010-2012). Ms. Medero also chaired the Corporations, Antitrust and Securities Practice Group of The Federalist Society for Law and Public Policy (from 2010 to 2022 and 2000 to 2002). In addition, since 2019, she has been a member of the Board of Directors of the Baltic-American Freedom Foundation, which seeks to provide opportunities for citizens of the Baltic States to gain education and professional development through exchanges in the United States. Ms. Medero received a B.A. degree from St. Lawrence University in 1975 and a J.D. degree from the National Law Center, George Washington University (currently known as George Washington University Law School) in 1978.
Albin F. Moschner
Mr. Moschner is a consultant in the wireless industry and, in July 2012, founded Northcroft Partners, LLC, a management consulting firm that provides operational, management and governance solutions. Prior to founding Northcroft Partners, LLC, Mr. Moschner held various positions at Leap Wireless International, Inc., a provider of wireless services, where he was a consultant from February 2011 to July 2012, Chief Operating Officer from July 2008 to February 2011, and Chief Marketing Officer from August 2004 to June 2008. Before he joined Leap Wireless International, Inc., Mr. Moschner was President of the Verizon Card Services division of Verizon Communications, Inc. from 2000 to 2003, and President of One Point Services at One Point Communications from 1999 to 2000. Mr. Moschner also served at Zenith Electronics Corporation as Director, President and Chief Executive Officer from 1995 to 1996, and as Director, President and Chief Operating Officer from 1994 to 1995. Mr. Moschner was Chairman of the Board (2019) and a member of the Board of Directors (2012-2019) of USA Technologies, Inc. and, from 1996 until 2016, he was a member of the Board of Directors of Wintrust Financial Corporation. In addition, he is emeritus (since 2018) of the Advisory Boards of the Kellogg School of Management (1995-2018) and the Archdiocese of Chicago Financial Council (2012-2018). Mr. Moschner received a Bachelor of Engineering degree in Electrical Engineering from The City College of New York in 1974 and a Master of Science degree in Electrical Engineering from Syracuse University in 1979.
Statement of Additional Information 53
John K. Nelson
Mr. Nelson formerly served on the Board of Directors of Core12, LLC from 2008 to 2023, a private firm that 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). At Fordham University, he served as a director of The President's Council (2010- 2019) and previously served as a director of The Curran Center for Catholic American Studies (2009-2018). He served as a trustee and Chairman of The Board of Trustees of Marian University (2011-2013). Mr. Nelson is a graduate of Fordham University, holding a BA in Economics and an MBA in Finance.
Loren M. Starr
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 member of the Audit Committee for AMG. He is former Chair and member of the Board of Directors, Georgia Leadership Institute for School Improvement (GLISI); former Chair and member of the Board of Trustees, Georgia Council on Economic Education (GCEE). Mr. Starr previously served on the Board of Trustees for the College Retirement Equities Fund and on the Management Committee for TIAA Separate Account VA-1 (2022-2023). Mr. Starr received a B.A. and a B.S. from Columbia College, an M.B.A. from Columbia Business School, and an M.S. from Carnegie Mellon University.
Matthew Thornton III
Mr. Thornton has over 40 years of broad leadership and operating experience from his career with FedEx Corporation (“FedEx”), which, through its portfolio of companies, provides transportation, e-commerce and business services. In November 2019, Mr. Thornton retired as Executive Vice President and Chief Operating Officer of FedEx Freight Corporation (FedEx Freight), a subsidiary of FedEx, where, from May 2018 until his retirement, he had been responsible for day-to-day operations, strategic guidance, modernization of freight operations and delivering innovative customer solutions. From September 2006 to May 2018, Mr. Thornton served as Senior Vice President, U.S. Operations at Federal Express Corporation (FedEx Express), a subsidiary of FedEx. Prior to September 2006, Mr. Thornton held a range of positions of increasing responsibility with FedEx, including various management positions. In addition, Mr. Thornton currently (since 2014) serves on the Board of Directors of The Sherwin-Williams Company, where he is a member of the Audit Committee and the Nominating and Corporate Governance Committee, and the Board of Directors of Crown Castle International (since 2020), where he is a member of the Strategy Committee and the Compensation Committee. Formerly (2012-2018), he was a member of the Board of Directors of Safe Kids Worldwide®, a non-profit organization dedicated to the prevention of childhood injuries. Mr. Thornton is a member (since 2014) of the Executive Leadership Council (ELC), the nation’s premier organization of global black senior executives. He is also a member of the National Association of Corporate Directors (NACD). Mr. Thornton has been recognized by Black Enterprise on its 2017 list of the Most Powerful Executives in Corporate America and by Ebony on its 2016 Power 100 list of the world’s most influential and inspiring African Americans. Mr. Thornton received a B.B.A. degree from the University of Memphis in 1980 and an M.B.A. from the University of Tennessee in 2001.
Terence J. Toth
Mr. Toth was a Co-Founding Partner of Promus Capital (2008-2017). From 2012 to 2021, he was a Director of Quality Control Corporation, from 2010 to 2019, he was a Director of Fulcrum IT Service LLC and from 2012 to 2016, he was a Director of LogicMark LLC. From 2008 to 2013, he was a Director of Legal & General Investment Management America, Inc. From 2004 to 2007, he was Chief Executive Officer and President of Northern Trust Global Investments, and Executive Vice President of Quantitative Management & Securities Lending from 2000 to 2004. He also formerly served on the Board of the Northern Trust Mutual Funds. He joined Northern Trust in 1994 after serving as Managing Director and Head of Global Securities Lending at Bankers Trust (1986 to 1994) and Head of Government Trading and Cash Collateral Investment at Northern Trust from 1982 to 1986. He currently serves as Chair of the Board of the Kehrein Center for the Arts (since 2021) and is on the Board of Catalyst Schools of Chicago (since 2008). He is on the Mather Foundation Board (since 2012) and was Chair of its Investment Committee from 2017 to 2022. Mr. Toth graduated with a Bachelor of Science degree from the University of Illinois, and received his MBA from New York University. In 2005, he graduated from the CEO Perspectives Program at Northwestern University.
54 Statement of Additional Information
Margaret L. Wolff
Ms. Wolff retired from Skadden, Arps, Slate, Meagher & Flom LLP in 2014 after more than 30 years of providing client service in the Mergers & Acquisitions Group. During her legal career, Ms. Wolff devoted significant time to advising boards and senior management on U.S. and international corporate, securities, regulatory and strategic matters, including governance, shareholder, fiduciary, operational and management issues. From 2013 to 2017, she was a Board member of Travelers Insurance Company of Canada and The Dominion of Canada General Insurance Company (each of which is a part of Travelers Canada, the Canadian operation of The Travelers Companies, Inc.). Ms. Wolff has been a trustee of New York-Presbyterian Hospital since 2005 and, since 2004, she has served as a trustee of The John A. Hartford Foundation (a philanthropy dedicated to improving the care of older adults) where she formerly served as Chair from 2015 to 2022. From 2005 to 2015, she was a trustee of Mt. Holyoke College and served as Vice Chair of the Board from 2011 to 2015. Ms. Wolff received her Bachelor of Arts from Mt. Holyoke College and her Juris Doctor from Case Western Reserve University School of Law.
Robert L. Young
Mr. Young, the Nuveen Funds’ Independent Co-Chair for a six-month term from July 1, 2024 through December 31, 2024, has more than 30 years of experience in the investment management industry. From 1997 to 2017, he held various positions with J.P. Morgan Investment Management Inc. (“J.P. Morgan Investment”) and its affiliates (collectively, “J.P. Morgan”). Most recently, he served as Chief Operating Officer and Director of J.P. Morgan Investment (from 2010 to 2016) and as President and Principal Executive Officer of the J.P. Morgan Funds (from 2013 to 2016). As Chief Operating Officer of J.P. Morgan Investment, Mr. Young led service, administration and business platform support activities for J.P. Morgan’s domestic retail mutual fund and institutional commingled and separate account businesses, and co-led these activities for J.P. Morgan’s global retail and institutional investment management businesses. As President of the J.P. Morgan Funds, Mr. Young interacted with various service providers to these funds, facilitated the relationship between such funds and their boards, and was directly involved in establishing board agendas, addressing regulatory matters, and establishing policies and procedures. Before joining J.P. Morgan, Mr. Young, a former Certified Public Accountant (CPA), was a Senior Manager (Audit) with Deloitte & Touche LLP (formerly, Touche Ross LLP), where he was employed from 1985 to 1996. During his tenure there, he actively participated in creating, and ultimately led, the firm’s midwestern mutual fund practice. Mr. Young holds a Bachelor of Business Administration degree in Accounting from the University of Dayton and, from 2008 to 2011, he served on the Investment Committee of its Board of Trustees.
Board compensation
The following table shows, for each independent trustee, (1) the aggregate compensation (including deferred amounts), as well as any amounts related to special, ad hoc committees that are temporary in nature and not expected to be long-term, ongoing compensation, paid by the Funds for the fiscal year ended May 31, 2024, (2) the amount of total compensation paid by the Funds that has been deferred, and (3) the total compensation (including deferred amounts), as well as any amounts related to special, ad hoc committees that are temporary in nature and not expected to be long-term, ongoing compensation, paid to each trustee by the Nuveen Funds during the fiscal year ended May 31, 2024. Pursuant to the Board’s deferred compensation plan, a portion of the independent trustees’ compensation may be deferred and treated as though an equivalent dollar amount has been invested in shares of one or more eligible Nuveen Funds. The amount of total compensation that has been deferred provided below represents the total deferred fees payable from the Funds, including fees deferred under the Trust’s different deferred compensation plans prior to January 1, 2024.
Statement of Additional Information 55
| Name |
| Aggregate compensation from the Funds |
| Amount of total compensation
|
| Total compensation from |
| ||||||
|
|
|
|
|
|
|
|
| ||||||
| Forrest Berkley1, 2 |
| $ | 32,027 |
|
| $ | 32,027 |
|
| $ | 437,500 |
|
|
| Joseph A. Boateng2 |
| 57,785 |
|
|
| 13,231 |
|
|
| 463,500 |
|
| |
| Joseph A. Carrier1, 2 |
|
| 32,027 |
|
|
| 32,027 |
|
|
| 437,500 |
|
|
| Janice C. Eberly1, 2 |
|
| 32,027 |
|
|
| 32,027 |
|
|
| 437,500 |
|
|
| Nancy A. Eckl1, 2 |
|
| 36,081 |
|
|
| 8,919 |
|
|
| 482,500 |
|
|
| Michael A. Forrester2 |
|
| 59,343 |
|
|
| 59,343 |
|
|
| 478,500 |
|
|
| Howell E. Jackson1, 2 |
|
| 32,027 |
|
|
| 11,230 |
|
|
| 476,250 |
|
|
| Nicole Thorne Jenkins1, 2 |
|
| 32,027 |
|
|
| 8,919 |
|
|
| 437,500 |
|
|
| Thomas J. Kenny2 |
|
| 74,296 |
|
|
| 14,636 |
|
|
| 608,000 |
|
|
| Amy B. R. Lancellotta3 |
|
| 18,445 |
|
|
| 6,087 |
|
|
| 479,000 |
|
|
| Joanne T. Medero3 |
|
| 18,259 |
|
|
| 5,342 |
|
|
| 462,750 |
|
|
| Albin F. Moschner3 |
|
| 18,707 |
|
|
| — |
|
|
| 507,750 |
|
|
| John K. Nelson3 |
|
| 18,447 |
|
|
| — |
|
|
| 492,100 |
|
|
| James Poterba1, 2 |
|
| 36,081 |
|
|
| 36,081 |
|
|
| 507,500 |
|
|
| Loren M. Starr2 |
|
| 56,289 |
|
|
| 15,151 |
|
|
| 461,000 |
|
|
| Matthew Thornton III3 |
|
| 18,445 |
|
|
| — |
|
|
| 465,000 |
|
|
| Terence J. Toth3 |
|
| 23,943 |
|
|
| — |
|
|
| 621,850 |
|
|
| Margaret L. Wolff3 |
|
| 17,552 |
|
|
| 6,230 |
|
|
| 485,700 |
|
|
| Robert L. Young3 |
|
| 12,352 |
|
|
| 11,264 |
|
|
| 414,475 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 | Mr. Berkley, Mr. Carrier, Prof. Eberly, Ms. Eckl, Prof. Jackson, Dean Jenkins and Prof. Poterba each resigned from the Board of the Trust effective as of the close of business on December 31, 2023. | |||||||||||||
2 | “Total compensation from Nuveen Funds Paid to Trustee” for Mr. Berkley, Mr. Boateng, Mr. Carrier, Prof. Eberly, Ms. Eckl, Mr. Forrester, Prof. Jackson, Dean Jenkins, Mr. Kenny, Prof. Poterba and Mr. Starr for the period presented includes compensation received from College Retirement Equities Fund (“CREF”) and TIAA Separate Account VA-1 (“VA-1”) as each was a member of the board and management committee of CREF and VA-1, respectively during the period. | |||||||||||||
3 | Ms. Lancellotta, Ms. Medero, Mr. Moschner, Mr. Nelson, Mr. Thornton, Mr. Toth, Ms. Wolff and Mr. Young were trustees of the Trust from January 1, 2024 to the end of the fiscal year presented. | |||||||||||||
Effective January 1, 2023 through December 31, 2023 for Mr. Berkley, Mr. Boateng, Ms. Carrier, Prof. Eberly, Ms. Eckl, Mr. Forrester, Prof. Jackson, Dean Jenkins, Mr. Kenny, Prof. Poterba and Mr. Starr, independent trustee compensation was based on the following rates: an annual retainer of $225,000; an annual long-term compensation contribution of $110,000; an annual committee chair fee of $20,000 for the former Nominating and Governance Committee and $30,000 for the chairs of the former Investment Committee, former Operations Committee and former Audit and Compliance Committee; an annual Board chair fee of $136,000; and an annual committee retainer of $20,000 for the former Nominating and Governance Committee and $30,000 for the former Investment Committee, former Operations Committee and former Audit and Compliance Committee.
Effective January 1, 2024, independent trustees receive a $350,000 annual retainer, plus they receive (a) an annual retainer of $30,000 for membership on the Audit Committee and Compliance, Risk Management and Regulatory Oversight Committee, respectively; and (b) an annual retainer of $20,000 for membership on the Dividend Committee, Investment Committee, Nominating and Governance Committee and Open-End Funds Committee, respectively. In addition to the payments described above, the Chair and/or Co-Chair of the Board receives $140,000 annually; the chair and/or co-chair of the Audit Committee and Compliance, Risk Management and Regulatory Oversight Committee receive $30,000 annually; and the chair and/or co-chair of the Dividend Committee, Investment Committee, Nominating and Governance Committee and Open-End Funds Committee receive $20,000 annually. Trustees will be paid either $1,000 or $2,500 for any ad hoc meetings of the Board or its Committees depending upon the meeting’s length and immediacy. For any special assignment committees, the chair and/or co-chair will be paid a quarterly fee of $1,250 and members will be paid a quarterly fee of $5,000. The annual retainers, fees and expenses of the Board are allocated among the funds in the Nuveen Fund complex on the basis of relative net assets, although a minimum amount may be established to be allocated to each fund. In certain instances, fees and expenses will be allocated only to those funds that are discussed at a given meeting.
The Trust does not have a retirement or pension plan. The Trust is a participant in a deferred compensation plan (the “Deferred Compensation Plan”) that permits any independent trustee to elect to defer receipt of all or a portion of his or her compensation as an independent trustee. The deferred compensation of a participating trustee is credited to a book reserve account of the participating Nuveen Funds when the compensation would otherwise have been paid to the trustee. The value of the trustee’s deferral account at any time is equal to the value that the account would have had if contributions to the account had been invested and reinvested in shares of one or more of the eligible Nuveen Funds. An independent trustee may elect to receive distributions in a lump sum or over a period of two to 20 years. No participating Nuveen Fund will be liable for any other fund’s obligations to make distributions under the Deferred Compensation Plan. Prior to January 1, 2024, the Trust was a participant in different deferred compensation plans.
56 Statement of Additional Information
Share ownership
The information in the table below discloses the dollar ranges of (i) each trustee’s beneficial ownership in each Fund, and (ii) each trustee’s aggregate beneficial ownership in all funds within the Nuveen Funds complex, including in each case the value of fund shares elected by the trustee in the trustees’ deferred compensation plan(s) then in effect, based on the value of fund shares as of December 31, 2023:
Name | Dollar range of equity securities in the Funds | Aggregate Holdings – Fund Complex | |
Joseph A. Boateng1 | Nuveen Lifecycle 2020: Over $100,000 | Over $100,000 | |
Nuveen Lifecycle Index 2010: Over $100,000 | |||
Nuveen Lifecycle Index 2020: Over $100,000 | |||
Michael A. Forrester1 | Nuveen Lifecycle Index 2025: Over $100,000 | Over $100,000 | |
Nuveen Lifecycle Index 2050: Over $100,000 | |||
Thomas J. Kenny1 | Nuveen Lifecycle 2025: Over $100,000 | Over $100,000 | |
Nuveen Lifecycle Index 2025: Over $100,000 | |||
Amy B. R. Lancellotta2 | N/A | Over $100,000 | |
Joanne T. Medero2 | N/A | Over $100,000 | |
Albin F. Moschner2 | N/A | Over $100,000 | |
John K. Nelson2 | N/A | Over $100,000 | |
Loren M. Starr1 | None | Over $100,000 | |
Matthew Thornton III2 | N/A | Over $100,000 | |
Terence J. Toth2 | N/A | Over $100,000 | |
Margaret L. Wolff2 | N/A | Over $100,000 | |
Robert L. Young2 | N/A | Over $100,000 |
1 | “Aggregate Holdings – Fund Complex” for Mr. Boateng, Mr. Forrester, Mr. Kenny and Mr. Starr includes holdings in CREF and/or VA-1, as each was a member of the board and management committee of CREF and VA-1, respectively as of December 31, 2023. |
2 | Information regarding the holdings of Ms. Lancellotta, Ms. Medero, Mr. Moschner, Mr. Nelson, Mr. Thornton, Mr. Toth, Ms. Wolff and Mr. Young in the Funds is not presented because each was not a trustee of the Trust as of December 31, 2023. |
As of August 28, 2024, the officers and trustees of the Trust, in the aggregate, owned less than 1% of the shares of each of the Funds.
Other than as noted in the table below, as of August 28, 2024, none of the independent trustees or their immediate family members owned, beneficially, or of record, any securities in (i) an investment adviser or principal underwriter of the Funds or (ii) a person (other than a registered investment company) directly or indirectly controlling, controlled by, or under common control with an investment adviser or principal underwriter of the Funds.
The table below presents information on trustees who own securities in companies (other than investment companies) that are advised by entities that are under common control with Advisors as of December 31, 2023:
Name of Trustee |
| Name of |
| Companies(2) |
| Title of |
| Value
of |
|
| Percent of Class(4) |
| ||
Thomas J. Kenny |
| Thomas Joseph Kenny 2021 Trust (Mr. Kenny is Initial Trustee and Settlor.) |
| Global Timber Resources LLC |
| None |
| $ | 64,792 |
|
|
| 0.01 | % |
| KSHFO, LLC(1) |
| Global Timber Resources Investor Fund, LP |
| None |
| $ | 973,390 |
|
|
| 6.01 | % | |
|
| KSHFO, LLC(1) |
| Global Agriculture II Investor Fund LP |
| None |
| $ | 1,511,340 |
|
|
| 10.10 | % |
(1) Mr. Kenny owns 6.6% of KSHFO, LLC.
(2) Advisors, as well as the investment advisers to these Companies, are indirectly commonly controlled by Nuveen, LLC.
(3) These amounts reflect the current value of holdings as of December 31, 2023. As of the date of this SAI, that is the most recent information available regarding the Companies.
(4) These percentages reflect the overall amount committed to invest in the Companies, not current ownership percentages.
The Trust has adopted policies and procedures to govern the Funds’ voting of proxies of portfolio companies. The Trust seeks to use proxy voting as a tool to promote positive returns for long-term shareholders. The Trust believes that sound
Statement of Additional Information 57
corporate governance practices and responsible corporate behavior create the framework from which public companies can be managed in the long-term interests of shareholders.
As a general matter, the Trust’s Board has delegated to Advisors responsibility for voting proxies of the Funds’ portfolio companies in accordance with the Nuveen Proxy Voting Policies, attached as an Appendix to this SAI.
Advisors votes proxies solicited by an Underlying Fund in the same proportion as the vote of the Underlying Fund’s shareholders other than the Funds (sometimes called “mirror” or “echo” voting).
Advisors has a dedicated team of professionals responsible for reviewing and voting proxies. In analyzing a proposal, in addition to exercising their professional judgment, these professionals utilize various sources of information to enhance their ability to evaluate the proposal. These sources may include research from third-party proxy advisory firms and other consultants, various corporate governance-focused organizations, related publications and Nuveen investment professionals. Based on their analysis of proposals and guided by the Nuveen Proxy Voting Policies, these professionals then vote in a manner intended solely to advance the best interests of the Funds’ shareholders. Occasionally, when a proposal relates to issues not addressed in the Nuveen Proxy Voting Policies, Advisors may seek guidance from the Trust’s Board or a designated committee thereof.
The Trust and Advisors believe that they have implemented policies, procedures and processes designed to prevent conflicts of interest from influencing proxy voting decisions. These include (i) oversight by the Board or a designated committee thereof; (ii) a clear separation of proxy voting functions from external client relationship and sales functions; and (iii) the active monitoring of required annual disclosures of potential conflicts of interest by individuals who have direct roles in executing or influencing the Funds’ proxy voting (e.g., Advisors’ proxy voting professionals, a Trustee, or a senior executive of the Trust, Advisors or Advisors’ affiliates) by Advisors’ legal and compliance professionals.
There could be rare instances in which an individual who has a direct role in executing or influencing the Funds’ proxy voting (e.g., Advisors’ proxy voting professionals, a Trustee, or a senior executive of the Trust, Advisors or Advisors’ affiliates) is either a director or executive of a portfolio company or may have some other association with a portfolio company. In such cases, this individual is required to recuse himself or herself from all decisions related to proxy voting for that portfolio company.
A record of all proxy votes cast for the Funds for the 12-month period ended June 30 can be obtained, free of charge, at www.nuveen.com, and on the SEC’s website at www.sec.gov.
58 Statement of Additional Information
Principal holders of securities
As of August 28, 2024, the following investors were known to hold beneficially or of record 5% or more of the outstanding shares of any class of a Fund:
Fund—Class |
| Percentage of holdings |
| Shares |
| |
|
|
|
|
|
|
|
Nuveen Lifecycle Retirement Income Fund—Class A |
|
|
|
|
| |
|
|
|
|
|
|
|
| PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052 |
| 32.44% |
| 3,606,038.109 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuveen Lifecycle Retirement Income Fund—Class I |
|
|
|
|
| |
|
|
|
|
|
|
|
| LPL FINANCIAL OMNIBUS CUSTOMER ACCOUNT ATTN MUTUAL FUND TRADING PO BOX 509046 SAN DIEGO CA 92150-9046 |
| 49.72% |
| 13,781.321 |
|
|
|
|
|
|
|
|
| TEACHERS INSURANCE & ANNUITY ASSOC ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE STE 2A NEW YORK NY 10017-3207 |
| 34.00% |
| 9,423.628 |
|
|
|
|
|
|
|
|
| RAYMOND JAMES OMNIBUS FOR MUTUAL FUNDS HOUSE ACCT FIRM 92500015 ATTN: COURTNEY WALLER 880 CARILLON PARKWAY ST PETERSBURG FL 33716-1102 |
| 16.28% |
| 4,513.437 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuveen Lifecycle Retirement Income Fund—Premier Class |
|
|
|
|
| |
|
|
|
|
|
|
|
| MERRILL LYNCH, PIERCE, FENNER & SMITH, INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS 4800 DEER LAKE DR E JACKSONVILLE FL 32246-6484 |
| 58.91% |
| 118,049.386 |
|
|
|
|
|
|
|
|
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 |
| 14.63% |
| 29,305.525 |
|
|
|
|
|
|
|
|
| JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS TTEE/CUST FOR RHSP CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413 |
| 9.58% |
| 19,199.030 |
|
|
|
|
|
|
|
|
| STATE STREET BANK CUSTODIAN FBO ADP ACCESS LARGE MARKET 401K 1 LINCOLN ST BOSTON MA 02111-2901 |
| 8.72% |
| 17,474.059 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuveen Lifecycle Retirement Income Fund—Class R6 |
|
|
|
|
| |
|
|
|
|
|
|
|
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 |
| 51.13% |
| 6,802,105.760 |
|
|
|
|
|
|
|
|
| TIAA-CREF INDIVIDUAL & INSTITUTIONAL SERV INC FOR EXCLUSIVE BENEFIT OF CUSTOMERS ATTN PATRICK NELSON 730 3RD AVE NEW YORK NY 10017-3206 |
| 31.89% |
| 4,241,971.150 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuveen Lifecycle Retirement Income Fund—Retirement Class |
|
|
|
|
| |
|
|
|
|
|
|
|
| JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS CUST FOR IRA CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413 |
| 78.71% |
| 8,666,791.564 |
|
|
|
|
|
|
|
|
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 |
| 12.25% |
| 1,349,327.036 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuveen Lifecycle 2010 Fund—Class I |
|
|
|
|
| |
|
|
|
|
|
|
|
| TEACHERS INSURANCE & ANNUITY ASSOC ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE STE 2A NEW YORK NY 10017-3207 |
| 60.67% |
| 9,386.123 |
|
|
|
|
|
|
|
|
| PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052 |
| 39.33% |
| 6,085.071 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuveen Lifecycle 2010 Fund—Premier Class |
|
|
|
|
| |
|
|
|
|
|
|
|
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 |
| 99.70% |
| 3,061,919.816 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuveen Lifecycle 2010 Fund—Class R6 |
|
|
|
|
| |
|
|
|
|
|
|
|
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 |
| 75.69% |
| 36,694,757.640 |
|
|
|
|
|
|
|
|
| TIAA-CREF INDIVIDUAL & INSTITUTIONAL SERV INC FOR EXCLUSIVE BENEFIT OF CUSTOMERS ATTN PATRICK NELSON 730 3RD AVE NEW YORK NY 10017-3206 |
| 21.97% |
| 10,652,317.188 |
|
|
|
|
|
|
|
|
Statement of Additional Information 59
Fund—Class |
| Percentage of holdings |
| Shares |
| |
|
|
|
|
|
|
|
Nuveen Lifecycle 2010 Fund—Retirement Class |
|
|
|
|
| |
|
|
|
|
|
|
|
| JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS CUST FOR IRA CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413 |
| 50.25% |
| 8,868,247.892 |
|
|
|
|
|
|
|
|
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 |
| 30.02% |
| 5,298,685.443 |
|
|
|
|
|
|
|
|
| JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS TTEE/CUST FOR RHSP CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413 |
| 16.72% |
| 2,950,713.545 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuveen Lifecycle 2015 Fund—Class I |
|
|
|
|
| |
|
|
|
|
|
|
|
| PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052 |
| 72.84% |
| 28,544.747 |
|
|
|
|
|
|
|
|
| TEACHERS INSURANCE & ANNUITY ASSOC ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE STE 2A NEW YORK NY 10017-3207 |
| 27.16% |
| 10,643.603 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuveen Lifecycle 2015 Fund—Premier Class |
|
|
|
|
| |
|
|
|
|
|
|
|
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 |
| 99.56% |
| 4,308,911.406 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuveen Lifecycle 2015 Fund—Class R6 |
|
|
|
|
| |
|
|
|
|
|
|
|
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 |
| 74.76% |
| 58,499,726.307 |
|
|
|
|
|
|
|
|
| TIAA-CREF INDIVIDUAL & INSTITUTIONAL SERV INC FOR EXCLUSIVE BENEFIT OF CUSTOMERS ATTN PATRICK NELSON 730 3RD AVE NEW YORK NY 10017-3206 |
| 20.80% |
| 16,273,420.863 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuveen Lifecycle 2015 Fund—Retirement Class |
|
|
|
|
| |
|
|
|
|
|
|
|
| JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS CUST FOR IRA CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413 |
| 57.92% |
| 14,797,764.598 |
|
|
|
|
|
|
|
|
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 |
| 27.67% |
| 7,069,722.293 |
|
|
|
|
|
|
|
|
| JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS TTEE/CUST FOR RHSP CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413 |
| 11.26% |
| 2,875,604.473 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuveen Lifecycle 2020 Fund—Class I |
|
|
|
|
| |
|
|
|
|
|
|
|
| LPL FINANCIAL OMNIBUS CUSTOMER ACCOUNT ATTN MUTUAL FUND TRADING PO BOX 509046 SAN DIEGO CA 92150-9046 |
| 68.15% |
| 36,602.625 |
|
|
|
|
|
|
|
|
| TEACHERS INSURANCE & ANNUITY ASSOC ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE STE 2A NEW YORK NY 10017-3207 |
| 19.51% |
| 10,478.008 |
|
|
|
|
|
|
|
|
| RBC CAPITAL MARKETS LLC MUTUAL FUND OMNIBUS PROCESSING OMNIBUS ATTN MUTUAL FUND OPS MANAGER 250 NICOLLET MALL SUITE 1400 MINNEAPOLIS MN 55401-7582 |
| 8.94% |
| 4,799.914 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuveen Lifecycle 2020 Fund—Premier Class |
|
|
|
|
| |
|
|
|
|
|
|
|
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 |
| 99.44% |
| 8,712,675.279 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuveen Lifecycle 2020 Fund—Class R6 |
|
|
|
|
| |
|
|
|
|
|
|
|
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 |
| 72.75% |
| 127,126,391.577 |
|
|
|
|
|
|
|
|
| TIAA-CREF INDIVIDUAL & INSTITUTIONAL SERV INC FOR EXCLUSIVE BENEFIT OF CUSTOMERS ATTN PATRICK NELSON 730 3RD AVE NEW YORK NY 10017-3206 |
| 22.48% |
| 39,291,241.131 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuveen Lifecycle 2020 Fund—Retirement Class |
|
|
|
|
| |
|
|
|
|
|
|
|
| JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS CUST FOR IRA CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413 |
| 50.16% |
| 21,242,064.093 |
|
|
|
|
|
|
|
|
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 |
| 35.25% |
| 14,927,546.833 |
|
|
|
|
|
|
|
|
| JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS TTEE/CUST FOR RHSP CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413 |
| 10.44% |
| 4,420,009.901 |
|
|
|
|
|
|
|
|
60 Statement of Additional Information
Fund—Class |
| Percentage of holdings |
| Shares |
| |
|
|
|
|
|
|
|
Nuveen Lifecycle 2025 Fund—Class I |
|
|
|
|
| |
|
|
|
|
|
|
|
| RBC CAPITAL MARKETS LLC MUTUAL FUND OMNIBUS PROCESSING OMNIBUS ATTN MUTUAL FUND OPS MANAGER 250 NICOLLET MALL SUITE 1400 MINNEAPOLIS MN 55401-7582 |
| 32.41% |
| 24,940.352 |
|
|
|
|
|
|
|
|
| LPL FINANCIAL OMNIBUS CUSTOMER ACCOUNT ATTN MUTUAL FUND TRADING PO BOX 509046 SAN DIEGO CA 92150-9046 |
| 22.45% |
| 17,281.008 |
|
|
|
|
|
|
|
|
| MINNESOTA LIFE INSURANCE COMPANY 400 ROBERT STREET NORTH SAINT PAUL MN 55101-2037 |
| 15.40% |
| 11,850.200 |
|
|
|
|
|
|
|
|
| TEACHERS INSURANCE & ANNUITY ASSOC ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE STE 2A NEW YORK NY 10017-3207 |
| 13.61% |
| 10,472.577 |
|
|
|
|
|
|
|
|
| MATRIX TRUST COMPANY TRUSTEE FBO STRAIT MECHANICAL, LLC 401(K) PLAN 717 17TH STREET SUITE 1300 DENVER CO 80202-3304 |
| 12.23% |
| 9,409.440 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuveen Lifecycle 2025 Fund—Premier Class |
|
|
|
|
| |
|
|
|
|
|
|
|
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 |
| 99.19% |
| 14,399,218.883 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuveen Lifecycle 2025 Fund—Class R6 |
|
|
|
|
| |
|
|
|
|
|
|
|
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 |
| 72.09% |
| 199,385,663.446 |
|
|
|
|
|
|
|
|
| TIAA-CREF INDIVIDUAL & INSTITUTIONAL SERV INC FOR EXCLUSIVE BENEFIT OF CUSTOMERS ATTN PATRICK NELSON 730 3RD AVE NEW YORK NY 10017-3206 |
| 21.31% |
| 58,951,936.298 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuveen Lifecycle 2025 Fund—Retirement Class |
|
|
|
|
| |
|
|
|
|
|
|
|
| JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS CUST FOR IRA CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413 |
| 44.59% |
| 23,694,496.209 |
|
|
|
|
|
|
|
|
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 |
| 41.16% |
| 21,871,912.565 |
|
|
|
|
|
|
|
|
| JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS TTEE/CUST FOR RHSP CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413 |
| 9.32% |
| 4,951,169.190 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuveen Lifecycle 2030 Fund—Class I |
|
|
|
|
| |
|
|
|
|
|
|
|
| MINNESOTA LIFE INSURANCE COMPANY 400 ROBERT STREET NORTH SAINT PAUL MN 55101-2037 |
| 49.61% |
| 42,860.100 |
|
|
|
|
|
|
|
|
| LPL FINANCIAL OMNIBUS CUSTOMER ACCOUNT ATTN MUTUAL FUND TRADING PO BOX 509046 SAN DIEGO CA 92150-9046 |
| 28.98% |
| 25,033.722 |
|
|
|
|
|
|
|
|
| TEACHERS INSURANCE & ANNUITY ASSOC ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE STE 2A NEW YORK NY 10017-3207 |
| 12.21% |
| 10,545.453 |
|
|
|
|
|
|
|
|
| MATRIX TRUST COMPANY TRUSTEE FBO STRAIT MECHANICAL, LLC 401(K) PLAN 717 17TH STREET SUITE 1300 DENVER CO 80202-3304 |
| 8.13% |
| 7,024.000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuveen Lifecycle 2030 Fund—Premier Class |
|
|
|
|
| |
|
|
|
|
|
|
|
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 |
| 99.18% |
| 17,482,335.501 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuveen Lifecycle 2030 Fund—Class R6 |
|
|
|
|
| |
|
|
|
|
|
|
|
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 |
| 72.46% |
| 242,455,944.268 |
|
|
|
|
|
|
|
|
| TIAA-CREF INDIVIDUAL & INSTITUTIONAL SERV INC FOR EXCLUSIVE BENEFIT OF CUSTOMERS ATTN PATRICK NELSON 730 3RD AVE NEW YORK NY 10017-3206 |
| 21.53% |
| 72,026,037.980 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuveen Lifecycle 2030 Fund—Retirement Class |
|
|
|
|
| |
|
|
|
|
|
|
|
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 |
| 45.35% |
| 26,397,238.283 |
|
|
|
|
|
|
|
|
| JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS CUST FOR IRA CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413 |
| 39.98% |
| 23,270,988.526 |
|
|
|
|
|
|
|
|
| JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS TTEE/CUST FOR RHSP CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413 |
| 8.00% |
| 4,657,314.286 |
|
|
|
|
|
|
|
|
Statement of Additional Information 61
Fund—Class |
| Percentage of holdings |
| Shares |
| |
|
|
|
|
|
|
|
Nuveen Lifecycle 2035 Fund—Class I |
|
|
|
|
| |
|
|
|
|
|
|
|
| LPL FINANCIAL OMNIBUS CUSTOMER ACCOUNT ATTN MUTUAL FUND TRADING PO BOX 509046 SAN DIEGO CA 92150-9046 |
| 40.22% |
| 36,532.798 |
|
|
|
|
|
|
|
|
| MINNESOTA LIFE INSURANCE COMPANY 400 ROBERT STREET NORTH SAINT PAUL MN 55101-2037 |
| 32.35% |
| 29,386.907 |
|
|
|
|
|
|
|
|
| MATRIX TRUST COMPANY AS AGENT FOR ADVISOR TRUST, INC. ASPIRE- INVESTLINK 717 17TH STREET, SUITE 1300 DENVER CO 80202-3304 |
| 12.56% |
| 11,410.972 |
|
|
|
|
|
|
|
|
| TEACHERS INSURANCE & ANNUITY ASSOC ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE STE 2A NEW YORK NY 10017-3207 |
| 11.59% |
| 10,528.061 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuveen Lifecycle 2035 Fund—Premier Class |
|
|
|
|
| |
|
|
|
|
|
|
|
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 |
| 98.81% |
| 18,531,902.508 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuveen Lifecycle 2035 Fund—Class R6 |
|
|
|
|
| |
|
|
|
|
|
|
|
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 |
| 72.90% |
| 258,250,520.789 |
|
|
|
|
|
|
|
|
| TIAA-CREF INDIVIDUAL & INSTITUTIONAL SERV INC FOR EXCLUSIVE BENEFIT OF CUSTOMERS ATTN PATRICK NELSON 730 3RD AVE NEW YORK NY 10017-3206 |
| 21.75% |
| 77,050,434.339 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuveen Lifecycle 2035 Fund—Retirement Class |
|
|
|
|
| |
|
|
|
|
|
|
|
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 |
| 49.41% |
| 26,369,745.662 |
|
|
|
|
|
|
|
|
| JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS CUST FOR IRA CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413 |
| 38.44% |
| 20,519,283.745 |
|
|
|
|
|
|
|
|
| JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS TTEE/CUST FOR RHSP CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413 |
| 6.19% |
| 3,305,343.900 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuveen Lifecycle 2040 Fund—Class I |
|
|
|
|
| |
|
|
|
|
|
|
|
| MINNESOTA LIFE INSURANCE COMPANY 400 ROBERT STREET NORTH SAINT PAUL MN 55101-2037 |
| 32.64% |
| 18,466.089 |
|
|
|
|
|
|
|
|
| LPL FINANCIAL OMNIBUS CUSTOMER ACCOUNT ATTN MUTUAL FUND TRADING PO BOX 509046 SAN DIEGO CA 92150-9046 |
| 24.61% |
| 13,922.951 |
|
|
|
|
|
|
|
|
| TEACHERS INSURANCE & ANNUITY ASSOC ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE STE 2A NEW YORK NY 10017-3207 |
| 18.59% |
| 10,520.119 |
|
|
|
|
|
|
|
|
| MATRIX TRUST COMPANY TRUSTEE FBO STRAIT MECHANICAL, LLC 401(K) PLAN 717 17TH STREET SUITE 1300 DENVER CO 80202-3304 |
| 17.12% |
| 9,684.811 |
|
|
|
|
|
|
|
|
| MATRIX TRUST COMPANY AS AGENT FOR ADVISOR TRUST, INC. ASPIRE- INVESTLINK 717 17TH STREET, SUITE 1300 DENVER CO 80202-3304 |
| 7.04% |
| 3,985.564 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuveen Lifecycle 2040 Fund—Premier Class |
|
|
|
|
| |
|
|
|
|
|
|
|
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 |
| 98.83% |
| 21,942,702.136 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuveen Lifecycle 2040 Fund—Class R6 |
|
|
|
|
| |
|
|
|
|
|
|
|
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 |
| 74.83% |
| 317,461,779.136 |
|
|
|
|
|
|
|
|
| TIAA-CREF INDIVIDUAL & INSTITUTIONAL SERV INC FOR EXCLUSIVE BENEFIT OF CUSTOMERS ATTN PATRICK NELSON 730 3RD AVE NEW YORK NY 10017-3206 |
| 21.47% |
| 91,074,662.456 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuveen Lifecycle 2040 Fund—Retirement Class |
|
|
|
|
| |
|
|
|
|
|
|
|
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 |
| 53.25% |
| 30,898,302.784 |
|
|
|
|
|
|
|
|
| JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS CUST FOR IRA CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413 |
| 36.83% |
| 21,368,467.973 |
|
|
|
|
|
|
|
|
62 Statement of Additional Information
Fund—Class |
| Percentage of holdings |
| Shares |
| |
|
|
|
|
|
|
|
Nuveen Lifecycle 2045 Fund—Class I |
|
|
|
|
| |
|
|
|
|
|
|
|
| MINNESOTA LIFE INSURANCE COMPANY 400 ROBERT STREET NORTH SAINT PAUL MN 55101-2037 |
| 72.42% |
| 44,913.200 |
|
|
|
|
|
|
|
|
| TEACHERS INSURANCE & ANNUITY ASSOC ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE STE 2A NEW YORK NY 10017-3207 |
| 15.80% |
| 9,795.808 |
|
|
|
|
|
|
|
|
| MATRIX TRUST COMPANY TRUSTEE FBO STRAIT MECHANICAL, LLC 401(K) PLAN 717 17TH STREET SUITE 1300 DENVER CO 80202-3304 |
| 10.12% |
| 6,275.804 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuveen Lifecycle 2045 Fund—Premier Class |
|
|
|
|
| |
|
|
|
|
|
|
|
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 |
| 97.96% |
| 12,550,786.817 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuveen Lifecycle 2045 Fund—Class R6 |
|
|
|
|
| |
|
|
|
|
|
|
|
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 |
| 72.65% |
| 179,785,953.827 |
|
|
|
|
|
|
|
|
| TIAA-CREF INDIVIDUAL & INSTITUTIONAL SERV INC FOR EXCLUSIVE BENEFIT OF CUSTOMERS ATTN PATRICK NELSON 730 3RD AVE NEW YORK NY 10017-3206 |
| 23.14% |
| 57,264,159.332 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuveen Lifecycle 2045 Fund—Retirement Class |
|
|
|
|
| |
|
|
|
|
|
|
|
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 |
| 54.85% |
| 23,969,073.658 |
|
|
|
|
|
|
|
|
| JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS CUST FOR IRA CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413 |
| 35.87% |
| 15,673,437.845 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuveen Lifecycle 2050 Fund—Class I |
|
|
|
|
| |
|
|
|
|
|
|
|
| RBC CAPITAL MARKETS LLC MUTUAL FUND OMNIBUS PROCESSING OMNIBUS ATTN MUTUAL FUND OPS MANAGER 250 NICOLLET MALL SUITE 1400 MINNEAPOLIS MN 55401-7582 |
| 33.15% |
| 10,990.483 |
|
|
|
|
|
|
|
|
| TEACHERS INSURANCE & ANNUITY ASSOC ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE STE 2A NEW YORK NY 10017-3207 |
| 29.58% |
| 9,806.236 |
|
|
|
|
|
|
|
|
| MINNESOTA LIFE INSURANCE COMPANY 400 ROBERT STREET NORTH SAINT PAUL MN 55101-2037 |
| 21.31% |
| 7,062.884 |
|
|
|
|
|
|
|
|
| MATRIX TRUST COMPANY TRUSTEE FBO STRAIT MECHANICAL, LLC 401(K) PLAN 717 17TH STREET SUITE 1300 DENVER CO 80202-3304 |
| 13.36% |
| 4,430.053 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuveen Lifecycle 2050 Fund—Premier Class |
|
|
|
|
| |
|
|
|
|
|
|
|
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 |
| 97.90% |
| 9,018,007.505 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuveen Lifecycle 2050 Fund—Class R6 |
|
|
|
|
| |
|
|
|
|
|
|
|
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 |
| 70.43% |
| 137,458,665.306 |
|
|
|
|
|
|
|
|
| TIAA-CREF INDIVIDUAL & INSTITUTIONAL SERV INC FOR EXCLUSIVE BENEFIT OF CUSTOMERS ATTN PATRICK NELSON 730 3RD AVE NEW YORK NY 10017-3206 |
| 25.46% |
| 49,680,936.788 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuveen Lifecycle 2050 Fund—Retirement Class |
|
|
|
|
| |
|
|
|
|
|
|
|
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 |
| 58.10% |
| 17,810,975.692 |
|
|
|
|
|
|
|
|
| JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS CUST FOR IRA CLIENTS ATTN DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413 |
| 34.15% |
| 10,469,986.579 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuveen Lifecycle 2055 Fund—Class I |
|
|
|
|
| |
|
|
|
|
|
|
|
| MINNESOTA LIFE INSURANCE COMPANY 400 ROBERT STREET NORTH SAINT PAUL MN 55101-2037 |
| 55.07% |
| 18,618.865 |
|
|
|
|
|
|
|
|
| TEACHERS INSURANCE & ANNUITY ASSOC ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE STE 2A NEW YORK NY 10017-3207 |
| 25.83% |
| 8,731.596 |
|
|
|
|
|
|
|
|
| MATRIX TRUST COMPANY TRUSTEE FBO STRAIT MECHANICAL, LLC 401(K) PLAN 717 17TH STREET SUITE 1300 DENVER CO 80202-3304 |
| 16.87% |
| 5,704.562 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuveen Lifecycle 2055 Fund—Premier Class |
|
|
|
|
| |
|
|
|
|
|
|
|
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 |
| 98.21% |
| 4,032,836.813 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Statement of Additional Information 63
Fund—Class |
| Percentage of holdings |
| Shares |
| |
Nuveen Lifecycle 2055 Fund—Class R6 |
|
|
|
|
| |
|
|
|
|
|
|
|
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 |
| 74.75% |
| 63,716,391.174 |
|
|
|
|
|
|
|
|
| TIAA-CREF INDIVIDUAL & INSTITUTIONAL SERV INC FOR EXCLUSIVE BENEFIT OF CUSTOMERS ATTN PATRICK NELSON 730 3RD AVE NEW YORK NY 10017-3206 |
| 20.83% |
| 17,752,236.963 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuveen Lifecycle 2055 Fund—Retirement Class |
|
|
|
|
| |
|
|
|
|
|
|
|
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 |
| 60.98% |
| 7,499,112.975 |
|
|
|
|
|
|
|
|
| JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS CUST FOR IRA CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413 |
| 30.61% |
| 3,763,662.719 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuveen Lifecycle 2060 Fund—Class I |
|
|
|
|
| |
|
|
|
|
|
|
|
| MINNESOTA LIFE INSURANCE COMPANY 400 ROBERT STREET NORTH SAINT PAUL MN 55101-2037 |
| 36.71% |
| 14,655.448 |
|
|
|
|
|
|
|
|
| LPL FINANCIAL OMNIBUS CUSTOMER ACCOUNT ATTN MUTUAL FUND TRADING PO BOX 509046 SAN DIEGO CA 92150-9046 |
| 28.53% |
| 11,391.048 |
|
|
|
|
|
|
|
|
| TEACHERS INSURANCE & ANNUITY ASSOC ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE STE 2A NEW YORK NY 10017-3207 |
| 25.05% |
| 10,000.000 |
|
|
|
|
|
|
|
|
| MATRIX TRUST COMPANY TRUSTEE FBO STRAIT MECHANICAL, LLC 401(K) PLAN 717 17TH STREET SUITE 1300 DENVER CO 80202-3304 |
| 9.71% |
| 3,874.803 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuveen Lifecycle 2060 Fund—Premier Class |
|
|
|
|
| |
|
|
|
|
|
|
|
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 |
| 97.72% |
| 1,744,336.203 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuveen Lifecycle 2060 Fund—Class R6 |
|
|
|
|
| |
|
|
|
|
|
|
|
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 |
| 71.58% |
| 30,798,416.572 |
|
|
|
|
|
|
|
|
| TIAA-CREF INDIVIDUAL & INSTITUTIONAL SERV INC FOR EXCLUSIVE BENEFIT OF CUSTOMERS ATTN PATRICK NELSON 730 3RD AVE NEW YORK NY 10017-3206 |
| 21.57% |
| 9,282,065.561 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuveen Lifecycle 2060 Fund—Retirement Class |
|
|
|
|
| |
|
|
|
|
|
|
|
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 |
| 61.74% |
| 3,548,336.373 |
|
|
|
|
|
|
|
|
| JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS CUST FOR IRA CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413 |
| 27.30% |
| 1,568,783.915 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuveen Lifecycle 2065 Fund—Class I |
|
|
|
|
| |
|
|
|
|
|
|
|
| TEACHERS INSURANCE & ANNUITY ASSOC ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE STE 2A NEW YORK NY 10017-3207 |
| 89.77% |
| 50,000.000 |
|
|
|
|
|
|
|
|
| MATRIX TRUST COMPANY TRUSTEE FBO STRAIT MECHANICAL, LLC 401(K) PLAN 717 17TH STREET SUITE 1300 DENVER CO 80202-3304 |
| 10.23% |
| 5,696.046 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuveen Lifecycle 2065 Fund—Premier Class |
|
|
|
|
| |
|
|
|
|
|
|
|
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 |
| 86.63% |
| 325,469.198 |
|
|
|
|
|
|
|
|
| TEACHERS INSURANCE & ANNUITY ASSOC ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE STE 2A NEW YORK NY 10017-3207 |
| 13.31% |
| 50,000.000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuveen Lifecycle 2065 Fund—Class R6 |
|
|
|
|
| |
|
|
|
|
|
|
|
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 |
| 84.98% |
| 5,345,032.591 |
|
|
|
|
|
|
|
|
| TEACHERS INSURANCE & ANNUITY ASSOC ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE STE 2A NEW YORK NY 10017-3207 |
| 5.56% |
| 350,000.000 |
|
|
|
|
|
|
|
|
64 Statement of Additional Information
Fund—Class |
| Percentage of holdings |
| Shares |
| |
|
|
|
|
|
|
|
Nuveen Lifecycle 2065 Fund—Retirement Class |
|
|
|
|
| |
|
|
|
|
|
|
|
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 |
| 67.76% |
| 853,226.922 |
|
|
|
|
|
|
|
|
| JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS CUST FOR IRA CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413 |
| 18.81% |
| 236,818.655 |
|
|
|
|
|
|
|
|
| JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS TTEE/CUST FOR RHSP CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413 |
| 5.25% |
| 66,129.785 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuveen Lifecycle Index Retirement Income Fund—Class I |
|
|
|
|
| |
|
|
|
|
|
|
|
| MINNESOTA LIFE INSURANCE COMPANY 400 ROBERT STREET NORTH SAINT PAUL MN 55101-2037 |
| 47.59% |
| 69,406.288 |
|
|
|
|
|
|
|
|
| RELIANCE TRUST COMPANY FBO INTEGRATED FIN PO BOX 78446 ATLANTA GA 30357 |
| 24.44% |
| 35,637.860 |
|
|
|
|
|
|
|
|
| PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052 |
| 22.58% |
| 32,925.284 |
|
|
|
|
|
|
|
|
| TEACHERS INSURANCE & ANNUITY ASSOC ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE STE 2A NEW YORK NY 10017-3207 |
| 5.38% |
| 7,840.583 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuveen Lifecycle Index Retirement Income Fund—Premier Class |
|
|
|
|
| |
|
|
|
|
|
|
|
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 |
| 97.44% |
| 862,695.298 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuveen Lifecycle Index Retirement Income Fund—Class R6 |
|
|
|
|
| |
|
|
|
|
|
|
|
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 |
| 20.47% |
| 8,523,091.220 |
|
|
|
|
|
|
|
|
| MERRILL LYNCH, PIERCE, FENNER & SMITH, INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS 4800 DEER LAKE DR E JACKSONVILLE FL 32246-6484 |
| 10.36% |
| 4,315,500.092 |
|
|
|
|
|
|
|
|
| EMPOWER TRUST FBO EMPLOYEE BENEFIT CLIENTS 401K 8515 E ORCHARD RD 2T2 GREENWOOD VLG CO 80111-5002 |
| 9.35% |
| 3,895,123.971 |
|
|
|
|
|
|
|
|
| EMPOWER TRUST FBO EMPLOYEE BENEFITS CLIENTS 401K 8515 E ORCHARD RD 2T2 GREENWOOD VLG CO 80111-5002 |
| 8.60% |
| 3,583,079.968 |
|
|
|
|
|
|
|
|
| JOHN HANCOCK LIFE INSURANCE COMPANY U S A ATTN: JHRPS TRADING OPS ST6 200 BERKELEY STREET BOSTON MA 02116-5022 |
| 5.74% |
| 2,390,401.781 |
|
|
|
|
|
|
|
|
| MID ATLANTIC TRUST COMPANY FBO MATC OMNIBUS DIV REINVEST LTCG - RE 1251 WATERFRONT PLACE, SUITE 525 PITTSBURGH PA 15222-4228 |
| 5.22% |
| 2,172,878.261 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuveen Lifecycle Index Retirement Income Fund—Retirement Class |
|
|
|
|
| |
|
|
|
|
|
|
|
| JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS CUST FOR IRA CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413 |
| 64.71% |
| 1,381,280.371 |
|
|
|
|
|
|
|
|
| AUL AMERICAN GRP RETIREMENT ANNUITY ATTN: SEPARATE ACCOUNTS PO BOX 368 INDIANAPOLIS IN 46206-0368 |
| 10.51% |
| 224,430.274 |
|
|
|
|
|
|
|
|
| PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052 |
| 5.89% |
| 125,722.515 |
|
|
|
|
|
|
|
|
| AUL AMERICAN UNIT INVESTMENT TRUST ATTN: SEPARATE ACCOUNTS PO BOX 368 INDIANAPOLIS IN 46206-0368 |
| 5.81% |
| 124,027.108 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuveen Lifecycle Index 2010 Fund—Class I |
|
|
|
|
| |
|
|
|
|
|
|
|
| MINNESOTA LIFE INSURANCE COMPANY 400 ROBERT STREET NORTH SAINT PAUL MN 55101-2037 |
| 89.60% |
| 64,321.868 |
|
|
|
|
|
|
|
|
| TEACHERS INSURANCE & ANNUITY ASSOC ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE STE 2A NEW YORK NY 10017-3207 |
| 10.40% |
| 7,469.170 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuveen Lifecycle Index 2010 Fund—Premier Class |
|
|
|
|
| |
|
|
|
|
|
|
|
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 |
| 38.42% |
| 416,767.785 |
|
|
|
|
|
|
|
|
| JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS TTEE/CUST FOR RHSP CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413 |
| 35.17% |
| 381,504.516 |
|
|
|
|
|
|
|
|
| STATE STREET BANK & TRUST CO. FBO VARIOUS RETIREMENT PLANS TRANSAMERICA RETIREMENT SOLUTIONS HARRISON NY 10528 |
| 20.42% |
| 221,459.148 |
|
|
|
|
|
|
|
|
| MERRILL LYNCH, PIERCE, FENNER & SMITH, INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS 4800 DEER LAKE DR E JACKSONVILLE FL 32246-6484 |
| 5.61% |
| 60,863.951 |
|
|
|
|
|
|
|
|
Statement of Additional Information 65
Fund—Class |
| Percentage of holdings |
| Shares |
| |
|
|
|
|
|
|
|
Nuveen Lifecycle Index 2010 Fund—Class R6 |
|
|
|
|
| |
|
|
|
|
|
|
|
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 |
| 61.64% |
| 20,464,546.394 |
|
|
|
|
|
|
|
|
| MID ATLANTIC TRUST COMPANY FBO MATC OMNIBUS DIV REINVEST LTCG - RE 1251 WATERFRONT PLACE, SUITE 525 PITTSBURGH PA 15222-4228 |
| 5.21% |
| 1,729,160.850 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuveen Lifecycle Index 2010 Fund—Retirement Class |
|
|
|
|
| |
|
|
|
|
|
|
|
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 |
| 42.59% |
| 1,313,574.162 |
|
|
|
|
|
|
|
|
| JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS TTEE/CUST FOR RHSP CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413 |
| 20.96% |
| 646,565.858 |
|
|
|
|
|
|
|
|
| JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS CUST FOR IRA CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413 |
| 19.98% |
| 616,231.577 |
|
|
|
|
|
|
|
|
| AUL AMERICAN GRP RETIREMENT ANNUITY ATTN: SEPARATE ACCOUNTS PO BOX 368 INDIANAPOLIS IN 46206-0368 |
| 9.15% |
| 282,148.546 |
|
|
|
|
|
|
|
|
| AUL AMERICAN UNIT INVESTMENT TRUST ATTN: SEPARATE ACCOUNTS PO BOX 368 INDIANAPOLIS IN 46206-0368 |
| 5.87% |
| 181,057.332 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuveen Lifecycle Index 2015 Fund—Class I |
|
|
|
|
| |
|
|
|
|
|
|
|
| MINNESOTA LIFE INSURANCE COMPANY 400 ROBERT STREET NORTH SAINT PAUL MN 55101-2037 |
| 89.54% |
| 65,706.855 |
|
|
|
|
|
|
|
|
| TEACHERS INSURANCE & ANNUITY ASSOC ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE STE 2A NEW YORK NY 10017-3207 |
| 9.87% |
| 7,239.510 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuveen Lifecycle Index 2015 Fund—Premier Class |
|
|
|
|
| |
|
|
|
|
|
|
|
| JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS TTEE/CUST FOR RHSP CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413 |
| 58.41% |
| 938,538.865 |
|
|
|
|
|
|
|
|
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 |
| 21.40% |
| 343,917.683 |
|
|
|
|
|
|
|
|
| STATE STREET BANK & TRUST CO. FBO VARIOUS RETIREMENT PLANS TRANSAMERICA RETIREMENT SOLUTIONS HARRISON NY 10528 |
| 11.20% |
| 179,977.527 |
|
|
|
|
|
|
|
|
| MERRILL LYNCH, PIERCE, FENNER & SMITH, INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS 4800 DEER LAKE DR E JACKSONVILLE FL 32246-6484 |
| 8.22% |
| 132,060.400 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuveen Lifecycle Index 2015 Fund—Class R6 |
|
|
|
|
| |
|
|
|
|
|
|
|
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 |
| 56.56% |
| 29,335,917.266 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuveen Lifecycle Index 2015 Fund—Retirement Class |
|
|
|
|
| |
|
|
|
|
|
|
|
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 |
| 47.55% |
| 2,129,877.399 |
|
|
|
|
|
|
|
|
| JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS TTEE/CUST FOR RHSP CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413 |
| 16.38% |
| 733,542.976 |
|
|
|
|
|
|
|
|
| JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS CUST FOR IRA CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413 |
| 14.51% |
| 650,167.933 |
|
|
|
|
|
|
|
|
| AUL AMERICAN GRP RETIREMENT ANNUITY ATTN: SEPARATE ACCOUNTS PO BOX 368 INDIANAPOLIS IN 46206-0368 |
| 13.12% |
| 587,655.535 |
|
|
|
|
|
|
|
|
| AUL AMERICAN UNIT INVESTMENT TRUST ATTN: SEPARATE ACCOUNTS PO BOX 368 INDIANAPOLIS IN 46206-0368 |
| 5.41% |
| 242,335.747 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuveen Lifecycle Index 2020 Fund—Class I |
|
|
|
|
| |
|
|
|
|
|
|
|
| MINNESOTA LIFE INSURANCE COMPANY 400 ROBERT STREET NORTH SAINT PAUL MN 55101-2037 |
| 88.55% |
| 360,174.674 |
|
|
|
|
|
|
|
|
| PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052 |
| 5.33% |
| 21,685.526 |
|
|
|
|
|
|
|
|
66 Statement of Additional Information
Fund—Class |
| Percentage of holdings |
| Shares |
| |
|
|
|
|
|
|
|
Nuveen Lifecycle Index 2020 Fund—Premier Class |
|
|
|
|
| |
|
|
|
|
|
|
|
| JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS TTEE/CUST FOR RHSP CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413 |
| 59.29% |
| 2,154,087.704 |
|
|
|
|
|
|
|
|
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 |
| 22.55% |
| 819,147.511 |
|
|
|
|
|
|
|
|
| MERRILL LYNCH, PIERCE, FENNER & SMITH, INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS 4800 DEER LAKE DR E JACKSONVILLE FL 32246-6484 |
| 11.57% |
| 420,376.264 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuveen Lifecycle Index 2020 Fund—Class R6 |
|
|
|
|
| |
|
|
|
|
|
|
|
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 |
| 48.08% |
| 68,317,433.864 |
|
|
|
|
|
|
|
|
| DCGT AS TTEE AND/OR CUST FBO PLIC VARIOUS RETIREMENT PLANS OMNIBUS ATTN NPIO TRADE DESK 711 HIGH STREET DES MOINES IA 50392-0001 |
| 5.59% |
| 7,940,085.779 |
|
|
|
|
|
|
|
|
| MERRILL LYNCH, PIERCE, FENNER & SMITH, INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS 4800 DEER LAKE DR E JACKSONVILLE FL 32246-6484 |
| 5.43% |
| 7,720,656.549 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuveen Lifecycle Index 2020 Fund—Retirement Class |
|
|
|
|
| |
|
|
|
|
|
|
|
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 |
| 46.69% |
| 4,617,186.312 |
|
|
|
|
|
|
|
|
| JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS CUST FOR IRA CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413 |
| 15.22% |
| 1,504,749.060 |
|
|
|
|
|
|
|
|
| AUL AMERICAN GRP RETIREMENT ANNUITY ATTN: SEPARATE ACCOUNTS PO BOX 368 INDIANAPOLIS IN 46206-0368 |
| 12.78% |
| 1,264,034.890 |
|
|
|
|
|
|
|
|
| JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS TTEE/CUST FOR RHSP CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413 |
| 11.16% |
| 1,103,845.575 |
|
|
|
|
|
|
|
|
| AUL AMERICAN UNIT INVESTMENT TRUST ATTN: SEPARATE ACCOUNTS PO BOX 368 INDIANAPOLIS IN 46206-0368 |
| 10.29% |
| 1,017,928.432 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuveen Lifecycle Index 2025 Fund—Class I |
|
|
|
|
| |
|
|
|
|
|
|
|
| MINNESOTA LIFE INSURANCE COMPANY 400 ROBERT STREET NORTH SAINT PAUL MN 55101-2037 |
| 96.47% |
| 920,633.199 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuveen Lifecycle Index 2025 Fund—Premier Class |
|
|
|
|
| |
|
|
|
|
|
|
|
| JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS TTEE/CUST FOR RHSP CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413 |
| 52.64% |
| 3,168,890.914 |
|
|
|
|
|
|
|
|
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 |
| 24.19% |
| 1,456,373.375 |
|
|
|
|
|
|
|
|
| MERRILL LYNCH, PIERCE, FENNER & SMITH, INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS 4800 DEER LAKE DR E JACKSONVILLE FL 32246-6484 |
| 19.80% |
| 1,192,031.568 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuveen Lifecycle Index 2025 Fund—Class R6 |
|
|
|
|
| |
|
|
|
|
|
|
|
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 |
| 40.99% |
| 102,178,128.696 |
|
|
|
|
|
|
|
|
| MERRILL LYNCH, PIERCE, FENNER & SMITH, INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS 4800 DEER LAKE DR E JACKSONVILLE FL 32246-6484 |
| 6.37% |
| 15,868,401.168 |
|
|
|
|
|
|
|
|
| DCGT AS TTEE AND/OR CUST FBO PLIC VARIOUS RETIREMENT PLANS OMNIBUS ATTN NPIO TRADE DESK 711 HIGH STREET DES MOINES IA 50392-0001 |
| 6.11% |
| 15,230,984.683 |
|
|
|
|
|
|
|
|
| JOHN HANCOCK LIFE INSURANCE COMPANY U S A ATTN: JHRPS TRADING OPS ST6 200 BERKELEY STREET BOSTON MA 02116-5022 |
| 5.36% |
| 13,354,513.106 |
|
|
|
|
|
|
|
|
Statement of Additional Information 67
Fund—Class |
| Percentage of holdings |
| Shares |
| |
|
|
|
|
|
|
|
Nuveen Lifecycle Index 2025 Fund—Retirement Class |
|
|
|
|
| |
|
|
|
|
|
|
|
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 |
| 46.15% |
| 7,628,632.253 |
|
|
|
|
|
|
|
|
| JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS CUST FOR IRA CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413 |
| 15.61% |
| 2,579,935.924 |
|
|
|
|
|
|
|
|
| AUL AMERICAN GRP RETIREMENT ANNUITY ATTN: SEPARATE ACCOUNTS PO BOX 368 INDIANAPOLIS IN 46206-0368 |
| 14.31% |
| 2,365,704.887 |
|
|
|
|
|
|
|
|
| AUL AMERICAN UNIT INVESTMENT TRUST ATTN: SEPARATE ACCOUNTS PO BOX 368 INDIANAPOLIS IN 46206-0368 |
| 11.94% |
| 1,974,464.524 |
|
|
|
|
|
|
|
|
| JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS TTEE/CUST FOR RHSP CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413 |
| 8.09% |
| 1,337,666.700 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuveen Lifecycle Index 2030 Fund—Class I |
|
|
|
|
| |
|
|
|
|
|
|
|
| MINNESOTA LIFE INSURANCE COMPANY 400 ROBERT STREET NORTH SAINT PAUL MN 55101-2037 |
| 98.70% |
| 1,420,924.246 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuveen Lifecycle Index 2030 Fund—Premier Class |
|
|
|
|
| |
|
|
|
|
|
|
|
| JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS TTEE/CUST FOR RHSP CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413 |
| 53.76% |
| 3,777,479.206 |
|
|
|
|
|
|
|
|
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 |
| 24.16% |
| 1,697,377.815 |
|
|
|
|
|
|
|
|
| MERRILL LYNCH, PIERCE, FENNER & SMITH, INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS 4800 DEER LAKE DR E JACKSONVILLE FL 32246-6484 |
| 14.86% |
| 1,044,009.801 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuveen Lifecycle Index 2030 Fund—Class R6 |
|
|
|
|
| |
|
|
|
|
|
|
|
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 |
| 40.99% |
| 128,186,953.409 |
|
|
|
|
|
|
|
|
| DCGT AS TTEE AND/OR CUST FBO PLIC VARIOUS RETIREMENT PLANS OMNIBUS ATTN NPIO TRADE DESK 711 HIGH STREET DES MOINES IA 50392-0001 |
| 6.29% |
| 19,656,544.639 |
|
|
|
|
|
|
|
|
| JOHN HANCOCK LIFE INSURANCE COMPANY U S A ATTN: JHRPS TRADING OPS ST6 200 BERKELEY STREET BOSTON MA 02116-5022 |
| 5.66% |
| 17,701,423.534 |
|
|
|
|
|
|
|
|
| MERRILL LYNCH, PIERCE, FENNER & SMITH, INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS 4800 DEER LAKE DR E JACKSONVILLE FL 32246-6484 |
| 5.35% |
| 16,728,294.453 |
|
|
|
|
|
|
|
|
| MID ATLANTIC TRUST COMPANY FBO MATC OMNIBUS DIV REINVEST LTCG - RE 1251 WATERFRONT PLACE, SUITE 525 PITTSBURGH PA 15222-4228 |
| 5.02% |
| 15,711,813.107 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuveen Lifecycle Index 2030 Fund—Retirement Class |
|
|
|
|
| |
|
|
|
|
|
|
|
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 |
| 41.28% |
| 7,805,783.372 |
|
|
|
|
|
|
|
|
| JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS CUST FOR IRA CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413 |
| 16.31% |
| 3,085,290.368 |
|
|
|
|
|
|
|
|
| AUL AMERICAN GRP RETIREMENT ANNUITY ATTN: SEPARATE ACCOUNTS PO BOX 368 INDIANAPOLIS IN 46206-0368 |
| 15.21% |
| 2,877,160.192 |
|
|
|
|
|
|
|
|
| AUL AMERICAN UNIT INVESTMENT TRUST ATTN: SEPARATE ACCOUNTS PO BOX 368 INDIANAPOLIS IN 46206-0368 |
| 12.43% |
| 2,350,570.311 |
|
|
|
|
|
|
|
|
| JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS TTEE/CUST FOR RHSP CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413 |
| 6.90% |
| 1,305,651.912 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuveen Lifecycle Index 2035 Fund—Class I |
|
|
|
|
| |
|
|
|
|
|
|
|
| MINNESOTA LIFE INSURANCE COMPANY 400 ROBERT STREET NORTH SAINT PAUL MN 55101-2037 |
| 94.36% |
| 984,938.362 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuveen Lifecycle Index 2035 Fund—Premier Class |
|
|
|
|
| |
|
|
|
|
|
|
|
| JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS TTEE/CUST FOR RHSP CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413 |
| 57.41% |
| 4,358,836.088 |
|
|
|
|
|
|
|
|
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 |
| 20.68% |
| 1,570,143.399 |
|
|
|
|
|
|
|
|
| MERRILL LYNCH, PIERCE, FENNER & SMITH, INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS 4800 DEER LAKE DR E JACKSONVILLE FL 32246-6484 |
| 17.94% |
| 1,362,001.426 |
|
|
|
|
|
|
|
|
68 Statement of Additional Information
Fund—Class |
| Percentage of holdings |
| Shares |
| |
|
|
|
|
|
|
|
Nuveen Lifecycle Index 2035 Fund—Class R6 |
|
|
|
|
| |
|
|
|
|
|
|
|
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 |
| 43.05% |
| 130,534,114.062 |
|
|
|
|
|
|
|
|
| JOHN HANCOCK LIFE INSURANCE COMPANY U S A ATTN: JHRPS TRADING OPS ST6 200 BERKELEY STREET BOSTON MA 02116-5022 |
| 5.83% |
| 17,664,855.093 |
|
|
|
|
|
|
|
|
| MERRILL LYNCH, PIERCE, FENNER & SMITH, INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS 4800 DEER LAKE DR E JACKSONVILLE FL 32246-6484 |
| 5.12% |
| 15,509,156.337 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuveen Lifecycle Index 2035 Fund—Retirement Class |
|
|
|
|
| |
|
|
|
|
|
|
|
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 |
| 47.67% |
| 7,676,399.177 |
|
|
|
|
|
|
|
|
| AUL AMERICAN GRP RETIREMENT ANNUITY ATTN: SEPARATE ACCOUNTS PO BOX 368 INDIANAPOLIS IN 46206-0368 |
| 16.72% |
| 2,692,297.076 |
|
|
|
|
|
|
|
|
| AUL AMERICAN UNIT INVESTMENT TRUST ATTN: SEPARATE ACCOUNTS PO BOX 368 INDIANAPOLIS IN 46206-0368 |
| 12.34% |
| 1,986,721.097 |
|
|
|
|
|
|
|
|
| JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS CUST FOR IRA CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413 |
| 11.35% |
| 1,827,121.230 |
|
|
|
|
|
|
|
|
| JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS TTEE/CUST FOR RHSP CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413 |
| 6.51% |
| 1,047,740.414 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuveen Lifecycle Index 2040 Fund—Class I |
|
|
|
|
| |
|
|
|
|
|
|
|
| MINNESOTA LIFE INSURANCE COMPANY 400 ROBERT STREET NORTH SAINT PAUL MN 55101-2037 |
| 97.36% |
| 986,279.564 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuveen Lifecycle Index 2040 Fund—Premier Class |
|
|
|
|
| |
|
|
|
|
|
|
|
| JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS TTEE/CUST FOR RHSP CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413 |
| 54.47% |
| 3,875,013.693 |
|
|
|
|
|
|
|
|
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 |
| 26.11% |
| 1,857,685.636 |
|
|
|
|
|
|
|
|
| MERRILL LYNCH, PIERCE, FENNER & SMITH, INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS 4800 DEER LAKE DR E JACKSONVILLE FL 32246-6484 |
| 11.29% |
| 803,165.098 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuveen Lifecycle Index 2040 Fund—Class R6 |
|
|
|
|
| |
|
|
|
|
|
|
|
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 |
| 50.12% |
| 147,881,911.579 |
|
|
|
|
|
|
|
|
| JOHN HANCOCK LIFE INSURANCE COMPANY U S A ATTN: JHRPS TRADING OPS ST6 200 BERKELEY STREET BOSTON MA 02116-5022 |
| 5.04% |
| 14,881,620.652 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuveen Lifecycle Index 2040 Fund—Retirement Class |
|
|
|
|
| |
|
|
|
|
|
|
|
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 |
| 50.10% |
| 7,066,456.638 |
|
|
|
|
|
|
|
|
| JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS CUST FOR IRA CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413 |
| 13.85% |
| 1,953,663.110 |
|
|
|
|
|
|
|
|
| AUL AMERICAN GRP RETIREMENT ANNUITY ATTN: SEPARATE ACCOUNTS PO BOX 368 INDIANAPOLIS IN 46206-0368 |
| 13.34% |
| 1,881,360.831 |
|
|
|
|
|
|
|
|
| AUL AMERICAN UNIT INVESTMENT TRUST ATTN: SEPARATE ACCOUNTS PO BOX 368 INDIANAPOLIS IN 46206-0368 |
| 12.38% |
| 1,746,114.394 |
|
|
|
|
|
|
|
|
| JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS TTEE/CUST FOR RHSP CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413 |
| 5.05% |
| 711,697.101 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuveen Lifecycle Index 2045 Fund—Class I |
|
|
|
|
| |
|
|
|
|
|
|
|
| MINNESOTA LIFE INSURANCE COMPANY 400 ROBERT STREET NORTH SAINT PAUL MN 55101-2037 |
| 97.74% |
| 903,733.401 |
|
|
|
|
|
|
|
|
Statement of Additional Information 69
Fund—Class |
| Percentage of holdings |
| Shares |
| |
|
|
|
|
|
|
|
Nuveen Lifecycle Index 2045 Fund—Premier Class |
|
|
|
|
| |
|
|
|
|
|
|
|
| JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS TTEE/CUST FOR RHSP CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413 |
| 53.88% |
| 2,532,448.772 |
|
|
|
|
|
|
|
|
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 |
| 25.11% |
| 1,180,235.085 |
|
|
|
|
|
|
|
|
| MERRILL LYNCH, PIERCE, FENNER & SMITH, INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS 4800 DEER LAKE DR E JACKSONVILLE FL 32246-6484 |
| 17.38% |
| 817,143.781 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuveen Lifecycle Index 2045 Fund—Class R6 |
|
|
|
|
| |
|
|
|
|
|
|
|
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 |
| 47.28% |
| 112,568,063.739 |
|
|
|
|
|
|
|
|
| JOHN HANCOCK LIFE INSURANCE COMPANY U S A ATTN: JHRPS TRADING OPS ST6 200 BERKELEY STREET BOSTON MA 02116-5022 |
| 5.67% |
| 13,493,608.513 |
|
|
|
|
|
|
|
|
| EMPOWER TRUST FBO EMPLOYEE BENEFITS CLIENTS 401K 8515 E ORCHARD RD 2T2 GREENWOOD VLG CO 80111-5002 |
| 5.15% |
| 12,267,986.927 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuveen Lifecycle Index 2045 Fund—Retirement Class |
|
|
|
|
| |
|
|
|
|
|
|
|
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 |
| 51.15% |
| 5,658,344.257 |
|
|
|
|
|
|
|
|
| AUL AMERICAN GRP RETIREMENT ANNUITY ATTN: SEPARATE ACCOUNTS PO BOX 368 INDIANAPOLIS IN 46206-0368 |
| 15.29% |
| 1,691,509.112 |
|
|
|
|
|
|
|
|
| JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS CUST FOR IRA CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413 |
| 12.85% |
| 1,420,906.893 |
|
|
|
|
|
|
|
|
| AUL AMERICAN UNIT INVESTMENT TRUST ATTN: SEPARATE ACCOUNTS PO BOX 368 INDIANAPOLIS IN 46206-0368 |
| 12.49% |
| 1,381,572.870 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuveen Lifecycle Index 2050 Fund—Class I |
|
|
|
|
| |
|
|
|
|
|
|
|
| MINNESOTA LIFE INSURANCE COMPANY 400 ROBERT STREET NORTH SAINT PAUL MN 55101-2037 |
| 97.83% |
| 740,054.516 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuveen Lifecycle Index 2050 Fund—Premier Class |
|
|
|
|
| |
|
|
|
|
|
|
|
| JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS TTEE/CUST FOR RHSP CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413 |
| 42.01% |
| 1,385,292.371 |
|
|
|
|
|
|
|
|
| MERRILL LYNCH, PIERCE, FENNER & SMITH, INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS 4800 DEER LAKE DR E JACKSONVILLE FL 32246-6484 |
| 25.20% |
| 831,051.908 |
|
|
|
|
|
|
|
|
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 |
| 25.04% |
| 825,538.615 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuveen Lifecycle Index 2050 Fund—Class R6 |
|
|
|
|
| |
|
|
|
|
|
|
|
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 |
| 45.32% |
| 90,067,820.250 |
|
|
|
|
|
|
|
|
| MID ATLANTIC TRUST COMPANY FBO MATC OMNIBUS DIV REINVEST LTCG - RE 1251 WATERFRONT PLACE, SUITE 525 PITTSBURGH PA 15222-4228 |
| 5.74% |
| 11,405,165.517 |
|
|
|
|
|
|
|
|
| JOHN HANCOCK LIFE INSURANCE COMPANY U S A ATTN: JHRPS TRADING OPS ST6 200 BERKELEY STREET BOSTON MA 02116-5022 |
| 5.63% |
| 11,195,436.706 |
|
|
|
|
|
|
|
|
| EMPOWER TRUST FBO EMPLOYEE BENEFITS CLIENTS 401K 8515 E ORCHARD RD 2T2 GREENWOOD VLG CO 80111-5002 |
| 5.17% |
| 10,274,411.077 |
|
|
|
|
|
|
|
|
| DCGT AS TTEE AND/OR CUST FBO PLIC VARIOUS RETIREMENT PLANS OMNIBUS ATTN NPIO TRADE DESK 711 HIGH STREET DES MOINES IA 50392-0001 |
| 5.05% |
| 10,043,054.791 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuveen Lifecycle Index 2050 Fund—Retirement Class |
|
|
|
|
| |
|
|
|
|
|
|
|
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 |
| 49.86% |
| 4,573,465.803 |
|
|
|
|
|
|
|
|
| AUL AMERICAN GRP RETIREMENT ANNUITY ATTN: SEPARATE ACCOUNTS PO BOX 368 INDIANAPOLIS IN 46206-0368 |
| 15.71% |
| 1,441,445.102 |
|
|
|
|
|
|
|
|
| AUL AMERICAN UNIT INVESTMENT TRUST ATTN: SEPARATE ACCOUNTS PO BOX 368 INDIANAPOLIS IN 46206-0368 |
| 15.07% |
| 1,382,503.022 |
|
|
|
|
|
|
|
|
| JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS CUST FOR IRA CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413 |
| 12.45% |
| 1,141,632.973 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
70 Statement of Additional Information
Fund—Class |
| Percentage of holdings |
| Shares |
| |
Nuveen Lifecycle Index 2055 Fund—Class I |
|
|
|
|
| |
|
|
|
|
|
|
|
| MINNESOTA LIFE INSURANCE COMPANY 400 ROBERT STREET NORTH SAINT PAUL MN 55101-2037 |
| 97.70% |
| 812,538.948 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuveen Lifecycle Index 2055 Fund—Premier Class |
|
|
|
|
| |
|
|
|
|
|
|
|
| MERRILL LYNCH, PIERCE, FENNER & SMITH, INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS 4800 DEER LAKE DR E JACKSONVILLE FL 32246-6484 |
| 35.36% |
| 626,688.297 |
|
|
|
|
|
|
|
|
| JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS TTEE/CUST FOR RHSP CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413 |
| 32.47% |
| 575,397.030 |
|
|
|
|
|
|
|
|
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 |
| 25.77% |
| 456,604.946 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuveen Lifecycle Index 2055 Fund—Class R6 |
|
|
|
|
| |
|
|
|
|
|
|
|
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 |
| 38.85% |
| 58,220,601.802 |
|
|
|
|
|
|
|
|
| EMPOWER TRUST FBO EMPLOYEE BENEFITS CLIENTS 401K 8515 E ORCHARD RD 2T2 GREENWOOD VLG CO 80111-5002 |
| 7.90% |
| 11,835,528.912 |
|
|
|
|
|
|
|
|
| JOHN HANCOCK LIFE INSURANCE COMPANY U S A ATTN: JHRPS TRADING OPS ST6 200 BERKELEY STREET BOSTON MA 02116-5022 |
| 6.60% |
| 9,893,513.657 |
|
|
|
|
|
|
|
|
| DCGT AS TTEE AND/OR CUST FBO PLIC VARIOUS RETIREMENT PLANS OMNIBUS ATTN NPIO TRADE DESK 711 HIGH STREET DES MOINES IA 50392-0001 |
| 5.02% |
| 7,528,858.073 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuveen Lifecycle Index 2055 Fund—Retirement Class |
|
|
|
|
| |
|
|
|
|
|
|
|
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 |
| 47.69% |
| 3,226,875.548 |
|
|
|
|
|
|
|
|
| AUL AMERICAN UNIT INVESTMENT TRUST ATTN: SEPARATE ACCOUNTS PO BOX 368 INDIANAPOLIS IN 46206-0368 |
| 16.43% |
| 1,111,835.657 |
|
|
|
|
|
|
|
|
| AUL AMERICAN GRP RETIREMENT ANNUITY ATTN: SEPARATE ACCOUNTS PO BOX 368 INDIANAPOLIS IN 46206-0368 |
| 16.34% |
| 1,105,653.309 |
|
|
|
|
|
|
|
|
| JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS CUST FOR IRA CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413 |
| 12.11% |
| 819,472.479 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuveen Lifecycle Index 2060 Fund—Class I |
|
|
|
|
| |
|
|
|
|
|
|
|
| MINNESOTA LIFE INSURANCE COMPANY 400 ROBERT STREET NORTH SAINT PAUL MN 55101-2037 |
| 97.71% |
| 701,843.124 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuveen Lifecycle Index 2060 Fund—Premier Class |
|
|
|
|
| |
|
|
|
|
|
|
|
| MERRILL LYNCH, PIERCE, FENNER & SMITH, INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS 4800 DEER LAKE DR E JACKSONVILLE FL 32246-6484 |
| 37.76% |
| 535,372.324 |
|
|
|
|
|
|
|
|
| JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS TTEE/CUST FOR RHSP CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413 |
| 29.65% |
| 420,353.269 |
|
|
|
|
|
|
|
|
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 |
| 18.11% |
| 256,785.379 |
|
|
|
|
|
|
|
|
| STATE STREET BANK & TRUST CO. FBO VARIOUS RETIREMENT PLANS TRANSAMERICA RETIREMENT SOLUTIONS HARRISON NY 10528 |
| 11.62% |
| 164,802.404 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuveen Lifecycle Index 2060 Fund—Class R6 |
|
|
|
|
| |
|
|
|
|
|
|
|
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 |
| 27.54% |
| 29,965,712.140 |
|
|
|
|
|
|
|
|
| EMPOWER TRUST FBO EMPLOYEE BENEFITS CLIENTS 401K 8515 E ORCHARD RD 2T2 GREENWOOD VLG CO 80111-5002 |
| 9.67% |
| 10,516,866.640 |
|
|
|
|
|
|
|
|
| MID ATLANTIC TRUST COMPANY FBO MATC OMNIBUS DIV REINVEST LTCG - RE 1251 WATERFRONT PLACE, SUITE 525 PITTSBURGH PA 15222-4228 |
| 9.18% |
| 9,988,564.386 |
|
|
|
|
|
|
|
|
| JOHN HANCOCK LIFE INSURANCE COMPANY U S A ATTN: JHRPS TRADING OPS ST6 200 BERKELEY STREET BOSTON MA 02116-5022 |
| 8.52% |
| 9,272,973.280 |
|
|
|
|
|
|
|
|
| NATIONWIDE TRUST COMPANY, FSB C/O IPO PORTFOLIO ACCOUNTING P.O. BOX 182029 COLUMBUS OH 43218-2029 |
| 5.40% |
| 5,872,210.877 |
|
|
|
|
|
|
|
|
Statement of Additional Information 71
Fund—Class |
| Percentage of holdings |
| Shares |
| |
|
|
|
|
|
|
|
Nuveen Lifecycle Index 2060 Fund—Retirement Class |
|
|
|
|
| |
|
|
|
|
|
|
|
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 |
| 36.44% |
| 1,690,439.835 |
|
|
|
|
|
|
|
|
| AUL AMERICAN GRP RETIREMENT ANNUITY ATTN: SEPARATE ACCOUNTS PO BOX 368 INDIANAPOLIS IN 46206-0368 |
| 20.95% |
| 971,849.695 |
|
|
|
|
|
|
|
|
| JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS CUST FOR IRA CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413 |
| 18.37% |
| 852,051.662 |
|
|
|
|
|
|
|
|
| AUL AMERICAN UNIT INVESTMENT TRUST ATTN: SEPARATE ACCOUNTS PO BOX 368 INDIANAPOLIS IN 46206-0368 |
| 15.67% |
| 726,737.500 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuveen Lifecycle Index 2065 Fund—Class I |
|
|
|
|
| |
|
|
|
|
|
|
|
| MINNESOTA LIFE INSURANCE COMPANY 400 ROBERT STREET NORTH SAINT PAUL MN 55101-2037 |
| 81.35% |
| 244,247.708 |
|
|
|
|
|
|
|
|
| TEACHERS INSURANCE & ANNUITY ASSOC ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE STE 2A NEW YORK NY 10017-3207 |
| 16.65% |
| 50,000.000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuveen Lifecycle Index 2065 Fund—Premier Class |
|
|
|
|
| |
|
|
|
|
|
|
|
| JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS TTEE/CUST FOR RHSP CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413 |
| 54.29% |
| 130,209.294 |
|
|
|
|
|
|
|
|
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 |
| 23.16% |
| 55,552.204 |
|
|
|
|
|
|
|
|
| TEACHERS INSURANCE & ANNUITY ASSOC ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE STE 2A NEW YORK NY 10017-3207 |
| 20.85% |
| 50,000.000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuveen Lifecycle Index 2065 Fund—Class R6 |
|
|
|
|
| |
|
|
|
|
|
|
|
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 |
| 24.12% |
| 6,516,864.529 |
|
|
|
|
|
|
|
|
| JOHN HANCOCK LIFE INSURANCE COMPANY U S A ATTN: JHRPS TRADING OPS ST6 200 BERKELEY STREET BOSTON MA 02116-5022 |
| 19.86% |
| 5,367,085.623 |
|
|
|
|
|
|
|
|
| DCGT AS TTEE AND/OR CUST FBO PLIC VARIOUS RETIREMENT PLANS OMNIBUS ATTN NPIO TRADE DESK 711 HIGH STREET DES MOINES IA 50392-0001 |
| 7.56% |
| 2,043,811.501 |
|
|
|
|
|
|
|
|
| NATIONWIDE TRUST COMPANY FSB C/O IPO PORTFOLIO ACCOUNTING PO BOX 182029 COLUMBUS OH 43218-2029 |
| 6.58% |
| 1,777,035.361 |
|
|
|
|
|
|
|
|
| STATE STREET BANK FBO TRANSAMERICA VARIOUS RETIREMENT PLANS 440 MAMARONECK AVE HARRISON NY 10528-2418 |
| 6.08% |
| 1,642,550.931 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuveen Lifecycle Index 2065 Fund—Retirement Class |
|
|
|
|
| |
|
|
|
|
|
|
|
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 |
| 36.38% |
| 302,799.340 |
|
|
|
|
|
|
|
|
| AUL AMERICAN GRP RETIREMENT ANNUITY ATTN: SEPARATE ACCOUNTS PO BOX 368 INDIANAPOLIS IN 46206-0368 |
| 24.18% |
| 201,282.405 |
|
|
|
|
|
|
|
|
| AUL AMERICAN UNIT INVESTMENT TRUST ATTN: SEPARATE ACCOUNTS PO BOX 368 INDIANAPOLIS IN 46206-0368 |
| 21.61% |
| 179,815.020 |
|
|
|
|
|
|
|
|
| TEACHERS INSURANCE & ANNUITY ASSOC ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE STE 2A NEW YORK NY 10017-3207 |
| 6.01% |
| 50,000.000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuveen Lifestyle Income Fund—Class A |
|
|
|
|
| |
|
|
|
|
|
|
|
| PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052 |
| 39.46% |
| 1,633,697.782 |
|
|
|
|
|
|
|
|
72 Statement of Additional Information
Fund—Class |
| Percentage of holdings |
| Shares |
| |
|
|
|
|
|
|
|
Nuveen Lifestyle Income Fund—Class I |
|
|
|
|
| |
|
|
|
|
|
|
|
| BAND & CO C/O US BANK PO BOX 1787 MILWAUKEE WI 53201-1787 |
| 20.25% |
| 52,270.752 |
|
|
|
|
|
|
|
|
| NATIONAL FINANCIAL SERVICES LLC FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS ATTN: MUTUAL FUNDS DEPT FL 4 499 WASHINGTON BLVD JERSEY CITY NJ 07310-1995 |
| 15.61% |
| 40,281.492 |
|
|
|
|
|
|
|
|
| MATRIX TRUST COMPANY TRUSTEE AMERICAN FEDERATION OF TEACHERS 717 17TH STREET SUITE 1300 DENVER CO 80202-3304 |
| 9.31% |
| 24,019.033 |
|
|
|
|
|
|
|
|
| EMPOWER TRUST FBO RETIREMENT PLANS 8515 E ORCHARD RD 2T2 GREENWOOD VLG CO 80111-5002 |
| 8.54% |
| 22,048.725 |
|
|
|
|
|
|
|
|
| WASHINGTON & CO C/O US BANK PO BOX 1787 MILWAUKEE WI 53201-1787 |
| 7.04% |
| 18,169.580 |
|
|
|
|
|
|
|
|
| MATRIX TRUST COMPANY TRUSTEE CITY OF HARTFORD 717 17TH STREET SUITE 1300 DENVER CO 80202-3304 |
| 6.83% |
| 17,639.929 |
|
|
|
|
|
|
|
|
| PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052 |
| 5.23% |
| 13,508.856 |
|
|
|
|
|
|
|
|
| LPL FINANCIAL OMNIBUS CUSTOMER ACCOUNT ATTN MUTUAL FUND TRADING PO BOX 509046 SAN DIEGO CA 92150-9046 |
| 5.13% |
| 13,252.490 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuveen Lifestyle Income Fund—Premier Class |
|
|
|
|
| |
|
|
|
|
|
|
|
| TEACHERS INSURANCE & ANNUITY ASSOC ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE STE 2A NEW YORK NY 10017-3207 |
| 99.99% |
| 20,000.000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuveen Lifestyle Income Fund—Class R6 |
|
|
|
|
| |
|
|
|
|
|
|
|
| PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052 |
| 52.71% |
| 515,674.564 |
|
|
|
|
|
|
|
|
| SEI PRIVATE TRUST COMPANY C/O TIAA-SWP 1 FREEDOM VALLEY DRIVE OAKS PA 19456-9989 |
| 26.08% |
| 255,114.402 |
|
|
|
|
|
|
|
|
| STATE STREET BANK TRUSTEE CUST FBO ADP ACCESS PRODUCT 1 LINCOLN ST BOSTON MA 02111-2901 |
| 7.27% |
| 71,079.782 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuveen Lifestyle Income Fund—Retirement Class |
|
|
|
|
| |
|
|
|
|
|
|
|
| JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS CUST FOR IRA CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413 |
| 91.24% |
| 1,627,068.696 |
|
|
|
|
|
|
|
|
| PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052 |
| 7.01% |
| 124,969.971 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuveen Lifestyle Conservative Fund—Class A |
|
|
|
|
| |
|
|
|
|
|
|
|
| PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052 |
| 48.50% |
| 7,689,059.267 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuveen Lifestyle Conservative Fund—Class I |
|
|
|
|
| |
|
|
|
|
|
|
|
| MATRIX TRUST COMPANY AS AGENT FOR ADVISOR TRUST INC PHX - PROFESSIONAL CAPITAL SERVICES 717 17TH ST STE 1300 DENVER CO 80202-3304 |
| 14.28% |
| 35,307.721 |
|
|
|
|
|
|
|
|
| PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052 |
| 12.30% |
| 30,403.489 |
|
|
|
|
|
|
|
|
| LINCOLN INVESTMENT PLANNING LLC FBO LINCOLN CUSTOMERS 601 OFFICE CENTER DR STE 300 FT WASHINGTON PA 19034-3275 |
| 8.31% |
| 20,551.541 |
|
|
|
|
|
|
|
|
| EMPOWER TRUST FBO RETIREMENT PLANS 8515 E ORCHARD RD 2T2 GREENWOOD VLG CO 80111-5002 |
| 7.71% |
| 19,057.566 |
|
|
|
|
|
|
|
|
| RBC CAPITAL MARKETS LLC MUTUAL FUND OMNIBUS PROCESSING OMNIBUS ATTN MUTUAL FUND OPS MANAGER 250 NICOLLET MALL SUITE 1400 MINNEAPOLIS MN 55401-7582 |
| 7.39% |
| 18,273.426 |
|
|
|
|
|
|
|
|
| LPL FINANCIAL OMNIBUS CUSTOMER ACCOUNT ATTN MUTUAL FUND TRADING PO BOX 509046 SAN DIEGO CA 92150-9046 |
| 5.84% |
| 14,451.224 |
|
|
|
|
|
|
|
|
| MATRIX TRUST COMPANY TRUSTEE HUTCHINSON TELEPHONE COMPANY 717 17TH STREET SUITE 1300 DENVER CO 80202-3304 |
| 5.14% |
| 12,717.304 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuveen Lifestyle Conservative Fund—Premier Class |
|
|
|
|
| |
|
|
|
|
|
|
|
| TEACHERS INSURANCE & ANNUITY ASSOC ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE STE 2A NEW YORK NY 10017-3207 |
| 93.56% |
| 20,000.000 |
|
|
|
|
|
|
|
|
| CHARLES SCHWAB & CO INC ATTN: MUTUAL FUNDS 211 MAIN ST SAN FRANCISCO CA 94105-1901 |
| 5.89% |
| 1,258.287 |
|
|
|
|
|
|
|
|
Statement of Additional Information 73
Fund—Class |
| Percentage of holdings |
| Shares |
| |
|
|
|
|
|
|
|
Nuveen Lifestyle Conservative Fund—Class R6 |
|
|
|
|
| |
|
|
|
|
|
|
|
| PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052 |
| 49.23% |
| 2,251,620.543 |
|
|
|
|
|
|
|
|
| DCGT AS TTEE AND/OR CUST FBO PLIC VARIOUS RETIREMENT PLANS OMNIBUS ATTN NPIO TRADE DESK 711 HIGH STREET DES MOINES IA 50392-0001 |
| 18.05% |
| 825,552.567 |
|
|
|
|
|
|
|
|
| SEI PRIVATE TRUST COMPANY C/O TIAA-SWP 1 FREEDOM VALLEY DRIVE OAKS PA 19456-9989 |
| 8.79% |
| 402,073.102 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuveen Lifestyle Conservative Fund—Retirement Class |
|
|
|
|
| |
|
|
|
|
|
|
|
| JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS CUST FOR IRA CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413 |
| 85.39% |
| 3,343,250.318 |
|
|
|
|
|
|
|
|
| PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052 |
| 11.13% |
| 435,635.119 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuveen Lifestyle Moderate Fund—Class A |
|
|
|
|
| |
|
|
|
|
|
|
|
| PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052 |
| 49.76% |
| 11,952,212.810 |
|
|
|
|
|
|
|
|
| CHARLES SCHWAB & CO INC SPECIAL CUSTODY A/C FBO CUSTOMERS ATTN MUTUAL FUNDS 211 MAIN STREET SAN FRANCISCO CA 94105-1901 |
| 10.53% |
| 2,530,174.235 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuveen Lifestyle Moderate Fund—Class I |
|
|
|
|
| |
|
|
|
|
|
|
|
| EMPOWER TRUST FBO RETIREMENT PLANS 8515 E ORCHARD RD 2T2 GREENWOOD VLG CO 80111-5002 |
| 33.77% |
| 163,894.379 |
|
|
|
|
|
|
|
|
| PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052 |
| 14.17% |
| 68,777.485 |
|
|
|
|
|
|
|
|
| NATIONAL FINANCIAL SERVICES LLC FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS ATTN: MUTUAL FUNDS DEPT FL 4 499 WASHINGTON BLVD JERSEY CITY NJ 07310-1995 |
| 5.94% |
| 28,846.982 |
|
|
|
|
|
|
|
|
| RAYMOND JAMES OMNIBUS FOR MUTUAL FUNDS HOUSE ACCT FIRM 92500015 ATTN: COURTNEY WALLER 880 CARILLON PARKWAY ST PETERSBURG FL 33716-1102 |
| 5.45% |
| 26,447.434 |
|
|
|
|
|
|
|
|
| WELLS FARGO CLEARING SERVICES LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523 |
| 5.09% |
| 24,691.872 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuveen Lifestyle Moderate Fund—Premier Class |
|
|
|
|
| |
|
|
|
|
|
|
|
| TEACHERS INSURANCE & ANNUITY ASSOC ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE STE 2A NEW YORK NY 10017-3207 |
| 100.00% |
| 20,000.000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuveen Lifestyle Moderate Fund—Class R6 |
|
|
|
|
| |
|
|
|
|
|
|
|
| PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052 |
| 35.19% |
| 2,189,489.558 |
|
|
|
|
|
|
|
|
| SEI PRIVATE TRUST COMPANY C/O TIAA-SWP 1 FREEDOM VALLEY DRIVE OAKS PA 19456-9989 |
| 23.92% |
| 1,488,372.235 |
|
|
|
|
|
|
|
|
| EMPOWER TRUST FBO EMPLOYEE BENEFITS CLIENTS 401K 8515 E ORCHARD RD 2T2 GREENWOOD VLG CO 80111-5002 |
| 10.76% |
| 669,672.948 |
|
|
|
|
|
|
|
|
| JOHN HANCOCK TRUST COMPANY LLC 200 BERKELEY ST STE 7 BOSTON MA 02116-5038 |
| 5.61% |
| 349,005.504 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuveen Lifestyle Moderate Fund—Retirement Class |
|
|
|
|
| |
|
|
|
|
|
|
|
| JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS CUST FOR IRA CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413 |
| 83.69% |
| 6,538,817.223 |
|
|
|
|
|
|
|
|
| PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052 |
| 15.35% |
| 1,199,435.895 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuveen Lifestyle Growth Fund—Class A |
|
|
|
|
| |
|
|
|
|
|
|
|
| PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052 |
| 38.36% |
| 4,364,135.877 |
|
|
|
|
|
|
|
|
| CHARLES SCHWAB & CO INC SPECIAL CUSTODY A/C FBO CUSTOMERS ATTN MUTUAL FUNDS 211 MAIN STREET SAN FRANCISCO CA 94105-1901 |
| 17.98% |
| 2,045,135.249 |
|
|
|
|
|
|
|
|
74 Statement of Additional Information
Fund—Class |
| Percentage of holdings |
| Shares |
| |
|
|
|
|
|
|
|
Nuveen Lifestyle Growth Fund—Class I |
|
|
|
|
| |
|
|
|
|
|
|
|
| RAYMOND JAMES OMNIBUS FOR MUTUAL FUNDS HOUSE ACCT FIRM 92500015 ATTN: COURTNEY WALLER 880 CARILLON PARKWAY ST PETERSBURG FL 33716-1102 |
| 21.32% |
| 53,560.003 |
|
|
|
|
|
|
|
|
| LPL FINANCIAL OMNIBUS CUSTOMER ACCOUNT ATTN MUTUAL FUND TRADING PO BOX 509046 SAN DIEGO CA 92150-9046 |
| 15.21% |
| 38,215.075 |
|
|
|
|
|
|
|
|
| PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052 |
| 11.97% |
| 30,063.946 |
|
|
|
|
|
|
|
|
| MATRIX TRUST COMPANY TRUSTEE AMERICAN FEDERATION OF TEACHERS 717 17TH STREET SUITE 1300 DENVER CO 80202-3304 |
| 9.85% |
| 24,736.148 |
|
|
|
|
|
|
|
|
| EMPOWER TRUST FBO RETIREMENT PLANS 8515 E ORCHARD RD 2T2 GREENWOOD VLG CO 80111-5002 |
| 9.79% |
| 24,604.019 |
|
|
|
|
|
|
|
|
| MID ATLANTIC TRUST COMPANY FBO MG3 PRACTICE SOLUTIONS 401(K ) PLAN 1251 WATERFRONT PLACE, SUITE 525 PITTSBURGH PA 15222-4228 |
| 5.31% |
| 13,348.304 |
|
|
|
|
|
|
|
|
| NATIONAL FINANCIAL SERVICES LLC FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS ATTN: MUTUAL FUNDS DEPT FL 4 499 WASHINGTON BLVD JERSEY CITY NJ 07310-1995 |
| 5.04% |
| 12,664.679 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuveen Lifestyle Growth Fund—Premier Class |
|
|
|
|
| |
|
|
|
|
|
|
|
| TEACHERS INSURANCE & ANNUITY ASSOC ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE STE 2A NEW YORK NY 10017-3207 |
| 97.05% |
| 20,000.000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuveen Lifestyle Growth Fund—Class R6 |
|
|
|
|
| |
|
|
|
|
|
|
|
| SEI PRIVATE TRUST COMPANY C/O TIAA-SWP 1 FREEDOM VALLEY DRIVE OAKS PA 19456-9989 |
| 31.32% |
| 943,727.971 |
|
|
|
|
|
|
|
|
| PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052 |
| 20.97% |
| 631,782.052 |
|
|
|
|
|
|
|
|
| VOYA INSTITUTIONAL TRUST COMPANY ONE ORANGE WAY B3N WINDSOR CT 06095-4773 |
| 8.43% |
| 253,993.287 |
|
|
|
|
|
|
|
|
| JOHN HANCOCK TRUST COMPANY LLC 200 BERKELEY ST STE 7 BOSTON MA 02116-5038 |
| 7.19% |
| 216,547.168 |
|
|
|
|
|
|
|
|
| AUL AMERICAN GRP RETIREMENT ANNUITY ATTN: SEPARATE ACCOUNTS PO BOX 368 INDIANAPOLIS IN 46206-0368 |
| 6.92% |
| 208,614.576 |
|
|
|
|
|
|
|
|
| EMPOWER TRUST FBO EMPLOYEE BENEFITS CLIENTS 401K 8515 E ORCHARD RD 2T2 GREENWOOD VLG CO 80111-5002 |
| 6.51% |
| 196,287.614 |
|
|
|
|
|
|
|
|
| STATE STREET BANK TRUSTEE CUST FBO ADP ACCESS PRODUCT 1 LINCOLN ST BOSTON MA 02111-2901 |
| 5.47% |
| 164,887.017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuveen Lifestyle Growth Fund—Retirement Class |
|
|
|
|
| |
|
|
|
|
|
|
|
| JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS CUST FOR IRA CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413 |
| 88.35% |
| 2,943,905.669 |
|
|
|
|
|
|
|
|
| PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052 |
| 9.04% |
| 301,354.972 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuveen Lifestyle Aggressive Growth Fund—Class A |
|
|
|
|
| |
|
|
|
|
|
|
|
| PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052 |
| 38.82% |
| 2,378,132.726 |
|
|
|
|
|
|
|
|
| CHARLES SCHWAB & CO INC SPECIAL CUSTODY A/C FBO CUSTOMERS ATTN MUTUAL FUNDS 211 MAIN STREET SAN FRANCISCO CA 94105-1901 |
| 14.15% |
| 866,575.424 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuveen Lifestyle Aggressive Growth Fund—Class I |
|
|
|
|
| |
|
|
|
|
|
|
|
| TEACHERS INSURANCE & ANNUITY ASSOC ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE STE 2A NEW YORK NY 10017-3207 |
| 100.00% |
| 9,459.709 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuveen Lifestyle Aggressive Growth Fund—Premier Class |
|
|
|
|
| |
|
|
|
|
|
|
|
| TEACHERS INSURANCE & ANNUITY ASSOC ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE STE 2A NEW YORK NY 10017-3207 |
| 99.99% |
| 20,000.000 |
|
|
|
|
|
|
|
|
Statement of Additional Information 75
Fund—Class |
| Percentage of holdings |
| Shares |
| |
|
|
|
|
|
|
|
Nuveen Lifestyle Aggressive Growth Fund—Class R6 |
|
|
|
|
| |
|
|
|
|
|
|
|
| PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052 |
| 16.80% |
| 550,285.151 |
|
|
|
|
|
|
|
|
| VOYA INSTITUTIONAL TRUST COMPANY ONE ORANGE WAY, B3N WINDSOR CT 06095-4773 |
| 15.82% |
| 518,115.059 |
|
|
|
|
|
|
|
|
| AUL AMERICAN GRP RETIREMENT ANNUITY ATTN: SEPARATE ACCOUNTS PO BOX 368 INDIANAPOLIS IN 46206-0368 |
| 14.49% |
| 474,408.814 |
|
|
|
|
|
|
|
|
| SEI PRIVATE TRUST COMPANY C/O TIAA-SWP 1 FREEDOM VALLEY DRIVE OAKS PA 19456-9989 |
| 9.88% |
| 323,491.053 |
|
|
|
|
|
|
|
|
| EMPOWER TRUST FBO EMPLOYEE BENEFITS CLIENTS 401K 8515 E ORCHARD RD 2T2 GREENWOOD VLG CO 80111-5002 |
| 7.21% |
| 235,958.290 |
|
|
|
|
|
|
|
|
| MID ATLANTIC TRUST COMPANY FBO MATC OMNIBUS DIV REINVEST LTCG - RE 1251 WATERFRONT PLACE, SUITE 525 PITTSBURGH PA 15222-4228 |
| 7.18% |
| 234,990.961 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuveen Lifestyle Aggressive Growth Fund—Retirement Class |
|
|
|
|
| |
|
|
|
|
|
|
|
| JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS CUST FOR IRA CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413 |
| 85.77% |
| 2,725,274.875 |
|
|
|
|
|
|
|
|
| PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052 |
| 10.07% |
| 319,899.769 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuveen Managed Allocation Fund—Class A |
|
|
|
|
| |
|
|
|
|
|
|
|
| PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052 |
| 12.72% |
| 8,068,732.096 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuveen Managed Allocation Fund—Class R6 |
|
|
|
|
| |
|
|
|
|
|
|
|
| PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052 |
| 67.52% |
| 1,039,241.988 |
|
|
|
|
|
|
|
|
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 |
| 21.45% |
| 330,169.454 |
|
|
|
|
|
|
|
|
| STATE STREET BANK TRUSTEE CUST FBO ADP ACCESS PRODUCT 1 LINCOLN ST BOSTON MA 02111-2901 |
| 5.64% |
| 86,808.081 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuveen Managed Allocation Fund—Retirement Class |
|
|
|
|
| |
|
|
|
|
|
|
|
| JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS CUST FOR IRA CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413 |
| 89.96% |
| 4,996,834.444 |
|
|
|
|
|
|
|
|
| PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052 |
| 5.08% |
| 282,432.565 |
|
|
|
|
|
|
|
|
Any person owning more than 25% of a Fund’s shares may be considered a “controlling person” of that Fund. A controlling person’s vote could have a more significant effect on matters presented to shareholders for approval than the vote of other Fund shareholders.
Investment advisory and other services
Investment advisory services
Investment advisory and related services for the Funds are provided by personnel of Advisors, which is registered with the SEC under the Investment Advisers Act of 1940 (“Advisers Act”). Advisors manages the investment and reinvestment of the assets of the Funds, subject to the oversight of the Board of Trustees. Advisors performs research, makes recommendations and places orders for the purchase and sale of securities. Advisors also provides or oversees the provision of portfolio accounting, custodial, compliance, administrative and related services for the assets of the Funds.
TIAA, an insurance company, holds all of the shares of Nuveen, LLC (“Nuveen”), the investment management arm of TIAA. Nuveen, in turn, holds all of the shares of Nuveen Finance, LLC, which holds all of the shares of Advisors. Nuveen Finance, LLC also holds all the shares of Nuveen Holdings 1, Inc., which holds all the shares of Nuveen Holdings, Inc., which holds all the shares of Nuveen Investments, Inc., which holds all the shares of Nuveen Securities, LLC (“Nuveen Securities”), the principal underwriter of the Trust. All of the foregoing are affiliates of the Trust and Advisors.
Nuveen Fund Advisors, Nuveen Asset Management, LLC (“Nuveen Asset Management”), Advisors and Investment Management are each wholly owned subsidiaries of Nuveen. Advisors currently serves as sub-adviser to certain funds managed by Nuveen Fund Advisors. As a result of their common ownership by Nuveen and, ultimately, TIAA, Nuveen Fund Advisors, Nuveen Asset Management, Advisors and Investment Management are considered affiliated persons under common control, and the registered investment companies managed by each are considered to be part of the same group of investment companies.
76 Statement of Additional Information
Advisors manages each Fund according to an investment management agreement with the Trust (the “Management Agreement”). Under the Management Agreement, investment management fees are calculated daily and paid monthly to Advisors. They are calculated as a percentage of the average value of the daily net assets for each Fund, and are accrued daily proportionately at 1/365th (1/366th in a leap year) of the rates set forth in the Prospectuses.
For the Nuveen Lifestyle Funds, under the terms of the Management Agreement, Advisors receives a fee at an annual rate of 0.10% of the average daily net assets of each Fund. For the Nuveen Managed Allocation Fund, the annual investment management fee rate charged under the Investment Management Agreement is 0.00%.
For the Nuveen Lifecycle Funds and Nuveen Lifecycle Index Funds, under the terms of the Management Agreement, Advisors 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 applicable 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 (other than the Class W shares investment management fee waiver and/or reimbursement arrangement for the Underlying Funds of the Trust discussed below), weighted by the percentage of the Fund’s net assets invested in the Underlying Fund, applied to the average daily net assets of the Fund invested in Underlying Funds of the Trust (which does not include any of the Fund’s assets not invested in Underlying Funds).
Advisors has contractually agreed to waive in full the Asset Allocation Fee Rate component of the investment management fee on each Nuveen Lifecycle Fund through at least September 30, 2027, unless changed with approval of the Board. Advisors has also contractually agreed to waive a portion of the Underlying Funds Fee Rate component of the Nuveen Lifecycle Funds’ investment management fees equal to, on an annual basis, the following percentages of the average daily net assets of each Nuveen Lifecycle Fund: 0.034% for the Nuveen Lifecycle Retirement Income Fund; 0.018% for the Nuveen Lifecycle 2010 Fund; 0.024% for the Nuveen Lifecycle 2015 Fund; 0.028% for the Nuveen Lifecycle 2020 Fund; 0.033% for the Nuveen Lifecycle 2025 Fund; 0.048% for the Nuveen Lifecycle 2030 Fund; 0.064% for the Nuveen Lifecycle 2035 Fund; 0.080% for the Nuveen Lifecycle 2040 Fund; 0.093% for the Nuveen Lifecycle 2045 Fund; 0.094% for the Nuveen Lifecycle 2050, 2055, and 2060 Funds; and 0.098% for the Nuveen Lifecycle 2065 Fund. These waivers will remain in effect through at least September 30, 2025, unless changed with approval of the Board.
Advisors has contractually agreed to waive a portion of the Asset Allocation Fee Rate component of the Nuveen Lifecycle Index Funds’ investment management fees equal to, on an annual basis, the following percentages of the average daily net assets of each Nuveen Lifecycle Index Fund: 0.081% for the Nuveen Lifecycle Index Retirement Income and 2010 Funds; 0.079% for the Nuveen Lifecycle Index 2015 Fund; 0.075% for the Nuveen Lifecycle Index 2020 Fund; 0.070% for the Nuveen Lifecycle Index 2025 Fund; 0.066% for the Nuveen Lifecycle Index 2030 Fund; 0.062% for the Nuveen Lifecycle Index 2035 Fund; 0.057% for the Nuveen Lifecycle Index 2040 and 2045 Funds; 0.056% for the Nuveen Lifecycle Index 2050, 2055, and 2060 Funds; and 0.057% for the Nuveen Lifecycle Index 2065 Fund. These waivers will remain in effect through at least September 30, 2025 unless changed with approval of the Board.
The Funds also pay Advisors for certain administrative and compliance services that Advisors provides to the Funds on an at-cost basis. Advisors provides these administrative and compliance services pursuant to a separate Administrative Services Agreement dated January 2, 2012.
Furthermore, Advisors has contractually agreed to reimburse the Nuveen Lifecycle Funds and the Nuveen Lifecycle Index Funds for any Total annual Fund operating expenses (excluding interest, taxes, brokerage commissions or other transactional expenses, Acquired fund fees and expenses, extraordinary expenses and any expenses originally attributable to Class W shares for the Underlying Funds of the Trust that were incurred directly by a Fund) that exceed certain amounts, as stated in the Prospectuses. In addition, Advisors has contractually agreed to reimburse the Nuveen Lifestyle Funds and Nuveen Managed Allocation Fund for any Total annual Fund operating expenses (excluding interest, taxes, brokerage commissions or other transactional expenses, Acquired fund fees and expenses and extraordinary expenses) that exceed certain amounts, as stated in the Prospectuses. All of the expense reimbursement arrangements referenced above will continue through at least September 30, 2025, unless changed with approval of the Board.
Each Underlying Fund of the Trust has also entered into an investment management agreement with Advisors, and Advisors receives investment management fees as the investment adviser to the Real Property Fund. Each Nuveen Lifestyle Fund and the Nuveen Managed Allocation Fund, each Nuveen Lifecycle Fund with respect to its investments in the Real Property Fund and the Non-Trust Underlying Funds, and each Nuveen Lifecycle Fund and Nuveen Lifecycle Index Fund with respect to any amounts invested in any other Underlying Funds that are not offered by the Trust or any amounts excluded from Advisors’ reimbursement of the net other expenses allocable to Class W shares of the Underlying Funds of the Trust (as discussed further below), indirectly bears a pro rata share of the investment management fees (as applicable) and other expenses incurred by the Underlying Funds in which the Fund invests, and any such fees and expenses are reflected as part of a Fund’s “Acquired fund fees and expenses” in the “Fees and expenses” section of each Fund in the Funds’ Prospectuses. With respect to the Nuveen Lifecycle Funds and Nuveen Lifecycle Index Funds, for the Class W shares of the Underlying Funds of the Trust in which the
Statement of Additional Information 77
Funds invest, Advisors has contractually agreed to waive and/or reimburse Class W shares’ net investment management fees in their entirety so long as such fees are incurred by the Funds directly. Advisors expects this waiver and/or reimbursement arrangement to remain in effect indefinitely, unless changed or terminated with the approval of the Board. Each Nuveen Lifecycle Fund and Nuveen Lifecycle Index Fund directly bears a pro rata share of the investment management fees incurred by Class W shares of the Underlying Funds of the Trust in which the Fund invests through the Underlying Funds Fee Rate component of the Fund’s investment management fee, as discussed above, and such fees are reflected as part of “Management fees” in the “Fees and expenses” section of each Fund in the Funds’ Prospectuses. Affiliates of Advisors receive investment management fees as the investment adviser or sub-adviser of the Non-Trust Underlying Funds.
Advisors, in its capacity as administrator to the Nuveen Lifecycle Funds, Nuveen Lifecycle Index Funds and Underlying Funds of the Trust, has contractually agreed to reimburse, for Class W shares of the Underlying Funds of the Trust, Class W share’s net other expenses (excluding interest, taxes, brokerage commissions or other transactional expenses, Acquired fund fees and expenses, Trustee expenses and extraordinary expenses) in their entirety so long as the Funds reimburse Advisors for such expenses, as described below. Advisors expects this expense reimbursement arrangement to remain in effect indefinitely, unless changed or terminated with approval of the Board. As part of this contractual arrangement, each Fund has agreed to reimburse Advisors for the Fund’s pro rata share of the Class W shares other expenses of the Underlying Funds of the Trust in which the Fund invests that are reimbursed by Advisors pursuant to the arrangement. Therefore, these expenses are reflected as part of “Other expenses” in the “Fees and expenses” section of each Fund in the Funds’ Prospectuses. Each Nuveen Lifecycle Fund and Nuveen Lifecycle Index Fund therefore directly bears a pro rata share of certain other expenses of the Underlying Funds of the Trust in which the Fund invests. Any amounts excluded from Advisors’ reimbursement of the net other expenses allocable to Class W shares of the Underlying Funds of the Trust will be incurred indirectly by the Funds and reflected as “Acquired fund fees and expenses” in the “Fees and expenses” section of each Fund in the Funds’ Prospectuses, as applicable.
For the fiscal years ended May 31, 2024, May 31, 2023 and May 31, 2022 for the following Funds, the table below reflects (i) the total dollar amount of investment management fees for each Fund, (ii) the amount of any waiver of the portion of the investment management fee attributable to each Fund, and (iii) the net investment management fees for each Fund after such waivers.
78 Statement of Additional Information
|
| Gross |
| Waived |
| Net |
| |||||||||||||||
|
| Fiscal years ended May 31, |
| Fiscal years ended May 31, |
| Fiscal years ended May 31, |
| |||||||||||||||
| Fund | 2024 | 2023 | 2022 |
| 2024 | 2023 | 2022 |
| 2024 | 2023 | 2022 |
| |||||||||
| Nuveen Lifecycle Retirement Income Fund | $ | 1,684,797 | $ | 1,809,643 | $ | 2,281,772 |
| $ | 540,249 | $ | 604,651 | $ | 814,980 |
| $ | 1,144,548 | $ | 1,204,992 | $ | 1,466,792 |
|
| Nuveen Lifecycle 2010 Fund |
| 3,211,719 |
| 3,521,493 |
| 4,467,481 |
|
| 1,221,130 |
| 1,466,385 |
| 1,529,420 |
|
| 1,990,589 |
| 2,055,109 |
| 2,938,061 |
|
| Nuveen Lifecycle 2015 Fund |
| 4,598,952 |
| 4,994,207 |
| 6,398,942 |
|
| 1,968,697 |
| 1,720,345 |
| 2,153,577 |
|
| 2,630,255 |
| 3,273,862 |
| 4,245,365 |
|
| Nuveen Lifecycle 2020 Fund |
| 10,191,037 |
| 11,113,155 |
| 14,143,624 |
|
| 3,923,533 |
| 3,800,369 |
| 4,802,917 |
|
| 6,267,504 |
| 7,312,786 |
| 9,340,707 |
|
| Nuveen Lifecycle 2025 Fund |
| 15,748,110 |
| 16,442,485 |
| 20,191,901 |
|
| 5,519,495 |
| 5,625,660 |
| 6,937,838 |
|
| 10,228,615 |
| 10,816,825 |
| 13,254,063 |
|
| Nuveen Lifecycle 2030 Fund |
| 18,737,834 |
| 18,512,328 |
| 21,959,948 |
|
| 6,172,375 |
| 6,757,957 |
| 7,967,730 |
|
| 12,565,459 |
| 11,754,371 |
| 13,992,218 |
|
| Nuveen Lifecycle 2035 Fund |
| 20,157,934 |
| 19,358,599 |
| 22,817,058 |
|
| 7,289,327 |
| 7,550,969 |
| 8,894,573 |
|
| 12,868,607 |
| 11,807,630 |
| 13,922,485 |
|
| Nuveen Lifecycle 2040 Fund |
| 24,493,798 |
| 23,264,753 |
| 27,072,607 |
|
| 9,711,038 |
| 9,915,521 |
| 11,173,779 |
|
| 14,782,760 |
| 13,349,232 |
| 15,898,828 |
|
| Nuveen Lifecycle 2045 Fund |
| 17,421,709 |
| 15,891,274 |
| 17,872,621 |
|
| 6,931,126 |
| 6,854,203 |
| 7,661,829 |
|
| 10,490,583 |
| 9,037,071 |
| 10,210,792 |
|
| Nuveen Lifecycle 2050 Fund |
| 13,606,936 |
| 12,130,547 |
| 13,163,760 |
|
| 5,741,555 |
| 5,506,916 |
| 5,966,726 |
|
| 7,865,381 |
| 6,623,631 |
| 7,197,034 |
|
| Nuveen Lifecycle 2055 Fund |
| 6,690,466 |
| 5,622,961 |
| 5,702,049 |
|
| 2,818,791 |
| 2,549,013 |
| 2,582,791 |
|
| 3,871,675 |
| 3,073,948 |
| 3,119,258 |
|
| Nuveen Lifecycle 2060 Fund |
| 2,615,957 |
| 1,907,465 |
| 1,715,404 |
|
| 1,104,317 |
| 878,172 |
| 809,740 |
|
| 1,511,640 |
| 1,029,293 |
| 905,664 |
|
| Nuveen Lifecycle 2065 Fund |
| 269,137 |
| 127,453 |
| 45,715 |
|
| 120,682 |
| 60,837 |
| 22,225 |
|
| 148,455 |
| 66,616 |
| 23,490 |
|
| Nuveen Lifecycle Index Retirement Income Fund |
| 1,144,176 |
| 1,003,317 |
| 1,124,506 |
|
| 541,459 |
| 492,375 |
| 579,083 |
|
| 602,717 |
| 510,942 |
| 545,423 |
|
| Nuveen Lifecycle Index 2010 Fund |
| 1,073,502 |
| 1,063,393 |
| 1,212,280 |
|
| 512,252 |
| 521,544 |
| 624,120 |
|
| 561,250 |
| 541,849 |
| 588,160 |
|
| Nuveen Lifecycle Index 2015 Fund |
| 1,780,610 |
| 1,762,613 |
| 2,101,902 |
|
| 824,707 |
| 840,028 |
| 1,044,250 |
|
| 955,903 |
| 922,585 |
| 1,057,652 |
|
| Nuveen Lifecycle Index 2020 Fund |
| 5,079,516 |
| 4,877,690 |
| 5,768,883 |
|
| 2,272,186 |
| 2,239,115 |
| 2,774,380 |
|
| 2,807,330 |
| 2,638,575 |
| 2,994,503 |
|
| Nuveen Lifecycle Index 2025 Fund |
| 9,214,120 |
| 8,229,972 |
| 9,000,229 |
|
| 3,951,568 |
| 3,649,236 |
| 4,134,294 |
|
| 5,262,552 |
| 4,580,736 |
| 4,865,935 |
|
| Nuveen Lifecycle Index 2030 Fund |
| 11,647,881 |
| 9,748,234 |
| 10,193,218 |
|
| 4,753,474 |
| 4,105,855 |
| 4,416,589 |
|
| 6,894,407 |
| 5,642,379 |
| 5,776,629 |
|
| Nuveen Lifecycle Index 2035 Fund |
| 11,652,990 |
| 9,276,865 |
| 9,442,265 |
|
| 4,481,669 |
| 3,672,267 |
| 3,871,966 |
|
| 7,171,321 |
| 5,604,598 |
| 5,570,299 |
|
| Nuveen Lifecycle Index 2040 Fund |
| 11,856,216 |
| 9,387,160 |
| 9,575,044 |
|
| 4,427,491 |
| 3,616,336 |
| 3,832,764 |
|
| 7,428,725 |
| 5,770,824 |
| 5,742,280 |
|
| Nuveen Lifecycle Index 2045 Fund |
| 9,615,348 |
| 7,214,396 |
| 7,114,089 |
|
| 3,566,781 |
| 2,782,605 |
| 2,778,082 |
|
| 6,048,567 |
| 4,431,791 |
| 4,336,007 |
|
| Nuveen Lifecycle Index 2050 Fund |
| 8,068,565 |
| 5,978,637 |
| 5,830,623 |
|
| 2,946,668 |
| 2,272,809 |
| 2,262,205 |
|
| 5,121,897 |
| 3,705,828 |
| 3,568,418 |
|
| Nuveen Lifecycle Index 2055 Fund |
| 4,710,433 |
| 3,268,438 |
| 2,976,837 |
|
| 1,721,834 |
| 1,244,131 |
| 1,150,883 |
|
| 2,988,599 |
| 2,024,307 |
| 1,825,954 |
|
| Nuveen Lifecycle Index 2060 Fund |
| 2,518,111 |
| 1,598,728 |
| 1,265,328 |
|
| 921,256 |
| 609,386 |
| 489,875 |
|
| 1,596,855 |
| 989,342 |
| 775,453 |
|
| Nuveen Lifecycle Index 2065 Fund |
| 334,084 |
| 116,972 |
| 39,597 |
|
| 124,310 |
| 45,094 |
| 15,002 |
|
| 209,774 |
| 71,878 |
| 24,595 |
|
| Nuveen Lifestyle Income Fund |
| 76,937 |
| 83,150 |
| 100,898 |
|
| — |
| — |
| 19,820 |
|
| 76,937 |
| 83,150 |
| 81,078 |
|
| Nuveen Lifestyle Conservative Fund |
| 307,011 |
| 312,822 |
| 374,496 |
|
| — |
| — |
| 39,481 |
|
| 307,011 |
| 312,822 |
| 335,015 |
|
| Nuveen Lifestyle Moderate Fund |
| 538,127 |
| 522,590 |
| 630,668 |
|
| — |
| — |
| 32,045 |
|
| 538,127 |
| 522,590 |
| 598,623 |
|
| Nuveen Lifestyle Growth Fund |
| 288,025 |
| 276,067 |
| 333,358 |
|
| — |
| — |
| 25,017 |
|
| 288,025 |
| 276,067 |
| 308,341 |
|
| Nuveen Lifestyle Aggressive Growth Fund |
| 228,825 |
| 207,112 |
| 245,586 |
|
| — |
| — |
| 19,650 |
|
| 228,825 |
| 207,112 |
| 225,936 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Funds pay for certain compliance and administrative services provided by Advisors pursuant to an Amended and Restated Administrative Services Agreement. The table below reflects the amounts paid to Advisors by the following Funds for these compliance and administrative services for the fiscal years ended May 31, 2024, May 31, 2023 and May 31, 2022.
Statement of Additional Information 79
|
| Fund administration fees |
|
| Compliance fees |
| ||||||||||
| Fund | May 31, 2024 | May 31, 2023 | May 31, 2022 |
|
| May 31, 2024 | May 31, 2023 | May 31, 2022 |
| ||||||
| Nuveen Lifecycle Retirement Income Fund | $ | 58,532 | $ | 41,792 | $ | 56,042 |
|
| $ | 8,601 | $ | 9,486 | $ | 6,570 |
|
| Nuveen Lifecycle 2010 Fund |
| 54,981 |
| 40,328 |
| 55,105 |
|
|
| 8,071 |
| 9,156 |
| 6,467 |
|
| Nuveen Lifecycle 2015 Fund |
| 59,882 |
| 44,395 |
| 61,561 |
|
|
| 8,785 |
| 10,096 |
| 7,227 |
|
| Nuveen Lifecycle 2020 Fund |
| 79,257 |
| 60,918 |
| 87,393 |
|
|
| 11,605 |
| 13,906 |
| 10,276 |
|
| Nuveen Lifecycle 2025 Fund |
| 97,835 |
| 75,192 |
| 107,718 |
|
|
| 14,331 |
| 17,142 |
| 12,649 |
|
| Nuveen Lifecycle 2030 Fund |
| 106,947 |
| 80,347 |
| 113,366 |
|
|
| 15,686 |
| 18,287 |
| 13,299 |
|
| Nuveen Lifecycle 2035 Fund |
| 110,542 |
| 81,891 |
| 115,824 |
|
|
| 16,231 |
| 18,624 |
| 13,583 |
|
| Nuveen Lifecycle 2040 Fund |
| 123,588 |
| 91,613 |
| 129,962 |
|
|
| 18,151 |
| 20,862 |
| 15,254 |
|
| Nuveen Lifecycle 2045 Fund |
| 99,985 |
| 72,248 |
| 99,676 |
|
|
| 14,702 |
| 16,408 |
| 11,674 |
|
| Nuveen Lifecycle 2050 Fund |
| 87,475 |
| 62,488 |
| 84,038 |
|
|
| 12,868 |
| 14,163 |
| 9,835 |
|
| Nuveen Lifecycle 2055 Fund |
| 65,145 |
| 45,496 |
| 59,156 |
|
|
| 9,589 |
| 10,283 |
| 6,916 |
|
| Nuveen Lifecycle 2060 Fund |
| 51,992 |
| 35,675 |
| 45,877 |
|
|
| 7,658 |
| 8,059 |
| 5,363 |
|
| Nuveen Lifecycle 2065 Fund |
| 44,496 |
| 30,953 |
| 40,168 |
|
|
| 6,548 |
| 6,998 |
| 4,700 |
|
| Nuveen Lifecycle Index Retirement Income Fund | 52,949 |
| 37,012 |
| 48,122 |
|
|
| 7,786 |
| 8,370 |
| 5,648 |
| |
| Nuveen Lifecycle Index 2010 Fund |
| 52,360 |
| 37,322 |
| 48,772 |
|
|
| 7,693 |
| 8,459 |
| 5,709 |
|
| Nuveen Lifecycle Index 2015 Fund |
| 58,248 |
| 41,824 |
| 55,469 |
|
|
| 8,555 |
| 9,485 |
| 6,487 |
|
| Nuveen Lifecycle Index 2020 Fund |
| 86,141 |
| 62,483 |
| 83,258 |
|
|
| 12,645 |
| 14,174 |
| 9,756 |
|
| Nuveen Lifecycle Index 2025 Fund |
| 122,185 |
| 86,318 |
| 109,760 |
|
|
| 17,955 |
| 19,507 |
| 12,813 |
|
| Nuveen Lifecycle Index 2030 Fund |
| 145,112 |
| 98,689 |
| 121,469 |
|
|
| 21,363 |
| 22,241 |
| 14,193 |
|
| Nuveen Lifecycle Index 2035 Fund |
| 147,596 |
| 97,506 |
| 117,657 |
|
|
| 21,760 |
| 21,919 |
| 13,747 |
|
| Nuveen Lifecycle Index 2040 Fund |
| 151,730 |
| 99,543 |
| 120,147 |
|
|
| 22,384 |
| 22,378 |
| 14,035 |
|
| Nuveen Lifecycle Index 2045 Fund |
| 131,549 |
| 84,056 |
| 100,482 |
|
|
| 19,429 |
| 18,874 |
| 11,739 |
|
| Nuveen Lifecycle Index 2050 Fund |
| 117,539 |
| 75,040 |
| 89,975 |
|
|
| 17,361 |
| 16,866 |
| 10,508 |
|
| Nuveen Lifecycle Index 2055 Fund |
| 86,771 |
| 55,092 |
| 65,685 |
|
|
| 12,817 |
| 12,368 |
| 7,683 |
|
| Nuveen Lifecycle Index 2060 Fund |
| 66,630 |
| 42,715 |
| 51,081 |
|
|
| 9,838 |
| 9,598 |
| 5,957 |
|
| Nuveen Lifecycle Index 2065 Fund |
| 46,623 |
| 31,511 |
| 40,368 |
|
|
| 6,870 |
| 7,116 |
| 4,722 |
|
| Nuveen Lifestyle Income Fund |
| 53,632 |
| 37,696 |
| 49,512 |
|
|
| 7,890 |
| 8,535 |
| 5,796 |
|
| Nuveen Lifestyle Conservative Fund |
| 56,785 |
| 40,157 |
| 53,032 |
|
|
| 8,349 |
| 9,098 |
| 6,208 |
|
| Nuveen Lifestyle Moderate Fund |
| 59,902 |
| 42,399 |
| 56,324 |
|
|
| 8,808 |
| 9,611 |
| 6,601 |
|
| Nuveen Lifestyle Growth Fund |
| 56,484 |
| 39,759 |
| 52,513 |
|
|
| 8,309 |
| 9,006 |
| 6,147 |
|
| Nuveen Lifestyle Aggressive Growth Fund |
| 55,675 |
| 39,029 |
| 51,388 |
|
|
| 8,191 |
| 8,837 |
| 6,019 |
|
| Nuveen Managed Allocation Fund |
| 46,308 |
| 33,198 |
| 44,672 |
|
|
| 6,805 |
| 7,537 |
| 5,241 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service agreements
Retirement Class Service Agreement
The Trust, on behalf of each Fund that offers Retirement Class shares (as described in the Fund’s Prospectus), has entered into a service agreement with Advisors pursuant to which Advisors provides or arranges for the provision of administrative and shareholder services for the Retirement Class shares, including services associated with maintenance of Retirement Class shares on retirement plan and other platforms (the “Retirement Class Service Agreement”).
For the services rendered, the facilities furnished and expenses assumed by Advisors, each Fund pays Advisors at the end of each calendar month a fee for the Fund calculated as a percentage of the daily net assets attributable to Retirement Class shares of the Fund.
The annual rate is 0.25% of net assets attributable to Retirement Class shares of the Fund under the Retirement Class Service Agreement. The service fees are accrued daily at their proportional annual rate. The fees paid under the Retirement Class Service Agreement for each of the following Funds for the prior fiscal years ended May 31, 2024, May 31, 2023 and May 31, 2022 are set forth in the table below.
80 Statement of Additional Information
|
|
| Service fees for fiscal year or period ended |
| |||||
| Fund |
| May 31, 2024 | May 31, 2023 | May 31, 2022 |
| |||
| Nuveen Lifecycle Retirement Income Fund |
| $ | 325,979 | $ | 356,870 | $ | 460,808 |
|
| Nuveen Lifecycle 2010 Fund |
|
| 605,214 |
| 656,790 |
| 843,470 |
|
| Nuveen Lifecycle 2015 Fund |
|
| 844,908 |
| 891,200 |
| 1,158,266 |
|
| Nuveen Lifecycle 2020 Fund |
|
| 1,559,050 |
| 1,712,261 |
| 2,271,473 |
|
| Nuveen Lifecycle 2025 Fund |
|
| 2,089,777 |
| 2,217,845 |
| 2,840,181 |
|
| Nuveen Lifecycle 2030 Fund |
|
| 2,277,168 |
| 2,327,664 |
| 2,943,773 |
|
| Nuveen Lifecycle 2035 Fund |
|
| 2,217,391 |
| 2,159,686 |
| 2,698,649 |
|
| Nuveen Lifecycle 2040 Fund |
|
| 2,579,934 |
| 2,537,190 |
| 3,212,229 |
|
| Nuveen Lifecycle 2045 Fund |
|
| 1,544,285 |
| 1,451,099 |
| 1,804,942 |
|
| Nuveen Lifecycle 2050 Fund |
|
| 1,108,628 |
| 1,038,267 |
| 1,281,246 |
|
| Nuveen Lifecycle 2055 Fund |
|
| 522,952 |
| 472,444 |
| 560,578 |
|
| Nuveen Lifecycle 2060 Fund |
|
| 193,672 |
| 153,256 |
| 161,562 |
|
| Nuveen Lifecycle 2065 Fund |
|
| 26,351 |
| 13,214 |
| 4,167 |
|
| Nuveen Lifecycle Index Retirement Income Fund |
|
| 87,525 |
| 91,887 |
| 114,059 |
|
| Nuveen Lifecycle Index 2010 Fund |
|
| 134,273 |
| 153,436 |
| 195,955 |
|
| Nuveen Lifecycle Index 2015 Fund |
|
| 214,579 |
| 232,059 |
| 295,519 |
|
| Nuveen Lifecycle Index 2020 Fund |
|
| 507,456 |
| 551,664 |
| 724,337 |
|
| Nuveen Lifecycle Index 2025 Fund |
|
| 964,134 |
| 974,420 |
| 1,182,719 |
|
| Nuveen Lifecycle Index 2030 Fund |
|
| 1,118,369 |
| 1,059,278 |
| 1,242,761 |
|
| Nuveen Lifecycle Index 2035 Fund |
|
| 1,042,901 |
| 960,552 |
| 1,125,454 |
|
| Nuveen Lifecycle Index 2040 Fund |
|
| 984,558 |
| 913,727 |
| 1,092,046 |
|
| Nuveen Lifecycle Index 2045 Fund |
|
| 800,440 |
| 736,503 |
| 848,205 |
|
| Nuveen Lifecycle Index 2050 Fund |
|
| 677,451 |
| 639,854 |
| 735,838 |
|
| Nuveen Lifecycle Index 2055 Fund |
|
| 376,528 |
| 356,628 |
| 393,629 |
|
| Nuveen Lifecycle Index 2060 Fund |
|
| 187,824 |
| 168,733 |
| 160,738 |
|
| Nuveen Lifecycle Index 2065 Fund |
|
| 17,963 |
| 7,139 |
| 2,740 |
|
| Nuveen Lifestyle Income Fund |
|
| 43,318 |
| 46,380 |
| 61,624 |
|
| Nuveen Lifestyle Conservative Fund |
|
| 120,698 |
| 125,716 |
| 154,322 |
|
| Nuveen Lifestyle Moderate Fund |
|
| 275,980 |
| 264,943 |
| 309,781 |
|
| Nuveen Lifestyle Growth Fund |
|
| 132,299 |
| 129,936 |
| 151,723 |
|
| Nuveen Lifestyle Aggressive Growth Fund |
|
| 140,219 |
| 131,954 |
| 161,212 |
|
| Nuveen Managed Allocation Fund |
|
| 175,173 |
| 173,974 |
| 207,071 |
|
The Retirement Class Service Agreement will continue in effect until terminated. The Agreement provides that it may be terminated without penalty by the Board of Trustees or by Advisors, in each case on sixty (60) days’ written notice to the other party. The Agreement may also be amended as to any Fund by the parties only if such amendment is specifically approved by the Board of Trustees.
Underwriter and other service providers
Underwriter
Nuveen Securities, 333 West Wacker Drive, Chicago, IL 60606-1286, is the “principal underwriter” for the Trust. Shares of the Funds are offered on a continuous basis. Pursuant to a Distribution Agreement with the Trust, Nuveen Securities distributes shares of the Funds from year to year, subject to annual approval of the Distribution Agreement by the Board of Trustees. Nuveen Securities may enter into selling agreements with one or more broker-dealers, which may or may not be affiliated with Nuveen Securities, to provide distribution-related services and shareholder services to the Funds.
Please note that Nuveen Securities does not have a customer relationship with you solely by virtue of acting as distributor for the Funds. Nuveen Securities does not offer or provide investment monitoring, make investment decisions for you, or hold customer accounts or assets.
Statement of Additional Information 81
Custodian, transfer agent and fund accounting agent
State Street Bank and Trust Company (“State Street”), One Congress Street, Suite 1, Boston, MA 02114-2016, acts as custodian for the Trust and the Funds. As custodian, State Street is responsible for the safekeeping of the Funds’ portfolio securities. State Street also acts as fund accounting agent for the Trust and the Funds.
SS&C GIDS, Inc. (“SS&C GIDS”), 2000 Crown Colony Drive, Quincy, MA 02169, acts as the transfer and dividend-paying agent for the Funds.
Independent registered public accounting firm
PricewaterhouseCoopers, LLP (“PwC”), One North Wacker Drive, Chicago, Illinois 60606, independent registered public accounting firm, has been selected as auditors for the Funds. In addition to audit services, PwC provides assistance on accounting, tax and related matters.
The Trust, Advisors and Nuveen Securities have adopted Codes of Ethics (“codes”) under applicable SEC rules. These codes govern the personal trading activities and related conduct of certain employees, or “access persons” of the Trust, Advisors and Nuveen Securities, as well as members of their households. While access persons are generally permitted to invest in securities (excluding, for certain access persons, purchases of municipal securities as defined under Section 3(a)(29) of the Securities Exchange Act of 1934) that may also be purchased or held by the Trust, they are also generally required to preclear and/or report all transactions involving reportable securities covered under the codes. In addition, access persons are required to maintain their accounts at approved brokers so that their reportable accounts, transactions and holdings information can be monitored by Compliance. Such reportable accounts, transactions and holdings are regularly reviewed, and certified to, by each access person.
Information about the Funds’ portfolio management
Structure of compensation for portfolio managers
Equity portfolio managers
Equity portfolio managers are compensated through a combination of base salary, annual performance awards, long-term compensation awards and, for certain portfolio managers, equity-like performance based plans. Currently, the annual performance awards and long-term compensation awards are determined using both quantitative (75%) and qualitative factors (25%) including, but not limited to, Information Ratio, ranking versus Morningstar peers, risk-adjusted variation in return versus benchmark, and management/peer reviews.
The variable component of a portfolio manager’s compensation is remunerated as: (1) a current year cash bonus; (2) a long-term performance award, which is on a 3-year cliff vesting cycle; and (3) an equity-like profits interest plan. Fifty percent (50%) of the long-term award is based on the Fund(s) managed by the portfolio manager during the 3-year vesting period, while the value of the remainder of the long-term award is based on the performance of the TIAA organization as a whole. The equity-like profits interest vests over time and entitles participants to a percentage of Advisors’ annual profits and the profits of its affiliate Nuveen Asset Management. The equity-like profits interest is allocated to individual portfolio managers based on such person’s overall contribution to Advisors and Nuveen Asset Management.
Risk-adjusted investment performance is calculated, where records are available, over one, three and five years, each ending December 31. For each year, the gross excess return (on a before-tax basis) of a portfolio manager’s mandate(s) is calculated versus each mandate’s assigned benchmark. Please see the Funds’ Prospectuses for more information regarding their benchmark indices. An Information Ratio is then calculated utilizing the gross excess return in the numerator and the greater of the 52-week realized Active Risk (tracking error) or a minimum targeted risk level (typically 300 basis points) in the denominator to generate risk-adjusted investment performance.
Performance relative to peers is evaluated using Morningstar percentile rankings for the 1-, 3- and 5-year ratings, when applicable. For managers with less than a 5-year track record, a 0.25 Information Ratio and a peer ranking at the middle of the Morningstar grouping is used.
Utilizing the quantitative and qualitative factors discussed above, total compensation is calculated and then compared to the compensation data obtained from surveys that include comparable investment firms. It should be noted that the total compensation can be increased or decreased based on the performance of the equity group as a unit and the relative success of the TIAA organization in achieving its financial and operational objectives.
82 Statement of Additional Information
Fixed-income portfolio managers
Fixed-income portfolio managers are compensated through a combination of base salary, annual performance awards, long-term compensation awards and, for certain portfolio managers, equity-like performance based plans. Currently, the annual performance awards and long-term compensation awards are determined using both quantitative (75%) and qualitative factors (25%) including, but not limited to, Information Ratio, ranking versus Morningstar peers, risk-adjusted variation in return vs. benchmark, and management/peer reviews.
The variable component of a portfolio manager’s compensation is remunerated as: (1) a current year cash bonus; (2) a long-term performance award, which is on a 3-year cliff vesting cycle; and (3) an equity-like profits interest plan. Fifty percent (50%) of the long-term award is based on the Fund(s) managed by the portfolio manager during the 3-year vesting period, while the value of the long-term award is based on the performance of the TIAA organization as a whole. The equity-like profits interest vests over time and entitles participants to a percentage of Advisors’ annual profits and the profits of its affiliate Nuveen Asset Management. The equity-like profits interest is allocated to individual portfolio managers based on such person’s overall contribution to Advisors and Nuveen Asset Management.
Risk-adjusted investment performance is calculated, where records are available, over one, three and five years, each ending December 31. For each year, the gross excess return (on a before-tax basis) of a portfolio manager’s mandate(s) is calculated versus each mandate’s assigned benchmark. For managers with less than a 5-year track record, there is a 50% weighting for the 1-year return and a 50% weighting for the 3-year return. Please see the Funds’ Prospectuses for more information regarding their benchmark indices. An Information Ratio is then calculated utilizing the gross excess return in the numerator and the 52-week realized Active Risk (tracking error) in the denominator to generate risk-adjusted investment performance. Investment performance relative to industry peers is evaluated using Morningstar percentile rankings with equal weighting to each of the 1-, 3- and 5-year rankings.
Utilizing the quantitative and qualitative factors discussed above, total compensation is calculated and then compared to the compensation data obtained from surveys that include comparable investment firms. It should be noted that the total compensation can be increased or decreased based on the performance of the fixed-income group as a unit and the relative success of the TIAA organization in achieving its financial and operational objectives.
Additional information regarding portfolio managers
The chart below includes information relating to the portfolio managers listed in the Prospectuses, such as other accounts managed by them (registered investment companies, unregistered pooled investment vehicles and other accounts), total assets in those accounts, and the dollar range of equity securities owned in each of the following Funds they manage, as of May 31, 2024.
Number of other accounts managed | Total assets in other accounts managed (millions) | ||||||||||||||||||
Name of portfolio manager | Registered investment companies | Other pooled investment vehicles | Other accounts | Registered investment companies | Other pooled investment vehicles | Other accounts | Dollar range of equity securities owned in Funds† | ||||||||||||
John Cunniff | 2* | 38 | 0 | $124,731* | $61,757 | $0 | Nuveen Lifecycle 2030: Over $1,000,000 | ||||||||||||
Nuveen Lifecycle Index 2030: Over $1,000,000 | |||||||||||||||||||
Nuveen Lifestyle Conservative: $10,001–50,000 | |||||||||||||||||||
Nuveen Managed Allocation: $10,001–50,000 | |||||||||||||||||||
Steve Sedmak | 1* | 38 | 0 | $66* | $61,757 | $0 | Nuveen Lifecycle 2045: Over $1,000,000 | ||||||||||||
Nuveen Lifecycle Index 2045: $500,001–1,000,000 | |||||||||||||||||||
Nuveen Lifestyle Moderate: $10,001–50,000 | |||||||||||||||||||
† Includes notional amounts awarded in connection with long-term compensation awards described above.
* Not including (as applicable) all Nuveen Lifestyle, Nuveen Lifecycle and Nuveen Lifecycle Index Funds and the Nuveen Managed Allocation Fund.
Potential conflicts of interest of Advisors and portfolio managers
Certain portfolio managers of the Funds and Underlying Funds also manage other registered investment companies or unregistered investment pools and investment accounts, including accounts for TIAA, its affiliated investment advisers, or other client or proprietary accounts (collectively, “Accounts”), which may raise potential conflicts of interest. Advisors and its affiliated investment advisers have put in place policies and procedures designed to mitigate any such conflicts. Additionally, TIAA or its affiliates may be involved in certain investment opportunities that have the effect of restricting or limiting Underlying Fund participation in such investment opportunities. Such conflicts and mitigating policies and procedures include the following:
TIAA. TIAA or its affiliates, including Nuveen, sponsor an array of financial products for retirement and other investment goals, and provide services worldwide to a diverse customer base. Accordingly, from time to time, an Underlying Fund may be restricted from purchasing or selling securities, or from engaging in other investment activities because of regulatory, legal or contractual restrictions that arise due to an Account’s investments and/or the internal policies of TIAA or its affiliates designed
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to comply with such restrictions. As a result, there may be periods, for example, when Advisors will not initiate or recommend certain types of transactions in certain securities or instruments with respect to which investment limits have been reached.
The investment activities of TIAA or its affiliates may also limit the investment strategies and rights of the Underlying Funds. For example, in certain circumstances where the Underlying Funds invest in securities issued by companies that operate in certain regulated industries, in certain emerging or international markets, or are subject to corporate or regulatory ownership definitions, or invest in certain futures and derivative transactions, there may be limits on the aggregate amount invested by TIAA or its affiliates for the Underlying Funds and Accounts that may not be exceeded without the grant of a license or other regulatory or corporate consent. If certain aggregate ownership thresholds are reached or certain transactions undertaken, the ability of Advisors, on behalf of the Underlying Funds or Accounts, to purchase or dispose of investments or exercise rights or undertake business transactions may be restricted by regulation or otherwise impaired. As a result, Advisors, on behalf of the Underlying Funds or Accounts, may limit purchases, sell existing investments, or otherwise restrict or limit the exercise of rights (including voting rights) when Advisors, in its sole discretion, deems it appropriate in light of potential regulatory or other restrictions on ownership or other consequences resulting from reaching investment thresholds.
Conflicting Positions. Investment decisions made for the Funds and Underlying Funds may differ from, and may conflict with, investment decisions made by Advisors or any of its affiliated investment advisers for Accounts due to differences in investment objectives, investment strategies, account benchmarks, client risk profiles and other factors. As a result of such differences, if an Account were to sell a significant position in a security while an Underlying Fund maintained its position in that security, the market price of such security could decrease and adversely impact a Fund or an Underlying Fund’s performance. In the case of a short sale, the selling Account would benefit from any decrease in price.
Conflicts may also arise in cases where one or more Underlying Funds or Accounts are invested in different parts of an issuer’s capital structure. For example, an Underlying Fund (or an Account) could acquire debt obligations of a company while an Account (or an Underlying Fund) acquires an equity investment in the same company. In negotiating the terms and conditions of any such investments, Advisors (or, in the case of an Account, an affiliated investment adviser) may find that the interests of the debt-holding Underlying Fund (or Account) and the equity-holding Account (or Underlying Fund) may conflict. If that issuer encounters financial problems, decisions over the terms of the workout could raise conflicts of interest (including, for example, conflicts over proposed waivers and amendments to debt covenants). For example, debt-holding Underlying Funds (or Accounts) may be better served by a liquidation of an issuer in which they could be paid in full, while equity-holding Accounts (or Underlying Funds) might prefer a reorganization of the issuer that would have the potential to retain value for the equity holders. As another example, holders of an issuer’s senior securities may be able to act to direct cash flows away from junior security holders, and both the junior and senior security holders may be an Underlying Fund (or an Account). Any of the foregoing conflicts of interest will be discussed and resolved on a case-by-case basis pursuant to policies and procedures designed to mitigate any such conflicts. Any such discussions will factor in the interests of the relevant parties and applicable laws and regulations. Advisors may seek to avoid such conflicts, and, as a result, Advisors may choose not to make such investments on behalf of the Underlying Funds, which may adversely affect the Underlying Funds’ performance if similarly attractive opportunities are not available or identified.
Allocation of Investment Opportunities. Even where Accounts have similar investment mandates as a Fund or Underlying Fund, Advisors or its affiliated investment advisers may determine that investment opportunities, strategies or particular purchases or sales are appropriate for one or more Accounts, but not for the Fund or Underlying Fund, or are appropriate for the Fund or Underlying Fund but in different amounts, terms or timing than is appropriate for an Account. As a result, the amount, terms or timing of an investment by a Fund or Underlying Fund may differ from, and performance may be lower than, investments and performance of an Account.
Aggregation and Allocation of Orders. Advisors and its affiliated investment advisers may aggregate orders of the Funds, the Underlying Funds and Accounts, in each case consistent with the applicable adviser’s policy to seek best execution for all orders. Although aggregating orders is a common means of reducing transaction costs for participating Accounts, Funds and Underlying Funds, Advisors or its affiliated investment advisers may be perceived as causing one Fund, Underlying Fund or Account, to participate in an aggregated transaction in order to increase Advisors’ or its affiliated investment advisers overall allocation of securities in that transaction or future transactions. Allocations of aggregated trades may also be perceived as creating an incentive for Advisors to disproportionately allocate securities expected to increase in value to certain Accounts at the expense of a Fund or an Underlying Fund. In addition, a Fund or an Underlying Fund may bear the risk of potentially higher transaction costs if aggregated trades are only partially filled or if orders are not aggregated at all.
Advisors and its affiliated investment advisers have adopted procedures designed to mitigate the foregoing conflicts of interest by treating each Fund, Underlying Fund and Account they advise fairly and equitably over time in the allocation of investment opportunities and the aggregation and allocation of orders. The procedures also are designed to mitigate conflicts in potentially inconsistent trading and provide guidelines for trading priority. Moreover, Advisors’ and its affiliated investment advisers trading activities are subject to supervisory review and compliance monitoring to help address and mitigate conflicts of interest and ensure that Funds, Underlying Funds and Accounts are being treated fairly and equitably over time.
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For example, in allocating investment opportunities, a portfolio manager considers an Account’s, Fund’s or Underlying Fund’s investment objectives, investment restrictions, cash position, need for liquidity, sector concentration and other objective criteria. In addition, orders for the same single security are generally aggregated with other orders for the same single security received at the same time. If aggregated orders are fully executed, each participating Account, Fund or Underlying Fund is allocated its pro rata share on an average price and trading cost basis. In the event the order is only partially filled, each participating Account, Fund or Underlying Fund receives a pro rata share. Portfolio managers are also subject to restrictions on potentially inconsistent trading of single securities, although a portfolio manager may sell a single security short if the security is included in an Account’s, Fund’s or Underlying Fund’s benchmark and the portfolio manager is underweight in that security relative to the applicable Account’s, Fund’s or Underlying Fund’s benchmark. Moreover, the procedures set forth guidelines under which trading for long sales of single securities over short sales of the same or closely related securities are monitored to ensure that the trades are treated fairly and equitably. Additionally, the Funds’ and Underlying Funds’ portfolio managers’ decisions for executing those trades are also monitored.
Advisors’ procedures also address basket trades (trades in a wide variety of securities—on average approximately 100 different issuers) used in quantitative strategies. However, basket trades are generally not aggregated or subject to the same types of restrictions on potentially inconsistent trading as single-security trades because basket trades are tailored to a particular index or model portfolio based on the risk profile of a particular Account, Fund or Underlying Fund pursuing a particular quantitative strategy. In addition, basket trades are not subject to the same monitoring as single-security trades because an automated and systematic process is used to execute trades; however, the Funds’ and Underlying Funds’ portfolio managers’ decisions for executing those trades are monitored.
Research. Advisors allocates brokerage commissions to brokers who provide execution and research services for the Underlying Funds of the Trust and some or all of Advisors’ other clients. Such research services may not always be utilized in connection with the Underlying Funds of the Trust or other client Accounts that may have provided the commission or a portion of the commission paid to the broker providing the services. Advisors is authorized to pay, on behalf of the Underlying Funds of the Trust, higher brokerage fees than another broker might have charged in recognition of the value of brokerage or research services provided by the broker. Advisors has adopted procedures with respect to these so-called “soft dollar” arrangements, including the use of brokerage commissions to pay for brokers’ in-house and non-proprietary research, the process for allocating brokerage, and Advisors’ practices regarding the use of third-party soft dollars.
IPO Allocation. Advisors has adopted procedures designed to ensure that it allocates IPOs to the Underlying Funds of the Trust and Advisors’ other clients in a fair and equitable manner, consistent with its fiduciary obligations to its clients.
Compensation. The compensation paid to Advisors for managing the Funds and Underlying Funds of the Trust, as well as certain other clients, is based on a percentage of assets under management, whereas the compensation paid to Advisors for managing certain other clients is based on cost. However, no client currently pays Advisors a performance-based fee. Nevertheless, Advisors may be perceived as having an incentive to allocate securities that are expected to increase in value to accounts in which Advisors has a proprietary interest or to certain other accounts in which Advisors receives a larger asset-based fee.
About the Trust and the shares
The Trust was organized as a Delaware statutory trust on April 15, 1999. A copy of the Trust’s Certificate of Trust, dated April 15, 1999, as amended, is on file with the Office of the Secretary of State of the State of Delaware. As a Delaware statutory trust, the Trust’s operations are governed by its Declaration of Trust. Upon the initial purchase of shares of beneficial interest in the Funds, each shareholder agrees to be bound by the Declaration of Trust, as amended from time to time.
Purchase and redemption of Fund shares
The Trust offers six classes of shares (Class A, Class I, Premier Class, Class R6, Retirement Class and Class W), which have the distribution and service fee arrangements described below. Each Fund may not offer all classes of shares.
As described in the Prospectuses, the Funds provide you with alternative ways of purchasing Fund shares based upon your individual investment needs and preferences.
Each class of shares of a Fund represents an interest in the same portfolio of investments. Each class of shares is identical in all respects except that each class bears its own class expenses, including distribution and administration expenses, and each class has exclusive voting rights with respect to any distribution or service plan applicable to its shares. As a result of the differences in the expenses borne by each class of shares, net income per share, dividends per share and NAV per share will vary among a Fund’s classes of shares.
Shareholders of each class will share expenses proportionately for services that are received equally by all shareholders. A particular class of shares will bear only those expenses that are directly attributable to that class, where the type or amount of
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services received by a class varies from one class to another. For example, class-specific expenses generally will include distribution and service fees for those classes that pay such fees.
The expenses to be borne by specific classes of shares may include: (i) transfer agency fees attributable to a specific class of shares, (ii) printing and postage expenses related to preparing and distributing materials such as shareholder reports, prospectuses and proxy statements to current shareholders of a specific class of shares, (iii) SEC and state securities registration fees incurred by a specific class of shares, (iv) the expense of administrative personnel and services required to support the shareholders of a specific class of shares, (v) litigation or other legal expenses relating to a specific class of shares, (vi) trustees’ fees or expenses incurred as a result of issues relating to a specific class of shares, (vii) accounting expenses relating to a specific class of shares and (viii) any additional incremental expenses subsequently identified and determined to be properly allocated to one or more classes of shares.
Class A shares
Class A shares may be purchased at a public offering price equal to the applicable NAV per share plus an up-front sales charge imposed at the time of purchase as set forth in the Prospectuses. Shareholders may qualify for a reduced sales charge, or the sales charge may be waived in its entirety, as described below. Class A shares are also subject to a distribution (12b-1) plan pursuant to which they may compensate Nuveen Securities and Nuveen Securities, in turn, may pay other entities for distributing, promoting and/or servicing Class A shares of the Funds at an annual rate of up to 0.25% of average daily net Class A assets. See “Distribution (Rule 12b-1) plans.” Set forth below is an example of the method of computing the offering price of Class A shares of a Fund. The example assumes a purchase on May 31, 2024 of Class A shares of Nuveen Lifecycle Retirement Income Fund aggregating less than $50,000 subject to the schedule of sales charges set forth in the Fund’s Prospectus at a price based upon the NAV of Class A shares.
NAV per share | $ | 11.11 | |
Per share sales charge—5.75% of public offering price (6.12% of NAV per share) | 0.68 | ||
Per share offering price to the public | $ | 11.79 |
Each Fund receives the entire NAV of all Class A shares that are sold. Nuveen Securities retains the full applicable sales charge from which it pays the uniform reallowances shown in the Prospectuses to financial intermediaries.
Class A shares are available through certain financial intermediaries or by contacting the Funds directly. The minimum initial investment is $2,000 per Fund account for Traditional IRA, Roth IRA and Coverdell accounts, $250 for Fund accounts purchased through fee-based programs, no minimum for retirement plans, and $2,500 for all other account types. Subsequent investments for all account types must be at least $100. Provided they meet the minimum investment and other eligible requirements, investors that are eligible include:
· Direct Purchasers;
· Financial Intermediary Accounts;
· Other investment companies or pools;
· State-sponsored tuition savings plans (529) or healthcare saving accounts (HSA);
· Insurance company separate accounts advised by or affiliated with Advisors, or other affiliates of TIAA; and
· Other accounts, entities, programs, plans and categories of shareholders as may be approved by the Funds from time to time.
In addition, Class A shares may not be available through certain financial intermediaries. Please consult with your financial intermediary to determine whether their policies allow for an investment in Class A shares.
Reduction or elimination of up-front sales charge on Class A shares
The availability of the sales charge reductions and waivers discussed below will depend on the policies of the financial intermediary through which you purchase your shares. Information on intermediaries’ variations from the reductions and waivers discussed below are disclosed in the appendix to the Prospectuses titled “Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries.” In all instances, it is your responsibility to notify your financial intermediary at the time of purchase of any relationship or other facts qualifying you for sales charge waivers or discounts. In order to obtain waivers and discounts that are not available through your intermediary, you will have to purchase Fund shares through another intermediary.
Rights of accumulation. You may qualify for a reduced sales charge on a purchase of Class A shares of a Fund (and your financial advisor’s commission will be reduced accordingly) if the amount of your purchase, when added to the value that day of all of your shares of any Nuveen Mutual Fund, falls within the amounts stated in the applicable Class A Sales Charges and Commissions table in “How you can buy and sell shares” in the Prospectuses. You or your financial advisor must notify Nuveen
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Securities or the Fund’s transfer agent of any cumulative discount whenever you plan to purchase Class A shares of a Fund that you wish to qualify for a reduced sales charge.
Letter of Intent. You may qualify for a reduced sales charge on a purchase of Class A shares of a Fund if you plan to purchase Class A shares of Nuveen Mutual Funds over the next 13 months and the total amount of your purchases would, if purchased at one time, qualify you for one of the reduced sales charges shown in the applicable Class A Sales Charges and Commissions table in “How you can buy and sell shares” in the Prospectuses. In order to take advantage of this option, you must complete the applicable section of the Application Form or sign and deliver to your financial advisor or other financial intermediary or to the Fund’s transfer agent a written Letter of Intent in a form acceptable to Nuveen Securities. A Letter of Intent states that you intend, but are not obligated, to purchase over the next 13 months a stated total amount of Class A shares that would qualify you for a reduced sales charge shown above. You may count shares of all Nuveen Mutual Funds that you already own and any Class C and Class I shares of a Nuveen Mutual Fund that you purchase over the next 13 months towards completion of your investment program, but you will receive a reduced sales charge only on new Class A shares you purchase with a sales charge over the 13 months. You cannot count towards completion of your investment program Class A shares that you purchase without a sales charge through investment of distributions from a Nuveen Mutual Fund, or otherwise.
By establishing a Letter of Intent, you agree that your first purchase of Class A shares of a Fund following execution of the Letter of Intent will be at least 5% of the total amount of your intended purchases. You further agree that shares representing 5% of the total amount of your intended purchases will be held in escrow pending completion of these purchases. All dividends and capital gain distributions on Class A shares held in escrow will be credited to your account. If total purchases, less redemptions, prior to the expiration of the 13 month period equal or exceed the amount specified in your Letter of Intent, the Class A shares held in escrow will be transferred to your account. If the total purchases, less redemptions, are less than the amount specified, you must pay Nuveen Securities an amount equal to the difference between the amounts paid for these purchases and the amounts which would have been paid if the higher sales charge had been applied. If you do not pay the additional amount within 20 days after written request by Nuveen Securities or your financial advisor, Nuveen Securities will redeem an appropriate number of your escrowed Class A shares to meet the required payment. By establishing a Letter of Intent, you irrevocably appoint Nuveen Securities as attorney to give instructions to redeem any or all of your escrowed shares, with full power of substitution in the premises.
You or your financial advisor must notify Nuveen Securities or the Funds' transfer agent whenever you make a purchase of Fund shares that you wish to be covered under the Letter of Intent option.
For purposes of determining whether you qualify for a reduced sales charge as described under “Rights of accumulation” and “Letter of Intent,” you may include together with your own purchases those made by your spouse or domestic partner and your children under the age of 21 years, whether these purchases are made through a taxable or non-taxable account. You may also include purchases made by a corporation, partnership or sole proprietorship which is 100% owned, either alone or in combination, by any of the foregoing. In addition, a trustee or other fiduciary can count all shares purchased for a single trust, estate or other single fiduciary account that has multiple accounts (including one or more employee benefit plans of the same employer).
Elimination of sales charge on Class A Shares. Class A shares of a Fund may be purchased at NAV without a sales charge by the following categories of investors:
· investors purchasing equal to or more than the applicable amount disclosed in the Prospectuses;
· investors purchasing shares through the reinvestment of Nuveen Mutual Fund dividends and capital gain distributions;
· investors purchasing shares for accounts held directly with a Fund that do not have a financial intermediary of record;
· current and former trustees/directors of the Nuveen Funds;
· investors purchasing shares of any Nuveen Mutual Fund purchased for accounts held directly with a Fund that held Class A shares of a Fund prior to May 6, 2024;
· current and retired employees of Nuveen, LLC and its affiliates or their immediate family members (immediate family members are defined as their spouses or domestic partners, parents, children, grandparents, grandchildren, parents-in-law, sons-in-law and daughters-in-law, siblings, a sibling’s spouse and a spouse’s siblings);
· any person who, for at least the last 90 days, has been an officer, director or employee of any financial intermediary, or their immediate family members;
· bank or broker-affiliated trust departments investing funds over which they exercise exclusive discretionary investment authority and that are held in a fiduciary, agency, advisory, custodial or similar capacity;
· investors purchasing on a periodic fee, asset-based fee or no transaction fee basis through a broker-dealer sponsored mutual fund purchase program;
· employer-sponsored retirement plans as defined below, except that, in the case of employer-sponsored retirement plans held through a brokerage account, Class A shares will be available at NAV without a sales charge only if the broker-dealer has entered into an agreement with Nuveen Securities that allows for such purchases. Intermediaries that have entered into such an agreement are listed in the appendix to the Prospectuses titled, “Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries.” For this purpose, employer-sponsored
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retirement plans include, but are not limited to, 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans, health savings accounts, defined benefit plans, non-qualified deferred compensation plans, Roth 401(k) plans and Roth 403(b) plans, and do not include SEPs, SAR-SEPs, SIMPLE IRAs (except as described below), SIMPLE 401(k) plans, Solo 401(k) plans, KEOGH plans, non-qualified deferred compensation plans and single defined benefit plans;
· SIMPLE IRAs opened before January 1, 2011 where Nuveen Securities, LLC is the broker of record;
· clients of investment advisers, financial planners or other financial intermediaries that charge periodic or asset-based fees for their services; and
· investors purchasing through a financial intermediary that has entered into an agreement with Nuveen Securities to offer the Funds’ shares to self-directed investment brokerage accounts and that may or may not charge a transaction fee to its customers. Intermediaries that have entered into such an agreement are listed in the appendix to the Prospectuses titled, “Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries.”
You or your financial advisor must notify Nuveen Securities or your Fund’s transfer agent whenever you make a purchase of Class A shares of any Fund that you wish to be covered under these special sales charge waivers.
Class A shares of any Fund may be issued at NAV without a sales charge in connection with the acquisition by a Fund of another investment company. All purchases under the special sales charge waivers will be subject to minimum purchase requirements as established by the Funds.
The reduced sales charge programs may be modified or discontinued by the Funds at any time. For more information about the purchase of Class A shares or the reduced sales charge program, or to obtain the required application forms, call Nuveen Funds toll-free at 800-257-8787.
Reduction or elimination of contingent deferred sales charge
The availability of the sales charge reductions and waivers discussed below will depend on the policies of the financial intermediary through which you purchase your shares. Information on intermediaries’ variations from the reductions and waivers discussed below are disclosed in the appendix to the Prospectuses titled “Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries.” In all instances, it is your responsibility to notify your financial intermediary at the time of purchase of any relationship or other facts qualifying you for sales charge waivers or discounts. In order to obtain waivers and discounts that are not available through your intermediary, you will have to purchase Fund shares through another intermediary.
Class A shares are normally redeemed at NAV, without any CDSC. However, in the case of Class A shares purchased at NAV without a sales charge because the purchase amount met or exceeded the applicable amount disclosed in the Prospectuses, a CDSC is imposed on any redemption within 18 months of purchase.
In determining whether a CDSC is payable, each Fund will first redeem shares not subject to any charge and then will redeem shares held for the longest period, unless the shareholder specifies another order. No CDSC is charged on shares purchased as a result of automatic reinvestment of dividends or capital gains paid. In addition, no CDSC will be charged on exchanges of shares into another Nuveen Mutual Fund. The holding period is calculated on a monthly basis and begins on the first day of the month in which the purchase was made. The CDSC is assessed on an amount equal to the lower of the then current market value or the cost of the shares being redeemed. Accordingly, no sales charge is imposed on increases of NAV above the initial purchase price. Nuveen Securities receives the amount of any CDSC shareholders’ pay.
The CDSC may be waived or reduced under the following circumstances: (i) in the event of total disability (as evidenced by a determination by the federal Social Security Administration) of the shareholder (including a registered joint owner) occurring after the purchase of the shares being redeemed; (ii) in the event of the death of the shareholder (including a registered joint owner); (iii) for redemptions made pursuant to a systematic withdrawal plan, up to 1% monthly, 3% quarterly, 6% semiannually or 12% annually of an account’s NAV depending on the frequency of the plan as designated by the shareholder; (iv) redemptions in connection with a payment of account or plan fees; (v) redemptions in connection with the exercise of a Fund’s right to redeem all shares in an account that does not maintain a certain minimum balance; and (vi) redemptions of Class A shares where Nuveen Securities did not pay a sales commission when such shares were purchased. If a Fund waives or reduces the CDSC, such waiver or reduction would be uniformly applied to all Fund shares in the particular category. In waiving or reducing a CDSC, the Funds will comply with the requirements of Rule 22d-1 under the 1940 Act.
In addition, the CDSC will be waived in connection with the following redemptions of shares held by an employer-sponsored qualified defined contribution retirement plan: (i) partial or complete redemptions in connection with a distribution without penalty under Section 72(t) of the Code from a retirement plan: (a) upon attaining age 59½, (b) as part of a series of substantially equal periodic payments, or (c) upon separation from service and attaining age 55; (ii) partial or complete redemptions in connection with a qualifying loan or hardship withdrawal; (iii) complete redemptions in connection with termination of employment, plan termination or transfer to another employer’s plan or IRA; and (iv) redemptions resulting from the return of an excess contribution. The CDSC will also be waived in connection with the following redemptions of shares held in an IRA account: (i) for redemptions made pursuant to an IRA systematic withdrawal based on the shareholder’s life
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expectancy including, but not limited to, substantially equal periodic payments described in Code Section 72(t)(A)(iv) prior to age 59½; and (ii) for redemptions to satisfy required minimum distributions from an IRA account upon reaching the qualified age based on applicable laws and regulations (with the maximum amount subject to this waiver being based only upon the shareholder’s Nuveen IRA accounts).
Class I shares
Class I shares are available for purchase by clients of financial intermediaries who charge such clients an ongoing fee for advisory, investment, consulting or related services. Such clients may include individuals, corporations, endowments and foundations. The minimum initial investment for such clients is $100,000, but this minimum will be lowered to $250 for clients of financial intermediaries that have accounts holding Class I shares with an aggregate value of at least $100,000. Nuveen Securities may also lower the minimum to $250 for clients of financial intermediaries anticipated to reach this Class I share holdings level.
Class I shares are also available for purchase by family offices and their clients. A family office is a company that provides certain financial and other services to a high net worth family or families. The minimum initial investment for family offices and their clients is $100,000, but this minimum will be lowered to $250 for clients of family offices that have accounts holding Class I shares with an aggregate value of at least $100,000. Nuveen Securities may also lower the minimum to $250 for clients of family offices anticipated to reach this Class I share holdings level. Class I shares are also available for purchase by Direct Purchasers (existing Direct Purchasers only).
Class I shares also are available for purchase, with no minimum initial investment, by the following categories of investors:
· employer-sponsored retirement plans, except SEPs, SAR-SEPs, SIMPLE IRAs and KEOGH plans;
· bank- or broker-affiliated trust departments investing funds over which they exercise exclusive discretionary investment authority and that are held in a fiduciary, agency, advisory, custodial or similar capacity;
· advisory accounts of Advisors and its affiliates, including other Nuveen Mutual Funds whose investment policies permit investments in other investment companies;
· investors purchasing through a brokerage platform of a financial intermediary that has an agreement with Nuveen Securities to offer such shares solely when acting as an agent for such investors. Investors transacting through a financial intermediary’s brokerage platform may be required to pay a commission directly to the intermediary;
· any registered investment company that is not affiliated with the Nuveen Funds and which invests in securities of other investment companies;
· any plan organized under section 529 under the Code (i.e., a 529 plan);
· participants in the TIAA IRA or TIAA-CREF Investment Solutions IRA;
· current and former trustees/directors of any Nuveen Fund, and their immediate family members (“immediate family members” are defined as spouses or domestic partners, parents, children, grandparents, grandchildren, parents-in-law, sons-in-law and daughters-in-law, siblings, a sibling’s spouse and a spouse’s siblings);
· officers of Nuveen, LLC and its affiliates, and their immediate family members;
· full-time and retired employees of Nuveen, LLC and its affiliates, and their immediate family members, including any corporation, partnership, sole proprietorship or other business organization that is wholly owned by one or more of such persons;
· any person who, for at least the last 90 days, has been an officer, director or employee of any financial intermediary, and their immediate family members; and
· other accounts, entities, programs, plans and categories of shareholders as may be approved by the Funds from time to time.
Holders of Class I shares may purchase additional Class I shares using dividends and capital gain distributions on their shares.
If you are eligible to purchase either Class A shares or Class I shares without a sales charge at NAV, you should be aware of the differences between these two classes of shares. Class A shares are subject to an annual distribution fee to compensate financial intermediaries for providing you with ongoing account services. Class I shares are not subject to a distribution or service fee and, consequently, holders of Class I shares may not receive the same types or levels of services from financial intermediaries. In choosing between Class A shares and Class I shares, you should weigh the benefits of the services to be provided by financial intermediaries against the annual service fee imposed upon Class A shares.
A financial intermediary through which you hold Class I shares may have the authority under its account agreement to exchange your Class I shares for another class of Fund shares having higher expenses than Class I shares if you withdraw from or are no longer eligible for the intermediary’s fee-based program or under other circumstances. You may be subject to the sales charges and service and/or distribution fees applicable to the share class that you receive in such an exchange. You should contact your financial intermediary for more information about your eligibility to purchase Class I shares and the class of shares you would receive in an exchange if you no longer meet Class I eligibility requirements.
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Premier Class and Retirement Class shares
Premier Class and Retirement Class shares are generally available for purchase through employee benefit plans or other types of savings plans or accounts, which include:
· Financial Intermediary Accounts;
· Other investment companies or pools;
· State-sponsored tuition savings plans (529) or healthcare saving accounts (HSA);
· Insurance company separate accounts advised by or affiliated with Advisors, or other affiliates of TIAA; and
· Other accounts, entities, programs, plans and categories of shareholders as may be approved by the Funds from time to time.
Premier Class shares are subject to a distribution (12b-1) plan pursuant to which they may compensate Nuveen Securities for distributing, promoting and/or servicing Premier Class shares at an annual rate of up to 0.15% of average daily net Premier Class assets. Retirement Class shares are subject to a service fee at an annual rate of up to 0.25% paid to Advisors for providing or arranging for the provision of certain administrative and shareholder services. There are no minimum account requirements, including initial or subsequent minimum investment requirements, for Premier Class or Retirement Class shares.
Class R6 shares
Class R6 shares are available to the following classes of investors, provided they meet the minimum investment and other eligibility requirements set forth below:
· Financial Intermediary Accounts;
· Direct Purchasers;
· Qualified retirement plans held in plan-level or omnibus accounts, including 401(k) plans, employer sponsored 403(b) plans, profit sharing pension plans, money purchase pension plans, target benefit plans, defined benefit pension plans and Taft-Hartley multi-employer pension plans;
· Foundations and endowment funds;
· Any state, county, or city, or its instrumentality, department, authority or agency;
· 457 plans, including 457(b) governmental entity plans and tax exempt plans;
· Omnibus or other pooled accounts registered to insurance companies, trust companies, bank trust departments, registered investment adviser firms and family offices;
· Investment companies;
· Corporations, including corporate non-qualified deferred compensation plans of such corporations;
· Collective investment trusts;
· Discretionary accounts managed by the Adviser or its affiliates;
· State-sponsored tuition savings plans (529) or healthcare saving accounts (HSA);
· Insurance company separate accounts advised by or affiliated with Advisors or other affiliates of TIAA; and
· Other accounts, entities, programs, plans and categories of shareholders as may be approved by the Funds from time to time.
There is no minimum initial investment for qualified retirement plans, health savings accounts and 529 savings plans. Class R6 shares are also available for purchase by clients of financial intermediaries who charge such clients an ongoing fee for advisory, investment, consulting or related services. Such clients may include individuals, corporations, endowments and foundations. The minimum initial investment for such clients is $1,000. Nuveen Securities may also waive the minimum for clients of financial intermediaries anticipated to reach this Class R6 share holdings level. All other eligible investors must meet a minimum initial investment of at least $1,000,000 in the Fund. Such minimum investment requirement may be applied collectively to affiliated accounts, in the discretion of Nuveen Securities. Class R6 shares may be purchased through financial intermediaries only if such intermediaries have entered into an agreement with Nuveen Securities to offer Class R6 shares. Class R6 shares are only available in cases where neither the investor nor the intermediary will receive any commission payments, account servicing fees, recordkeeping fees, 12b-1 fees, sub-transfer agent fees, so called “finder’s fees,” administration fees or similar fees with respect to Class R6 shares. However, Nuveen Securities, Advisors or their affiliates are permitted to make certain payments pursuant to arrangements in place prior to August 1, 2019 with financial intermediaries, but will not enter into new arrangements to make such payments with new third-party financial intermediaries. Class R6 shares are not available directly to traditional or Roth IRAs, Coverdell Savings Accounts, Keoghs, SEPs, SARSEPs, or SIMPLE IRAs.
Class R6 shares also are available for purchase, with no minimum initial investment, by the following categories of investors:
· current and former trustees/directors of any Nuveen Fund, and their immediate family members (“immediate family members” are defined as spouses or domestic partners, parents, children, grandparents, grandchildren, parents-in-law, sons-in-law and daughters-in-law, siblings, a sibling’s spouse and a spouse’s siblings);
· officers of Nuveen, LLC and its affiliates, and their immediate family members; and
90 Statement of Additional Information
· full-time and retired employees of Nuveen, LLC and its affiliates, and their immediate family members, including any corporation, partnership, sole proprietorship or other business organization that is wholly owned by one or more of such persons.
Class W shares
Class W shares are available for purchase directly from the Funds only by funds advised by Advisors or its affiliates or other clients or accounts of Advisors or its affiliates that are subject to a contractual fee for advisory, management or other similar or related services provided by Advisors or its affiliates, as well as other accounts, entities, programs, plans and categories of shareholders as may be approved by the Funds from time to time. There are no minimum account requirements, including initial or subsequent minimum investment requirements, for Class W shares.
Shareholder programs
Exchange and conversion privileges. You may exchange Fund shares into an identically registered account for the same class of another Nuveen Mutual Fund available in your state. For Class A shareholders and for Direct Purchasers of Class I or Class R6 shares, an exchange into a fund in which you already own shares must be for at least $50 for Class A and $1,000 for Class R6 and an exchange to a new fund account must meet the account minimums as stated by account type above.
You may also, under certain limited circumstances, enter into a share conversion, which is an exchange between certain classes of shares of the same Fund. You should be aware that share conversions between classes of shares of the same Fund may not be available for all accounts and may not be offered by the financial intermediary through which you may hold shares and that the financial intermediary through whom you hold shares may be authorized (e.g., under its account or similar agreement with you) to reject any share class exchange. A share conversion between classes of shares of the same Fund may not be considered a taxable event; please consult your own tax advisor for further information.
If you hold your shares directly with a Fund, you may exchange your shares by either sending a written request to the applicable Fund, c/o Nuveen Funds, P.O. Box 219140, Kansas City, Missouri 64121-9140 or by calling Nuveen Funds toll free at 800-257-8787.
If you exchange shares between different Nuveen Mutual Funds and your shares are subject to a CDSC, no CDSC will be charged at the time of the exchange. However, if you subsequently redeem the shares acquired through the exchange, the redemption may be subject to a CDSC, depending on when you purchased your original shares and the CDSC schedule of the fund from which you exchanged your shares. If you exchange between classes of shares of the same Fund and your original shares are subject to a CDSC, the CDSC will be assessed at the time of the exchange.
For federal income tax purposes, an exchange between different Nuveen Mutual Funds constitutes a sale and purchase of shares and may result in capital gain or loss. Before making any exchange, you should obtain the Prospectus for the Nuveen Mutual Fund you are purchasing and read it carefully. If the registration of the account for the Fund you are purchasing is not exactly the same as that of the fund account from which the exchange is made, written instructions from all holders of the account from which the exchange is being made must be received, with signatures guaranteed by a member of an approved Medallion Signature Guarantee Program or in such other manner as may be acceptable to the Fund. You may also exchange shares by telephone if you authorize telephone exchanges by checking the applicable box on the Application Form or by calling Nuveen Funds toll-free at 800-257-8787 to obtain an authorization form. Each Fund reserves the right to revise or suspend the exchange privilege, limit the amount or number of exchanges, or reject any exchange.
The exchange privilege is not intended to permit a Fund to be used as a vehicle for short-term trading. Excessive exchange activity may interfere with portfolio management, raise expenses and otherwise have an adverse effect on all shareholders. In order to limit excessive exchange activity and in other circumstances where Fund management believes doing so would be in the best interest of the Fund, each Fund reserves the right to revise or terminate the exchange privilege, or limit the amount or number of exchanges or reject any exchange. Shareholders would be notified of any such action to the extent required by law. See “Frequent Trading Policy” below.
Reinstatement privilege. If you redeemed Class A shares of a Nuveen Mutual Fund, you have up to one year to reinvest all or part of the full amount of the redemption in the same class of shares of any Nuveen Mutual Fund at NAV. This reinstatement privilege can be exercised only once for any redemption, and reinvestment will be made at the NAV next calculated after reinstatement of the appropriate class of Fund shares. If you reinstate shares that were subject to a CDSC, any shares purchased pursuant to the reinstatement privilege will not be subject to a CDSC. The federal income tax consequences of any capital gain realized on a redemption will not be affected by reinstatement, but a capital loss may be disallowed in whole or in part depending on the timing, the amount of the reinvestment and the fund from which the redemption occurred. Your financial advisor will not receive a commission on shares purchased pursuant to the reinstatement privilege.
Suspension of right of redemption. The Funds can suspend the right of redemption of Fund shares or postpone payment beyond seven days if: (a) the New York Stock Exchange (“NYSE”) is closed for other than usual holidays or weekends, or trading
Statement of Additional Information 91
on the NYSE is restricted; (b) an emergency exists as defined by the SEC, or when the SEC requires that trading be restricted; or (c) the SEC permits a delay for the protection of investors.
Redemption in-kind. Certain large redemptions of Fund shares may be detrimental to a Fund’s other shareholders because such redemptions can adversely affect a portfolio manager’s ability to implement the Fund’s investment strategy by causing premature sale of portfolio securities that would otherwise be held. Consequently, if, in any 90-day period, an investor redeems (sells) shares in an amount that exceeds the lesser of (i) $250,000 or (ii) 1% of a Fund’s assets, then the Fund, at its sole discretion, has the right (without prior notice) to satisfy the difference between the redemption amount and the lesser of the two previously mentioned figures with securities from the Fund’s portfolio instead of cash. This is referred to as a “distribution in-kind” redemption and the securities you receive in this manner represent a portion of the Fund’s portfolio. The securities you receive will be selected by the Fund in its discretion. The investor receiving the securities will be responsible for disposing of the securities and bearing any associated costs. In addition, securities redeemed on an in-kind basis will be subject to market risk until sold and taxable gains or losses may be incurred when the securities are converted to cash.
Purchase in-kind. Each Fund may allow the purchase of shares with investment securities (instead of cash), if it is determined that (i) the securities offered to the Fund are suitable for investment by the Fund and are appropriate, in type and amount, for investment by the Fund in light of its investment objective(s), policies and current holdings; (ii) the Fund expects to continue to hold the securities received in-kind, subject to subsequent changes in investment determinations regarding particular securities or as the need to raise cash by selling portfolio securities may arise; and (iii) the purchase in-kind is in the best interest of the Fund and its existing shareholders. If a Fund accepts the in-kind securities, the shareholder will receive Fund shares equal in NAV to the market value of the securities received.
Frequent Trading Policy
The Funds, other than the Money Market Fund, are intended as long-term investments and not as short-term trading vehicles. The Mutual Funds have adopted the following Frequent Trading Policy.
Definition of a Round Trip. A Round Trip trade is the purchase and subsequent redemption of Fund shares, including exchange transactions, or a redemption and then subsequent purchase of Fund shares, including exchange transactions.
Round Trip trade limitations. The Funds limit the frequency of Round Trip trades that may be placed in a Fund by an investor account. Subject to certain exceptions noted below, the Funds limit an investor to two Round Trips per trailing 60-day period. Upon completion of a second Round Trip, the account will not be permitted to exchange in or purchase additional shares for a period of 90 days.
Enforcement. Trades placed in violation of the foregoing policies are subject to rejection or cancellation by the Funds. The Funds may also bar an investor (and/or an investor’s financial advisor) who has violated these policies from opening new accounts with the Funds and may restrict the investor’s existing account(s) to redemptions only. The Funds reserve the right, in their sole discretion, to (a) interpret the terms and application of this Policy, (b) waive unintentional or minor violations (including transactions below certain minimum thresholds) if the Funds determine that doing so does not harm the interests of Fund shareholders, and (c) exclude certain classes of redemptions from the application of the trading restrictions set forth above.
The Funds reserve the right to impose restrictions on purchases or exchanges that are more restrictive than those stated above if they determine, in their sole discretion, that a proposed transaction or series of transactions involve market timing or excessive trading that is likely to be detrimental to the Funds. The Funds may modify or suspend the Frequent Trading Policy without notice during periods of market stress or other unusual circumstances.
The ability of the Funds to implement the Frequent Trading Policy for omnibus accounts at certain financial intermediaries may be dependent on receiving from those intermediaries sufficient shareholder information to permit monitoring of trade activity and enforcement of the Funds’ Frequent Trading Policy. In addition, the Funds may rely on a financial intermediary’s policy to restrict market timing and excessive trading if the Funds believe that the policy is reasonably designed to prevent market timing that is detrimental to the Funds. Such policy may be more or less restrictive than the Funds’ Policy. The Funds cannot ensure that these financial intermediaries will in all cases apply the Funds’ policy or their own policies, as the case may be, to accounts under their control.
Exclusions from the Frequent Trading Policy. As stated above, certain redemptions are eligible for exclusion from the Frequent Trading Policy, including: (i) redemptions or exchanges by shareholders investing through the fee-based platforms of certain financial intermediaries (where the intermediary charges an asset-based or comprehensive “wrap” fee for its services) that are effected by the financial intermediaries in connection with systematic portfolio rebalancing; (ii) when there is a verified trade error correction, which occurs when a dealer firm sends a trade to correct an earlier trade made in error and then the firm sends an explanation to the Funds confirming that the trade is actually an error correction; (iii) in the event of total disability (as evidenced by a determination by the federal Social Security Administration) of the shareholder (including a registered joint owner) occurring after the purchase of the shares being redeemed; (iv) in the event of the death of the shareholder (including a
92 Statement of Additional Information
registered joint owner); (v) redemptions made pursuant to a systematic redemption plan, up to 1% monthly, 3% quarterly, 6% semiannually or 12% annually of an account’s NAV depending on the frequency of the plan as designated by the shareholder; (vi) redemptions of shares that were purchased through a systematic purchase program; (vii) involuntary redemptions caused by operation of law; (viii) redemptions in connection with a payment of account or plan fees; (ix) redemptions or exchanges by any “fund of funds” advised by Advisors; (x) redemptions or exchanges by certain 529 plans; and (xi) redemptions in connection with the exercise of a Fund’s right to redeem all shares in an account that does not maintain a certain minimum balance or that the Board has determined may have material adverse consequences to the shareholders of a Fund.
In addition, the following redemptions of shares by an employer-sponsored qualified defined contribution retirement plan are excluded from the Frequent Trading Policy: (i) partial or complete redemptions in connection with a distribution without penalty under Section 72(t) of the Code from a retirement plan: (a) upon attaining age 59½; (b) as part of a series of substantially equal periodic payments; or (c) upon separation from service and attaining age 55; (ii) partial or complete redemptions in connection with a qualifying loan or hardship withdrawal; (iii) complete redemptions in connection with termination of employment, plan termination, transfer to another employer’s plan or IRA or changes in a plan’s recordkeeper; and (iv) redemptions resulting from the return of an excess contribution. Also, the following redemptions of shares held in an IRA account are excluded from the application of the Frequent Trading Policy: (i) redemptions made pursuant to an IRA systematic withdrawal based on the shareholder’s life expectancy including, but not limited to, substantially equal periodic payments described in Code Section 72(t)(A)(iv) prior to age 59½; and (ii) redemptions to satisfy required minimum distributions from an IRA account due to a shareholder reaching the qualified age based on applicable laws and regulations.
Distribution (Rule 12b-1) plans
The Trust’s Board of Trustees has adopted two different forms of distribution plans pursuant to Rule 12b-1 under the 1940 Act. The first form of distribution plan concerns Class A shares of the Nuveen Lifecycle Retirement Income Fund, the Nuveen Managed Allocation Fund and the Nuveen Lifestyle Funds (the “Class A Plan”) and the second form of distribution plan concerns the Premier Class shares of the Nuveen Lifecycle Funds, Nuveen Lifecycle Index Funds and the Nuveen Lifestyle Funds (the “Premier Class Plan”) (collectively the “Distribution Plans”).
Under each Distribution Plan, the applicable Fund pays Nuveen Securities a set annual rate to compensate Nuveen Securities for promoting, distributing and/or servicing shares. The expenses for which a Fund may compensate Nuveen Securities under the Distribution Plans include, but are not limited to, compensation of dealers and others for expenses of their various activities primarily intended to promote the sale of the applicable class of shares, as well as for shareholder servicing expenses.
For the fiscal year ended May 31, 2024, the table below reflects the net amount of 12b-1 fees paid by Class A shares of the Nuveen Lifecycle Retirement Income Fund, the Nuveen Managed Allocation Fund and the Nuveen Lifestyle Funds under the Class A Plan.
| Fund |
| Advertising (including any printing and mailing of prospectuses) |
| Compensation
|
| Compensation
|
| Compensation
|
| Other (includes but
|
| Total
12b-1 |
| ||||||
| Nuveen Lifecycle Retirement Income Fund |
| $ | 1,594 |
| $ | — |
| $ | 142,393 |
| $ | 127,763 |
| $ | 39,574 |
| $ | 311,324 |
|
| Nuveen Lifestyle Income Fund |
|
| 588 |
|
| — |
|
| 52,469 |
|
| 47,078 |
|
| 14,581 |
|
| 114,716 |
|
| Nuveen Lifestyle Conservative Fund |
|
| 2,571 |
|
| — |
|
| 229,642 |
|
| 206,048 |
|
| 63,824 |
|
| 502,085 |
|
| Nuveen Lifestyle Moderate Fund |
|
| 4,361 |
|
| — |
|
| 389,453 |
|
| 349,440 |
|
| 108,237 |
|
| 851,491 |
|
| Nuveen Lifestyle Growth Fund |
|
| 2,369 |
|
| — |
|
| 211,528 |
|
| 189,795 |
|
| 58,788 |
|
| 462,480 |
|
| Nuveen Lifestyle Aggressive Growth Fund |
|
| 1,402 |
|
| — |
|
| 125,170 |
|
| 112,310 |
|
| 34,787 |
|
| 273,669 |
|
| Nuveen Managed Allocation Fund |
|
| 9,715 |
|
| — |
|
| 867,662 |
|
| 778,516 |
|
| 241,142 |
|
| 1,897,035 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Statement of Additional Information 93
For the fiscal year ended May 31, 2024, the table below reflects the net amount of 12b-1 fees paid by Premier Class shares of each Nuveen Lifecycle Fund, Nuveen Lifecycle Index Fund and Nuveen Lifestyle Fund under the Premier Class Plan.
| Fund |
| Advertising (including any printing and mailing of prospectuses) |
| Compensation
|
| Compensation
|
| Compensation
|
| Other (includes but
|
| Total 12b-1 |
| ||||||
| Nuveen Lifecycle Retirement Income Fund |
| $ | 90 |
| $ | — |
| $ | 8,042 |
| $ | 7,216 |
| $ | 2,235 |
| $ | 17,583 |
|
| Nuveen Lifecycle 2010 Fund |
|
| 283 |
|
| — |
|
| 25,311 |
|
| 22,710 |
|
| 7,035 |
|
| 55,339 |
|
| Nuveen Lifecycle 2015 Fund |
|
| 373 |
|
| — |
|
| 33,308 |
|
| 29,886 |
|
| 9,257 |
|
| 72,824 |
|
| Nuveen Lifecycle 2020 Fund |
|
| 857 |
|
| — |
|
| 76,500 |
|
| 68,640 |
|
| 21,260 |
|
| 167,257 |
|
| Nuveen Lifecycle 2025 Fund |
|
| 1,440 |
|
| — |
|
| 128,579 |
|
| 115,368 |
|
| 35,734 |
|
| 281,121 |
|
| Nuveen Lifecycle 2030 Fund |
|
| 1,696 |
|
| — |
|
| 151,435 |
|
| 135,876 |
|
| 42,087 |
|
| 331,094 |
|
| Nuveen Lifecycle 2035 Fund |
|
| 1,740 |
|
| — |
|
| 155,425 |
|
| 139,456 |
|
| 43,197 |
|
| 339,818 |
|
| Nuveen Lifecycle 2040 Fund |
|
| 2,022 |
|
| — |
|
| 180,548 |
|
| 161,998 |
|
| 50,177 |
|
| 394,745 |
|
| Nuveen Lifecycle 2045 Fund |
|
| 1,453 |
|
| — |
|
| 129,787 |
|
| 116,452 |
|
| 36,072 |
|
| 283,764 |
|
| Nuveen Lifecycle 2050 Fund |
|
| 1,046 |
|
| — |
|
| 93,403 |
|
| 83,807 |
|
| 25,959 |
|
| 204,215 |
|
| Nuveen Lifecycle 2055 Fund |
|
| 526 |
|
| — |
|
| 46,937 |
|
| 42,114 |
|
| 13,045 |
|
| 102,622 |
|
| Nuveen Lifecycle 2060 Fund |
|
| 167 |
|
| — |
|
| 14,930 |
|
| 13,396 |
|
| 4,149 |
|
| 32,642 |
|
| Nuveen Lifecycle 2065 Fund |
|
| 24 |
|
| — |
|
| 2,112 |
|
| 1,895 |
|
| 587 |
|
| 4,618 |
|
| Nuveen Lifecycle Index Retirement Income Fund |
|
| 26 |
|
| — |
|
| 2,280 |
|
| 2,046 |
|
| 633 |
|
| 4,985 |
|
| Nuveen Lifecycle Index 2010 Fund |
|
| 144 |
|
| — |
|
| 12,903 |
|
| 11,577 |
|
| 3,586 |
|
| 28,210 |
|
| Nuveen Lifecycle Index 2015 Fund |
|
| 225 |
|
| — |
|
| 20,088 |
|
| 18,024 |
|
| 5,582 |
|
| 43,919 |
|
| Nuveen Lifecycle Index 2020 Fund |
|
| 586 |
|
| — |
|
| 52,304 |
|
| 46,930 |
|
| 14,536 |
|
| 114,356 |
|
| Nuveen Lifecycle Index 2025 Fund |
|
| 950 |
|
| — |
|
| 84,875 |
|
| 76,155 |
|
| 23,588 |
|
| 185,568 |
|
| Nuveen Lifecycle Index 2030 Fund |
|
| 1,202 |
|
| — |
|
| 107,341 |
|
| 96,312 |
|
| 29,832 |
|
| 234,687 |
|
| Nuveen Lifecycle Index 2035 Fund |
|
| 1,396 |
|
| — |
|
| 124,656 |
|
| 111,849 |
|
| 34,644 |
|
| 272,545 |
|
| Nuveen Lifecycle Index 2040 Fund |
|
| 1,459 |
|
| — |
|
| 130,285 |
|
| 116,899 |
|
| 36,209 |
|
| 284,852 |
|
| Nuveen Lifecycle Index 2045 Fund |
|
| 901 |
|
| — |
|
| 80,430 |
|
| 72,166 |
|
| 22,353 |
|
| 175,850 |
|
| Nuveen Lifecycle Index 2050 Fund |
|
| 693 |
|
| — |
|
| 61,870 |
|
| 55,513 |
|
| 17,194 |
|
| 135,270 |
|
| Nuveen Lifecycle Index 2055 Fund |
|
| 307 |
|
| — |
|
| 27,406 |
|
| 24,590 |
|
| 7,617 |
|
| 59,920 |
|
| Nuveen Lifecycle Index 2060 Fund |
|
| 180 |
|
| — |
|
| 16,064 |
|
| 14,414 |
|
| 4,464 |
|
| 35,122 |
|
| Nuveen Lifecycle Index 2065 Fund |
|
| 16 |
|
| — |
|
| 1,414 |
|
| 1,269 |
|
| 393 |
|
| 3,092 |
|
| Nuveen Lifestyle Income Fund |
|
| 2 |
|
| — |
|
| 202 |
|
| 181 |
|
| 56 |
|
| 441 |
|
| Nuveen Lifestyle Conservative Fund |
|
| 2 |
|
| — |
|
| 176 |
|
| 158 |
|
| 48 |
|
| 384 |
|
| Nuveen Lifestyle Moderate Fund |
|
| 2 |
|
| — |
|
| 186 |
|
| 167 |
|
| 52 |
|
| 407 |
|
| Nuveen Lifestyle Growth Fund |
|
| 2 |
|
| — |
|
| 220 |
|
| 197 |
|
| 61 |
|
| 480 |
|
| Nuveen Lifestyle Aggressive Growth Fund |
|
| 3 |
|
| — |
|
| 242 |
|
| 217 |
|
| 67 |
|
| 529 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts paid to Nuveen Securities by any class of shares of a Fund will not be used to pay the expenses incurred with respect to any other class of shares of that Fund. From time to time, a Fund may participate in joint distribution activities with other mutual funds and the costs of those activities that are not otherwise directly attributable to a particular Fund will be borne by each Fund in proportion to the relative NAVs of the participating Funds.
The Distribution Plans have been approved by a majority of the Trustees, including a majority of the Trustees who are not interested persons of the Trust and who have no direct or indirect interest in the financial operation of either Distribution Plan (the “Independent Trustees”), by votes cast at a meeting called for the purpose of voting on such Distribution Plans. In adopting the Distribution Plans, the Trustees concluded that the Distribution Plans would benefit Class A or Premier Class shareholders of each Fund, as applicable.
One of the potential benefits of the Distribution Plans is that payments to Nuveen Securities (and from Nuveen Securities to other intermediaries) could lead to increased sales and reduced redemptions, which could assist a Fund in achieving scale and could contribute to the Fund’s longer-term viability. Furthermore, the investment management of a Fund could be enhanced, as net inflows of cash from new sales might enable its portfolio management team to take advantage of attractive investment
94 Statement of Additional Information
opportunities, and reduced redemptions could eliminate the potential need to liquidate attractive securities positions in order to raise the funds necessary to meet the redemption requests.
Pursuant to the Distribution Plans, at least quarterly, Nuveen Securities provides the Board with a written report of the amounts expended under the Plans and the purpose for which these expenditures were made.
Each Distribution Plan provides that it continues in effect only as long as its continuance is approved at least annually by a majority of both the Trustees and the Independent Trustees. Each Distribution Plan provides that it may be terminated without penalty with respect to any Fund at any time: (a) by a vote of a majority of the Independent Trustees; or (b) by a vote of a majority of the votes attributable to Class A shares or Premier Class shares of that Fund, as applicable. Each Distribution Plan further provides that it may not be amended to increase materially the maximum amount of fees specified therein with respect to a Fund without the approval of a majority of the votes attributable to such Fund’s Class A or Premier Class shares, as applicable. In addition, the Distribution Plans provide that no material amendment to the Plans will, in any event, be effective unless it is approved by a majority of both the Trustees and the Independent Trustees with respect to the applicable Fund or Class. Class A and Premier Class shareholders of each Fund have exclusive voting rights with respect to issues arising out of the application of their respective Distribution Plans.
General matters
The Funds have authorized one or more brokers to accept on their behalf purchase and redemption orders. Such brokers are authorized to designate other intermediaries to accept purchase and redemption orders on the Funds’ behalf. The Funds will be deemed to have received a purchase or redemption order when an authorized broker or, if applicable, a broker’s authorized designee accepts the order. Customer orders received by such broker (or their designee) will be priced at the applicable Fund’s NAV next computed after they are accepted by an authorized broker (or their designee). Orders accepted by an authorized broker (or their designee) before the latest close of the regular (or core) trading session of the NYSE, NYSE Arca Equities or NYSE American (collectively, the “NYSE Exchanges”) (normally 4:00 p.m. Eastern Time or such earlier time that is the latest close of a regular (or core) trading session of any of the NYSE Exchanges) will receive that day’s share price; orders accepted after the close of trading will receive the next business day’s share price.
If you choose to invest in a Fund, an account will be opened and maintained for you by SS&C GIDS, the Funds’ shareholder services agent. Shares will be registered in the name of the investor or the investor’s financial advisor. The Funds do not issue share certificates. A change in registration or transfer of shares held in the name of a financial advisor may only be made by an order in good standing form from the financial advisor acting on the investor’s behalf. Each Fund reserves the right to reject any purchase order and to waive or increase minimum investment requirements.
Distribution arrangements
Nuveen Securities sells shares to or through brokers, dealers, banks or other qualified financial intermediaries (collectively referred to as “Dealers”), or others, in a manner consistent with the then effective registration statement of the Trust. Pursuant to the Distribution Agreement, Nuveen Securities, at its own expense, finances certain activities incident to the sale and distribution of the Funds’ shares, including printing and distributing of prospectuses and statements of additional information to other than existing shareholders, the printing and distributing of sales literature, advertising and payment of compensation and giving of concessions to Dealers.
Nuveen Securities receives for its services the excess, if any, of the sales price of a Fund’s shares less the NAV of those shares, and reallows a majority or all of such amounts to the Dealers who sold the shares. Nuveen Securities also receives distribution fees pursuant to the Distributions Plans described herein under “About the Trust and the shares – Distribution (Rule 12b-1) plans.” Nuveen Securities also receives any CDSCs imposed on redemptions of shares. Nuveen Securities may also act as a Dealer.
During each Fund’s three last fiscal years, there were no underwriting commissions paid by the Funds or retained by Nuveen Securities, and no compensation on redemptions and repurchases.
To help financial advisors and investors better understand and more efficiently use the Funds to reach their investment goals, Nuveen Securities may advertise and create specific investment programs and systems. For example, this may include information on how to use the Funds to accumulate assets for future education needs or periodic payments such as insurance premiums. Nuveen Securities may produce software, electronic information sites or additional sales literature to promote the advantages of using the Funds to meet these and other specific investor needs. In addition, wholesale representatives of Nuveen Securities may visit financial advisors on a regular basis to educate them about the Funds and to encourage the sale of Fund shares to their clients. The costs and expenses associated with these efforts may include travel, lodging, sponsorship at educational seminars and conferences, entertainment and meals to the extent permitted by law. Nuveen wholesalers may receive additional compensation if they meet certain targets for sales of one or more Nuveen Mutual Funds.
Statement of Additional Information 95
Fund payments to financial intermediaries
Financial intermediaries may have omnibus accounts and similar arrangements with a Fund and may be paid for providing shareholder servicing, sub-transfer agency, networking, recordkeeping and other administrative services to Class A and Class I. Such payments may be made directly or indirectly by the Funds or by Advisors and its affiliates out of Fund assets. Such payments may also be made by Advisors or its affiliates out of their own assets that are separate from those of the Funds, as described in the section below. Such shareholder servicing, sub-transfer agency, networking, recordkeeping and other administrative services may include, but are not limited to, the following: processing and mailing trade confirmations, monthly statements, prospectuses, annual reports, semiannual reports and shareholder notices and other required communications; capturing and processing tax data; issuing and mailing dividend checks to shareholders who have selected cash distributions; preparing record date shareholder lists for proxy solicitations; collecting and posting distributions to shareholder accounts; and establishing and maintaining systematic withdrawals, automated investment plans and shareholder account registrations. These payments are generally based on: (1) an annual percentage of the average daily net assets of Fund shareholders serviced by a financial intermediary; or (2) a fixed dollar amount for each account serviced by a financial intermediary. The aggregate amount of these payments may be substantial and may vary significantly among intermediaries but will be limited by Advisors’ agreement to reimburse each Fund for total Class A or Class I expenses that exceed certain specified amounts.
Additional payments to financial intermediaries and other payments
As described in the Prospectuses and elsewhere in this SAI, intermediaries that sell shares of the Nuveen Mutual Funds or provide services to their shareholders, such as brokers, dealers, banks, registered investment advisers, retirement plan administrators and other intermediaries (individually, an “Intermediary,” and collectively, “Intermediaries”), may receive sales charge payments and, out of Fund assets, may be paid distribution (12b-1) and service payments and sub-transfer agency payments. Nuveen Securities, Advisors and their affiliates make additional payments out of their own assets to selected Intermediaries. These payments are made for the purposes of promoting the sale of Fund shares, maintaining share balances and/or for sub-accounting, administrative or shareholder services.
The amounts of these payments could be significant and may create an incentive for an Intermediary or its representatives to recommend or offer shares of the Nuveen Mutual Funds to its customers. The Intermediary may elevate the prominence or profile of the Funds within the Intermediary’s organization by, for example, placing the Funds on a list of preferred or recommended funds and/or granting Nuveen Securities preferential or enhanced opportunities to promote the Funds in various ways within the Intermediary’s organization. These payments are made pursuant to negotiated agreements with Intermediaries. The categories of payments described below are not mutually exclusive, and a single Intermediary may receive payments under all categories. Further, representatives of Nuveen Securities and its affiliates receive additional compensation related to the Nuveen Mutual Funds. With respect to Class R6 shares of the Trust, effective August 1, 2019, Nuveen Securities, Advisors or their affiliates may continue to make revenue sharing payments pursuant to existing arrangements with financial intermediaries, but will not enter into new arrangements to make revenue sharing payments with new third-party financial intermediaries.
These payments do not change the price paid by investors for the purchase of a share or the amount a Fund will receive as proceeds from such sales. Furthermore, these payments are not reflected in the fees and expenses listed in the fee table section of the Funds’ Prospectuses and described above because they are not paid by the Funds.
Distribution-related payments
Nuveen Securities, Advisors and/or their affiliates make payments (sometimes referred to as “revenue sharing” payments) to selected Intermediaries as compensation for services such as providing the Funds with “shelf space” or a higher profile for the Intermediary’s personnel or their customers, placing the Funds on the Intermediary’s preferred or recommended fund list, granting access to sales meetings, sales representatives and management representatives of the Intermediary, providing assistance in training and educating the Intermediary’s personnel on the Funds, and furnishing marketing support and other services.
Advisors, Nuveen Securities and/or their affiliates compensate Intermediaries differently depending upon, among other factors, the number or value of Nuveen Mutual Funds shares that the Intermediary sells or may sell, the value of the assets invested in the Nuveen Mutual Funds by the Intermediary’s customers, redemption rates, ability to attract and retain assets, reputation in the industry and the level and/or type of marketing assistance and educational activities provided by the Intermediary. Such payments are generally asset-based but also may include the payment of a lump sum.
Servicing payments
Advisors, Nuveen Securities and/or their affiliates make payments to selected Intermediaries that are registered as holders or dealers of record for accounts invested in one or more of the Nuveen Mutual Funds or that make Nuveen Mutual Fund shares available through employee benefit plans or fee-based advisory programs to compensate them for the variety of services they provide.
96 Statement of Additional Information
Services for which an Intermediary receives servicing payments typically include recordkeeping, reporting, or transaction processing, but may also include services rendered in connection with fund/ investment selection and monitoring, employee enrollment and education, plan balance rollover or separation, or other similar services. An Intermediary may perform the services itself or arrange with a third party to perform such services.
Servicing payments typically apply to employee benefit plans, such as retirement plans, or fee-based advisory programs but may apply to retail sales and assets in certain situations. The payments are based on such factors as the type and nature of services or support furnished by the Intermediary and are generally asset-based.
Other payments to financial intermediaries
Advisors and/or Nuveen Securities, at their expense, provide other compensation to Intermediaries that sell or arrange for the sale of shares of the Funds, which may be in addition to distribution-related and servicing payments described above. For example, Advisors and/or Nuveen Securities may: (i) compensate Intermediaries for National Securities Clearing Corporation networking system services (e.g., shareholder communication, account statements, trade confirmations, and tax reporting) on an asset-based or per account basis; (ii) compensate Intermediaries for providing Fund shareholder trading information; (iii) make one-time or periodic payments to reimburse selected Intermediaries for items such as ticket charges (i.e., fees that an Intermediary charges its representatives for effecting transactions in Fund shares) of up to $25 per purchase or exchange order, operational charges (e.g., fees that an Intermediary charges for establishing a Fund on its trading system), and literature printing and/or distribution costs; (iv) at the direction of a retirement plan’s sponsor, reimburse or pay direct expenses of an employee benefit plan that would otherwise be payable by the plan; and (v) provide payments to broker-dealers to help defray their technology or infrastructure costs.
Advisors and/or Nuveen Securities pay selected Intermediaries for enabling Advisors and/or Nuveen Securities to participate in and/or present at conferences or seminars, sales or training programs for invited registered representatives and other Intermediary employees, client and investor events and other Intermediary-sponsored events, and for travel expenses, including lodging incurred by registered representatives and other employees in connection with prospecting, asset retention and due diligence meetings. These payments vary depending upon the Intermediary and the nature of the event. Advisors and/or Nuveen Securities make payments for such events as it deems appropriate, subject to its internal guidelines and applicable law.
Advisors and/or Nuveen Securities occasionally sponsor due diligence meetings for Intermediaries’ registered representatives during which the registered representatives receive updates on various Nuveen Mutual Funds and are afforded the opportunity to speak with portfolio managers. Although invitations to these meetings are not conditioned on selling a specific number of shares, those who have shown an interest in Nuveen Mutual Funds are more likely to be considered. To the extent permitted by their firm’s policies and procedures, all or a portion of registered representatives’ expenses in attending these meetings may be covered by Advisors and/or Nuveen Securities.
Compensation to Nuveen Securities’ representatives
Representatives of Nuveen Securities and its affiliates receive additional compensation from Advisors and/or Nuveen Securities based on whether certain targets are met for sales of one or more Nuveen Mutual Funds and other subjective factors. Such compensation varies by Fund, by distribution channel and by affiliate.
Other compensation may be offered to the extent not prohibited by state laws or any self-regulatory agency, such as FINRA. Investors can ask their Intermediary for information about any payments it receives from Advisors and/or Nuveen Securities and the services it provides for those payments.
Investors may wish to take Intermediary payment arrangements into account when considering and evaluating any recommendations relating to Fund shares.
Intermediaries receiving additional payments
The following is a list of Intermediaries eligible to receive one or more of the types of payments discussed above as of September 13, 2024:
ADP Broker-Dealer, Inc.
AXA Advisors, LLC
American United Life Insurance Company
Ameriprise Financial Services, Inc.
Ascensus (formerly BISYS Retirement Services, Inc.)
BB&T
BMO Harris Bank N.A.
BNY Mellon, N.A.
Benefit Plans Administrative Services, Inc.
Benefit Trust Company
Cetera
Charles Schwab & Co., Inc.
Statement of Additional Information 97
Chase Investment Services
Citigroup Global Markets Inc.
Commonwealth Equity Services, LLP, DBA Commonwealth Financial Network
Davenport & Co., LLC
Digital Retirement Solutions, Inc.
Dyatech, LLC
Edward Jones
Fidelity Brokerage Services LLC/National Financial Services LLC
Fidelity Investments Institutional Operations Company, Inc. (FIIOC)/Fidelity Advisors Retirement
Financial Data Services, Inc.
First Clearing
Genesis Employee Benefits, Inc. DBA America’s VEBA Solution
Goldman Sachs
Great West Life and Annuity Insurance Co.
GWFS Equities, Inc.
Hartford Life Insurance Company
Hartford Securities Distribution Company, Inc.
ICMA Retirement Corporation
J.J.B. Hilliard, W.L. Lyons, Inc.
J.P. Morgan Retirement Plan Services, LLC
J.P. Morgan Securities LLC
JPMorgan Chase Bank, N.A.
Janney Montgomery Scott LLC
John Hancock Trust Company
Kestra Investment Services, LLC
LPL Financial Services
Ladenburg Thalmann Advisor Network LLC
Lincoln Financial Securities Corporation
Lincoln Retirement Services Company LLC/AMG Service Corp.
Linsco/Private Ledger Corp.
Massachusetts Mutual Life Insurance Company
Mercer HR Outsourcing LLC
Merrill Lynch, Pierce, Fenner & Smith Inc.
Mid Atlantic Capital Corporation
Morgan Stanley & Co., Incorporated/Morgan Stanley Smith Barney LLC
MSCS Financial Services Division of Broadridge Business Process Outsourcing, LLC
National Financial Services, LLC
Nationwide Financial Services, Inc.
Newport Retirement Services, Inc.
Northwestern Mutual
NYLife Distributors LLC
Oppenheimer & Co.
Pershing LLC
PFS Investments Inc.
Primerica Shareholder Services, Inc.
Principal Life Insurance Company
Prudential Insurance Company of America (The)
Prudential Investment Management Services, LLC/Prudential Investments LLC
Raymond James & Associates/Raymond James Financial Services, Inc.
RBC Capital Markets, LLC
Reliance Trust Company
Retirement Plan Company, LLC (The)
Robert W. Baird & Co., Inc.
SI Financial Advisors
Southwest Securities, Inc.
Stifel, Nicolaus & Co., Inc.
T. Rowe Price Investment Services, Inc./T. Rowe Price Retirement Plan Services, Inc.
TD Ameritrade, Inc.
TD Ameritrade Trust Company (formerly Fiserv Trust Company/International Clearing Trust
Company)
TIAA-CREF Individual & Institutional Services, LLC
Trust Company of America
98 Statement of Additional Information
U.S. Bancorp Investments, Inc.
U.S. Bank N.A
UBS Financial Services, Inc.
Unified Trust Company, N.A.
VALIC Retirement Services Company (formerly AIG Retirement Services Company)
Vanguard Group, Inc.
Voya Financial (formerly ING)
Wedbush Morgan Securities
Wells Fargo Advisors, LLC
Wells Fargo Bank, N.A.
Wells Fargo Institutional Retirement & Trust
Wilmington Trust Company
Wilmington Trust Retirement and Institutional Services Company (formerly AST Capital Trust
Company)
Any additions, modifications or deletions to the list of Intermediaries identified above that have occurred since September 13, 2024 are not reflected in the list.
Indemnification of shareholders
Generally, Delaware statutory trust shareholders are not personally liable for obligations of the Delaware statutory trust under Delaware law. The Delaware Statutory Trust Act (“DSTA”) provides that a shareholder of a Delaware statutory trust shall be entitled to the same limitation of liability extended to shareholders of private for-profit corporations. The Declaration of Trust expressly provides that the Trust has been organized under the DSTA and that the Declaration of Trust is to be governed by and interpreted in accordance with Delaware law. It is nevertheless possible that a Delaware statutory trust, such as the Trust, might become a party to an action in another state whose courts refuse to apply Delaware law, in which case shareholders of the Trust could possibly be subject to personal liability.
To guard against this risk, the Declaration of Trust (i) contains an express disclaimer of shareholder liability for acts or obligations of the Trust and provides that notice of such disclaimer may be given in each agreement, obligation and instrument entered into or executed by the Trust or its Trustees, (ii) provides for the indemnification out of property of the Trust of any shareholders held personally liable for any obligations of the Trust or any series thereof, and (iii) provides that the Trust shall, upon request, assume the defense of any claim made against any shareholder for any act or obligation of the Trust and satisfy any judgment thereon. Thus, the risk of a Trust shareholder incurring financial loss beyond their investment because of shareholder liability is limited to circumstances in which all of the following factors are present: (1) a court refuses to apply Delaware law; (2) the liability arose under tort law or, if not, no contractual limitation of liability was in effect; and (3) the Trust itself would be unable to meet its obligations. In light of the DSTA, the nature of the Trust’s business, and the nature of its assets, the risk of personal liability to a shareholder of a series of the Trust is remote.
Indemnification of Trustees
The Declaration of Trust further provides that the Trust shall indemnify each of its Trustees and officers against liabilities and expenses reasonably incurred by them, in connection with, or arising out of, any action, suit or proceeding threatened against or otherwise involving such Trustee or officer, directly or indirectly, by reason of being or having been a Trustee or officer of the Trust. In addition, each of the Trustees has entered into an Indemnification Agreement with the Trust, which provides indemnification protections to the maximum extent permitted under applicable state law or federal law, including the 1940 Act. Neither the Declaration of Trust nor the Indemnification Agreement authorizes the Trust to indemnify any Trustee or officer against any liability to which he or she would otherwise be subject by reason of or for willful misfeasance, bad faith, gross negligence or reckless disregard of such person’s duties.
Limitation of Fund liability
All persons dealing with a Fund must look solely to the property of that particular Fund for the enforcement of any claims against that Fund, as neither the Trustees, officers, agents nor shareholders assume any personal liability for obligations entered into on behalf of a Fund or the Trust. No Fund is liable for the obligations of any other Fund.
Shareholder meetings and voting rights
Under the Declaration of Trust, the Trust is not required to hold annual meetings to elect Trustees or for other purposes. It is not anticipated that the Trust will hold shareholders’ meetings unless required by law or the Declaration of Trust, although the Trust may do so periodically. The Trust will be required to hold a meeting to elect Trustees to fill any existing vacancies on the Board if, at any time, fewer than 50% of the Trustees holding office were elected by the shareholders of the Trust. The Trust may also hold special meetings to change fundamental policies, approve a management agreement, or for other purposes. The
Statement of Additional Information 99
Funds will mail proxy materials to shareholders for these meetings, and the Trust encourages shareholders who cannot attend to vote by proxy.
Shares of the Trust do not entitle their holders to cumulative voting rights, so that the holders of more than 50% of the NAV represented by the outstanding shares of the Trust may elect all of the trustees, in which case the holders of the remaining shares would not be able to elect any trustees. Shareholders are entitled to one vote for each dollar of NAV they own, so that the number of votes a shareholder has is determined by multiplying the number of shares of each Fund held times the NAV per share of the applicable Fund.
Shares
The Trust is authorized to issue an unlimited number of shares of beneficial interest in the Funds. Shares are divided into and may be issued in a designated series representing beneficial interests in one of the Fund’s investment portfolios.
Each share of a series issued and outstanding is entitled to participate equally in dividends and distributions declared by such series and, upon liquidation or dissolution, in net assets allocated to such series remaining after satisfaction of outstanding liabilities. The shares of each series, when issued, will be fully paid and non-assessable and have no preemptive or conversion rights.
Notice to non-U.S. individual shareholders
Shares of the Trust are only registered for public offer and sale in the United States of America. Regulations outside of the United States may restrict the sale of shares of the Trust to certain non-U.S. residents or subject certain shareholder accounts to additional regulatory requirements. As a result, the Funds restrict the sale of shares to include only U.S. residents. If a current shareholder in a Fund provides a non-U.S. address, this will be deemed a representation from such investor that he/she is not a U.S. resident and will continue to be a non-U.S. resident unless and until the Fund is notified of a change in the investor’s resident status. Any current shareholder that has a resident address outside of the United States may be restricted from purchasing additional shares of the Trust.
Additional Funds or classes
Pursuant to the Declaration of Trust, the Trustees may establish additional Funds (technically, “series” of shares) or “classes” of shares in the Trust without shareholder approval. The establishment of additional Funds or classes does not affect the interests of current shareholders in the existing Funds or their classes.
Dividends and distributions
Each share of a Fund is entitled to such dividends and distributions out of the income earned on the assets belonging to that Fund as are declared in the discretion of the Trustees. In the event of the liquidation or dissolution of the Trust as a whole or any individual Fund, shares of the affected Fund are entitled to receive their proportionate share of the assets that are attributable to such shares and which are available for distribution as the Trustees in their sole discretion may determine. Shareholders are not entitled to any preemptive, conversion or subscription rights. All shares, when issued, will be fully paid and nonassessable.
The share price of each Fund and Underlying Fund is determined based on the Fund’s NAV (in the case of Underlying Funds that are mutual funds) or on the market value of the shares determined as follows (in the case of Underlying Funds that are ETFs), and the assets of each Fund consist primarily of shares of the Underlying Funds. Therefore, the prices of Fund shares are primarily determined based on the NAVs per share or market values per share of the Underlying Funds. Rule 2a-5 (“Rule 2a-5”) under the 1940 Act provides that a market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that a fund can access on the measurement date, provided that a quotation will not be deemed to be readily available if it is not reliable. Securities for which market quotations are not readily available must be valued at fair value as determined in good faith by the Board of Trustees. The Board of Trustees has designated Advisors as the valuation designee pursuant to Rule 2a-5 to perform fair value determinations for the Funds and Underlying Funds. Advisors, as the valuation designee, is responsible for periodically assessing any material risks associated with the determination of the fair value of a Fund’s or an Underlying Fund’s investments; establishing and applying fair value methodologies; testing the appropriateness of fair value methodologies; and overseeing and evaluating third-party pricing services. Valuing securities at fair value involves greater reliance on judgment than valuing securities that have readily available market quotations. Accordingly, there can be no assurance that the determination of a security’s fair value in accordance with a Fund’s or an Underlying Fund’s valuation procedures will in fact approximate the price at which a Fund or an Underlying Fund could sell that security at that time. The assets of each Underlying Fund of the Trust are valued as of the close of each valuation day in the following manner:
100 Statement of Additional Information
Investments for which market quotations are readily available
Underlying Fund investments for which market quotations are readily available are valued at the market value of such investments, determined as follows:
Equity securities
Equity securities listed or traded on a national market or exchange are valued based on their sale price on such market or exchange at the close of business (generally 4:00 p.m. Eastern Time) on the date of valuation, or at the mean of the closing bid and asked prices if no sale is reported. For securities traded on NASDAQ, the official closing price quoted by NASDAQ for that security is used. Equity securities that are traded on neither a national securities exchange nor on NASDAQ are valued at the last sale price at the close of business on the NYSE Exchanges (normally 4:00 p.m. Eastern Time or such earlier time that is the latest close of a regular (or core) trading session of any of the NYSE Exchanges), if a last sale price is available, or otherwise at the mean of the closing bid and ask prices. Such an equity security may also be valued at fair value by Advisors as determined in good faith using procedures approved by the Board of Trustees if events materially affecting its value occur between the time its price is determined and the time an Underlying Fund’s NAV is calculated.
Foreign investments
Underlying Fund investments traded on a foreign exchange or in foreign markets are valued at the last sale price or official closing price reported on the local exchange where traded and converted to U.S. dollars at the prevailing rates of exchange on the date of valuation. Since the trading of investments on a foreign exchange or in foreign markets is normally completed before the end of a valuation day, such valuation does not take place contemporaneously with the determination of the valuation of certain other investments held by the Underlying Fund for purposes of calculating the NAV. Because events affecting the value of foreign investments occur between the time their share price is determined and the time when an Underlying Fund’s NAV is calculated, such investments will be valued at fair value by Advisors as determined in good faith using procedures approved by the Board of Trustees. For these securities, the Underlying Fund uses a fair value pricing service approved by Advisors, the valuation designee. This pricing service employs quantitative models to value foreign equity securities in order to adjust for stale pricing, which occurs between the close of certain foreign exchanges and the close of the NYSE Exchanges. Fair value pricing is subjective in nature and the use of fair value pricing by the Underlying Fund may cause the NAV of the Underlying Fund’s shares to differ significantly from the NAV that would have been calculated using market prices at the close of the foreign exchange on which a portfolio security is primarily traded.
Debt securities
Generally, debt securities for which market quotations are readily available are valued based on the most recent bid price or the equivalent quoted yield for such securities (or those of comparable maturity, quality and type), although certain debt securities, such as municipal securities, broadly syndicated loans and collateralized loan obligations, are valued based on the most recent mid price, which is generally the average of the most recent bid and ask prices. These values will be derived utilizing an independent pricing service except when it is believed that the prices do not accurately reflect the security’s fair value.
Values for debt securities, including money market instruments (other than those in the Money Market Fund), may also be derived from a pricing matrix that has various types of debt securities along one axis and various maturities along the other.
All debt securities may also be valued at fair value by Advisors as determined in good faith using procedures approved by the Board of Trustees. The use of a price derived from a pricing matrix is a method of fair value pricing.
Special valuation procedures for the Money Market Fund
For the Money Market Fund, all of its assets are valued on the basis of amortized cost in an effort to maintain a constant NAV per share of $1.00. The Board has determined that such valuation is in the best interests of the Fund and its shareholders. Under the amortized cost method of valuation, securities are valued at cost on the date of their acquisition, and thereafter a constant accretion of any discount or amortization of any premium to maturity is assumed. While this method provides certainty in valuation, it may result in periods in which value as determined by amortized cost is higher or lower than the price the Fund would receive if it sold the security. During such periods, the quoted yield to investors may differ somewhat from that obtained by a similar fund that uses available market quotations to value all of its securities.
The Board of Trustees has established procedures reasonably designed, taking into account current market conditions and the Money Market Fund’s investment objective, to stabilize the NAV per share for purposes of sales and redemptions at $1.00. These procedures include review by the Board of Trustees, at such intervals as it deems appropriate, to determine the extent, if any, to which the NAV per share calculated by using available market quotations deviates by more than ¼ of one percent from $1.00 per share. In the event such deviation should exceed ¼ of one percent, the Board of Trustees will promptly consider initiating corrective action. If the Board of Trustees believes that the extent of any deviation from a $1.00 amortized cost price
Statement of Additional Information 101
per share may result in material dilution or other unfair results to new or existing shareholders, it will take such steps as it considers appropriate to eliminate or reduce these consequences to the extent reasonably practicable. Such steps may include: (1) selling securities prior to maturity; (2) shortening the average maturity of the Fund; (3) withholding or reducing dividends; or (4) utilizing a NAV per share determined from available market quotations. Even if these steps were taken, the Money Market Fund’s NAV might still decline.
Options and futures
Portfolio investments underlying options are valued as described above. Stock options written by a Fund or Underlying Fund are valued at the last quoted sale price, or at the closing bid price if no sale is reported for the day of valuation as determined on the principal exchange on which the option is traded. The value of a Fund’s or Underlying Fund’s net assets will be increased or decreased by the difference between the premiums received on writing options and the costs of liquidating such positions measured by the closing price of the options on the date of valuation.
For example, when a Fund or Underlying Fund writes a call option, the amount of the premium is included in the Fund’s or Underlying Fund’s assets and an equal amount is included in its liabilities. The liability thereafter is adjusted to the current market value of the call. Thus, if the current market value of the call exceeds the premium received, the excess would be unrealized depreciation; conversely, if the premium exceeds the current market value, such excess would be unrealized appreciation. If a call expires or if the Fund or Underlying Fund enters into a closing purchase transaction, it realizes a gain (or a loss if the cost of the transaction exceeds the premium received when the call was written) without regard to any unrealized appreciation or depreciation in the underlying securities, and the liability related to such call is extinguished. If a call is exercised, the Fund or Underlying Fund realizes a gain or loss from the sale of the underlying securities and the proceeds of the sale are increased by the premium originally received.
A premium paid on the purchase of a put will be deducted from a Fund’s or Underlying Fund’s assets and an equal amount will be included as an investment and subsequently adjusted to the current market value of the put. For example, if the current market value of the put exceeds the premium paid, the excess would be unrealized appreciation; conversely, if the premium exceeds the current market value, such excess would be unrealized depreciation.
Stock and bond index futures, and options thereon, which are traded on commodities exchanges, are valued at their last sale prices as of the close of such commodities exchanges.
Investments for which market quotations are not readily available
Portfolio securities or other assets for which market quotations are not readily available will be valued at fair value as determined by Advisors in good faith using procedures adopted by the Underlying Funds and, in the case of 1940 Act-registered Underlying Funds, approved by the Underlying Funds’ boards of trustees or similar governing body. For more information about the Funds’ fair value pricing procedures, see “Calculating share price” in the Prospectuses.
The following discussion of the federal tax status of the Funds is a general and abbreviated summary based on tax laws and regulations in effect on the date of this SAI. Tax law is subject to change by legislative, administrative or judicial action.
This discussion does not address all aspects of taxation (including state, local and foreign taxes) that may be relevant to particular shareholders in light of their own investment or tax circumstances, or to particular types of shareholders (including insurance companies, tax-deferred retirement plans, financial institutions, broker-dealers, foreign corporations and persons who are not citizens or residents of the United States) subject to special treatment under the federal income tax laws. This summary is based on the Code, the regulations thereunder, published rulings and court decisions, all as currently in effect. These laws are subject to change, possibly on a retroactive basis.
YOU ARE ADVISED TO CONSULT YOUR OWN TAX ADVISOR WITH RESPECT TO THE TAX CONSEQUENCES OF AN INVESTMENT IN A FUND IN LIGHT OF YOUR PARTICULAR CIRCUMSTANCES. THIS DISCUSSION IS NOT INTENDED AS A SUBSTITUTE FOR CAREFUL TAX PLANNING.
Qualification as regulated investment company
Each Fund is treated as a separate taxpayer for federal income tax purposes. Each Fund has elected or will elect to be treated as a regulated investment company under Subchapter M of Chapter 1 of the Code and intends to qualify as a regulated investment company each year. If a Fund: (1) continues to qualify as a regulated investment company, and (2) distributes to its shareholders an amount at least equal to the sum of 90% of its investment company taxable income (including for this purpose its net ordinary investment income and realized net short-term capital gains) and 90% of its tax-exempt interest income (reduced by certain expenses) (the “90% distribution requirement”), which the Trust intends each Fund to do, then under the provisions of Subchapter M of the Code the Fund should have little or no liability for federal income taxes. In particular, a Fund will not be subject to federal income tax on the portion of its investment company taxable income and net capital gain (i.e.,
102 Statement of Additional Information
realized net long-term capital gain in excess of realized net short-term capital loss) it distributes to shareholders (or treats as having been distributed to shareholders).
Each Fund generally will endeavor to distribute (or treat as deemed distributed) to shareholders all of its investment company taxable income and its net capital gain, if any, for each taxable year so that it will not incur federal income taxes on its earnings.
A Fund must meet several requirements to maintain its status as a regulated investment company. These requirements include the following: (1) at least 90% of its gross income for each taxable year must be derived from (a) dividends, interest, payments with respect to loaned securities, gains from the sale or disposition of securities (including gains from related investments in foreign currencies), and other income (including gains from options, futures or forward contracts) derived with respect to its business of investing in such securities or currencies; and (b) net income derived from an interest in a qualified publicly traded partnership (“PTP”); and (2) at the close of each quarter of the Fund’s taxable year, (a) at least 50% of the value of the Fund’s total assets must consist of cash, cash items, securities of other regulated investment companies, U.S. Government securities and other securities that, with respect to any one issuer, do not represent more than 5% of the value of the total assets of the Fund or more than 10% of the outstanding voting securities of such issuer; or more than 10% of a PTP’s equity securities and (b) the Fund must not invest more than 25% of its total assets in the securities of any one issuer (other than U.S. Government securities or the securities of other regulated investment companies), the securities of two or more issuers that are controlled by the Fund and that are engaged in the same or similar trades or businesses or related trades or businesses, or the securities of one or more PTPs.
If for any taxable year a Fund fails to qualify as a regulated investment company or fails to satisfy the 90% distribution requirement, then all of its taxable income would be subject to federal, and possibly state, income tax at regular corporate rates (without any deduction for distributions to its shareholders) and distributions to its shareholders would generally constitute ordinary income (including dividends derived from interest on tax-exempt obligations) to the extent of such Fund’s available earnings and profits.
Equalization accounting
Each Fund may use the so-called “equalization method” of accounting to allocate a portion of its “earnings and profits,” which generally equals a Fund’s undistributed net investment income and realized capital gains, with certain adjustments, to redemption proceeds. This method permits a Fund to achieve more balanced distributions for both continuing and redeeming shareholders. Although using this method generally will not affect a Fund’s total returns, it may reduce the amount that the Fund would otherwise distribute to continuing shareholders by reducing the effect of redemptions of Fund shares on Fund distributions to shareholders. However, the IRS has not expressly sanctioned the particular equalization method used by a Fund, and thus the Fund’s use of this method may be subject to IRS scrutiny.
Distributions to avoid federal excise tax
A regulated investment company generally must distribute in each calendar year an amount equal to at least the sum of:
1. 98% of its ordinary taxable income for the year;
2. 98.2% of its capital gain net income for the twelve months ended on October 31 of that calendar year; and
3. any ordinary income or net capital gain income not distributed or taxed for prior years (the “excise tax avoidance requirements”). To the extent that a regulated investment company fails to do this, it is subject to a 4% nondeductible federal excise tax on undistributed earnings. Therefore, in order to avoid the federal excise tax, each Fund must make (and the Trust intends that each will make) the foregoing distributions.
Capital loss carryforwards
As of May 31, 2024, the following Funds have capital loss “carryforwards” as indicated below. To the extent provided in the Code and regulations thereunder, a Fund may carry forward such capital losses to offset realized capital gains in future years. To the extent that these losses are used to offset future capital gains, it is probable that the gains so offset will not be distributed to shareholders because they would be taxable as ordinary income.
| Fund | Short-term |
| Long-term |
| Total |
| |||
| Nuveen Lifecycle Retirement Income Fund | $ | 1,048,776 |
| $ | 672,249 |
| $ | 1,721,025 |
|
| Nuveen Lifecycle 2015 Fund |
| 2,426,212 |
|
| — |
|
| 2,426,212 |
|
| Nuveen Lifecycle 2035 Fund |
| 2,210,702 |
|
| — |
|
| 2,210,702 |
|
| Nuveen Lifecycle Index 2040 Fund |
| — |
|
| 8,191,217 |
|
| 8,191,217 |
|
| Nuveen Lifecycle Index 2065 Fund |
| 70,267 |
|
| — |
|
| 70,267 |
|
| Nuveen Lifestyle Income Fund |
| 474,990 |
|
| 1,052,772 |
|
| 1,527,762 |
|
| Nuveen Lifestyle Conservative Fund |
| 2,216,554 |
|
| — |
|
| 2,216,554 |
|
| Nuveen Lifestyle Moderate Fund |
| 1,867,614 |
|
| — |
|
| 1,867,614 |
|
| Nuveen Lifestyle Growth Fund |
| 238,986 |
|
| — |
|
| 238,986 |
|
Statement of Additional Information 103
Investments in foreign securities
Investment income received from sources within foreign countries, or capital gains earned by a Fund or an Underlying Fund investing in securities of foreign issuers, may be subject to foreign income taxes withheld at the source. In this regard, withholding tax rates in countries with which the United States does not have a tax treaty are often as high as 35% or more. The United States has entered into tax treaties with many foreign countries that may entitle a Fund to a reduced rate of tax or exemption from tax on this related income and gains. The effective rate of foreign tax cannot be determined at this time since the amount of a Fund’s assets to be invested within various countries is not now known. The Funds intend to operate so as to qualify for applicable treaty-reduced rates of tax.
If a Fund qualifies as a regulated investment company under the Code, and if more than 50% of the Fund’s total assets at the close of the taxable year consists of securities of foreign corporations, then the Fund or an Underlying Fund may elect, for U.S. federal income tax purposes, to treat foreign income taxes paid by the Fund (including certain withholding taxes that can be treated as income taxes under U.S. income tax principles) as paid by its shareholders. If a Fund makes such an election, an amount equal to the foreign income taxes paid by the Fund would be included in the income of its shareholders and the shareholders often would be entitled to credit their portions of this amount against their U.S. tax liabilities, if any, or to deduct those portions from their U.S. taxable income, if any. Shortly after any year for which such an election is made, the Fund will report to shareholders, in writing, the amount per share of foreign tax that must be included in each shareholder’s gross income and the amount that will be available as a deduction or credit. Certain limitations based on the unique tax situation of a shareholder may apply to limit the extent to which the credit or the deduction for foreign taxes may be claimed by such shareholder.
If a Fund or an Underlying Fund acquires stock in certain foreign corporations that receive at least 75% of their annual gross income from passive sources (such as interest, dividends, rents, royalties or capital gain) or hold at least 50% of their total assets in investments producing such passive income (“passive foreign investment companies”), that Fund could be subject to federal income tax and additional interest charges on “excess distributions” received from such companies or gain from the sale of stock in such companies, even if all income or gain actually received by the Fund is timely distributed to its shareholders. The Fund would not be able to pass through to its shareholders any credit or deduction for such a tax. Certain elections may, if available, ameliorate these adverse tax consequences, but any such election requires the applicable Fund to recognize taxable income or gain without the concurrent receipt of cash. Any Fund that acquires stock in foreign corporations may limit and/or manage its holdings in passive foreign investment companies to minimize its tax liability.
Foreign exchange gains and losses realized by a Fund or an Underlying Fund in connection with certain transactions involving non-dollar debt securities, certain foreign currency futures contracts, foreign currency option contracts, foreign currency forward contracts, foreign currencies, or payables or receivables denominated in a foreign currency are subject to Code provisions that generally treat such gains and losses as ordinary income and losses and may affect the amount, timing and character of distributions to shareholders. Any such transactions that are not directly related to a Fund’s investment in securities (possibly including speculative currency positions or currency derivatives not used for hedging purposes) could, under future U.S. Treasury regulations, produce income not among the types of “qualifying income” from which the Fund must derive at least 90% of its annual gross income.
Investments with original issue discount
Each Fund or an Underlying Fund that invests in certain payment-in-kind instruments, zero coupon securities or certain deferred interest securities (and, in general, any other securities with original issue discount or with market discount if the Fund elects to include market discount in current income) must accrue income on such investments prior to the receipt of the corresponding cash. However, because each Fund must meet the 90% distribution requirement to qualify as a regulated investment company, a Fund may have to dispose of its portfolio investments under disadvantageous circumstances to generate cash, or may have to leverage itself by borrowing the cash, to satisfy distribution requirements.
Options, futures, and swaps
A Fund’s or an Underlying Fund’s transactions in options contracts and futures contracts are subject to special provisions of the Code that, among other things, may affect the character of gains and losses realized by the Fund (that is, may affect whether gains or losses are ordinary or capital), accelerate recognition of income to the Fund and defer losses of the Fund. These rules (1) could affect the character, amount and timing of distributions to shareholders of a Fund, (2) could require the Fund to “mark to market” certain types of the positions in its portfolio (that is, treat them as if they were closed out) and (3) may cause the Fund to recognize income without receiving cash with which to make distributions in amounts necessary to satisfy the 90% distribution requirement and the excise tax avoidance requirements described above. To mitigate the effect of these rules and prevent disqualification as a regulated investment company, each Fund seeks to monitor its transactions, seeks to make the appropriate tax elections and seeks to make the appropriate entries in its books and records when it acquires any option, futures contract or hedged investment.
104 Statement of Additional Information
The federal income tax rules applicable to interest rate swaps, caps and floors are unclear in certain respects, and a Fund or an Underlying Fund may be required to account for these transactions in a manner that, in certain circumstances, may limit the degree to which it may utilize these transactions. Among other things, there is uncertainty concerning when income or loss is recognized for tax purposes and whether such income or loss is capital or ordinary. In addition, the application of the diversification tests described above with respect to such instruments is uncertain. As a result, any Fund investing in these instruments may limit and/or manage its holdings of these instruments in order to avoid disqualification of the Fund as a regulated investment company and to minimize the potential negative tax consequences to the Fund from a successful challenge by the IRS with respect to the Fund’s treatment of these instruments.
Shareholder taxation
The following discussion of certain federal income tax issues of shareholders of the Funds is a general and abbreviated summary based on tax laws and regulations in effect on the date of this SAI.
Tax law is subject to change by legislative, administrative or judicial action. The following discussion relates solely to U.S. federal income tax law as applicable to U.S. taxpayers (e.g., U.S. residents and U.S. domestic corporations, partnerships, trusts or estates). The discussion does not address special tax rules applicable to certain classes of investors, such as qualified retirement accounts or trusts, tax-exempt entities, insurance companies, banks and other financial institutions or non-U.S. taxpayers. Dividends, capital gain distributions, and ownership of or gains realized on the redemption (including an exchange) of the shares of a Fund may also be subject to state, local and foreign taxes. Shareholders should consult their own tax advisors as to the federal, state, local or foreign tax consequences of ownership of shares of, and receipt of distributions from, the Funds in their particular circumstances.
Distributions
Distributions of a Fund’s investment company taxable income are taxable as ordinary income to shareholders to the extent of the Fund’s current or accumulated earnings and profits, whether paid in cash or reinvested in additional shares. Any distribution of a Fund’s net capital gain properly designated by a Fund as a “capital gain dividend” is taxable to a shareholder as long-term capital gain regardless of a shareholder’s holding period for his, her or its shares and regardless of whether paid in cash or reinvested in additional shares. Distributions, if any, in excess of earnings and profits usually constitute a return of capital, which first reduces an investor’s tax basis in a Fund’s shares and thereafter (after such basis is reduced to zero) generally gives rise to capital gains. Shareholders electing to receive distributions in the form of additional shares have a cost basis for federal income tax purposes in each share so received equal to the amount of cash they would have received had they elected to receive the distributions in cash.
At a Fund’s option, it may retain some or all of its net capital gain for a tax year, but designate the retained amount as a “deemed distribution.” In that case, among other consequences, the Fund pays tax on the retained amount for the benefit of its shareholders, the shareholders are required to report their share of the deemed distribution on their tax returns as if it had been distributed to them, and the shareholders may report a credit for the tax paid thereon by the Fund. The amount of the deemed distribution net of such tax is added to the shareholder’s cost basis for his, her or its shares. Since the Funds expect to pay tax on any retained net capital gain at their regular corporate capital gain tax rates, and since that rate is in excess of the maximum rate currently payable by individuals on long-term capital gain, the amount of tax that individual shareholders are treated as having paid will exceed the amount of tax that such shareholders would be required to pay on the retained net capital gains. A shareholder that is not subject to U.S. federal income tax or tax on long-term capital gains should be able to file a return on the appropriate form or a claim for refund that allows such shareholder to recover the taxes paid on his, her or its behalf. In the event the Funds choose this option, they must provide written notice to the shareholders prior to the expiration of 60 days after the close of the relevant tax year.
Any dividend declared by a Fund in October, November or December of any calendar year, payable to shareholders of record on a specified date in such a month and actually paid during January of the following year, is treated as if it had been received by the shareholders on December 31 of the year in which the dividend was declared.
Buying a dividend
An investor should consider the tax implications of buying shares just prior to a distribution. Even if the price of the shares includes the amount of the forthcoming distribution, the shareholder generally will be taxed upon receipt of the distribution and is not entitled to offset the distribution against the tax basis in his, her or its shares. In addition, an investor should be aware that, at the time the investor purchases shares of a Fund, a portion of the purchase price is often attributable to realized or unrealized appreciation in the Fund’s portfolio or undistributed taxable income of the Fund. Subsequent distributions from such appreciation or income may be taxable to such investor even if the NAV of the investor’s shares is, as a result of the distributions, reduced below the investor’s cost for such shares, and the distributions in reality represent a return of a portion of the purchase price.
Statement of Additional Information 105
Qualified dividend income
Individual shareholders may be eligible to treat a portion of a Fund’s ordinary income dividends as “qualified dividend income” that is subject to tax at the same reduced maximum rates applicable to long-term capital gains. Corporations are not eligible for the reduced maximum rates on qualified dividend income. The Fund must designate the portion of its distributions that is eligible to be treated as qualified dividend income in a written notice within 60 days of the close of the relevant taxable year. In general, the maximum amount of distributions by a Fund that may be designated as qualified dividend income for that taxable year is the total amount of qualified dividend income received by that Fund during such year. If the qualified dividend income received by a Fund is equal to 95% (or a greater percentage) of the Fund’s gross income (exclusive of net capital gain) in any taxable year, all of the ordinary income dividends paid by the Fund will be qualified dividend income. A Fund may receive qualified dividend income to the extent it receives qualifying distributions from Underlying Funds and meets certain holding period requirements with respect to the Underlying Fund. In order to constitute qualified dividend income to the Underlying Fund, a dividend must be received from a U.S. domestic corporation (other than dividends from tax-exempt corporations and certain dividends from real estate investment trusts and other regulated investment companies) or a qualified foreign corporation. In addition, the dividend must be paid in respect of the stock that has been held by the Underlying Fund, for federal income tax purposes, for at least 61 days during the 121-day period that begins 60 days before the stock becomes ex-dividend. In order to be eligible to treat a dividend from a Fund as qualified dividend income, individual shareholders must also meet the foregoing minimum holding period requirements with respect to their shares of the applicable Fund.
Dividends-received deduction
A Fund’s ordinary income dividends to corporate shareholders may, if certain conditions are met, qualify for the dividends-received deduction to the extent that the Fund has received qualifying dividend income from Underlying Funds during the taxable year. Capital gain dividends distributed by the Fund are not eligible for the dividends-received deduction. In order to constitute a qualifying dividend, a dividend must be from a U.S. domestic corporation in respect of the stock of such corporation that has been held by the Fund, for federal income tax purposes, for at least 46 days during the 91-day period that begins 45 days before the stock becomes ex-dividend (or, in the case of preferred stock, 91 days during the 181-day period that begins 90 days before the stock becomes ex-dividend). The Fund must also designate the portion of any distribution that is eligible for the dividends-received deduction in a written notice within 60 days of the close of the relevant taxable year. In addition, in order to be eligible to claim the dividends-received deduction with respect to distributions from a Fund, corporate shareholders must meet the foregoing minimum holding period requirements with respect to their shares of the applicable Fund. If a corporation borrows to acquire shares of a Fund, it may be denied a portion of the dividends-received deduction it would otherwise be eligible to claim. The entire qualifying dividend, including the otherwise deductible amount, is included in determining the excess (if any) of a corporate shareholder’s adjusted current earnings over its alternative minimum taxable income, which may increase its alternative minimum tax liability. Additionally, any corporate shareholder should consult its tax advisor regarding the possibility that its basis in its shares may be reduced, for federal income tax purposes, by reason of “extraordinary dividends” received with respect to the shares, for the purpose of computing its gain or loss on redemption or other disposition of the shares.
Qualified REIT dividends
Through 2025, individuals and certain other noncorporate entities are generally eligible for a 20% deduction with respect to the receipt of domestic qualified business income from REIT investments (“qualified REIT dividends”). Applicable Treasury regulations permit regulated investment companies, such as the Funds, to pass through to their shareholders qualified REIT dividends received from REIT investments that are eligible for the 20% deduction. Shareholders should consult their tax advisors about their eligibility to claim the 20% deduction for any qualified REIT dividends reported by a Fund.
Gains and losses on redemptions
A shareholder generally recognizes taxable gain or loss on a sale or redemption (including by exercise of the exchange privilege) of his, her or its shares. The amount of the gain or loss is measured by the difference between the shareholder’s adjusted tax basis in his, her or its shares and the amount of the proceeds received in exchange for such shares. Any gain or loss arising from (or, in the case of distributions in excess of earnings and profits, treated as arising from) the sale or redemption of shares generally is a capital gain or loss. This capital gain or loss normally is treated as a long-term capital gain or loss if the shareholder has held his, her or its shares for more than one year at the time of such sale or redemption; otherwise, it generally will be classified as short-term capital gain or loss. If, however, a shareholder receives a capital gain dividend with respect to any share of a Fund, and if the share is sold before it has been held by the shareholder for at least six months, then any loss on the sale or exchange of the share, to the extent of the capital gain dividend, is treated as a long-term capital loss. In addition, all or a portion of any loss realized upon a taxable disposition of shares may be disallowed if other shares of the same Fund are purchased (including any purchase through a reinvestment of distributions from the Fund) within 30 days before or after the disposition. In such a case, the basis of the shares acquired will be adjusted to reflect the
106 Statement of Additional Information
disallowed loss. Also, if a shareholder who incurred a sales charge on the acquisition of shares of a Fund sells his, her or its shares within 90 days of purchase and subsequently acquires shares of another Fund of the Trust on which a sales charge normally is imposed without paying such sales charge in accordance with the exchange privilege described in the Prospectuses, such shareholder will not be entitled to include the amount of the sales charge in his, her or its basis in the shares sold for purposes of determining gain or loss. In these cases, any gain on the disposition of the shares of the Fund is increased, or loss decreased, by the amount of the sales charge paid when the shares were acquired, and that amount will increase the adjusted basis of the shares of the Fund subsequently acquired.
Each Fund is required to report to the IRS and furnish to certain Fund shareholders the cost basis information for sale transactions of shares purchased on or after January 1, 2012. Shareholders may elect to have one of several cost basis methods applied to their account when calculating the cost basis of shares sold, including average cost, “first-in, first-out” (“FIFO”), or some other specific identification method. Unless you instruct otherwise, the Fund will use average cost as its default cost basis method, and will treat sales as first coming from shares purchased prior to January 1, 2012. If average cost is used for a shareholder’s first sale of the Fund shares covered by these new rules, the shareholder may only use an alternative cost basis method for shares purchased prospectively. Fund shareholders should consult with their tax advisors to determine the best cost basis method for their tax situation.
For shares you sell that were purchased prior to January 1, 2012, you will be sent a statement showing how many shares you sold and at what price. However, the statement will not include cost basis information and will not be furnished to the IRS. You or your tax preparer must determine whether this sale resulted in a capital gain or loss and the amount of tax to be paid on any gain. Be sure to keep your regular account statements; the information they contain will be essential in calculating the amount of your capital gains or losses.
Deduction of capital losses
Non-corporate shareholders with net capital losses for a year (i.e., capital losses in excess of capital gains) generally may deduct up to $3,000 of such losses against their ordinary income each year; any net capital losses of a non-corporate shareholder in excess of $3,000 generally may be carried forward and used in subsequent years as provided in the Code. Corporate shareholders generally may not deduct any net capital losses for a year, but may carry back such losses for three years or carry forward such losses for five years.
Reports to shareholders
The Funds send to each of their shareholders, as promptly as possible after the end of each calendar year, a notice detailing on a per share and per distribution basis, the amounts includible in such shareholder’s taxable income for such year as ordinary income (including any portion eligible to be treated as qualified dividend income or to be deducted pursuant to the dividends-received deduction) and as long-term capital gain. In addition, the federal tax status of each year’s distributions generally is reported to the IRS.
Backup withholding
The Funds may be required to withhold U.S. federal income tax (“backup withholding”) from all distributions payable to: (1) any shareholder who fails to furnish a Fund with a correct taxpayer identification number or a certificate that the shareholder is exempt from backup withholding and (2) any shareholder with respect to whom the IRS notifies the Fund that the shareholder has failed to properly report certain interest and dividend income to the IRS and to respond to notices to that effect. The backup withholding is not an additional tax and may be returned or credited against a taxpayer’s regular federal income tax liability if appropriate information is provided to the IRS.
Shares held in certain custody accounts
Shares held in custody accounts as permitted by Code Sections 403(b)(7) and 408 (IRAs) are subject to special tax treatment. The federal income tax on earnings in such accounts is deferred, and there are restrictions on the amounts that can be distributed from such accounts without adverse federal income tax consequences for investors in such accounts. Distributions from such accounts may be subject to taxation as ordinary income in the year distributed and investors in such accounts may have to pay a penalty tax for certain distributions.
Shareholders invested through such accounts should consult their tax advisor or TIAA for more information.
Other than with respect to the Nuveen Growth Opportunities ETF, each Fund will purchase and sell the principal portion of its portfolio securities (i.e., shares of the Underlying Funds) by dealing directly with the issuer—the Underlying Funds. With respect to such Underlying Funds, the Funds incur no brokerage commissions. However, the Funds that invest in the Nuveen Growth Opportunities ETF will incur brokerage commissions in purchasing or selling the Nuveen Growth Opportunities ETF. Also, each
Statement of Additional Information 107
Fund does incur brokerage commissions on certain other instruments, including other ETFs. As shown in the table below, certain Funds have increased while other Funds have decreased their purchases of ETFs and have had corresponding increases or decreases, respectively, in the amount of commissions paid. The aggregate amount of brokerage commissions paid by the following Funds for the prior fiscal years ended May 31, 2024, May 31, 2023 and May 31, 2022, were as follows.
| Fund | May 31, 2024 |
| May 31, 2023 |
| May 31, 2022 |
| |||
| Nuveen Lifecycle Retirement Income Fund | $ | 972 |
| $ | 1,159 |
| $ | 4,442 |
|
|
|
|
|
|
|
|
|
|
|
|
| Nuveen Lifecycle 2010 Fund |
| 1,710 |
|
| 2,135 |
|
| 8,001 |
|
|
|
|
|
|
|
|
|
|
|
|
| Nuveen Lifecycle 2015 Fund |
| 2,736 |
|
| 3,405 |
|
| 12,552 |
|
|
|
|
|
|
|
|
|
|
|
|
| Nuveen Lifecycle 2020 Fund |
| 6,936 |
|
| 7,728 |
|
| 31,855 |
|
|
|
|
|
|
|
|
|
|
|
|
| Nuveen Lifecycle 2025 Fund |
| 11,116 |
|
| 13,566 |
|
| 52,741 |
|
|
|
|
|
|
|
|
|
|
|
|
| Nuveen Lifecycle 2030 Fund |
| 12,202 |
|
| 17,099 |
|
| 66,832 |
|
|
|
|
|
|
|
|
|
|
|
|
| Nuveen Lifecycle 2035 Fund |
| 14,865 |
|
| 21,981 |
|
| 79,137 |
|
|
|
|
|
|
|
|
|
|
|
|
| Nuveen Lifecycle 2040 Fund |
| 20,019 |
|
| 27,639 |
|
| 105,240 |
|
|
|
|
|
|
|
|
|
|
|
|
| Nuveen Lifecycle 2045 Fund |
| 13,114 |
|
| 19,131 |
|
| 77,916 |
|
|
|
|
|
|
|
|
|
|
|
|
| Nuveen Lifecycle 2050 Fund |
| 10,323 |
|
| 13,396 |
|
| 59,657 |
|
|
|
|
|
|
|
|
|
|
|
|
| Nuveen Lifecycle 2055 Fund |
| 4,387 |
|
| 7,077 |
|
| 26,622 |
|
|
|
|
|
|
|
|
|
|
|
|
| Nuveen Lifecycle 2060 Fund |
| 1,429 |
|
| 3,305 |
|
| 8,545 |
|
|
|
|
|
|
|
|
|
|
|
|
| Nuveen Lifecycle 2065 Fund |
| 1,042 |
|
| 943 |
|
| 929 |
|
|
|
|
|
|
|
|
|
|
|
|
| Nuveen Lifecycle Index Retirement Income Fund |
| — |
|
| 564 |
|
| — |
|
|
|
|
|
|
|
|
|
|
|
|
| Nuveen Lifecycle Index 2010 Fund |
| — |
|
| 803 |
|
| 284 |
|
|
|
|
|
|
|
|
|
|
|
|
| Nuveen Lifecycle Index 2020 Fund |
| — |
|
| 776 |
|
| — |
|
|
|
|
|
|
|
|
|
|
|
|
| Nuveen Lifecycle Index 2065 Fund |
| 987 |
|
| 615 |
|
| 1,091 |
|
|
|
|
|
|
|
|
|
|
|
|
| Nuveen Lifestyle Income Fund |
| 146 |
|
| 147 |
|
| 404 |
|
|
|
|
|
|
|
|
|
|
|
|
| Nuveen Lifestyle Conservative Fund |
| 615 |
|
| 739 |
|
| 2,915 |
|
|
|
|
|
|
|
|
|
|
|
|
| Nuveen Lifestyle Moderate Fund |
| 1,219 |
|
| 1,309 |
|
| 7,148 |
|
|
|
|
|
|
|
|
|
|
|
|
| Nuveen Lifestyle Growth Fund |
| 864 |
|
| 810 |
|
| 4,963 |
|
|
|
|
|
|
|
|
|
|
|
|
| Nuveen Lifestyle Aggressive Growth Fund |
| 566 |
|
| 441 |
|
| 4,815 |
|
|
|
|
|
|
|
|
|
|
|
|
| Nuveen Managed Allocation Fund |
| 2,012 |
|
| 2,481 |
|
| 11,293 |
|
|
|
|
|
|
|
|
|
|
|
|
Advisors is responsible for decisions to buy and sell securities for the Underlying Funds of the Trust as well as for selecting brokers and, where applicable, negotiating the amount of the commission rate paid. It is the intention of Advisors to place brokerage orders with the objective of obtaining the best execution. In evaluating best execution for transactions, Advisors considers a number of factors, including, without limitation, the following: best price; the nature of the security being traded; the nature and character of the markets for the security to be purchased or sold; the likely market impact of the transaction based on the nature of the transaction; the skill of the executing broker; the liquidity being provided by the broker; the broker-dealer’s settlement and clearance capability; the reputation and financial condition of the broker-dealer; the costs of processing information; the nature of price discovery in different markets; the laws and regulations governing investment advisers; and other factors deemed appropriate by Advisors. When purchasing or selling securities traded on the over-the-counter market, Advisors generally will execute the transactions with a broker engaged in making a market for such securities. When Advisors deems the purchase or sale of a security to be in the best interests of one or more Underlying Funds of the Trust, its personnel may, consistent with its fiduciary obligations, decide either to buy or to sell a particular security for the Underlying Fund(s) at the same time as for other funds that it may be managing, or that may be managed by its affiliated investment advisers. In that event, allocation of the securities purchased or sold, as well as the expenses incurred in the transaction, will be made in an equitable manner.
Transactions on equity exchanges, commodities markets and other agency transactions involve the payment of negotiated brokerage commissions. Such commissions vary among different brokers. Transactions in foreign investments also have negotiated commission rates and they are for the most part the same for all brokers in a particular country with a few exceptions. Trades are regularly monitored for best execution purposes by the equity trading desk.
Advisors’ fixed-income traders select the broker-dealers (sell-side) with whom they do business independent of any research, strategy pieces or trade recommendations provided to Advisors. The vast majority of institutional fixed-income trading is conducted over-the-counter rather than on exchanges, with set prices plus commissions. Fixed-income trading is based on the risk-taking practice of market making by sell-side firms, which attempt to capture the bid/ask spread on trades where capital is committed (principal model) or on a pre-negotiated spread concession for riskless principal trades (agency model).
The fixed-income marketplace does not use a voting system to rate broker-dealers with the intent of using those rankings to direct or allocate trades. The directive to Advisors’ fixed-income traders, and the conventional trading construct within the
108 Statement of Additional Information
fixed-income market, is based on the practice of fiduciary efforts to achieve best execution. The research, credit opinions and relative value trade recommendations provided by Advisors’ sell-side counterparts are evaluated, but there is no direct linkage between that evaluation and Advisors’ selection of a particular broker-dealer for trade execution. When selecting a broker, the traders follow established trading protocols for data aggregation, price discovery, inventory mining and information protection and conduct an assessment of counterparty performance. The protocol incorporates Advisors’ knowledge of and experience with select broker-dealers with respect to providing liquidity, namely the highest bid price or lowest offer price for a particular security.
Every broker is formally approved by the Equity or Fixed-Income Best Execution Committee, as appropriate, which is comprised of representatives from trading, portfolio management, compliance and law. Risk management also reviews the creditworthiness of all brokers.
Consistent with best execution, Advisors may place orders with brokers providing research and statistical data services even if lower commissions may be available from brokers not providing such services. With respect to equity securities, Advisors has adopted a policy embodying the concepts of Section 28(e) under the Securities Exchange Act of 1934, which provides a safe harbor allowing an investment adviser to cause a client to pay a higher commission to a broker that also provides research services than the commission another broker would charge (generally referred to as the use of “soft dollars”). To utilize soft dollars, the adviser must determine in good faith that the commission paid is reasonable in relation to the value of the brokerage and research services provided and that, over time, each client paying soft dollars receives some benefit from the research obtained through the use of soft dollars. An adviser may make such a determination based upon either the particular transaction involved or the overall responsibilities of the adviser with respect to the accounts over which it exercises investment discretion. Therefore, specific research may not necessarily benefit all accounts paying commissions to such broker. Research obtained through soft dollars may be developed by the broker or a third party, where the obligation to pay is between the broker and the third party. In such cases the research will be paid for through a Commission Sharing Arrangement (“CSA”) or similar arrangement.
With respect to the Underlying Funds of the Trust, Advisors may only use soft dollars to pay for research with intellectual content. Such research includes, but is not limited to, investment or market-related reports (including analyses and reports that relate to issuers, industries, securities, economic factors and trends, and portfolio strategies), access to investment or market-related conferences, meetings with company management, access to a broker’s research staff and the use of investment or market-related consulting services. It does not include market data services or trading software or tools.
Fixed-income trades on behalf of the Underlying Funds of the Trust are not allocated to generate soft dollar credits, but, at times, a broker may send Advisors unsolicited proprietary research that was based on their assessment of the fixed-income trading volume executed with that broker. Similarly, trades on behalf of the Underlying Funds of the Trust that follow an index or quantitative strategy, or execution-only trades, will not generate soft dollars, but, at times, a broker may send Advisors unsolicited proprietary research that is based, in part, on such trading volume.
The Board and Advisors have agreed that Advisors will compensate each Underlying Fund of the Trust for all of its soft dollar costs. This arrangement may only be changed with Board approval. Additionally, Advisors will report to the Board, or a designated Committee of the Board, at least annually regarding soft dollar usage by the Underlying Funds of the Trust, including soft dollars attributable to each Underlying Fund of the Trust.
As part of Nuveen Equities (the integrated equity investment teams of Advisors and certain of its affiliated investment advisers, including Investment Management (the “Nuveen Equities Affiliates”)), soft dollar credits generated by Nuveen Equities Affiliates are aggregated into a single pool, and research is allocated among the respective Nuveen Equities Affiliates based on factors such as asset size of the team’s equity strategy and the Nuveen Equities Affiliate’s geographic considerations (e.g., U.S. versus non-U.S.; developed markets versus emerging markets).
Research or services obtained for one Underlying Fund of the Trust may be used by Advisors in managing other Underlying Funds of the Trust and the accounts of other investment company clients and advisory clients of Advisors. Research or services obtained for the Trust also may be used by Advisors’ affiliated investment advisers, including Investment Management, for the benefit of their respective clients, and vice versa.
Information about the amounts of commissions paid by the Underlying Funds of the Trust is included in the SAI for the Underlying Funds of the Trust.
Directed brokerage
In accordance with the 1940 Act, the Funds and Underlying Funds of the Trust (as applicable) have adopted a policy prohibiting the Funds and Underlying Funds from compensating brokers or dealers for the sale or promotion of Fund or Underlying Fund shares by the direction of portfolio securities transactions for the Funds or the Underlying Funds to such brokers or dealers. In addition, Advisors has instituted policies and procedures so that Advisors’ personnel do not violate this policy of the Funds and Underlying Funds of the Trust.
Statement of Additional Information 109
All matters of applicable state law pertaining to the Funds have been passed upon by Rachael M. Zufall, Managing Director, Associate General Counsel, of the Trust (and TIAA and CREF). Dechert LLP serves as legal counsel to the Funds and has provided advice to the Funds related to certain matters under the federal securities laws.
The financial statements incorporated in this SAI by reference to the Annual Report to shareholders for the fiscal year ended May 31, 2024 have been so incorporated in reliance on the report of PricewaterhouseCoopers LLP, an independent registered public accounting firm, given on the authority of said firm as experts in auditing and accounting.
The audited financial statements of the Funds are incorporated herein by reference to the Trust’s Annual Reports and Form N-CSR for the fiscal year ended May 31, 2024. These financial statements have been filed with the SEC and the reports have been provided to all shareholders. The Funds will furnish you, without charge, a copy of the Annual Reports on request.
110 Statement of Additional Information
Appendix A
Nuveen proxy voting
policies
Nuveen proxy voting guidelines
Applicability
These Guidelines apply to employees of Nuveen acting on behalf of Nuveen Asset Management, LLC (“NAM”), Teachers Advisors, LLC (“TAL”) and TIAA-CREF Investment Management, LLC (“TCIM”) (each an “Adviser” and collectively referred to as the “Advisers”)
I. Introduction
Our voting practices are guided by our fiduciary obligations to our clients.
These Guidelines set forth the manner in which the Advisers intend to vote on proxy matters involving publicly traded portfolio companies held in client portfolios, and serve to assist clients, portfolio companies and other interested parties in understanding how the Advisers intend to vote on proxy-related issues.
We vote proxies in accordance with what we believe is in the best interest of our clients. In making those decisions, we are principally guided by enhancing long-term shareholder value, and may take into account many factors, including input from our investment teams and third-party research.
As indicated in these Guidelines, we monitor portfolio companies’ environmental, social and governance (ESG) practices in an effort to ensure that boards consider these factors in the context of their strategic deliberations consistent with the aim of preserving and enhancing long-term shareholder value. It is our belief that a one-size-fits-all approach to proxy voting is not appropriate and we may vote differently on the same proposal given the portfolio company’s individual circumstances. The Guidelines are not exhaustive and do not necessarily dictate how the Advisers will ultimately vote with respect to any proposal or resolution.
The Guidelines are implemented by Nuveen’s Stewardship Group and applied in consideration of the facts and circumstances of the particular resolution. The Stewardship Group relies on its professional judgment, informed by proprietary research and reports provided by various third-party research providers. The portfolio managers of the Advisers maintain the ultimate decision-making authority with respect to how proxies will be voted and may determine to vote contrary to the Guidelines if such portfolio manager determines it is in the best interest of the respective Adviser’s clients to do so. The rationale for votes submitted contrary to the Guidelines will be documented and maintained.
II. Accountability and transparency
Board of directors
Elect directors
General Policy: We generally vote in favor of the board’s nominees but will consider withholding or voting against some or all directors in the following circumstances:
· When we conclude that the actions of directors are unlawful, unethical, negligent, or do not meet fiduciary standards of care and loyalty, or are otherwise not in the best interest of shareholders. Such actions would include:
· Egregious compensation practices
· Lack of responsiveness to a failed vote
· Unequal treatment of shareholders
· Adoption of inappropriate antitakeover devices
· When a director has consistently failed to attend board and committee meetings without an appropriate rationale being provided
· Independence
· When board independence is not in line with local market regulations or best practices
· When a member of executive management sits on a key board committee that should be composed of only independent directors
· When directors have failed to disclose, resolve or eliminate conflicts of interest that affect their decisions
· Board refreshment
· When there is insufficient diversity on the board and the company has not demonstrated its commitment to making the board more diverse
Statement of Additional Information 111
· When we determine that director tenure is excessive and there has been no recent board refreshment
Contested elections
General Policy: We will support the candidates we believe will represent the best interests of shareholders.
Majority vote for the election of directors
General Policy: We generally support shareholder resolutions asking that companies amend their governance documents to provide for director election by majority vote.
Establish specific board committees
General Policy: We generally vote against shareholder resolutions asking the company to establish specific board committees unless we believe specific circumstances dictate otherwise.
Annual election of directors
General Policy: We generally support shareholder resolutions asking that each member of the board of a publicly traded operating company stand for re-election annually.
Cumulative voting
General Policy: We generally do not support proposals asking that shareholders be allowed to cumulate votes in director elections, as this practice may encourage the election of special interest directors.
Separation of Chairman and Chief Executive Officer
General Policy: We will consider supporting shareholder resolutions asking that the roles of chairman and CEO be separated when we believe the company’s board structure and operation has insufficient features of independent board leadership, such as the lack of a lead independent director. In addition, we may also support resolutions on a case-by-case basis where we believe, in practice, that there is not a bona fide lead independent director acting with robust responsibilities or the company’s ESG practices or business performance suggest a material deficiency in independent influence into the company’s strategy and oversight.
Shareholder rights
Proxy access
General Policy: We will consider on a case-by-case basis shareholder proposals asking that the company implement a form of proxy access. In making our voting decision, we will consider several factors, including, but not limited to: current performance of the company, minimum filing thresholds, holding periods, number of director nominees that can be elected, existing governance issues and board/management responsiveness to material shareholder concerns.
Ratification of auditor
General Policy: We will generally support the board’s choice of auditor and believe that the auditor should be elected annually. However, we will consider voting against the ratification of an audit firm where non-audit fees are excessive, where the firm has been involved in conflict of interest or fraudulent activities in connection with the company’s audit, where there has been a material restatement of financials or where the auditor’s independence is questionable.
Supermajority vote requirements
General Policy: We will generally support shareholder resolutions asking for the elimination of supermajority vote requirements.
Dual-class common stock and unequal voting rights
General Policy: We will generally support shareholder resolutions asking for the elimination of dual classes of common stock or other forms of equity with unequal voting rights or special privileges.
Right to call a special meeting
General Policy: We will generally support shareholder resolutions asking for the right to call a special meeting. However, we believe a 25% ownership level is reasonable and generally would not be supportive of proposals to lower the threshold if it is already at that level.
Right to act by written consent
General Policy: We will consider on a case-by-case basis shareholder resolutions requesting the right to act by written consent.
112 Statement of Additional Information
Antitakeover devices (poison pills)
General Policy: We will consider on a case-by-case basis proposals relating to the adoption or rescission of antitakeover devices with attention to the following criteria:
· Whether the company has demonstrated a need for antitakeover protection
· Whether the provisions of the device are in line with generally accepted governance principles
· Whether the company has submitted the device for shareholder approval
· Whether the proposal arises in the context of a takeover bid or contest for control
We will generally support shareholder resolutions asking to rescind or put to a shareholder vote antitakeover devices that were adopted without shareholder approval.
Reincorporation
General Policy: We will evaluate on a case-by-case basis proposals for reincorporation taking into account the intention of the proposal and the established laws of the new domicile and jurisprudence of the target domicile. We will not support the proposal if we believe the intention is to take advantage of laws or judicial interpretations that provide antitakeover protection or otherwise reduce shareholder rights.
Corporate political influence
General Policies:
· We will generally support reasonable shareholder resolutions seeking disclosure or reports relating to a company’s direct political contributions, including board oversight procedures.
· We will generally support reasonable shareholder resolutions seeking disclosure or reports relating to a company’s charitable contributions and other philanthropic activities.
· We may consider not supporting shareholder resolutions that appear to promote a political agenda that is contrary to the long-term health of the corporation.
· We will evaluate on a case-by-case basis shareholder resolutions seeking disclosure of a company’s lobbying expenditures.
Closed-end funds
We recognize that many exchange-listed closed-end funds (“CEFs”) have adopted particular corporate governance practices that deviate from certain policies set forth in the Guidelines. We believe that the distinctive structure of CEFs can provide important benefits to investors, but leaves CEFs uniquely vulnerable to opportunistic traders seeking short-term gains at the expense of long-term shareholders. Thus, to protect the interests of their long-term shareholders, many CEFs have adopted measures to defend against attacks from short-term-oriented activist investors. As such, in light of the unique nature of CEFs and their differences in corporate governance practices from operating companies, we will consider on a case-by-case basis proposals involving the adoption of defensive measures by CEFs. This is consistent with our approach to proxy voting that recognizes the importance of case-by-case analysis to ensure alignment with investment team views, and voting in accordance with the best interest of our shareholders.
Compensation issues
Advisory votes on executive compensation (say on pay)
General Policy: We will consider on a case-by-case basis the advisory vote on executive compensation (say on pay). We expect well-designed plans that clearly demonstrate the alignment between pay and performance, and we encourage companies to be responsive to low levels of support by engaging with shareholders. We also prefer that companies offer an annual non-binding vote on executive compensation. In absence of an annual vote, companies should clearly articulate the rationale behind offering the vote less frequently.
We generally note the following red flags when evaluating executive compensation plans:
· Undisclosed or Inadequate Performance Metrics: We believe that performance goals for compensation plans should be disclosed meaningfully. Performance hurdles should not be too easily attainable. Disclosure of these metrics should enable shareholders to assess whether the plan will drive long-term value creation.
· Excessive Equity Grants: We will examine a company’s past grants to determine the rate at which shares are being issued. We will also seek to ensure that equity is being offered to more than just the top executives at the company. A pattern of excessive grants can indicate failure by the board to properly monitor executive compensation and its costs.
· Lack of Minimum Vesting Requirements: We believe that companies should establish minimum vesting guidelines for senior executives who receive stock grants. Vesting requirements help influence executives to focus on maximizing the company’s long-term performance rather than managing for short-term gain.
Statement of Additional Information 113
· Misalignment of Interests: We support equity ownership requirements for senior executives and directors to align their interests with those of shareholders.
· Special Award Grants: We will generally not support mega-grants. A company’s history of such excessive grant practices may prompt us to vote against the stock plans and the directors who approve them. Mega-grants include equity grants that are excessive in relation to other forms of compensation or to the compensation of other employees and grants that transfer disproportionate value to senior executives without relation to their performance. We also expect companies to provide a rationale for any other one-time awards such as a guaranteed bonus or a retention award.
· Excess Discretion: We will generally not support plans where significant terms of awards—such as coverage, option price, or type of awards—are unspecified, or where the board has too much discretion to override minimum vesting or performance requirements.
· Lack of Clawback Policy: We believe companies should establish clawback policies that permit recoupment from any senior executive who received compensation as a result of defective financial reporting, or whose behavior caused financial harm to shareholders or reputational risk to the company.
Equity-based compensation plans
General Policy: We will review equity-based compensation plans on a case-by-case basis, giving closer scrutiny to companies where plans include features that are not performance-based or where potential dilution or burn rate total is excessive. As a practical matter, we recognize that more dilutive broad-based plans may be appropriate for human-capital intensive industries and for small- or mid-capitalization firms and start-up companies.
We generally note the following red flags when evaluating equity incentive plans:
· Evergreen Features: We will generally not support option plans that contain evergreen features, which reserve a specified percentage of outstanding shares for award each year and lack a termination date.
· Reload Options: We will generally not support reload options that are automatically replaced at market price following exercise of initial grants.
· Repricing Options: We will generally not support plans that authorize repricing. However, we will consider on a case-by-case basis management proposals seeking shareholder approval to reprice options. We are likely to vote in favor of repricing in cases where the company excludes named executive officers and board members and ties the repricing to a significant reduction in the number of options.
· Undisclosed or Inappropriate Option Pricing: We will generally not support plans that fail to specify exercise prices or that establish exercise prices below fair market value on the date of grant.
Golden parachutes
General Policy: We will vote on a case-by-case basis on golden parachute proposals, taking into account the structure of the agreement and the circumstances of the situation. However, we would prefer to see a double trigger on all change-of-control agreements and no excise tax gross-up.
Shareholder resolutions on executive compensation
General Policy: We will consider on a case-by-case basis shareholder resolutions related to specific compensation practices. Generally, we believe specific practices are the purview of the board.
III. Guidelines for ESG shareholder resolutions
We generally support shareholder resolutions seeking reasonable disclosure of the environmental or social impact of a company’s policies, operations or products. We believe that a company’s management and directors should determine the strategic impact of environmental and social issues and disclose how they are dealing with these issues to mitigate risk and advance long-term shareholder value.
Environmental issues
Global climate change
General Policy: We will generally support reasonable shareholder resolutions seeking disclosure of greenhouse gas emissions, the impact of climate change on a company’s business activities and products and strategies designed to reduce the company’s long-term impact on the global climate.
Use of natural resources
General Policy: We will generally support reasonable shareholder resolutions seeking disclosure or reports relating to a company’s use of natural resources, the impact on its business of declining resources and its plans to improve the efficiency of its use of natural resources.
114 Statement of Additional Information
Impact on ecosystems
General Policy: We will generally support reasonable shareholder resolutions seeking disclosure or reports relating to a company’s initiatives to reduce any harmful impacts or other hazards to local, regional or global ecosystems that result from its operations or activities.
Animal welfare
General Policy: We will generally support reasonable shareholder resolutions asking for reports on the company’s impact on animal welfare.
Issues related to customers
Product responsibility
General Policy: We will generally support reasonable shareholder resolutions seeking disclosure relating to the quality, safety and impact of a company’s goods and services on the customers and communities it serves.
Predatory lending
General Policy: We will generally support reasonable shareholder resolutions asking companies for disclosure about the impact of lending activities on borrowers and about policies designed to prevent predatory lending practices.
Issues related to employees and suppliers
Diversity and nondiscrimination
General Policies:
· We will generally support reasonable shareholder resolutions seeking disclosure or reports relating to a company’s nondiscrimination policies and practices, or seeking to implement such policies, including equal employment opportunity standards.
· We will generally support reasonable shareholder resolutions seeking disclosure or reports relating to a company’s workforce, board diversity, and gender pay equity policies and practices.
Global labor standards
General Policy: We will generally support reasonable shareholder resolutions seeking a review of a company’s labor standards and enforcement practices, as well as the establishment of global labor policies based upon internationally recognized standards.
Issues related to communities
Corporate response to global health risks
General Policy: We will generally support reasonable shareholder resolutions seeking disclosure or reports relating to significant public health impacts resulting from company operations and products, as well as the impact of global health pandemics on the company’s operations and long-term growth.
Global human rights codes of conduct
General Policy: We will generally support reasonable shareholder resolutions seeking a review of a company’s human rights standards and the establishment of global human rights policies, especially regarding company operations in conflict zones or areas of weak governance.
Disclosures
Nuveen Asset Management, LLC, Teachers Advisors, LLC, and TIAA-CREF Investment Management, LLC are SEC registered investment advisers and subsidiaries of Nuveen, LLC
Nuveen proxy voting policy
Applicability
This Policy applies to employees of Nuveen acting on behalf of Nuveen Asset Management, LLC, (“NAM”), Teachers Advisors, LLC, (“TAL”) and TIAA-CREF Investment Management, LLC (“TCIM”), (each an “Adviser” and, collectively, referred to as the “Advisers”)
Statement of Additional Information 115
Policy purpose and statement
Proxy voting is the primary means by which shareholders may influence a publicly traded company’s governance and operations and thus create the potential for value and positive long-term investment performance. When an SEC registered investment adviser has proxy voting authority, the adviser has a fiduciary duty to vote proxies in the best interests of its clients and must not subrogate its clients’ interests to its own. In their capacity as fiduciaries and investment advisers, Nuveen Asset Management, LLC (“NAM”), Teachers Advisors, LLC (“TAL”) and TIAA-CREF Investment Management, LLC (“TCIM”) (each an “Adviser” and collectively, the “Advisers”) vote proxies for the Portfolio Companies held by their respective clients, including investment companies and other pooled investment vehicles, institutional and retail separate accounts, and other clients as applicable. The Advisers have adopted this Policy, the Nuveen Proxy Voting Guidelines, and the Nuveen Proxy Voting Conflicts of Interest Policy for voting the proxies of the Portfolio Companies they manage. The Advisers leverage the expertise and services of an internal group referred to as Nuveen’s Stewardship Group to administer the Advisers’ proxy voting. The Stewardship Group adheres to the Advisers’ Proxy Voting Guidelines which are reasonably designed to ensure that the Advisers vote client securities in the best interests of the Advisers’ clients.
Policy statement
Proxy voting is a key component of a Portfolio Company’s corporate governance program and is the primary method for exercising shareholder rights and influencing the Portfolio Company’s behavior. Nuveen makes informed voting decisions in compliance with Rule 206(4)-6 (the “Rule”) of the Investment Advisers Act of 1940, as amended (the “Advisers Act”), and applicable laws and regulations (e.g., the Employee Retirement Income Security Act of 1974, “ERISA”).
Enforcement
As provided in the TIAA Code of Business Conduct, all employees are expected to comply with applicable laws and regulations, as well as the relevant policies, procedures and compliance manuals that apply to Nuveen’s business activities. Violation of this Policy may result in disciplinary action up to and including termination of employment.
Terms and definitions
Advisory Personnel includes the Advisers’ portfolio managers and research analysts.
Proxy Voting Guidelines (the “Guidelines”) are a set of pre-determined principles setting forth the manner in which the Advisers intend to vote on specific voting categories, and serve to assist clients, Portfolio Companies, and other interested parties in understanding how the Advisers intend to vote on proxy-related matters. The Guidelines are not exhaustive and do not necessarily dictate how the Advisers will ultimately vote with respect to any proposal or resolution. While the Guidelines are developed, maintained, and implemented by the Stewardship Group, and reviewed by the Nuveen Proxy Voting Committee, the portfolio managers of the Advisers maintain the ultimate decision-making authority with respect to how proxies will be voted.
Portfolio Company includes any publicly traded company held in an account that is managed by an Adviser.
Policy requirements
Investment advisers, in accordance with the Rule, are required to (i) adopt and implement written policies and procedures that are reasonably designed to ensure that proxies are voted in the best interest of clients, and address resolution of material conflicts that may arise, (ii) describe their proxy voting procedures to their clients and provide copies on request, and (iii) disclose to clients how they may obtain information on how the Advisers voted their proxies.
The Nuveen Proxy Voting Committee (the “Committee”), the Advisers, the Stewardship Group and Nuveen Compliance are subject to the respective requirements outlined below under “Roles and Responsibilities.”
Although it is the general policy to vote all applicable proxies received in a timely fashion with respect to securities selected by an Adviser for current clients, the Adviser may refrain from voting in certain circumstances where such voting would be disadvantageous, materially burdensome or impractical, or otherwise inconsistent with the overall best interest of clients.
Roles and responsibilities
Nuveen Proxy Voting Committee
The purpose of the Committee is to establish a governance framework to oversee the proxy voting activities of the Advisers in accordance with the Policy. The Committee’s voting members will be comprised from Research, the Advisers, and Nuveen’s Stewardship Group. Non-voting members will be comprised from Nuveen Legal, Nuveen Compliance, Nuveen Advisory Product, and Nuveen Investment Risk. The Committee may invite others on a standing, routine and/or ad hoc basis to attend Committee meetings. The CCOs of CREF, VA-1 and the Nuveen Funds shall be standing, non-voting invitees. The Committee has delegated responsibility for the implementation and ongoing administration of the Policy to the Stewardship Group, subject to the Committee’s ultimate oversight and responsibility as outlined in the Committee’s Proxy Voting Charter.
116 Statement of Additional Information
Advisers
1. Advisory Personnel maintain the ultimate decision-making authority with respect to how proxies will be voted, unless otherwise instructed by a client, and may determine to vote contrary to the Guidelines and/or a vote recommendation of the Stewardship Group if such Advisory Personnel determines it is in the best interest of the Adviser’s clients to do so. The rationale for all such contrary vote determinations will be documented and maintained.
2. When voting proxies for different groups of client accounts, Advisory Personnel may vote proxies held by the respective client accounts differently depending on the facts and circumstances specific to such client accounts. The rationale for all such vote determinations will be documented and maintained.
3. Advisory Personnel must comply with the Nuveen Proxy Voting Conflicts of Interest Policy with respect to potential material conflicts of interest.
Nuveen Stewardship Group
1. Performs day-to-day administration of the Advisers’ proxy voting processes.
2. Seeks to vote proxies in adherence to the Guidelines, which have been constructed in a manner intended to align with the best interests of clients. In applying the Guidelines, the Stewardship Group, on behalf of the Advisers, takes into account several factors, including, but not limited to:
· Input from Advisory Personnel
· Third-party research
· Specific Portfolio Company context, including environmental, social and governance practices, and financial performance.
3. Assists in the development of securities lending recall protocols in cooperation with the Securities Lending Committee.
4. Performs Form N-PX filings in accordance with regulatory requirements.
5. Delivers copies of the Advisers’ Policy to clients and prospective clients upon request in a timely manner, as appropriate.
6. Assists with the disclosure of proxy votes as applicable on corporate websites and elsewhere as required by applicable regulations.
7. Prepares reports of proxies voted on behalf of the Advisers’ investment company clients to their Boards or committees thereof, as applicable.
8. Performs an annual vote reconciliation for review by the Committee.
9. Arranges the annual service provider due diligence, including a review of the service provider’s potential conflicts of interests, and presents the results to the Committee.
10. Facilitates quarterly Committee meetings, including agenda and meeting minute preparation.
11. Complies with the Nuveen Proxy Voting Conflicts of Interest Policy with respect to potential material conflicts of interest.
12. Creates and retains certain records in accordance with Nuveen’s Record Management program.
13. Oversees the proxy voting service provider with respect to its responsibilities, including making and retaining certain records as required under applicable regulation.
Nuveen Compliance
1. Seeks to ensure proper disclosure of the Advisers’ Policy to clients as required by regulation or otherwise.
2. Seeks to ensure proper disclosure to clients of how they may obtain information on how the Advisers voted their proxies.
3. Assists the Stewardship Group with arranging the annual service provider due diligence and presenting the results to the Committee.
4. Monitors for compliance with this Policy and retains records relating to its monitoring activities pursuant to Nuveen’s Records Management program.
Nuveen Legal
1. Provides legal guidance as requested.
Governance
Review and approval
This Policy will be reviewed at least annually and will be updated sooner if substantive changes are necessary. The Policy Owner, the Committee and the Nuveen Equity and Fixed Income (“NEFI”) Compliance Committee are responsible for the review and approval of this Policy.
Statement of Additional Information 117
Implementation
Nuveen has established the Committee to provide centralized management and oversight of the proxy voting process administered by the Stewardship Group for the Advisers in accordance with its Proxy Voting Committee Charter and this Policy.
Exceptions
Any request for a proposed exception or variation to this Policy will be submitted to the Committee for approval and reported to the appropriate governance committee(s), where appropriate.
Nuveen proxy voting conflicts of interest policy and procedures
Applicability
This Policy applies to employees of Nuveen (“Nuveen”) acting on behalf of Nuveen Asset Management, LLC (“NAM”), Teachers Advisors, LLC (“TAL”) and TIAA-CREF Investment Management, LLC (“TCIM”) (each an “Adviser” and collectively referred to as the “Advisers”).
Policy purpose and statement
Proxy voting by investment advisers is subject to U.S. Securities and Exchange Commission (“SEC”) rules and regulations, and for accounts subject to ERISA, U.S. Department of Labor (“DOL”) requirements. These rules and regulations require policies and procedures reasonably designed to ensure proxies are voted in the best interest of clients and that such procedures set forth how the adviser addresses material conflicts that may arise between the Adviser’s interests and those of its clients. The purpose of this Proxy Voting Conflicts of Interest Policy and Procedures (“Policy”) is to describe how the Advisers monitor and address the risks associated with Material Conflicts of Interest arising out of business and personal relationships that could affect proxy voting decisions.
Nuveen’s Stewardship Group is responsible for providing vote recommendations, based on the Nuveen Proxy Voting Guidelines (the “Guidelines”), to the Advisers and for administering the voting of proxies on behalf of the Advisers. When determining how to vote proxies, the Stewardship Group adheres to the Guidelines, which are reasonably designed to ensure that the Advisers vote proxies in the best interests of the Advisers’ clients.
Advisers may face certain potential Material Conflicts of Interest when voting proxies. The procedures set forth below have been reasonably designed to identify, monitor, and address potential Material Conflicts of Interest to ensure that the Advisers’ voting decisions are based on the best interest of their clients and are not the product of a conflict.
Policy statement
The Advisers have a fiduciary duty to vote proxies in the best interests of their clients and must not subrogate the interests of their clients to their own.
Enforcement
As provided in the TIAA Code of Business Conduct, all employees are expected to comply with applicable laws and regulations, as well as the relevant policies, procedures and compliance manuals that apply to Nuveen’s business activities. Violation of this Policy may result in disciplinary action up to and including termination of employment.
Terms and definitions
Advisory Personnel includes the Advisers’ portfolio managers and research analysts.
Conflicts Watch List (“Watch List”) refers to a list maintained by the Stewardship Group based on the following:
1. The positions and relationships of the following categories of individuals are evaluated to assist in identifying a potential Material Conflict with a Portfolio Company:
i. The TIAA CEO,
ii. The Nuveen Executive Leadership Team and the Nuveen Senior Leadership Team,
iii. Stewardship Group members who provide proxy voting recommendations on behalf of the Advisers,
iv. Advisory Personnel, and
v. Household Members of the parties listed above in Nos. 1(i)–1(iv).
The following criteria constitute a potential Material Conflict:
· Any individual identified above in 1(i)–1(v) who serves on a Portfolio Company’s board of directors; and/or
· Any individual identified above in 1(v) who serves as a senior executive* of a Portfolio Company.
2. In addition, the following circumstances have been determined to constitute a potential Material Conflict:
118 Statement of Additional Information
i. Voting proxies for Funds sponsored by any Adviser and/or a Nuveen Affiliated Entity (i.e., registered investment funds and other funds that require proxy voting) held in client accounts,
ii. Voting proxies for Portfolio Companies that are direct advisory clients of the Advisers and/or the Nuveen Affiliated Entities,
iii. Voting proxies for Portfolio Companies that have a material distribution relationship* with regard to the products or strategies of the Advisers and/or the Nuveen Affiliated Entities,
iv. Voting proxies for Portfolio Companies that are institutional investment consultants with which the Advisers and/or the Nuveen Affiliated Entities have engaged for any material business opportunity† and
v. Any other circumstance where the Stewardship Group, the Nuveen Proxy Voting Committee (the “Committee”), the Advisers, Nuveen Legal or Nuveen Compliance are aware of in which the Adviser’s duty to serve its clients’ interests could be materially compromised.
In addition, certain conflicts may arise when a Proxy Service Provider or its affiliate(s) have determined and/or disclosed that a relationship exists with i) a Portfolio Company ii) an entity acting as a primary shareholder proponent with respect to a Portfolio Company or iii) another party. Such relationships include, but are not limited to, the products and services provided to, and the revenue obtained from, such Portfolio Company or its affiliates. The Proxy Service Provider is required to disclose such relationships to the Advisers, and the Stewardship Group reviews and evaluates the Proxy Service Provider’s disclosed conflicts of interest and associated controls annually and reports its assessment to the Committee.
Household Member includes any of the following who reside or are expected to reside in your household for at least 90 days a year: i) spouse or Domestic Partner, ii) sibling, iii) child, stepchild, grandchild, parent, grandparent, stepparent, and in-laws (mother, father, son, daughter, brother, sister).
Domestic Partner is defined as an individual who is neither a relative of, or legally married to, a Nuveen employee but shares a residence and is in a mutual commitment similar to marriage with such Nuveen employee.
Material Conflicts of Interest (“Material Conflict”) A conflict of interest that reasonably could have the potential to influence a recommendation based on the criteria described in this Policy.
Nuveen Affiliated Entities refers to TIAA and entities that are under common control with the Advisers and that provide investment advisory services. TIAA and the Advisers will undertake reasonable efforts to identify and manage any potential TIAA-related conflicts of interest.
Portfolio Company refers to any publicly traded company held in an account that is managed by an Adviser or a Nuveen Affiliated Entity.
Proxy Service Provider(s) refers to any independent third-party vendor(s) who provides proxy voting administrative, research and/or recordkeeping services to Nuveen.
Proxy Voting Guidelines (the “Guidelines”) are a set of pre-determined principles setting forth the manner in which the Advisers generally intend to vote on specific voting categories and serve to assist clients, Portfolio Companies, and other interested parties in understanding how the Advisers generally intend to vote proxy-related matters. The Guidelines are not exhaustive and do not necessarily dictate how the Advisers will ultimately vote with respect to any proposal or resolution.
Proxy Voting Conflicts of Interest Escalation Form (“Escalation Form”) Used in limited circumstances as described below to formally document certain requests to deviate from the Guidelines, the rationale supporting the request, and the ultimate resolution.
____
* Senior executives are defined as “C-suite” positions such as CEO, CFO, COO, CAO, CMO, CIO, CTO, etc.
† Such criteria are defined in a separate standard operating procedure.
Policy requirements
The Advisers have a fiduciary duty to vote proxies in the best interests of their clients and must not subrogate the interests of their clients to their own.
The Stewardship Group and Advisory Personnel are prohibited from being influenced in their proxy voting decisions by any individual outside the established proxy voting process. The Stewardship Group and Advisory Personnel are required to report to Nuveen Compliance any individuals or parties seeking to influence proxy votes outside the established proxy voting process.
The Stewardship Group generally seeks to vote proxies in adherence to the Guidelines. In the event that a potential Material Conflict has been identified, the Committee, the Stewardship Group, Advisory Personnel and Nuveen Compliance are required to comply with the following:
Proxies are generally voted in accordance with the Guidelines. In instances where a proxy is issued by a Portfolio Company on the Watch List, and the Stewardship Group’s vote direction is in support of company management and either contrary to the Guidelines or the Guidelines require a case-by-case review, then the Stewardship Group vote recommendation is evaluated using established criteria‡ to determine whether a potential conflict exists. In instances where it is determined a potential
Statement of Additional Information 119
conflict exists, the vote direction shall default to the recommendation of an independent third-party Proxy Service Provider based on such provider’s benchmark policy. To the extent the Stewardship Group believes there is a justification to vote contrary to the Proxy Service Provider’s benchmark recommendation in such an instance, then such requests are evaluated and mitigated pursuant to an Escalation Form review process as described in the Roles and Responsibilities section below. In all cases votes are intended to be in line with the Guidelines and in the best interests of clients.
The Advisers are required to adhere to the baseline standards and guiding principles governing client and personnel conflicts as outlined in the TIAA Conflicts of Interest Policy to assist in identifying, escalating and addressing proxy voting conflicts in a timely manner.
____
‡ Such criteria are defined in a separate standard operating procedure.
Roles and responsibilities
Nuveen Proxy Voting Committee
1. Annually, review and approve the criteria constituting a Material Conflict involving the individuals and entities named on the Watch List.
2. Review and approve the Policy annually, or more frequently as required.
3. Review Escalation Forms as described above to determine whether the rationale of the recommendation is clearly articulated and reasonable relative to the potential Material Conflict.
4. Review Stewardship Group Material Conflicts reporting.
5. Review and consider any other matters involving the Advisers’ proxy voting activities that are brought to the Committee.
Nuveen Stewardship Group
1. Promptly disclose Stewardship Group members’ Material Conflicts to Nuveen Compliance.
2. Stewardship Group members must recuse themselves from all decisions related to proxy voting for the Portfolio Company seeking the proxy for which they personally have disclosed, or are required to disclose, a Material Conflict.
3. Compile, administer and update the Watch List promptly based on the Watch List criteria described herein as necessary.
4. Evaluate vote recommendations for Portfolio Companies on the Watch List, based on established criteria to determine whether a vote shall default to the third-party Proxy Service Provider, or whether an Escalation Form is required.
5. In instances where an Escalation Form is required as described above, the Stewardship Group member responsible for the recommendation completes and submits the form to a Stewardship Group manager and the Committee. The Stewardship Group will specify a response due date from the Committee typically no earlier than two business days from when the request was delivered. While the Stewardship Group will make reasonable efforts to provide a two-business-day notification period, in certain instances the required response date may be shortened. The Committee reviews the Escalation Form to determine whether a Material Conflict exists and whether the rationale of the recommendation is clearly articulated and reasonable relative to the existing conflict. The Committee will then provide its response in writing to the Stewardship Group member who submitted the Escalation Form.
6. Provide Nuveen Compliance with established reporting.
7. Prepare Material Conflicts reporting to the Committee and other parties, as applicable.
8. Retain Escalation Forms and responses thereto and all other relevant documentation in conformance with Nuveen’s Record Management program.
Advisory Personnel
1. Promptly disclose Material Conflicts to Nuveen Compliance.
2. Provide input and/or vote recommendations to the Stewardship Group upon request. Advisory Personnel are prohibited from providing the Stewardship Group with input and/or recommendations for any Portfolio Company for which they have disclosed, or are required to disclose, a Material Conflict.
3. From time to time as part of the Adviser’s normal course of business, Advisory Personnel may initiate an action to override the Guidelines for a particular proposal. For a proxy vote issued by a Portfolio Company on the Watch List, if Advisory Personnel request a vote against the Guidelines and in favor of Portfolio Company management, then the request will be evaluated by the Stewardship Group in accordance with their established criteria and processes described above. To the extent an Escalation Form is required, the Committee reviews the Escalation Form to determine whether the rationale of the recommendation is clearly articulated and reasonable relative to the potential Material Conflict.
Nuveen Compliance
1. Determine criteria constituting a Material Conflict involving the individuals and entities named on the Watch List.
120 Statement of Additional Information
2. Determine parties responsible for collection of, and providing identified Material Conflicts to, the Stewardship Group for inclusion on the Watch List.
3. Perform periodic reviews of votes where Material Conflicts have been identified to determine whether the votes were cast in accordance with this Policy.
4. Develop and maintain, in consultation with the Stewardship Group, standard operating procedures to support the Policy.
5. Perform periodic monitoring to determine adherence to the Policy.
6. Administer training to the Advisers and the Stewardship Group, as applicable, to ensure applicable personnel understand Material Conflicts and disclosure responsibilities.
7. Assist the Committee with the annual review of this Policy.
Nuveen Legal
1. Provide legal guidance as requested.
Governance
Review and approval
This Policy will be reviewed at least annually and will be updated sooner if changes are necessary. The Policy Owner, the Committee and the NEFI Compliance Committee are responsible for the review and approval of this Policy.
Implementation
Nuveen has established the Committee to provide centralized management and oversight of the proxy voting process administered by the Stewardship Group for the Advisers in accordance with its Proxy Voting Committee Charter and this Policy.
Exceptions
Any request for a proposed exception or variation to this Policy will be submitted to the Committee for approval and reported to the appropriate governance committee(s), where appropriate.
Statement of Additional Information 121
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A12711 (10/24) |
OTHER INFORMATION
| Item 28. | Exhibits |
| * | Filed herewith. |
| 1/ | Incorporated herein by reference to the initial registration statement on Form N-1A (File No. 333-76651) as filed with the Securities and Exchange Commission (the “Commission”) on April 20, 1999. |
| 2/ | Incorporated herein by reference to Pre-Effective Amendment No. 1 to the initial registration statement on Form N-1A (File No. 333-76651) as filed with the Commission on June 11, 1999. |
| 3/ | Incorporated herein by reference to Pre-Effective Amendment No. 2 to the initial registration statement on Form N-1A (File No. 333-76651) as filed with the Commission on June 24, 1999. |
| 4/ | Incorporated herein by reference to Post-Effective Amendment No. 5 to the initial registration statement on Form N-1A (File No. 333-76651) as filed with the Commission on September 27, 2002. |
| 5/ | Incorporated herein by reference to Post-Effective Amendment No. 11 to the initial registration statement on Form N-1A (File No. 333-76651) as filed with the Commission on September 30, 2004. |
| 6/ | Incorporated herein by reference to Post-Effective Amendment No. 13 to the initial registration statement on Form N-1A (File No. 333-76651) as filed with the Commission on January 31, 2005. |
| 7/ | Incorporated herein by reference to Post-Effective Amendment No. 16 to the initial registration statement on Form N-1A (File No. 333-76651) as filed with the Commission on February 1, 2006. |
| 8/ | Incorporated herein by reference to Post-Effective Amendment No. 19 to the initial registration statement on Form N-1A (File No. 333-76651) as filed with the Commission on March 31, 2006. |
| 9/ | Incorporated herein by reference to Post-Effective Amendment No. 20 to the initial registration statement on Form N-1A (File No. 333-76651) as filed with the Commission on January 17, 2007. |
| 10/ | Incorporated herein by reference to Post-Effective Amendment No. 24 to the initial registration statement on Form N-1A (File No. 333-76651) as filed with the Commission on September 14, 2007. |
| 11/ | Incorporated herein by reference to Post-Effective Amendment No. 26 to the initial registration statement on Form N-1A (File No. 333-76651) as filed with the Commission on November 30, 2007. |
| 12/ | Incorporated herein by reference to Post-Effective Amendment No. 27 to the initial registration statement on Form N-1A (File No. 333-76651) as filed with the Commission on January 28, 2008. |
| 13/ | Incorporated herein by reference to Post-Effective Amendment No. 28 to the initial registration statement on Form N-1A (File No. 333-76651) as filed with the Commission on November 21, 2008. |
| 14/ | Incorporated herein by reference to Post-Effective Amendment No. 30 to the initial registration statement on Form N-1A (File No. 333-76651) as filed with the Commission on June 25, 2009. |
| 15/ | Incorporated herein by reference to Post-Effective Amendment No. 31 to the initial registration statement on Form N-1A (File No. 333-76651) as filed with the Commission on September 11, 2009. |
| 16/ | Incorporated herein by reference to Post-Effective Amendment No. 34 to the initial registration statement on Form N-1A (File No. 333-76651) as filed with the Commission on May 21, 2010. |
| 17/ | Incorporated herein by reference to Post-Effective Amendment No. 35 to the initial registration statement on Form N-1A (File No. 333-76651) as filed with the Commission on August 4, 2010. |
| 18/ | Incorporated herein by reference to Post-Effective Amendment No. 36 to the initial registration statement on Form N-1A (File No. 333-76651) as filed with the Commission on January 28, 2011. |
| 19/ | Incorporated herein by reference to Post-Effective Amendment No. 41 to the initial registration statement on Form N-1A (File No. 333-76651) as filed with the Commission on April 25, 2011. |
| 20/ | Incorporated herein by reference to Post-Effective Amendment No. 44 to the initial registration statement on Form N-1A (File No. 333-76651) as filed with the Commission on July 15, 2011. |
| 21/ | Incorporated herein by reference to Post-Effective Amendment No. 47 to the initial registration statement on Form N-1A (File No. 333-76651) as filed with the Commission on September 23, 2011. |
| 22/ | Incorporated herein by reference to Post-Effective Amendment No. 48 to the initial registration statement on Form N-1A (File No. 333-76651) as filed with the Commission on September 29, 2011. |
| 23/ | Incorporated herein by reference to Post-Effective Amendment No. 54 to the initial registration statement on Form N-1A (File No. 333-76651) as filed with the Commission on February 28, 2012. |
| 24/ | Incorporated herein by reference to Post-Effective Amendment No. 57 to the initial registration statement on Form N-1A (File No. 333-76651) as filed with the Commission on July 18, 2012. |
| 25/ | Incorporated herein by reference to Post-Effective Amendment No. 58 to the initial registration statement on Form N-1A (File No. 333-76651) as filed with the Commission on July 30, 2012. |
| 26/ | Incorporated herein by reference to Post-Effective Amendment No. 64 to the initial registration statement on Form N-1A (File No. 333-76651) as filed with the Commission on January 10, 2013. |
| 27/ | Incorporated herein by reference to Post-Effective Amendment No. 65 to the initial registration statement on Form N-1A (File No. 333-76651) as filed with the Commission on February 27, 2013. |
| 28/ | Incorporated herein by reference to Post-Effective Amendment No. 68 to the initial registration statement on Form N-1A (File No. 333-76651) as filed with the Commission on April 12, 2013. |
| 29/ | Incorporated herein by reference to Post-Effective Amendment No. 74 to the initial registration statement on Form N-1A (File No. 333-76651) as filed with the Commission on February 27, 2014. |
| 30/ | Incorporated herein by reference to Post-Effective Amendment No. 76 to the initial registration statement on Form N-1A (File No. 333-76651) as filed with the Commission on June 27, 2014. |
| 31/ | Incorporated herein by reference to Post-Effective Amendment No. 79 to the initial registration statement on Form N-1A (File No. 333-76651) as filed with the Commission on September 25, 2014. |
| 32/ | Incorporated herein by reference to Post-Effective Amendment No. 83 to the initial registration statement on Form N-1A (File No. 333-76651) as filed with the Commission on May 15, 2015. |
| 33/ | Incorporated herein by reference to Post-Effective Amendment No. 84 to the initial registration statement on Form N-1A (File No. 333-76651) as filed with the Commission on July 29, 2015. |
| 34/ | Incorporated herein by reference to Post-Effective Amendment No. 86 to the initial registration statement on Form N-1A (File No. 333-76651) as filed with the Commission on September 4, 2015. |
| 35/ | Incorporated herein by reference to Post-Effective Amendment No. 89 to the initial registration statement on Form N-1A (File No. 333-76651) as filed with the Commission on December 4, 2015. |
| 36/ | Incorporated herein by reference to Post-Effective Amendment No. 93 to the initial registration statement on Form N-1A (File No. 333-76651) as filed with the Commission on May 9, 2016. |
| 37/ | Incorporated herein by reference to Post-Effective Amendment No. 94 to the initial registration statement on Form N-1A (File No. 333-76651) as filed with the Commission on July 28, 2016. |
| 38/ | Incorporated herein by reference to Post-Effective Amendment No. 96 to the initial registration statement on Form N-1A (File No. 333-76651) as filed with the Commission on September 23, 2016. |
| 39/ | Incorporated herein by reference to Post-Effective Amendment No. 99 to the initial registration statement on Form N-1A (File No. 333-76651) as filed with the Commission on December 8, 2016. |
| 40/ | Incorporated herein by reference to Post-Effective Amendment No. 102 to the initial registration statement on Form N-1A (File No. 333-76651) as filed with the Commission on February 27, 2017. |
| 41/ | Incorporated herein by reference to Post-Effective Amendment No. 106 to the initial registration statement on Form N-1A (File No. 333-76651) as filed with the Commission on September 26, 2017. |
| 42/ | Incorporated herein by reference to Post-Effective Amendment No. 108 to the initial registration statement on Form N-1A (File No. 333-76651) as filed with the Commission on February 27, 2018. |
| 43/ | Incorporated herein by reference to Post-Effective Amendment No. 111 to the initial registration statement on Form N-1A (File No. 333-76651) as filed with the Commission on May 18, 2018. |
| 44/ | Incorporated herein by reference to Post-Effective Amendment No. 113 to the initial registration statement on Form N-1A (File No. 333-76651) as filed with the Commission on July 26, 2018. |
| 45/ | Incorporated herein by reference to Post-Effective Amendment No. 115 to the initial registration statement on Form N-1A (File No. 333-76651) as filed with the Commission on August 31, 2018. |
| 46/ | Incorporated herein by reference to Post-Effective Amendment No. 116 to the initial registration statement on Form N-1A (File No. 333-76651) as filed with the Commission on September 27, 2018. |
| 47/ | Incorporated herein by reference to Post-Effective Amendment No. 118 to the initial registration statement on Form N-1A (File No. 333-76651) as filed with the Commission on November 15, 2018. |
| 48/ | Incorporated herein by reference to Post-Effective Amendment No. 121 to the initial registration statement on Form N-1A (File No. 333-76651) as filed with the Commission on February 26, 2019. |
| 49/ | Incorporated herein by reference to Post-Effective Amendment No. 124 to the initial registration statement on Form N-1A (File No. 333-76651) as filed with the Commission on July 23, 2019. |
| 50/ | Incorporated herein by reference to Post-Effective Amendment No. 127 to the initial registration statement on Form N-1A (File No. 333-76651) as filed with the Commission on September 26, 2019. |
| 51/ | Incorporated herein by reference to Post-Effective Amendment No. 129 to the initial registration statement on Form N-1A (File No. 333-76651) as filed with the Commission on February 25, 2020. |
| 52/ | Incorporated herein by reference to Post-Effective Amendment No. 131 to the initial registration statement on Form N-1A (File No. 333-76651) as filed with the Commission on June 29, 2020. |
| 53/ | Incorporated herein by reference to Post-Effective Amendment No. 132 to the initial registration statement on Form N-1A (File No. 333-76651) as filed with the Commission on July 28, 2020. |
| 54/ | Incorporated herein by reference to Post-Effective Amendment No. 134 to the initial registration statement on Form N-1A (File No. 333-76651) as filed with the Commission on September 25, 2020. |
| 55/ | Incorporated herein by reference to Post-Effective Amendment No. 135 to the initial registration statement on Form N-1A (File No. 333-76651) as filed with the Commission on February 25, 2021. |
| 56/ | Incorporated herein by reference to Post-Effective Amendment No. 136 to the initial registration statement on Form N-1A (File No. 333-76651) as filed with the Commission on July 27, 2021. |
| 57/ | Incorporated herein by reference to Post-Effective Amendment No. 137 to the initial registration statement on Form N-1A (File No. 333-76651) as filed with the Commission on September 27, 2021. |
| 58/ | Incorporated herein by reference to Post-Effective Amendment No. 138 to the initial registration statement on Form N-1A (File No. 333-76651) as filed with the Commission on February 24, 2022. |
| 59/ | Incorporated herein by reference to Post-Effective Amendment No. 140 to the initial registration statement on Form N-1A (File No. 333-76651) as filed with the Commission on July 27, 2022. |
| 60/ | Incorporated herein by reference to Post-Effective Amendment No. 141 to the initial registration statement on Form N-1A (File No. 333-76651) as filed with the Commission on September 26, 2022. |
| 61/ | Incorporated herein by reference to Post-Effective Amendment No. 142 to the initial registration statement on Form N-1A (File No. 333-76651) as filed with the Commission on February 23, 2023. |
| 62/ | Incorporated herein by reference to Post-Effective Amendment No. 143 to the initial registration statement on Form N-1A (File No. 333-76651) as filed with the Commission on July 27, 2023. |
| 63/ | Incorporated herein by reference to Post-Effective Amendment No. 144 to the initial registration statement on Form N-1A (File No. 333-76651) as filed with the Commission on September 25, 2023. |
| 64/ | Incorporated herein by reference to Post-Effective Amendment No. 145 to the initial registration statement on Form N-1A (File No. 333-76651) as filed with the Commission on February 23, 2024. |
| 65/ | Incorporated herein by reference to Post-Effective Amendment No. 146 to the initial registration statement on Form N-1A (File No. 333-76651) as filed with the Commission on May 23, 2024. |
| 66/ | Incorporated herein by reference to Post-Effective Amendment No. 147 to the initial registration statement on Form N-1A (File No. 333-76651) as filed with the Commission on July 25, 2024. |
| Item 29. | Persons Controlled by or Under Common Control with the Fund |
TIAA-CREF Funds, through the Nuveen Core Impact Bond Fund, Nuveen Green Bond Fund and Nuveen International Bond Fund, each a series of TIAA-CREF Funds, wholly owns and controls Nuveen Core Impact Bond Fund Offshore Limited, Nuveen Core Impact Bond Fund Taxable Offshore Limited, Nuveen Green Bond Fund Offshore Limited, Nuveen International Bond Fund Offshore Limited and Nuveen International Bond Fund Taxable Offshore Limited (the “Subsidiaries”), each a company organized under the laws of the Cayman Islands. The Subsidiaries’ financial statements will be included, on a consolidated basis, in, as applicable, the Nuveen Core Impact Bond Fund’s, Nuveen Green Bond Fund’s or Nuveen International Bond Fund’s annual and semi-annual reports to shareholders.
| Item 30. | Indemnification |
As a Delaware statutory trust, Registrant’s operations are governed by its Declaration of Trust dated as of April 15, 1999 (the “Declaration”). Generally, Delaware statutory trust shareholders are not personally liable for obligations of the Delaware statutory trust under Delaware law. The Delaware Statutory Trust Act (the “DSTA”) provides that a shareholder of a trust shall be entitled to the same limitation of liability extended to shareholders of private for-profit Delaware corporations. Registrant’s Declaration expressly provides that it has been organized under the DSTA and that the Declaration is to be governed by Delaware law. It is nevertheless possible that a Delaware statutory trust, such as Registrant, might become a party to an action in another state whose courts refuse to apply Delaware law, in which case Registrant’s shareholders could be subject to personal liability.
To protect Registrant’s shareholders against the risk of personal liability, the Declaration (i) contains an express disclaimer of shareholder liability for acts or obligations of Registrant and provides that notice of such disclaimer may be given in each agreement, obligation and instrument entered into or executed by Registrant or its trustees; (ii) provides for the indemnification out of Registrant’s property of any shareholders held personally liable for any obligations of Registrant or any series of Registrant; and (iii) provides that Registrant shall, upon request, assume the defense of any claim made against any shareholder for any act or obligation of Registrant and satisfy any judgment thereon. Thus, the risk of a shareholder incurring financial loss beyond his or her investment because of shareholder liability is limited to circumstances in which all of the following factors are present: (i) a court refuses to apply Delaware law; (ii) the liability arose under tort law or, if not, no contractual limitation of liability was in effect; and (iii) Registrant itself would be unable to meet its obligations. In the light of Delaware law, the nature of Registrant’s business and the nature of its assets, the risk of personal liability to a shareholder is remote.
The Declaration further provides that Registrant shall indemnify each of its trustees and officers against liabilities and expenses reasonably incurred by them, in connection with, or arising out of, any action, suit or proceeding, threatened against or otherwise involving such trustee or officer, directly or indirectly, by reason of being or having been a trustee or officer of Registrant. The Declaration does not authorize Registrant to indemnify any trustee or officer against any liability to which he or she would otherwise be subject by reason of or for willful misfeasance, bad faith, gross negligence or reckless disregard of such person’s duties.
Insofar as indemnification for liability arising under the Securities Act of 1933 (the “Securities Act”) may be permitted to trustees, officers and controlling persons, or otherwise, Registrant has been advised that in the opinion of the Commission such indemnification may be against public policy as expressed in the Securities Act and may be, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by Registrant of expenses incurred or paid by a trustee, officer or controlling person of Registrant in the successful defense of any action, suit or proceeding) is asserted by such trustee, officer or controlling person in connection with the securities being registered, Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.
| Item 31. | Business and Other Connections of the Investment Adviser |
Advisors manages the Registrant and also provides investment management services to certain other registered and unregistered products. The Managing Member of Advisors is Nuveen Finance, LLC. Advisors is located at 730 Third Avenue, New York, NY 10017-3206.
| Item 32. | Principal Underwriters |
(a) Nuveen Securities, LLC (“Nuveen”) acts as principal underwriter to the following open-end management type investment companies: Nuveen Multistate Trust I, Nuveen Multistate Trust II, Nuveen Multistate Trust III, Nuveen Multistate Trust IV, Nuveen Municipal Trust, Nuveen Managed Accounts Portfolios Trust, Nuveen Investment Trust, Nuveen Investment Trust II, Nuveen Investment Trust III, Nuveen Investment Trust V, Nuveen Investment Funds, Inc., NuShares ETF Trust, TIAA-CREF Life Funds and the Registrant.
(b)
| Name and Principal Business Address |
Positions and Offices with Nuveen Securities |
Positions and Offices with Registrant | ||
| Michael A. Perry 333 West Wacker Drive Chicago, IL 60606 |
Chief Executive Officer | None | ||
| Jennifer Mangago 333 West Wacker Drive Chicago, IL 60606 |
Vice President and Chief Financial Officer | None | ||
| Kevin J. McCarthy 333 West Wacker Drive Chicago, IL 60606 |
Executive Vice President and Assistant Secretary | None | ||
| Lucas A. Satre 333 West Wacker Drive Chicago, IL 60606 |
Managing Director, Secretary and General Counsel | None | ||
| Megan Sendlak 333 West Wacker Drive Chicago, IL 60606 |
Managing Director and Controller | None | ||
| Shanita Smith 333 West Wacker Drive Chicago, IL 60606 |
Managing Director and Chief Compliance Officer | None |
(c) Not applicable.
| Item 33. | Location of Accounts and Records |
See Item B.3 of the most recent TIAA-CREF Funds N-CEN filing.
| Item 34. | Management Services |
Not Applicable.
| Item 35. | Undertakings |
Not Applicable.
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, TIAA-CREF Funds certifies that it meets all the requirements for effectiveness of this Registration Statement under Rule 485(b) under the Securities Act of 1933 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, duly authorized, in the City of New York, and State of New York on the 26th day of September, 2024.
| TIAA-CREF FUNDS | ||
| By: | /s/ Jordan M. Farris | |
| Name: | Jordan M. Farris | |
| Title: | Chief Administrative Officer | |
Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed below by the following persons in the capacities and on the dates indicated.
| Signature | Title | Date | ||
| /s/ Jordan M. Farris | Chief Administrative Officer | September 26, 2024 | ||
| Jordan M. Farris | (Principal Executive Officer) | |||
| /s/ E. Scott Wickerham | Vice President and Controller | September 26, 2024 | ||
| E. Scott Wickerham | (Principal Financial and Accounting Officer) |
| SIGNATURE OF TRUSTEE |
DATE | SIGNATURE OF TRUSTEE |
DATE | |||
| * | September 26, 2024 | * | September 26, 2024 | |||
| Joseph A. Boateng | John K. Nelson | |||||
| * | September 26, 2024 | * | September 26, 2024 | |||
| Michael A. Forrester | Loren M. Starr | |||||
| * | September 26, 2024 | * | September 26, 2024 | |||
| Thomas J. Kenny | Matthew Thornton III | |||||
| * | September 26, 2024 | * | September 26, 2024 | |||
| Amy B. R. Lancellotta | Terence J. Toth | |||||
| * | September 26, 2024 | * | September 26, 2024 | |||
| Joanne T. Medero | Margaret L. Wolff | |||||
| * | September 26, 2024 | * | September 26, 2024 | |||
| Albin F. Moschner | Robert L. Young | |||||
| /s/ Rachael M. Zufall | September 26, 2024 | |||||
| Rachael M. Zufall as attorney-in-fact |
* Signed by Rachael M. Zufall pursuant to powers of attorney previously filed with the Securities and Exchange Commission.
EXHIBIT LIST
