# EDGAR Filing Document

**Accession Number:** 0001084380
**File Stem:** 0001193125-26-096089
**Filing Date:** 2026-3
**Character Count:** 382718
**Document Hash:** db5bdf787b3d2a41397e8f34bec7596c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-096089.hdr.sgml**: 20260306

**ACCESSION NUMBER**: 0001193125-26-096089

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 93

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260306

**DATE AS OF CHANGE**: 20260306

**EFFECTIVENESS DATE**: 20260306

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TIAA-CREF FUNDS
- **CENTRAL INDEX KEY:** 0001084380

**ORGANIZATION NAME:**
- **EIN:** 134055167
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09301
- **FILM NUMBER:** 26730101

**BUSINESS ADDRESS:**
- **STREET 1:** 730 THIRD AVE.
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017
- **BUSINESS PHONE:** 2129166746

**MAIL ADDRESS:**
- **STREET 1:** 730 THIRD AVE.
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** TIAA CREF INSTITUTIONAL MUTUAL FUNDS
- **DATE OF NAME CHANGE:** 19990415

## Series and Classes Contracts Data

### Nuveen Real Estate Securities Select Fund (Series ID: S000005369)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000014628 | Class R6         | TIREX           |
| C000014629 | Class A          | TCREX           |
| C000014630 | Retirement Class | TRRSX           |
| C000079553 | Premier Class    | TRRPX           |
| C000162546 | Class I          | TIRHX           |

### Nuveen Inflation Linked Bond Fund (Series ID: S000005373)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000014636 | Class R6         | TIILX           |
| C000014637 | Class A          | TCILX           |
| C000033993 | Retirement Class | TIKRX           |
| C000079557 | Premier Class    | TIKPX           |
| C000162550 | Class I          | TIIHX           |
| C000202748 | Class W          | TIIWX           |

### Nuveen Emerging Markets Debt Fund (Series ID: S000046660)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000145608 | Class R6         | TEDNX           |
| C000145609 | Premier Class    | TEDPX           |
| C000145610 | Class A          | TEDLX           |
| C000145611 | Retirement Class | TEDTX           |
| C000162600 | Class I          | TEDHX           |
| C000202766 | Class W          | TEDVX           |

### Nuveen International Bond Fund (Series ID: S000054622)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000171516 | Class I          | TIBNX           |
| C000171517 | Class R6         | TIBWX           |
| C000171518 | Premier Class    | TIBLX           |
| C000171519 | Class A          | TIBEX           |
| C000171520 | Retirement Class | TIBVX           |
| C000202768 | Class W          | TIBUX           |

?xml version='1.0' encoding='ASCII'? N-CSR

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

### FORM N-CSR

### CERTIFIED SHAREHOLDER REPORT OF REGISTERED

### MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-09301

TIAA-CREF Funds

(Exact name of registrant as specified in charter)

730 Third Avenue

New York, New York 10017-3206

(Address of principal executive offices) (Zip code)

Brian H. Lawrence, Esq.

TIAA-CREF Funds

8500 Andrew Carnegie Boulevard

Charlotte, North Carolina 28262

(Name and address of agent for service)

Registrant's telephone number, including area code: <u>(800) 842-2733</u>

Date of fiscal year end: <u>December</u> <u>31</u>

Date of reporting period: <u>December</u> <u>31, 2025</u>

------

**Item 1.** **Reports to Stockholders.** <br>

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g84898g1g19w55.jpg) | <br>Annual Shareholder Report <br>December 31, 2025  |

---

Nuveen Emerging Markets Debt Fund

Class A Shares/TEDLX

Annual Shareholder Report

This annual shareholder report contains important information about the Class A Shares of the Nuveen Emerging Markets Debt Fund for the period of November 1, 2025 to December 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

What were the Fund costs for the last 2 months? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br>$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class A Shares | $104 | 0.97% |

---

\* Annualized for period less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

How did the Fund perform last year? What affected the Fund's performance?

**Performance Highlights**<br>•  The Nuveen Emerging Markets Debt Fund returned 1.58% for Class A Shares at net asset value (NAV) for the abbreviated two-month reporting period ended December 31, 2025. The Fund outperformed the J.P. Morgan Emerging Markets Bond Index Global Diversified, which returned 1.14%.<br>•  Top contributors to relative performance<br>•  Security selections within Mexican and Peruvian corporate debt.<br>•  Exposure to local currency debt, most notably in South Africa, Chile and Turkey.<br>•  Yield curve positioning amid a lower-duration portfolio relative to the benchmark.<br>•  Top detractors from relative performance<br>•  An allocation to emerging-markets (EM) corporates at the expense of an underweight to EM sovereigns.<br>•  No exposure to Venezuela, which includes the state-owned oil producer Petróleos de Venezuela.<br>•  Overweight to Senegal sovereign and Peruvian corporate debt, where Petroleos del Peru (quasi-sovereign energy company) abruptly announced plans at year end to reorganize the business without providing details.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

**Performance data shown represents past performance and does not predict or guarantee future results**. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (January 1, 2016 through December 31, 2025) **Initial Investment of $10,000**

![LOGO](g84898g1g02a02.jpg)

#### Average Annual Total Returns

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2-Month** | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Class A Shares at NAV (excluding maximum sales charge) | 1.58% | 13.41% | 3.04% | 5.70% |
| &nbsp;&nbsp;&nbsp; Class A at maximum sales charge (Offering Price) | (2.48)% | 8.92% | 2.20% | 5.27% |
| &nbsp;&nbsp;&nbsp; J.P. Morgan Emerging Markets Bond Index (EMBI) Global Diversified | 1.14% | 14.30% | 1.78% | 4.40% |

---

Class A Shares at Offering Price reflect a maximum up-front sales charge of 5.75% applicable to the purchase of Class A shares, which was effective as of May 6, 2024.

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of December 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $829377701 |
|  Total number of portfolio holdings | 419 |
|  Portfolio turnover (%) | 4% |
|  Total management fees paid for the year | $749980 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

What did the Fund invest in? (as of December 31, 2025)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g84898g1g01p04.jpg)

![LOGO](g84898g1g01p05.jpg)

![LOGO](g84898g1g02p05.jpg)

<sup>(1)</sup> Credit quality ratings are based on the J.P Morgan methodology, which uses the middle rating of the S&P, Moody's and Fitch ratings to determine an instrument's rating category. When a rating from only two agencies is available, the lower is used; when only one agency rates a bond, that rating is used.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

How has the Fund changed?

• **Change in fiscal and tax year end:** On October 8, 2025, the Board of Trustees approved a change in the Fund's fiscal and tax year ends from October 31 to December 31. The Fund continued to follow its October 31 regulatory reporting schedule through October 31, 2025, after which it prepared this annual report for the two-month period ended December 31, 2025.

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by May 1, 2026 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.**

3 continued>>

------

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 87245R623_AR_1225<br> 5092483 | ![LOGO](g84898g1g85u20.jpg) |

---

4.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g84898g1g19w55.jpg) | <br>Annual Shareholder Report <br>December 31, 2025  |

---

Nuveen Emerging Markets Debt Fund

Class I Shares/TEDHX

Annual Shareholder Report

This annual shareholder report contains important information about the Class I Shares of the Nuveen Emerging Markets Debt Fund for the period of November 1, 2025 to December 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last 2 months? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of**<br> **$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class I Shares | $73 | 0.68% |

---

\* Annualized for period less than one year.

How did the Fund perform last year? What affected the Fund's performance?

**Performance Highlights**<br>•  The Nuveen Emerging Markets Debt Fund returned 1.54% for Class I Shares at net asset value (NAV) for the abbreviated two-month reporting period ended December 31, 2025. The Fund outperformed the J.P. Morgan Emerging Markets Bond Index Global Diversified, which returned 1.14%.<br>•  Top contributors to relative performance<br>•  Security selections within Mexican and Peruvian corporate debt.<br>•  Exposure to local currency debt, most notably in South Africa, Chile and Turkey.<br>•  Yield curve positioning amid a lower-duration portfolio relative to the benchmark.<br>•  Top detractors from relative performance<br>•  An allocation to emerging-markets (EM) corporates at the expense of an underweight to EM sovereigns.<br>•  No exposure to Venezuela, which includes the state-owned oil producer Petróleos de Venezuela.<br>•  Overweight to Senegal sovereign and Peruvian corporate debt, where Petroleos del Peru (quasi-sovereign energy company) abruptly announced plans at year end to reorganize the business without providing details.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

**Performance data shown represents past performance and does not predict or guarantee future results**. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (January 1, 2016 through December 31, 2025) **Initial Investment of $10,000**

![LOGO](g84898g1g08g08.jpg)

#### Average Annual Total Returns

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2-Month** | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Class I Shares at NAV | 1.54% | 13.85% | 3.31% | 6.00% |
| &nbsp;&nbsp;&nbsp; J.P. Morgan Emerging Markets Bond Index (EMBI) Global Diversified | 1.14% | 14.30% | 1.78% | 4.40% |

---

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of December 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $829377701 |
|  Total number of portfolio holdings | 419 |
|  Portfolio turnover (%) | 4% |
|  Total management fees paid for the year | $749980 |

---

What did the Fund invest in? (as of December 31, 2025)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g84898g1g10g10.jpg)

![LOGO](g84898g1g11g01.jpg)

![LOGO](g84898g1g11g02.jpg)

<sup>(1)</sup> Credit quality ratings are based on the J.P Morgan methodology, which uses the middle rating of the S&P, Moody's and Fitch ratings to determine an instrument's rating category. When a rating from only two agencies is available, the lower is used; when only one agency rates a bond, that rating is used

How has the Fund changed?

• **Change in fiscal and tax year end:** On October 8, 2025, the Board of Trustees approved a change in the Fund's fiscal and tax year ends from October 31 to December 31. The Fund continued to follow its October 31 regulatory reporting schedule through October 31, 2025, after which it prepared this annual report for the two-month period ended December 31, 2025.

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by May 1, 2026 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.**

3 continued>>

------

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses .including its:

• prospectus  • financial statements and other information  • fund holdings  • proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 87245R318_AR_1225<br> 5092483 | ![LOGO](g84898g1g85u20.jpg) |

---

4.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g84898g1g19w55.jpg) | <br>Annual Shareholder Report <br>December 31, 2025  |

---

Nuveen Emerging Markets Debt Fund

Premier Class Shares/TEDPX

Annual Shareholder Report

This annual shareholder report contains important information about the Premier Class Shares of the Nuveen Emerging Markets Debt Fund for the period of November 1, 2025 to December 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last 2 months? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br>$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Premier Class Shares | $84 | 0.79% |

---

\* Annualized for period less than one year.

How did the Fund perform last year? What affected the Fund's performance?

**Performance Highlights**<br>•  The Nuveen Emerging Markets Debt Fund returned 1.63% for Premier Class Shares at net asset value (NAV) for the abbreviated two-month reporting period ended December 31, 2025. The Fund outperformed the J.P. Morgan Emerging Markets Bond Index Global Diversified, which returned 1.14%.<br>•  Top contributors to relative performance<br>•  Security selections within Mexican and Peruvian corporate debt.<br>•  Exposure to local currency debt, most notably in South Africa, Chile and Turkey.<br>•  Yield curve positioning amid a lower-duration portfolio relative to the benchmark.<br>•  Top detractors from relative performance<br>•  An allocation to emerging-markets (EM) corporates at the expense of an underweight to EM sovereigns.<br>•  No exposure to Venezuela, which includes the state-owned oil producer Petróleos de Venezuela.<br>•  Overweight to Senegal sovereign and Peruvian corporate debt, where Petroleos del Peru (quasi-sovereign energy company) abruptly announced plans at year end to reorganize the business without providing details.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

**Performance data shown represents past performance and does not predict or guarantee future results**. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (January 1, 2016 through December 31, 2025) **Initial Investment of $10,000**

![LOGO](g84898g1g14g14.jpg)

#### Average Annual Total Returns

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2-Month** | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Premier Class Shares at NAV | 1.63% | 13.63% | 3.23% | 5.88% |
| &nbsp;&nbsp;&nbsp; J.P. Morgan Emerging Markets Bond Index (EMBI) Global Diversified | 1.14% | 14.30% | 1.78% | 4.40% |

---

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of December 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $829377701 |
|  Total number of portfolio holdings | 419 |
|  Portfolio turnover (%) | 4% |
|  Total management fees paid for the year | $749980 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

What did the Fund invest in? (as of December 31, 2025)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g84898g1g16g16.jpg)

![LOGO](g84898g1g17g01.jpg)

![LOGO](g84898g1g17g02.jpg)

<sup>(1)</sup> Credit quality ratings are based on the J.P Morgan methodology, which uses the middle rating of the S&P, Moody's and Fitch ratings to determine an instrument's rating category. When a rating from only two agencies is available, the lower is used; when only one agency rates a bond, that rating is used.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

How has the Fund changed?

• **Change in fiscal and tax year end:** On October 8, 2025, the Board of Trustees approved a change in the Fund's fiscal and tax year ends from October 31 to December 31. The Fund continued to follow its October 31 regulatory reporting schedule through October 31, 2025, after which it prepared this annual report for the two-month period ended December 31, 2025.

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by May 1, 2026 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.**

3 continued>>

------

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 87245R599_AR_1225<br> 5092483 | ![LOGO](g84898g1g85u20.jpg) |

---

4.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g84898g1g19w55.jpg) | <br>Annual Shareholder Report <br>December 31, 2025  |

---

Nuveen Emerging Markets Debt Fund

Class R6 Shares/TEDNX

Annual Shareholder Report

This annual shareholder report contains important information about the Class R6 Shares of the Nuveen Emerging Markets Debt Fund for the period of November 1, 2025 to December 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

What were the Fund costs for the last 2 months? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br>$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class R6 Shares | $66 | 0.62% |

---

\* Annualized for period less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

How did the Fund perform last year? What affected the Fund's performance?

**Performance Highlights**<br>•  The Nuveen Emerging Markets Debt Fund returned 1.56% for Class R6 Shares at net asset value (NAV) for the abbreviated two-month reporting period ended December 31, 2025. The Fund outperformed the J.P. Morgan Emerging Markets Bond Index Global Diversified, which returned 1.14%.<br>•  Top contributors to relative performance<br>•  Security selections within Mexican and Peruvian corporate debt.<br>•  Exposure to local currency debt, most notably in South Africa, Chile and Turkey.<br>•  Yield curve positioning amid a lower-duration portfolio relative to the benchmark.<br>•  Top detractors from relative performance<br>•  An allocation to emerging-markets (EM) corporates at the expense of an underweight to EM sovereigns.<br>•  No exposure to Venezuela, which includes the state-owned oil producer Petróleos de Venezuela.<br>•  Overweight to Senegal sovereign and Peruvian corporate debt, where Petroleos del Peru (quasi-sovereign energy company) abruptly announced plans at year end to reorganize the business without providing details.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

**Performance data shown represents past performance and does not predict or guarantee future results**. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (January 1, 2016 through December 31, 2025) **Initial Investment of $10,000**

![LOGO](g84898g1g20g20.jpg)

#### Average Annual Total Returns

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2-Month** | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Class R6 Shares at NAV | 1.56% | 13.83% | 3.38% | 6.05% |
| &nbsp;&nbsp;&nbsp; J.P. Morgan Emerging Markets Bond Index (EMBI) Global Diversified | 1.14% | 14.30% | 1.78% | 4.40% |

---

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of December 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $829377701 |
|  Total number of portfolio holdings | 419 |
|  Portfolio turnover (%) | 4% |
|  Total management fees paid for the year | $749980 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

What did the Fund invest in? (as of December 31, 2025)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g84898g1g22g22.jpg)

![LOGO](g84898g1g23g01.jpg)

![LOGO](g84898g1g23g02.jpg)

<sup>(1)</sup> Credit quality ratings are based on the J.P Morgan methodology, which uses the middle rating of the S&P, Moody's and Fitch ratings to determine an instrument's rating category. When a rating from only two agencies is available, the lower is used; when only one agency rates a bond, that rating is used.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

How has the Fund changed?

• **Change in fiscal and tax year end:** On October 8, 2025, the Board of Trustees approved a change in the Fund's fiscal and tax year ends from October 31 to December 31. The Fund continued to follow its October 31 regulatory reporting schedule through October 31, 2025, after which it prepared this annual report for the two-month period ended December 31, 2025.

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by May 1**, **2026 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787**.

3 continued>>

------

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 87245R581_AR_1225<br> 5092483 | ![LOGO](g84898g1g85u20.jpg) |

---

4.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g84898g1g19w55.jpg) | <br>Annual Shareholder Report <br>December 31, 2025  |

---

Nuveen Emerging Markets Debt Fund

Retirement Class Shares/TEDTX

Annual Shareholder Report

This annual shareholder report contains important information about the Retirement Class Shares of the Nuveen Emerging Markets Debt Fund for the period of November 1, 2025 to December 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

What were the Fund costs for the last 2 months? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br>$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Retirement Class Shares | $93 | 0.87% |

---

\* Annualized for period less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

How did the Fund perform last year? What affected the Fund's performance?

**Performance Highlights**<br>•  The Nuveen Emerging Markets Debt Fund returned 1.50% for Retirement Class Shares at net asset value (NAV) for the abbreviated two-month reporting period ended December 31, 2025. The Fund outperformed the J.P. Morgan Emerging Markets Bond Index Global Diversified, which returned 1.14%.<br>•  Top contributors to relative performance<br>•  Security selections within Mexican and Peruvian corporate debt.<br>•  Exposure to local currency debt, most notably in South Africa, Chile and Turkey.<br>•  Yield curve positioning amid a lower-duration portfolio relative to the benchmark.<br>•  Top detractors from relative performance<br>•  An allocation to emerging-markets (EM) corporates at the expense of an underweight to EM sovereigns.<br>•  No exposure to Venezuela, which includes the state-owned oil producer Petróleos de Venezuela.<br>•  Overweight to Senegal sovereign and Peruvian corporate debt, where Petroleos del Peru (quasi-sovereign energy company) abruptly announced plans at year end to reorganize the business without providing details.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

**Performance data shown represents past performance and does not predict or guarantee future results**. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (January 1, 2016 through December 31, 2025) **Initial Investment of $10,000**

![LOGO](g84898g1g26g26.jpg)

#### Average Annual Total Returns

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2-Month** | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Retirement Class Shares at NAV | 1.50% | 13.57% | 3.15% | 5.80% |
| &nbsp;&nbsp;&nbsp; J.P. Morgan Emerging Markets Bond Index (EMBI) Global Diversified | 1.14% | 14.30% | 1.78% | 4.40% |

---

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of December 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $829377701 |
|  Total number of portfolio holdings | 419 |
|  Portfolio turnover (%) | 4% |
|  Total management fees paid for the year | $749980 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

What did the Fund invest in? (as of December 31, 2025)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g84898g1g28g28.jpg)

![LOGO](g84898g1g29g01.jpg)

![LOGO](g84898g1g29g02.jpg)

<sup>(1)</sup> Credit quality ratings are based on the J.P Morgan methodology, which uses the middle rating of the S&P, Moody's and Fitch ratings to determine an instrument's rating category. When a rating from only two agencies is available, the lower is used; when only one agency rates a bond, that rating is used

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

How has the Fund changed?

• **Change in fiscal and tax year end:** On October 8, 2025, the Board of Trustees approved a change in the Fund's fiscal and tax year ends from October 31 to December 31. The Fund continued to follow its October 31 regulatory reporting schedule through October 31, 2025, after which it prepared this annual report for the two-month period ended December 31, 2025.

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by May 1, 2026 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.**

3 continued>>

------

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 87245R615_AR_1225<br> 5092483 | ![LOGO](g84898g1g85u20.jpg) |

---

4.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g84898g1g19w55.jpg) | <br>Annual Shareholder Report <br>December 31, 2025  |

---

Nuveen Emerging Markets Debt Fund

Class W Shares/TEDVX

Annual Shareholder Report

This annual shareholder report contains important information about the Class W Shares of the Nuveen Emerging Markets Debt Fund for the period of November 1, 2025 to December 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses**.** You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

What were the Fund costs for the last 2 months? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br>$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class W Shares | $0 | 0.00% |

---

\* Annualized for period less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

How did the Fund perform last year? What affected the Fund's performance?

**Performance Highlights**<br>•  The Nuveen Emerging Markets Debt Fund returned 1.70% for Class W Shares at net asset value (NAV) for the abbreviated two-month reporting period ended December 31, 2025. The Fund outperformed the J.P. Morgan Emerging Markets Bond Index Global Diversified, which returned 1.14%.<br>•  Top contributors to relative performance<br>•  Security selections within Mexican and Peruvian corporate debt.<br>•  Exposure to local currency debt, most notably in South Africa, Chile and Turkey.<br>•  Yield curve positioning amid a lower-duration portfolio relative to the benchmark.<br>•  Top detractors from relative performance<br>•  An allocation to emerging-markets (EM) corporates at the expense of an underweight to EM sovereigns.<br>•  No exposure to Venezuela, which includes the state-owned oil producer Petróleos de Venezuela.<br>•  Overweight to Senegal sovereign and Peruvian corporate debt, where Petroleos del Peru (quasi-sovereign energy company) abruptly announced plans at year end to reorganize the business without providing details.<br>

1 continued>>

------

How did the Fund perform over the period since inception?

**Performance data shown represents past performance and does not predict or guarantee future results**. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (September 28, 2018 through December 31, 2025) **Initial Investment of $10,000**

![LOGO](g84898g1g32g32.jpg)

#### Average Annual Total Returns

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2-Month** | **1-Year** | **5-Year** | **Since Inception** |
| &nbsp;&nbsp;&nbsp; Class W Shares at NAV | 1.70% | 14.64% | 4.04% | 5.93% |
| &nbsp;&nbsp;&nbsp; J.P. Morgan Emerging Markets Bond Index (EMBI) Global Diversified | 1.14% | 14.30% | 1.78% | 3.75% |

---

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of December 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $829377701 |
|  Total number of portfolio holdings | 419 |
|  Portfolio turnover (%) | 4% |
|  Total management fees paid for the year | $749980 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

What did the Fund invest in? (as of December 31, 2025)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g84898g1g34g34.jpg)

![LOGO](g84898g1g35a01.jpg)

![LOGO](g84898g1g35a02.jpg)

<sup>(1)</sup> Credit quality ratings are based on the J.P Morgan methodology, which uses the middle rating of the S&P, Moody's and Fitch ratings to determine an instrument's rating category. When a rating from only two agencies is available, the lower is used; when only one agency rates a bond, that rating is used

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

How has the Fund changed?

• **Change in fiscal and tax year end:** On October 8, 2025, the Board of Trustees approved a change in the Fund's fiscal and tax year ends from October 31 to December 31. The Fund continued to follow its October 31 regulatory reporting schedule through October 31, 2025, after which it prepared this annual report for the two-month period ended December 31, 2025.

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by May 1, 2026 at** https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.

3 continued>>

------

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 87249N701_AR_1225<br> 5092483 | ![LOGO](g84898g1g85u20.jpg) |

---

4.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g84898g1g19w55.jpg) | <br>Annual Shareholder Report <br>December 31, 2025  |

---

Nuveen Inflation Linked Bond Fund

Class A Shares/TCILX

Annual Shareholder Report

This annual shareholder report contains important information about the Class A Shares of the Nuveen Inflation Linked Bond Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses**.** You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br>$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class A Shares | $61 | 0.59% |

---

\* Annualized for period less than one year.

How did the Fund perform last year? What affected the Fund's performance?

**Performance Highlights**<br>•  The Nuveen Inflation Linked Bond Fund returned 6.76% for Class A Shares at net asset value (NAV) for the 12 months ended December 31, 2025. The Fund underperformed the Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index, which returned 7.47%.<br>•  Top contributors to relative performance<br>•  Yield curve positioning.<br>•  Top detractors from relative performance<br>•  Year-end pricing.<br>•  Asset allocation in government securities away from TIPS.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (January 1, 2016 through December 31, 2025) **Initial Investment of $10,000**![LOGO](g84898g1g23o42.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Class A Shares at NAV (excluding maximum sales charge) | 6.76% | 2.10% | 2.82% |
| &nbsp;&nbsp;&nbsp; Class A at maximum sales charge (Offering Price) | 2.76% | 1.32% | 2.43% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.36)% | 2.01% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index | 7.47% | 2.52% | 3.32% |

---

Class A Shares at Offering Price reflect a maximum up-front sales charge of 5.75% applicable to the purchase of Class A shares, which was effective as of May 6, 2024.

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of December 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $3180750822 |
|  Total number of portfolio holdings | 51 |
|  Portfolio turnover (%) | 27% |
|  Total management fees paid for the year | $7264374 |

---

What did the Fund invest in? (as of December 31, 2025)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g84898g1g05g05.jpg)

![LOGO](g84898g1g15n55.jpg)

<sup>(1)</sup> Credit quality ratings are based on the Bloomberg Barclays methodology, which uses the median rating of those compiled by the Moody's, Standard & Poor's and Fitch ratings agencies. If ratings are available from only two of these agencies, the lower rating is used. When only one rating is available, that one is used. These ratings are subject to change without notice.

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by May 1, 2026 at** https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 87244W474_AR_1225<br> 5092485 | ![LOGO](g84898g1g85u20.jpg) |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g84898g1g19w55.jpg) | <br>Annual Shareholder Report <br>December 31, 2025  |

---

Nuveen Inflation Linked Bond Fund

Class I Shares/TIIHX

Annual Shareholder Report

This annual shareholder report contains important information about the Class I Shares of the Nuveen Inflation Linked Bond Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br>$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class I Shares | $41 | 0.40% |

---

\* Annualized for period less than one year.

How did the Fund perform last year? What affected the Fund's performance?

**Performance Highlights**<br>•  The Nuveen Inflation Linked Bond Fund returned 6.92% for Class I Shares at net asset value (NAV) for the 12 months ended December 31, 2025. The Fund underperformed the Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index, which returned 7.47%.<br>•  Top contributors to relative performance<br>•  Yield curve positioning.<br>•  Top detractors from relative performance<br>•  Year-end pricing.<br>•  Asset allocation in government securities away from TIPS.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (January 1, 2016 through December 31, 2025) **Initial Investment of $10,000**![LOGO](g84898g1g59u20.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Class I Shares at NAV | 6.92% | 2.29% | 3.04% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.36)% | 2.01% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index | 7.47% | 2.52% | 3.32% |

---

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of December 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $3180750822 |
|  Total number of portfolio holdings | 51 |
|  Portfolio turnover (%) | 27% |
|  Total management fees paid for the year | $7264374 |

---

What did the Fund invest in? (as of December 31, 2025)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g84898g1g82s25.jpg)

![LOGO](g84898g1g16_24.jpg)

<sup>(1)</sup> Credit quality ratings are based on the Bloomberg Barclays methodology, which uses the median rating of those compiled by the Moody's, Standard & Poor's and Fitch ratings agencies. If ratings are available from only two of these agencies, the lower rating is used. When only one rating is available, that one is used. These ratings are subject to change without notice.

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by May 1, 2026 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.**

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 87245P668_AR_1225<br> 5092485 | ![LOGO](g84898g1g85u20.jpg) |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g84898g1g19w55.jpg) | <br>Annual Shareholder Report <br>December 31, 2025  |

---

Nuveen Inflation Linked Bond Fund

Premier Class Shares/TIKPX

Annual Shareholder Report

This annual shareholder report contains important information about the Premier Class Shares of the Nuveen Inflation Linked Bond Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br>$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Premier Class Shares | $42 | 0.41% |

---

\* Annualized for period less than one year.

How did the Fund perform last year? What affected the Fund's performance?

**Performance Highlights**<br>•  The Nuveen Inflation Linked Bond Fund returned 7.03% for Premier Class Shares at net asset value (NAV) for the 12 months ended December 31, 2025. The Fund underperformed the Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index, which returned 7.47%.<br>•  Top contributors to relative performance<br>•  Yield curve positioning.<br>•  Top detractors from relative performance<br>•  Year-end pricing.<br>•  Asset allocation in government securities away from TIPS.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (January 1, 2016 through December 31, 2025) **Initial Investment of $10,000**![LOGO](g84898g1g01g48.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Premier Class Shares at NAV | 7.03% | 2.27% | 2.99% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.36)% | 2.01% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index | 7.47% | 2.52% | 3.32% |

---

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of December 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $3180750822 |
|  Total number of portfolio holdings | 51 |
|  Portfolio turnover (%) | 27% |
|  Total management fees paid for the year | $7264374 |

---

What did the Fund invest in? (as of December 31, 2025)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g84898g1g34q21.jpg)

![LOGO](g84898g1g17i88.jpg)

<sup>(1)</sup> Credit quality ratings are based on the Bloomberg Barclays methodology, which uses the median rating of those compiled by the Moody's, Standard & Poor's and Fitch ratings agencies. If ratings are available from only two of these agencies, the lower rating is used. When only one rating is available, that one is used. These ratings are subject to change without notice.

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by May 1, 2026 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.**

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 87245M459_AR_1225<br> 5092485 | ![LOGO](g84898g1g85u20.jpg) |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g84898g1g19w55.jpg) | <br>Annual Shareholder Report <br>December 31, 2025  |

---

Nuveen Inflation Linked Bond Fund

Class R6 Shares/TIILX

Annual Shareholder Report

This annual shareholder report contains important information about the Class R6 Shares of the Nuveen Inflation Linked Bond Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br>$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class R6 Shares | $26 | 0.25% |

---

\* Annualized for period less than one year.

How did the Fund perform last year? What affected the Fund's performance?

**Performance Highlights**<br>•  The Nuveen Inflation Linked Bond Fund returned 7.08% for Class R6 Shares at net asset value (NAV) for the 12 months ended December 31, 2025. The Fund underperformed the Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index, which returned 7.47%.<br>•  Top contributors to relative performance<br>•  Yield curve positioning.<br>•  Top detractors from relative performance<br>•  Year-end pricing.<br>•  Asset allocation in government securities away from TIPS.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (January 1, 2016 through December 31, 2025) **Initial Investment of $10,000**![LOGO](g84898g1g22k29.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Class R6 Shares at NAV | 7.08% | 2.43% | 3.15% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.36)% | 2.01% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index | 7.47% | 2.52% | 3.32% |

---

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of December 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $3180750822 |
|  Total number of portfolio holdings | 51 |
|  Portfolio turnover (%) | 27% |
|  Total management fees paid for the year | $7264374 |

---

What did the Fund invest in? (as of December 31, 2025)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g84898g1g51o34.jpg)

![LOGO](g84898g1g67q64.jpg)

<sup>(1)</sup> Credit quality ratings are based on the Bloomberg Barclays methodology, which uses the median rating of those compiled by the Moody's, Standard & Poor's and Fitch ratings agencies. If ratings are available from only two of these agencies, the lower rating is used. When only one rating is available, that one is used. These ratings are subject to change without notice.

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by May 1, 2026 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.**

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 87244W482_AR_1225<br> 5092485 | ![LOGO](g84898g1g85u20.jpg) |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g84898g1g19w55.jpg) | <br>Annual Shareholder Report <br>December 31, 2025  |

---

Nuveen Inflation Linked Bond Fund

Retirement Class Shares/TIKRX

Annual Shareholder Report

This annual shareholder report contains important information about the Retirement Class Shares of the Nuveen Inflation Linked Bond Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses**.** You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br>$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Retirement Class Shares | $52 | 0.50% |

---

\* Annualized for period less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

How did the Fund perform last year? What affected the Fund's performance?

**Performance Highlights**<br>•  The Nuveen Inflation Linked Bond Fund returned 6.84% for Retirement Class Shares at net asset value (NAV) for the 12 months ended December 31, 2025. The Fund underperformed the Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index, which returned 7.47%.<br>•  Top contributors to relative performance<br>•  Yield curve positioning.<br>•  Top detractors from relative performance<br>•  Year-end pricing.<br>•  Asset allocation in government securities away from TIPS.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (January 1, 2016 through December 31, 2025) **Initial Investment of $10,000**![LOGO](g84898g1g31d57.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Retirement Class Shares at NAV | 6.84% | 2.17% | 2.89% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.36)% | 2.01% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index | 7.47% | 2.52% | 3.32% |

---

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of December 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $3180750822 |
|  Total number of portfolio holdings | 51 |
|  Portfolio turnover (%) | 27% |
|  Total management fees paid for the year | $7264374 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

What did the Fund invest in? (as of December 31, 2025)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g84898g1g37j81.jpg)

![LOGO](g84898g1g78_62.jpg)

<sup>(1)</sup> Credit quality ratings are based on the Bloomberg Barclays methodology, which uses the median rating of those compiled by the Moody's, Standard & Poor's and Fitch ratings agencies. If ratings are available from only two of these agencies, the lower rating is used. When only one rating is available, that one is used. These ratings are subject to change without notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by May 1, 2026 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 886315696_AR_1225<br> 5092485 | ![LOGO](g84898g1g85u20.jpg) |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g84898g1g19w55.jpg) | <br>Annual Shareholder Report <br>December 31, 2025  |

---

Nuveen Inflation Linked Bond Fund

Class W Shares/TIIWX

Annual Shareholder Report

This annual shareholder report contains important information about the Class W Shares of the Nuveen Inflation Linked Bond Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br>$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class W Shares | $0 | 0.00% |

---

\* Annualized for period less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

How did the Fund perform last year? What affected the Fund's performance?

**Performance Highlights**<br>•  The Nuveen Inflation Linked Bond Fund returned 7.35% for Class W Shares at net asset value (NAV) for the 12 months ended December 31, 2025. The Fund performed in line with the Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index, which returned 7.47%.<br>•  Top contributors to relative performance<br>•  Yield curve positioning.<br>•  Top detractors from relative performance<br>•  Year-end pricing.<br>•  Asset allocation in government securities away from TIPS<br>

1 continued>>

------

How did the Fund perform over the period since inception?

**Performance data shown represents past performance and does not predict or guarantee future results**. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (September 28, 2018 through December 31, 2025) **Initial Investment of $10,000**

![LOGO](g84898g1g01g63.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **Since Inception<br>(9/28/18)** |
| &nbsp;&nbsp;&nbsp; Class W Shares at NAV | 7.35% | 2.67% | 3.90% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.36)% | 2.14% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index | 7.47% | 2.52% | 3.80% |

---

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of December 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $3180750822 |
|  Total number of portfolio holdings | 51 |
|  Portfolio turnover (%) | 27% |
|  Total management fees paid for the year | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7264374 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

What did the Fund invest in? (as of December 31, 2025)

![LOGO](g84898g1g75d54.jpg)

![LOGO](g84898g1g87z25.jpg)

<sup>(1)</sup> Credit quality ratings are based on the Bloomberg Barclays methodology, which uses the median rating of those compiled by the Moody's, Standard & Poor's and Fitch ratings agencies. If ratings are available from only two of these agencies, the lower rating is used. When only one rating is available, that one is used. These ratings are subject to change without notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by May 1, 2026 at** https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 87245P379_AR_1225<br> 5092485 | ![LOGO](g84898g1g85u20.jpg) |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g84898g1g19w55.jpg) | <br>Annual Shareholder Report <br>December 31, 2025  |

---

Nuveen International Bond Fund

Class A Shares/TIBEX

Annual Shareholder Report

This annual shareholder report contains important information about the Class A Shares of the Nuveen International Bond Fund for the period of November 1, 2025 to December 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses**.** You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

What were the Fund costs for the last 2 months? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br>$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class A Shares | $91 | 0.89% |

---

\* Annualized for period less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

How did the Fund perform last year? What affected the Fund's performance?

**Performance Highlights**<br>•  The Nuveen International Bond Fund returned (0.28)% for Class A Shares at net asset value (NAV) for the abbreviated two-month reporting period ended December 31, 2025. The Fund performed in line with the Bloomberg Global Aggregate ex-USD Index (Hedged), which returned (0.40)%.<br>•  Top contributors to relative performance<br>•  Yield curve positioning including an underweight to Japanese yen-denominated securities, out-of-benchmark duration exposure to U.S. dollar-denominated securities and exposure to South African rand-denominated debt.<br>•  Security selection within global treasuries, most notably Italy, Spain and France.<br>•  Top detractors from relative performance<br>•  Foreign currency exposure due to the cost of hedging<br>

1 continued>>

------

How did the Fund perform over the period since inception?

**Performance data shown represents past performance and does not predict or guarantee future results**. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (August 5, 2016 through December 31, 2025) **Initial Investment of $10,000**

![LOGO](g84898g1g17x96.jpg)

#### Average Annual Total Returns

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2-Month** | **1-Year** | **5-Year** | **Since Inception<br>(8/5/16)** |
| &nbsp;&nbsp;&nbsp; Class A Shares at NAV (excluding maximum sales charge) | (0.28)% | 3.88% | 0.27% | 1.81% |
| &nbsp;&nbsp;&nbsp; Class A at maximum sales charge (Offering Price) | (4.22)% | (0.28)% | (0.54)% | 1.37% |
| &nbsp;&nbsp;&nbsp; Bloomberg Global Aggregate Bond Index | 0.49% | 8.17% | (2.15)% | 0.41% |
| &nbsp;&nbsp;&nbsp; Bloomberg Global Aggregate ex-USD Index (Hedged) | (0.40)% | 2.80% | 0.79% | 2.04% |

---

Class A Shares at Offering Price reflect a maximum up-front sales charge of 5.75% applicable to the purchase of Class A shares, which was effective as of May 6, 2024.

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of December 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $1420792299 |
|  Total number of portfolio holdings | 755 |
|  Portfolio turnover (%) | 4% |
|  Total management fees paid for the year | $1133584 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

What did the Fund invest in? (as of December 31, 2025)

![LOGO](g84898g1g63q15.jpg)

![LOGO](g84898g1g81h64.jpg)

![LOGO](g84898g1g17j97.jpg)

<sup>(1)</sup> Credit quality ratings are based on the Bloomberg Barclays methodology, which uses the median rating of those compiled by the Moody's, Standard & Poor's and Fitch ratings agencies. If ratings are available from only two of these agencies, the lower rating is used. When only one rating is available, that one is used. These ratings are subject to change without notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

How has the Fund changed?

• **Change in fiscal and tax year end:** On October 8, 2025, the Board of Trustees approved a change in the Fund's fiscal and tax year ends from October 31 to December 31. The Fund continued to follow its October 31 regulatory reporting schedule through October 31, 2025, after which it prepared this annual report for the two-month period ended December 31, 2025.

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by May 1, 2026 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.**

3 continued>>

------

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 87245P486_AR_1225<br> 5092489 | ![LOGO](g84898g1g85u20.jpg) |

---

4.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g84898g1g19w55.jpg) | <br>Annual Shareholder Report <br>December 31, 2025  |

---

Nuveen International Bond Fund

Class I Shares/TIBNX

Annual Shareholder Report

This annual shareholder report contains important information about the Class I Shares of the Nuveen International Bond Fund for the period of November 1, 2025 to December 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses**.** You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last 2 months? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br>$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class I Shares | $63 | 0.62% |

---

\* Annualized for period less than one year.

How did the Fund perform last year? What affected the Fund's performance?

**Performance Highlights**<br>•  The Nuveen International Bond Fund returned (0.18)% for Class I Shares at net asset value (NAV) for the abbreviated two-month reporting period ended December 31, 2025. The Fund performed in line with the Bloomberg Global Aggregate ex-USD Index (Hedged), which returned (0.40)%.<br>•  Top contributors to relative performance<br>•  Yield curve positioning including an underweight to Japanese yen-denominated securities, out-of-benchmark duration exposure to U.S. dollar-denominated securities and exposure to South African rand-denominated debt.<br>•  Security selection within global treasuries, most notably Italy, Spain and France.<br>•  Top detractors from relative performance<br>•  Foreign currency exposure due to the cost of hedging.<br>

1 continued>>

------

How did the Fund perform over the period since inception?

**Performance data shown represents past performance and does not predict or guarantee future results**. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (August 5, 2016 through December 31, 2025) **Initial Investment of $10,000**

![LOGO](g84898g1g23a45.jpg)

#### Average Annual Total Returns

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2-Month** | **1-Year** | **5-Year** | **Since Inception<br>(8/5/16)** |
| &nbsp;&nbsp;&nbsp; Class I Shares at NAV | (0.18)% | 4.21% | 0.57% | 2.11% |
| &nbsp;&nbsp;&nbsp; Bloomberg Global Aggregate Bond Index | 0.49% | 8.17% | (2.15)% | 0.41% |
| &nbsp;&nbsp;&nbsp; Bloomberg Global Aggregate ex-USD Index (Hedged) | (0.40)% | 2.80% | 0.79% | 2.04% |

---

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of December 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $1420792299 |
|  Total number of portfolio holdings | 755 |
|  Portfolio turnover (%) | 4% |
|  Total management fees paid for the year | $1133584 |

---

What did the Fund invest in? (as of December 31, 2025)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g84898g1g56r91.jpg)

![LOGO](g84898g1g81s53.jpg)

![LOGO](g84898g1g90o07.jpg)

<sup>(1)</sup> Credit quality ratings are based on the Bloomberg Barclays methodology, which uses the median rating of those compiled by the Moody's, Standard & Poor's and Fitch ratings agencies. If ratings are available from only two of these agencies, the lower rating is used. When only one rating is available, that one is used. These ratings are subject to change without notice.

How has the Fund changed?

• **Change in fiscal and tax year end:** On October 8, 2025, the Board of Trustees approved a change in the Fund's fiscal and tax year ends from October 31 to December 31. The Fund continued to follow its October 31 regulatory reporting schedule through October 31, 2025, after which it prepared this annual report for the two-month period ended December 31, 2025.

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by May 1, 2026 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.**

3 continued>>

------

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 87245P528_AR_1225<br> 5092489 | ![LOGO](g84898g1g85u20.jpg) |

---

4.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g84898g1g19w55.jpg) | <br>Annual Shareholder Report <br>December 31, 2025  |

---

Nuveen International Bond Fund

Premier Class Shares/TIBLX

Annual Shareholder Report

This annual shareholder report contains important information about the Premier Class Shares of the Nuveen International Bond Fund for the period of November 1, 2025 to December 31, 2025. You can find additional information at

https://www.nuveen.com/en-us/mutual-funds/prospectuses**.** You can also request this information by contacting us at

&nbsp;&nbsp;&nbsp;&nbsp;(800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last 2 months? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br>$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Premier Class Shares | $71 | 0.70% |

---

\* Annualized for period less than one year.

How did the Fund perform last year? What affected the Fund's performance?

**Performance Highlights**<br>•  The Nuveen International Bond Fund returned (0.19)% for Premier Class Shares at net asset value (NAV) for the abbreviated two-month reporting period ended December 31, 2025. The Fund performed in line with the Bloomberg Global Aggregate ex-USD Index (Hedged), which returned (0.40)%.<br>•  Top contributors to relative performance<br>•  Yield curve positioning including an underweight to Japanese yen-denominated securities, out-of-benchmark duration exposure to U.S. dollar-denominated securities and exposure to South African rand-denominated debt.<br>•  Security selection within global treasuries, most notably Italy, Spain and France.<br>•  Top detractors from relative performance<br>•  Foreign currency exposure due to the cost of hedging.<br>

1 continued>>

------

How did the Fund perform over the period since inception?

**Performance data shown represents past performance and does not predict or guarantee future results**. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (August 5, 2016 through December 31, 2025) **Initial Investment of $10,000**

![LOGO](g84898g1g01g80.jpg)

#### Average Annual Total Returns

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2-Month** | **1-Year** | **5-Year** | **Since Inception<br>(8/5/16)** |
| &nbsp;&nbsp;&nbsp; Premier Class Shares at NAV | (0.19)% | 4.17% | 0.48% | 2.01% |
| &nbsp;&nbsp;&nbsp; Bloomberg Global Aggregate Bond Index | 0.49% | 8.17% | (2.15)% | 0.41% |
| &nbsp;&nbsp;&nbsp; Bloomberg Global Aggregate ex-USD Index (Hedged) | (0.40)% | 2.80% | 0.79% | 2.04% |

---

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of December 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $1420792299 |
|  Total number of portfolio holdings | 755 |
|  Portfolio turnover (%) | 4% |
|  Total management fees paid for the year | $1133584 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

What did the Fund invest in? (as of December 31, 2025)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g84898g1g99u08.jpg)

![LOGO](g84898g1g39u56.jpg)

![LOGO](g84898g1g31l97.jpg)

<sup>(1)</sup> Credit quality ratings are based on the Bloomberg Barclays methodology, which uses the median rating of those compiled by the Moody's, Standard & Poor's and Fitch ratings agencies. If ratings are available from only two of these agencies, the lower rating is used. When only one rating is available, that one is used. These ratings are subject to change without notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

How has the Fund changed?

• **Change in fiscal and tax year end:** On October 8, 2025, the Board of Trustees approved a change in the Fund's fiscal and tax year ends from October 31 to December 31. The Fund continued to follow its October 31 regulatory reporting schedule through October 31, 2025, after which it prepared this annual report for the two-month period ended December 31, 2025.

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by May 1, 2026 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.**

3 continued>>

------

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 87245P510_AR_1225<br> 5092489 | ![LOGO](g84898g1g85u20.jpg) |

---

4.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g84898g1g19w55.jpg) | <br>Annual Shareholder Report <br>December 31, 2025  |

---

Nuveen International Bond Fund

Class R6 Shares/TIBWX

Annual Shareholder Report

This annual shareholder report contains important information about the Class R6 Shares of the Nuveen International Bond Fund for the period of November 1, 2025 to December 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses**.** You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

What were the Fund costs for the last 2 months? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br>$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class R6 Shares | $54 | 0.53% |

---

\* Annualized for period less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

How did the Fund perform last year? What affected the Fund's performance?

**Performance Highlights**<br>•  The Nuveen International Bond Fund returned (0.26)% for Class R6 Shares at net asset value (NAV) for the abbreviated two-month reporting period ended December 31, 2025. The Fund performed in line with the Bloomberg Global Aggregate ex-USD Index (Hedged), which returned (0.40)%.<br>•  Top contributors to relative performance<br>•  Yield curve positioning including an underweight to Japanese yen-denominated securities, out-of-benchmark duration exposure to U.S. dollar-denominated securities and exposure to South African rand-denominated debt.<br>•  Security selection within global treasuries, most notably Italy, Spain and France.<br>•  Top detractors from relative performance<br>•  Foreign currency exposure due to the cost of hedging.<br>

1 continued>>

------

How did the Fund perform over the period since inception?

**Performance data shown represents past performance and does not predict or guarantee future results**. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (August 5, 2016 through December 31, 2025) **Initial Investment of $10,000**

![LOGO](g84898g1g72r47.jpg)

#### Average Annual Total Returns

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2-Month** | **1-Year** | **5-Year** | **Since Inception<br>(8/5/16)** |
| &nbsp;&nbsp;&nbsp; Class R6 Shares at NAV | (0.26)% | 4.24% | 0.61% | 2.16% |
| &nbsp;&nbsp;&nbsp; Bloomberg Global Aggregate Bond Index | 0.49% | 8.17% | (2.15)% | 0.41% |
| &nbsp;&nbsp;&nbsp; Bloomberg Global Aggregate ex-USD Index (Hedged) | (0.40)% | 2.80% | 0.79% | 2.04% |

---

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of December 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $1420792299 |
|  Total number of portfolio holdings | 755 |
|  Portfolio turnover (%) | 4% |
|  Total management fees paid for the year | $1133584 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

What did the Fund invest in? (as of December 31, 2025)

![LOGO](g84898g1g37n20.jpg)

![LOGO](g84898g1g32t16.jpg)

![LOGO](g84898g1g17d86.jpg)

<sup>(1)</sup> Credit quality ratings are based on the Bloomberg Barclays methodology, which uses the median rating of those compiled by the Moody's, Standard & Poor's and Fitch ratings agencies. If ratings are available from only two of these agencies, the lower rating is used. When only one rating is available, that one is used. These ratings are subject to change without notice.

3 continued>>

------

How has the Fund changed?

• **Change in fiscal and tax year end:** On October 8, 2025, the Board of Trustees approved a change in the Fund's fiscal and tax year ends from October 31 to December 31. The Fund continued to follow its October 31 regulatory reporting schedule through October 31, 2025, after which it prepared this annual report for the two-month period ended December 31, 2025.

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by May 1, 2026 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 87245P536_AR_1225<br> 5092489 | ![LOGO](g84898g1g85u20.jpg) |

---

4.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g84898g1g19w55.jpg) | <br>Annual Shareholder Report <br>December 31, 2025  |

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Nuveen International Bond Fund

Retirement Class Shares/TIBVX

Annual Shareholder Report

This annual shareholder report contains important information about the Retirement Class Shares of the Nuveen International Bond Fund for the period of November 1, 2025 to December 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

What were the Fund costs for the last 2 months? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br>$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Retirement Class Shares | $81 | 0.79% |

---

\* Annualized for period less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

How did the Fund perform last year? What affected the Fund's performance?

**Performance Highlights**<br>•  The Nuveen International Bond Fund returned (0.27)% for Retirement Class Shares at net asset value (NAV) for the abbreviated two-month reporting period ended December 31, 2025. The Fund performed in line with the Bloomberg Global Aggregate ex-USD Index (Hedged), which returned (0.40)%.<br>•  Top contributors to relative performance<br>•  Yield curve positioning including an underweight to Japanese yen-denominated securities, out-of-benchmark duration exposure to U.S. dollar-denominated securities and exposure to South African rand-denominated debt.<br>•  Security selection within global treasuries, most notably Italy, Spain and France.<br>•  Top detractors from relative performance<br>•  Foreign currency exposure due to the cost of hedging.<br>

1 continued>>

------

How did the Fund perform over the period since inception?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (August 5, 2016 through December 31, 2025) **Initial Investment of $10,000**

![LOGO](g84898g1g92g92.jpg)

#### Average Annual Total Returns

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2-Month** | **1-Year** | **5-Year** | **Since Inception<br>(8/5/16)** |
| &nbsp;&nbsp;&nbsp; Retirement Class Shares at NAV | (0.27)% | 3.89% | 0.36% | 1.90% |
| &nbsp;&nbsp;&nbsp; Bloomberg Global Aggregate Bond Index | 0.49% | 8.17% | (2.15)% | 0.41% |
| &nbsp;&nbsp;&nbsp; Bloomberg Global Aggregate ex-USD Index (Hedged) | (0.40)% | 2.80% | 0.79% | 2.04% |

---

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of December 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $1420792299 |
|  Total number of portfolio holdings | 755 |
|  Portfolio turnover (%) | 4% |
|  Total management fees paid for the year | $1133584 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

What did the Fund invest in? (as of December 31, 2025)

![LOGO](g84898g1g63q15.jpg)

![LOGO](g84898g1g71y10.jpg)

![LOGO](g84898g1g39g05.jpg)

<sup>(1)</sup> Credit quality ratings are based on the Bloomberg Barclays methodology, which uses the median rating of those compiled by the Moody's, Standard & Poor's and Fitch ratings agencies. If ratings are available from only two of these agencies, the lower rating is used. When only one rating is available, that one is used. These ratings are subject to change without notice.

3 continued>>

------

How has the Fund changed?

• **Change in fiscal and tax year end:** On October 8, 2025, the Board of Trustees approved a change in the Fund's fiscal and tax year ends from October 31 to December 31. The Fund continued to follow its October 31 regulatory reporting schedule through October 31, 2025, after which it prepared this annual report for the two-month period ended December 31, 2025.

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by May 1, 2026 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 87245P494_AR_1225<br> 5092489 | ![LOGO](g84898g1g85u20.jpg) |

---

4.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g84898g1g19w55.jpg) | <br>Annual Shareholder Report <br>December 31, 2025  |

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Nuveen International Bond Fund

Class W Shares/TIBUX

Annual Shareholder Report

This annual shareholder report contains important information about the Class W Shares of the Nuveen International Bond Fund for the period of November 1, 2025 to December 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last 2 months? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br>$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class W Shares | $0 | 0.00% |

---

\* Annualized for period less than one year.

How did the Fund perform last year? What affected the Fund's performance?

**Performance Highlights**<br>•  The Nuveen International Bond Fund returned (0.24)% for Class W Shares at net asset value (NAV) for the abbreviated two-month reporting period ended December 31, 2025. The Fund performed in line with the Bloomberg Global Aggregate ex-USD Index (Hedged), which returned (0.40)%.<br>•  Top contributors to relative performance<br>•  Yield curve positioning including an underweight to Japanese yen-denominated securities, out-of-benchmark duration exposure to U.S. dollar-denominated securities and exposure to South African rand-denominated debt.<br>•  Security selection within global treasuries, most notably Italy, Spain and France.<br>•  Top detractors from relative performance<br>•  Foreign currency exposure due to the cost of hedging.<br>

1 continued>>

------

How did the Fund perform over the period since inception?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (September 28, 2018 through December 31, 2025) **Initial Investment of $10,000**

![LOGO](g84898g1g11a11.jpg)

#### Average Annual Total Returns

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2-Month** | **1-Year** | **5-Year** | **Since Inception**<br> **(9/28/18)** |
| &nbsp;&nbsp;&nbsp; Class W Shares at NAV | (0.24)% | 4.84% | 1.20% | 3.13% |
| &nbsp;&nbsp;&nbsp; Bloomberg Global Aggregate Bond Index | 0.49% | 8.17% | (2.15)% | 0.80% |
| &nbsp;&nbsp;&nbsp; Bloomberg Global Aggregate ex-USD Index (Hedged) | (0.40)% | 2.80% | 0.79% | 2.36% |

---

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of December 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $1420792299 |
|  Total number of portfolio holdings | 755 |
|  Portfolio turnover (%) | 4% |
|  Total management fees paid for the year | $1133584 |

---

What did the Fund invest in? (as of December 31, 2025)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g84898g1g84h84.jpg)

![LOGO](g84898g1g69e16.jpg)

![LOGO](g84898g1g01t20.jpg)

<sup>(1)</sup> Credit quality ratings are based on the Bloomberg Barclays methodology, which uses the median rating of those compiled by the Moody's, Standard & Poor's and Fitch ratings agencies. If ratings are available from only two of these agencies, the lower rating is used. When only one rating is available, that one is used. These ratings are subject to change without notice.

3 continued>>

------

How has the Fund changed?

• **Change in fiscal and tax year end:** On October 8, 2025, the Board of Trustees approved a change in the Fund's fiscal and tax year ends from October 31 to December 31. The Fund continued to follow its October 31 regulatory reporting schedule through October 31, 2025, after which it prepared this annual report for the two-month period ended December 31, 2025.

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by May 1, 2026 at** https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 87249N800_AR_1225<br> 5092489 | ![LOGO](g84898g1g85u20.jpg) |

---

4.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g84898g1g19w55.jpg) | <br>Annual Shareholder Report <br>December 31, 2025  |

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Nuveen Real Estate Securities Select Fund

Class A Shares/TCREX

Annual Shareholder Report

This annual shareholder report contains important information about the Class A Shares of the Nuveen Real Estate Securities Select Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br>$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class A Shares | $88 | 0.87% |

---

\* Annualized for period less than one year.

How did the Fund perform last year? What affected the Fund's performance?

**Performance Highlights**<br>•  The Nuveen Real Estate Securities Select Fund returned 1.72% for Class A Shares at net asset value (NAV) for the 12 months ended December 31, 2025. The Fund underperformed the FTSE Nareit All Equity REITs Index, which returned 2.27%.<br>•  Top contributors to relative performance<br>•  Security selection in the health care sector, led by overweights to American Healthcare REIT, Inc. and Ventas, Inc. and a lack of exposure to Alexandria Real Estate Equities, Inc.<br>•  Security selection in the industrial sector, including an overweight to Prologis, Inc., and a lack of exposure to Americold Realty Trust, Inc.<br>•  An overweight allocation in the regional malls sector, led by an overweight to Simon Property Group, Inc.<br>•  Top detractors from relative performance<br>•  Security selection in the specialty sector, including an out-of-benchmark position in Fermi Inc.<br>•  An overweight allocation and security selection in the shopping centers sector, including overweights to Kimco Realty Corporation and Kite Realty Group Trust.<br>•  An overweight to SL Green Realty Corp, which is included in the office property sector.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (January 1, 2016 through December 31, 2025) **Initial Investment of $10,000**

![LOGO](g84898g1g00v03.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Class A Shares at NAV (excluding maximum sales charge) | 1.72% | 3.39% | 5.69% |
| &nbsp;&nbsp;&nbsp; Class A at maximum sales charge (Offering Price) | (4.14)% | 2.17% | 5.06% |
| &nbsp;&nbsp;&nbsp; S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |
| &nbsp;&nbsp;&nbsp; FTSE Nareit All Equity REITs Index | 2.27% | 4.85% | 5.77% |

---

Class A Shares at Offering Price reflect a maximum up-front sales charge of 5.75% applicable to the purchase of Class A shares, which was effective as of May 6, 2024.

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

**Return of Capital:** During the current reporting period, $0.15 per share of the Fund's distribution was re-characterized as a return of capital resulting from subsequent re-characterizations of cash flows received from the Fund's investments.

2 continued>>

------

Fund Statistics (as of December 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $2536861205 |
|  Total number of portfolio holdings | 44 |
|  Portfolio turnover (%) | 26% |
|  Total management fees paid for the year | $&nbsp;&nbsp;&nbsp;&nbsp;12743604 |

---

What did the Fund invest in? (as of December 31, 2025)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g84898g1g61j35.jpg)

How has the Fund changed?

• **Portfolio manager update:** Effective January 7, 2026, Benjamin Kerl and Griffin Bazor, CFA were added as portfolio managers of the Fund and David Copp and Brendan Lee were removed as portfolio managers of the Fund.

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by May 1, 2026 at** https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus  •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 87244W771_AR_1225<br> 5092491 | ![LOGO](g84898g1g85u20.jpg) |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g84898g1g19w55.jpg) | <br>Annual Shareholder Report <br>December 31, 2025  |

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Nuveen Real Estate Securities Select Fund

Class I Shares/TIRHX

Annual Shareholder Report

This annual shareholder report contains important information about the Class I Shares of the Nuveen Real Estate Securities Select Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of**<br> **$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class I Shares | $62 | 0.61% |

---

\* Annualized for period less than one year.

How did the Fund perform last year? What affected the Fund's performance?

**Performance Highlights**<br>•  The Nuveen Real Estate Securities Select Fund returned 1.97% for Class I Shares at net asset value (NAV) for the 12 months ended December 31, 2025. The Fund underperformed the FTSE Nareit All Equity REITs Index, which returned 2.27%.<br>•  Top contributors to relative performance<br>•  Security selection in the health care sector, led by overweights to American Healthcare REIT, Inc. and Ventas, Inc. and a lack of exposure to Alexandria Real Estate Equities, Inc.<br>•  Security selection in the industrial sector, including an overweight to Prologis, Inc., and a lack of exposure to Americold Realty Trust, Inc.<br>•  An overweight allocation in the regional malls sector, led by an overweight to Simon Property Group, Inc.<br>•  Top detractors from relative performance<br>•  Security selection in the specialty sector, including an out-of-benchmark position in Fermi Inc.<br>•  An overweight allocation and security selection in the shopping centers sector, including overweights to Kimco Realty Corporation and Kite Realty Group Trust.<br>•  An overweight to SL Green Realty Corp, which is included in the office property sector.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (January 1, 2016 through December 31, 2025) **Initial Investment of $10,000**

![LOGO](g84898g1g47t46.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Class I Shares at NAV | 1.97% | 3.57% | 5.88% |
| &nbsp;&nbsp;&nbsp; S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |
| &nbsp;&nbsp;&nbsp; FTSE Nareit All Equity REITs Index | 2.27% | 4.85% | 5.77% |

---

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

**Return of Capital:** During the current reporting period, $0.15 per share of the Fund's distribution was re-characterized as a return of capital resulting from subsequent re-characterizations of cash flows received from the Fund's investments.

2 continued>>

------

Fund Statistics (as of December 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $2536861205 |
|  Total number of portfolio holdings | 44 |
|  Portfolio turnover (%) | 26% |
|  Total management fees paid for the year | $12743604 |

---

What did the Fund invest in? (as of December 31, 2025)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g84898g1g19j15.jpg)

How has the Fund changed?

• **Portfolio manager update:** Effective January 7, 2026, Benjamin Kerl and Griffin Bazor, CFA were added as portfolio managers of the Fund and David Copp and Brendan Lee were removed as portfolio managers of the Fund.

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by May 1, 2026 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.**

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus  • financial statements and other information  • fund holdings  • proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 87245P593_AR_1225<br> 5092491 | ![LOGO](g84898g1g85u20.jpg) |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g84898g1g19w55.jpg) | <br>Annual Shareholder Report <br>December 31, 2025  |

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Nuveen Real Estate Securities Select Fund

Premier Class Shares/TRRPX

Annual Shareholder Report

This annual shareholder report contains important information about the Premier Class Shares of the Nuveen Real Estate Securities Select Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses**.** You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br>$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Premier Class Shares | $66 | 0.65% |

---

\* Annualized for period less than one year.

How did the Fund perform last year? What affected the Fund's performance?

**Performance Highlights**<br>•  The Nuveen Real Estate Securities Select Fund returned 1.94% for Premier Class Shares at net asset value (NAV) for the 12 months ended December 31, 2025. The Fund underperformed the FTSE Nareit All Equity REITs Index, which returned 2.27%.<br>•  Top contributors to relative performance<br>•  Security selection in the health care sector, led by overweights to American Healthcare REIT, Inc. and Ventas, Inc. and a lack of exposure to Alexandria Real Estate Equities, Inc.<br>•  Security selection in the industrial sector, including an overweight to Prologis, Inc., and a lack of exposure to Americold Realty Trust, Inc.<br>•  An overweight allocation in the regional malls sector, led by an overweight to Simon Property Group, Inc.<br>•  Top detractors from relative performance<br>•  Security selection in the specialty sector, including an out-of-benchmark position in Fermi Inc.<br>•  An overweight allocation and security selection in the shopping centers sector, including overweights to Kimco Realty Corporation and Kite Realty Group Trust.<br>•  An overweight to SL Green Realty Corp, which is included in the office property sector.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (January 1, 2016 through December 31, 2025) **Initial Investment of $10,000**

![LOGO](g84898g1g13a01.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Premier Class Shares at NAV | 1.94% | 3.53% | 5.84% |
| &nbsp;&nbsp;&nbsp; S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |
| &nbsp;&nbsp;&nbsp; FTSE Nareit All Equity REITs Index | 2.27% | 4.85% | 5.77% |

---

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

**Return of Capital:** During the current reporting period, $0.15 per share of the Fund's distribution was re-characterized as a return of capital resulting from subsequent re-characterizations of cash flows received from the Fund's investments.

2 continued>>

------

Fund Statistics (as of December 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $2536861205 |
|  Total number of portfolio holdings | 44 |
|  Portfolio turnover (%) | 26% |
|  Total management fees paid for the year | $&nbsp;&nbsp;&nbsp;&nbsp;12743604 |

---

What did the Fund invest in? (as of December 31, 2025)

![LOGO](g84898g1g83i16.jpg)

How has the Fund changed?

• **Portfolio manager update:** Effective January 7, 2026, Benjamin Kerl and Griffin Bazor, CFA were added as portfolio managers of the Fund and David Copp and Brendan Lee were removed as portfolio managers of the Fund.

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by May 1, 2026 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.**

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 87245M327_AR_1225<br> 5092491 | ![LOGO](g84898g1g85u20.jpg) |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g84898g1g19w55.jpg) | <br>Annual Shareholder Report <br>December 31, 2025  |

---

Nuveen Real Estate Securities Select Fund

Class R6 Shares/TIREX

Annual Shareholder Report

This annual shareholder report contains important information about the Class R6 Shares of the Nuveen Real Estate Securities Select Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses**.** You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br>$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class R6 Shares | $50 | 0.49% |

---

\* Annualized for period less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

How did the Fund perform last year? What affected the Fund's performance?

**Performance Highlights**<br>•  The Nuveen Real Estate Securities Select Fund returned 2.09% for Class R6 Shares at net asset value (NAV) for the 12 months ended December 31, 2025. The Fund performed in line with the FTSE Nareit All Equity REITs Index, which returned 2.27%.<br>•  Top contributors to relative performance<br>•  Security selection in the health care sector, led by overweights to American Healthcare REIT, Inc. and Ventas, Inc. and a lack of exposure to Alexandria Real Estate Equities, Inc.<br>•  Security selection in the industrial sector, including an overweight to Prologis, Inc., and a lack of exposure to Americold Realty Trust, Inc.<br>•  An overweight allocation in the regional malls sector, led by an overweight to Simon Property Group, Inc.<br>•  Top detractors from relative performance<br>•  Security selection in the specialty sector, including an out-of-benchmark position in Fermi Inc.<br>•  An overweight allocation and security selection in the shopping centers sector, including overweights to Kimco Realty Corporation and Kite Realty Group Trust.<br>•  An overweight to SL Green Realty Corp, which is included in the office property sector.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (January 1, 2016 through December 31, 2025) **Initial Investment of $10,000**

![LOGO](g84898g1g18a01.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Class R6 Shares at NAV | 2.09% | 3.69% | 6.00% |
| &nbsp;&nbsp;&nbsp; S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |
| &nbsp;&nbsp;&nbsp; FTSE Nareit All Equity REITs Index | 2.27% | 4.85% | 5.77% |

---

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

**Return of Capital:** During the current reporting period, $0.15 per share of the Fund's distribution was re-characterized as a return of capital resulting from subsequent re-characterizations of cash flows received from the Fund's investments.

2 continued>>

------

Fund Statistics (as of December 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $2536861205 |
|  Total number of portfolio holdings | 44 |
|  Portfolio turnover (%) | 26% |
|  Total management fees paid for the year | $12743604 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

What did the Fund invest in? (as of December 31, 2025)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g84898g1g78h11.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

How has the Fund changed?

• **Portfolio manager update:** Effective January 7, 2026, Benjamin Kerl and Griffin Bazor, CFA were added as portfolio managers of the Fund and David Copp and Brendan Lee were removed as portfolio managers of the Fund.

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by May 1, 2026 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus  • financial statements and other information  • fund holdings  • proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 87244W797_AR_1225<br> 5092491 | ![LOGO](g84898g1g85u20.jpg) |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g84898g1g19w55.jpg) | <br>Annual Shareholder Report <br>December 31, 2025  |

---

Nuveen Real Estate Securities Select Fund

Retirement Class Shares/TRRSX

Annual Shareholder Report

This annual shareholder report contains important information about the Retirement Class Shares of the Nuveen Real Estate Securities Select Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information at

https://www.nuveen.com/en-us/mutual-funds/prospectuses**.** You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br>$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Retirement Class Shares | $75 | 0.74% |

---

\* Annualized for period less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

How did the Fund perform last year? What affected the Fund's performance?

**Performance Highlights**<br>•  The Nuveen Real Estate Securities Select Fund returned 1.85% for Retirement Class Shares at net asset value (NAV) for the 12 months ended December 31, 2025. The Fund underperformed the FTSE Nareit All Equity REITs Index, which returned 2.27%.<br>•  Top contributors to relative performance<br>•  Security selection in the health care sector, led by overweights to American Healthcare REIT, Inc. and Ventas, Inc. and a lack of exposure to Alexandria Real Estate Equities, Inc.<br>•  Security selection in the industrial sector, including an overweight to Prologis, Inc., and a lack of exposure to Americold Realty Trust, Inc.<br>•  An overweight allocation in the regional malls sector, led by an overweight to Simon Property Group, Inc.<br>•  Top detractors from relative performance<br>•  Security selection in the specialty sector, including an out-of-benchmark position in Fermi Inc.<br>•  An overweight allocation and security selection in the shopping centers sector, including overweights to Kimco Realty Corporation and Kite Realty Group Trust.<br>•  An overweight to SL Green Realty Corp, which is included in the office property sector.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

**Performance data shown represents past performance and does not predict or guarantee future results**. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (January 1, 2016 through December 31, 2025) **Initial Investment of $10,000**

![LOGO](g84898g1g12a03.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Retirement Class Shares at NAV | 1.85% | 3.43% | 5.74% |
| &nbsp;&nbsp;&nbsp; S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |
| &nbsp;&nbsp;&nbsp; FTSE Nareit All Equity REITs Index | 2.27% | 4.85% | 5.77% |

---

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

**Return of Capital:** During the current reporting period, $0.15 per share of the Fund's distribution was re-characterized as a return of capital resulting from subsequent re-characterizations of cash flows received from the Fund's investments.

2 continued>>

------

Fund Statistics (as of December 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $2536861205 |
|  Total number of portfolio holdings | 44 |
|  Portfolio turnover (%) | 26% |
|  Total management fees paid for the year | $&nbsp;&nbsp;&nbsp;&nbsp;12743604 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

What did the Fund invest in? (as of December 31, 2025)

![LOGO](g84898g1g03j24.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

How has the Fund changed?

• **Portfolio manager update:** Effective January 7, 2026, Benjamin Kerl and Griffin Bazor, CFA were added as portfolio managers of the Fund and David Copp and Brendan Lee were removed as portfolio managers of the Fund.

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by May 1, 2026 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus  • financial statements and other information  • fund holdings  • proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 87244W789_AR_1225<br> 5092491 | ![LOGO](g84898g1g85u20.jpg) |

---

3.0 ------

**Item 2.** **Code of Ethics.** <br>

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

------

**Item 3.** **Audit Committee Financial Expert.** <br>

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

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

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

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

------

**Item 4.** **Principal Accountant Fees and Services.** <br>

TIAA-CREF Funds

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

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

SERVICES THAT THE REGISTRANT'S INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

BILLED TO THE REGISTRANT

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fiscal Year Ended<sup>5</sup>** | **Audit Fees<br>Billed to Registrant<sup>1</sup>** | **Audit-Related Fees<br>Billed to Registrant<sup>2</sup>** | **Tax Fees<br>Billed to Registrant<sup>3</sup>** | **All Other Fees<br>Billed to Registrant<sup>4</sup>** |
|  December 31, 2025 | $70985 | $0 | $0 | $0 |
|  Percentage approved pursuant to pre-approval exception | 0% | 0% | 0% | 0% |
|  December 31, 2024 | $72950 | $0 | $0 | $0 |
|  Percentage approved pursuant to pre-approval exception | 0% | 0% | 0% | 0% |

---

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

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

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

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

5 Reflects fees billed to all funds except for Nuveen Emerging Markets Debt Fund and Nuveen International Bond Fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fiscal Year Ended<sup>5</sup>** | **Audit Fees<br>Billed to Registrant<sup>1</sup>** | **Audit-Related Fees<br>Billed to Registrant<sup>2</sup>** | **Tax Fees<br>Billed to Registrant<sup>3</sup>** | **All Other Fees<br>Billed to Registrant<sup>4</sup>** |
|  December 31, 2025 | $102585 | $0 | $0 | $0 |
|  Percentage approved pursuant to pre-approval exception | 0% | 0% | 0% | 0% |
|  October 31, 2025 | $114493 | $0 | $2250 | $0 |
|  Percentage approved pursuant to pre-approval exception | 0% | 0% | 0% | 0% |
|  October 31, 2024 | $116325 | $0 | $1500 | $0 |
|  Percentage approved pursuant to pre-approval exception | 0% | 0% | 0% | 0% |

---

------

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

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

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

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

5 Reflects fees billed to Nuveen Emerging Markets Debt Fund and Nuveen International Bond Fund. The fiscal year end for these funds was changed from October 31 to December 31 effective November 1, 2025.

SERVICES THAT THE REGISTRANT'S INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

BILLED TO THE ADVISER AND AFFILIATED REGISTRANT SERVICE PROVIDERS

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Fiscal Year Ended<sup>1</sup>** | **Audit-Related Fees<br>Billed to Adviser<br>and Affiliated Fund<br>Service Providers** | **Tax Fees<br>Billed to Adviser<br>and Affiliated Fund<br>Service Providers** | **All Other Fees<br>Billed to Adviser<br>and Affiliated Fund<br>Service Providers** |
|  December 31, 2025 | $0 | $0 | $0 |
|  Percentage approved pursuant to pre-approval exception | 0% | 0% | 0% |
|  December 31, 2024 | $0 | $0 | $0 |
|  Percentage approved pursuant to pre-approval exception | 0% | 0% | 0% |

---

1 Reflects fees billed to all funds except for Nuveen Emerging Markets Debt Fund and Nuveen International Bond Fund.

---

| | | | |
|:---|:---|:---|:---|
| **Fiscal Year Ended<sup>1</sup>** | **Audit-Related Fees<br>Billed to Adviser<br>and Affiliated Fund<br>Service Providers** | **Tax Fees<br>Billed to Adviser<br>and Affiliated Fund<br>Service Providers** | **All Other Fees<br>Billed to Adviser<br>and Affiliated Fund<br>Service Providers** |
|  December 31, 2025 | $0 | $0 | $0 |
|  Percentage approved pursuant to pre-approval exception | 0% | 0% | 0% |
|  October 31, 2025 | $0 | $0 | $0 |
|  Percentage approved pursuant to pre-approval exception | 0% | 0% | 0% |
|  October 31, 2024 | $0 | $0 | $0 |
|  Percentage approved pursuant to pre-approval exception | 0% | 0% | 0% |

---

------

1 Reflects fees billed to Nuveen Emerging Markets Debt Fund and Nuveen International Bond Fund. The fiscal year end for these funds was changed from October 31 to December 31 effective November 1, 2025.

NON-AUDIT SERVICES

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fiscal Year Ended** | **Total Non-Audit Fees<br>Billed to Registrant** | **Total Non-Audit Fees<br>Billed to Adviser and<br>Affiliated Fund Service<br>Providers (engagements<br>related directly to the<br>operations and financial<br>reporting of the<br>Registrant)** | **Total Non-Audit Fees<br>Billed to Adviser and<br>Affiliated Fund Service<br>Providers (all other<br>engagements)** | **Total** |
|  December 31, 2025 | $0 | $0 | $11542000 | $11542000 |
|  December 31, 2024<sup>1</sup> | $0 | $0 | $293312 | $293312 |

---

1 Reflects fees billed to all funds except for Nuveen Emerging Markets Debt Fund and Nuveen International Bond Fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fiscal Year Ended** | **Total Non-Audit Fees<br>Billed to Registrant** | **Total Non-Audit Fees<br>Billed to Adviser and<br>Affiliated Fund Service<br>Providers (engagements<br>related directly to the<br>operations and financial<br>reporting of the<br>Registrant)** | **Total Non-Audit Fees<br>Billed to Adviser and<br>Affiliated Fund Service<br>Providers (all other<br>engagements)** | **Total** |
|  December 31, 2025 | $0 | $0 | $11542000 | $11542000 |
|  October 31, 2025 | $2250 | $0 | $11376794 | $11379044 |
|  October 31, 2024<sup>1</sup> | $1500 | $0 | $303870 | $305370 |

---

1 Reflects fees billed to Nuveen Emerging Markets Debt Fund and Nuveen International Bond Fund.

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

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

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

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

------

**Item 5.** **Audit Committee of Listed Registrants.** <br>

Not applicable to this Registrant.

------

**Item 6.** **Investments.** <br>

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

(b) Not applicable.

------

**Item 7.** **Financial Statements and Financial Highlights for Open-End Management Investment Companies.** <br>

------

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of TIAA-CREF Funds and Shareholders of each of the four funds listed in the table below

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of each of the funds

listed in the table below (four of the funds constituting TIAA-CREF Funds, hereafter collectively referred to as the "Funds") as of

December 31, 2025, the related statements of operations and of changes in net assets for each of the periods indicated in the table

below, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the

"financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each

of the Funds listed in the table below as of December 31, 2025, the results of each of their operations, and the changes in each of

their net assets, for the periods indicated in the table below, and each of the financial highlights for each of the periods indicated

therein, in conformity with accounting principles generally accepted in the United States of America.

Nuveen Emerging Markets Debt Fund (1)

Nuveen Inflation Linked Bond Fund (2)

Nuveen International Bond Fund (1)

Nuveen Real Estate Securities Select Fund (2)

(1) Statement of operations for the period November 1, 2025 through December 31, 2025 and the year ended October 31, 2025,

and statement of changes in net assets for the period November 1, 2025 through December 31, 2025 and the years ended October

31, 2025 and 2024. The financial statements of Nuveen International Bond Fund are presented on a consolidated basis.

(2) Statement of operations for the year ended December 31, 2025, and statement of changes in net assets for the year ended

December 31, 2025, the period April 1, 2024 through December 31, 2024 and the year ended March 31, 2024.

Basis for Opinions

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the

Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting

Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S.

federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require

that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material

misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to

error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence

regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles

used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements.

Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodian, issuer,

agent banks and brokers; when replies were not received from agent banks and brokers, we performed other auditing procedures. We

believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Chicago, Illinois

February 27, 2026

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

Emerging Markets Debt

Portfolio of Investments December 31, 2025

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM INVESTMENTS - 95.1%

BANK LOAN OBLIGATIONS - 0.5%

PUERTO RICO - 0.5%

$

1,840,000

(a) Coral-US Co-Borrower, LLC, Term Loan B6, (TSFR1M + 3.000%)

.865

%

10/15/29

$

1,825,050

2,000,000

(a) Coral-US Co-Borrower, LLC, Term Loan B7, (TSFR1M + 3.250%)

.155

01/30/32

1,966,000

TOTAL PUERTO RICO

3,791,050

TOTAL BANK LOAN OBLIGATIONS

(Cost $3,822,881)

3,791,050

SHARES

DESCRIPTION

VALUE

COMMON STOCKS - 0.7%

MEXICO - 0.7%

252,421

(b) Grupo Aeromexico SAB de C.V. (ADR)

5,543,165

TOTAL MEXICO

5,543,165

TOTAL COMMON STOCKS

(Cost $4,744,816)

5,543,165

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

CORPORATE BONDS - 45.1%

ANGOLA - 0.1%

850,000

(c) Azule Energy Finance PLC

.125

01/23/30

851,105

TOTAL ANGOLA

851,105

ARGENTINA - 1.5%

3,025,000

(c) Arcor SAIC

.600

07/31/33

3,052,225

2,500,000

(c) Pampa Energia S.A.

.875

12/16/34

2,514,750

3,025,000

(c) Transportadora de Gas del Sur S.A.

.750

11/20/35

2,988,276

500,000

(c) YPF S.A.

.950

07/21/27

503,967

1,200,000

(c) YPF S.A.

.750

09/11/31

1,240,564

2,000,000

(c) YPF S.A.

.250

01/17/34

2,043,924

TOTAL ARGENTINA

12,343,706

AUSTRALIA - 0.3%

2,425,000

AngloGold Ashanti Holdings plc

.750

10/01/30

2,322,087

TOTAL AUSTRALIA

2,322,087

BRAZIL - 3.7%

2,900,000

(c) Banco Bradesco S.A.

.500

01/22/30

3,050,568

3,625,000

(c) Caixa Economica Federal

.625

05/13/30

3,681,006

1,775,000

(c) Corp Quiport S.A.

.000

12/15/37

1,899,699

2,200,000

(c) Embraer Netherlands Finance BV

.000

07/28/30

2,426,831

1,000,000

(c) Klabin Austria GmbH

.750

04/03/29

1,016,154

1,725,000

(c) LD Celulose International GmbH

.950

01/26/32

1,797,124

2,100,000

(c) Minerva Luxembourg S.A.

.875

09/13/33

2,293,509

207,066

(c),(d)

Oi S.A., (cash 10.000% or cash 7.500% and 6.000 PIK or PIK 13.500%)

.000

06/30/27

91,109

1,950,000

Petrobras Global Finance BV

.250

01/10/36

1,913,306

1,500,000

Petrobras Global Finance BV

.900

03/19/49

1,479,317

1,800,000

(c) Raizen Fuels Finance S.A.

.700

01/17/35

1,377,118

2,600,000

(c) Rede D'or Finance Sarl

.450

09/09/35

2,674,100

950,000

(c) Rio Oil Finance Trust

.200

04/06/28

980,875

2,200,000

(c) Rumo Luxembourg Sarl

.200

01/18/32

2,013,880

1,000,000

(c) Sitios Latinoamerica SAB de C.V.

.375

04/04/32

1,004,581

1,435,000

Suzano Netherlands BV

.500

01/15/36

1,422,630

1,880,000

Vale Overseas Ltd

.400

06/28/54

1,918,540

TOTAL BRAZIL

31,040,347

CHILE - 4.3%

2,000,000

(c) AES Andes S.A.

.250

03/14/32

2,084,256

1,075,000

(c) AES Andes S.A.

.150

06/10/55

1,124,869

2,559,643

(c) Alfa Desarrollo S.p.A

.550

09/27/51

2,059,330

1,525,000

(c) Antofagasta plc

.625

09/09/35

1,569,988

2,300,000

(c),(e),(f),(g)

Banco de Credito e Inversiones S.A.

.500

N/A

2,439,150

1,000,000

(c),(f),(g)

Banco de Credito e Inversiones S.A.

.750

N/A

1,080,900

2,100,000

(c),(f),(g)

Banco del Estado de Chile

.950

N/A

2,226,000

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

CHILE

(continued)

$

1,900,000

(c) Celulosa Arauco y Constitucion S.A.

.180

%

05/05/32

$

1,960,895

1,500,000

(c) Celulosa Arauco y Constitucion S.A.

.150

01/29/50

1,260,410

977,505

(c) Chile Electricity Lux Mpc II Sarl

.580

10/20/35

1,001,762

2,450,000

(c) Cia Cervecerias Unidas S.A.

.350

01/19/32

2,222,524

2,200,000

(c) Colbun S.A.

.375

09/11/35

2,202,750

1,000,000

(c) Corp Nacional del Cobre de Chile

.330

01/13/35

1,067,000

850,000

(c) Corp Nacional del Cobre de Chile

.440

01/26/36

921,719

2,150,000

(c) Corp Nacional del Cobre de Chile

.375

02/05/49

1,704,523

450,000

(c) Corp Nacional del Cobre de Chile

.780

01/13/55

484,452

1,500,000

(c) Embotelladora Andina S.A.

.950

01/21/50

1,177,365

2,000,000

(c) Empresa de los Ferrocarriles del Estado

.068

08/18/50

1,278,040

2,200,000

(c) Empresa Nacional del Petroleo

.450

09/16/31

2,027,800

500,000

(c) Empresa Nacional del Petroleo

.150

05/10/33

529,088

2,000,000

(c) Inversiones CMPC S.A.

.700

12/09/57

2,006,120

1,000,000

(c) Latam Airlines Group S.A.

.875

04/15/30

1,051,770

1,700,000

(c) Latam Airlines Group S.A.

.625

01/07/31

1,784,885

TOTAL CHILE

35,265,596

CHINA - 0.2%

600,000

Fortune Star BVI Ltd, Reg S

.800

09/09/29

590,646

1,500,000

(c) Lenovo Group Ltd

.421

11/02/30

1,426,775

TOTAL CHINA

2,017,421

COLOMBIA - 1.8%

1,643,000

(c),(g)

Banco Davivienda S.A.

.125

07/02/35

1,720,846

1,500,000

(g) Bancolombia S.A.

.625

12/24/34

1,607,684

2,075,000

Ecopetrol S.A.

.625

11/02/31

1,858,811

1,000,000

Ecopetrol S.A.

.875

01/13/33

1,067,942

1,000,000

Ecopetrol S.A.

.875

11/02/51

718,285

2,000,000

(c) Empresas Publicas de Medellin ESP

.250

07/18/29

1,879,300

1,000,000

(c) Empresas Publicas de Medellin ESP

.375

02/15/31

912,179

1,050,000

(c) Gran Tierra Energy, Inc

.500

10/15/29

738,591

2,575,000

(c) Grupo Aval Ltd

.375

02/04/30

2,412,914

2,200,000

(c) Grupo Nutresa S.A.

.000

05/12/30

2,376,050

TOTAL COLOMBIA

15,292,602

COSTA RICA - 0.6%

1,500,902

(c) Autopistas del Sol S.A.

.375

12/30/30

1,502,778

3,000,000

(c) Liberty Costa Rica Senior Secured Finance

.875

01/15/31

3,150,000

TOTAL COSTA RICA

4,652,778

DOMINICAN REPUBLIC - 0.5%

2,300,000

(c) Aeropuertos Dominicanos Siglo XXI S.A.

.000

06/30/34

2,415,000

1,700,000

(c) AES Andres BV

.700

05/04/28

1,678,750

TOTAL DOMINICAN REPUBLIC

4,093,750

EL SALVADOR - 0.3%

2,450,000

(c) Comision Ejecutiva Hidroelectrica del Rio Lempa

.650

01/24/33

2,627,625

TOTAL EL SALVADOR

2,627,625

GHANA - 0.3%

1,100,000

(c) Kosmos Energy Ltd

.500

03/01/28

743,179

1,075,000

(c),(e)

Kosmos Energy Ltd

.750

10/01/31

607,515

1,522,000

(c) Tullow Oil plc

.250

05/15/26

1,103,450

TOTAL GHANA

2,454,144

GUATEMALA - 0.9%

700,000

(c) CT Trust

.125

02/03/32

673,242

3,300,000

(c) Energuate Trust 2 0

.350

09/15/35

3,298,729

1,650,000

(c) Investment Energy Resources Ltd

.250

04/26/29

1,657,508

1,750,000

(c) Millicom International Cellular S.A.

.375

04/02/32

1,818,640

TOTAL GUATEMALA

7,448,119

HONG KONG - 0.2%

2,000,000

(c) Melco Resorts Finance Ltd

.375

12/04/29

1,979,613

TOTAL HONG KONG

1,979,613

INDIA - 2.7%

2,100,000

(c) Adani Ports & Special Economic Zone Ltd

.375

07/03/29

2,037,627

1,800,000

(c) Adani Ports & Special Economic Zone Ltd

.100

02/02/31

1,595,321

Emerging Markets Debt

See Notes to Financial Statements

Portfolio of Investments December 31, 2025

(continued)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

INDIA

(continued)

$

697,914

(c) Azure Power Energy Ltd

.575

%

08/19/26

$

682,385

1,646,313

(c) Continuum Green Energy India Pvt

.500

06/26/33

1,699,071

3,050,000

(c) IRB Infrastructure Developers Ltd

.110

03/11/32

3,147,651

2,225,000

(c) Muthoot Finance Ltd

.375

04/23/29

2,258,706

3,500,000

(c),(f)

Network i2i Ltd

.975

N/A

3,484,916

2,700,000

(c) ReNew Wind Energy AP2

.500

07/14/28

2,590,390

2,400,000

(c) Sammaan Capital Ltd

.950

08/28/28

2,472,971

2,100,000

(c) Shriram Finance Ltd

.150

04/03/28

2,147,472

TOTAL INDIA

22,116,510

INDONESIA - 2.0%

2,400,000

(f) Bank Negara Indonesia Persero Tbk PT, Reg S

.300

N/A

2,343,394

1,085,000

(c) Freeport Indonesia PT

.315

04/14/32

1,106,205

1,800,000

(c) Indika Energy Tbk PT

.750

05/07/29

1,781,025

1,500,000

(c) Medco Laurel Tree Pte Ltd

.950

11/12/28

1,510,667

1,500,000

(c) Medco Maple Tree Pte Ltd

.960

04/27/29

1,564,137

1,250,000

(c) Pertamina Persero PT

.700

07/30/49

1,056,589

1,000,000

(c) Perusahaan Listrik Negara PT

.250

10/24/42

934,897

2,000,000

(c) Perusahaan Listrik Negara PT

.150

05/21/48

2,031,192

2,000,000

(c) Perusahaan Penerbit SBSN Indonesia III

.500

12/01/30

2,003,600

1,632,510

(c) Sorik Marapi Geothermal Power PT

.750

08/05/31

1,667,575

995,000

(c) Star Energy Geothermal Darajat II

.850

10/14/38

964,006

TOTAL INDONESIA

16,963,287

ISRAEL - 1.0%

2,000,000

(c),(g)

Bank Hapoalim BM, Reg S

.255

01/21/32

1,961,000

2,841,000

(c) Energean Israel Finance Ltd, Reg S

.375

03/30/28

2,801,950

500,000

(c) Energean Israel Finance Ltd, Reg S

.875

03/30/31

483,055

985,000

(c) Energean Israel Finance Ltd, Reg S

.500

09/30/33

1,053,950

1,600,000

(c) Leviathan Bond Ltd, Reg S

.750

06/30/30

1,628,194

TOTAL ISRAEL

7,928,149

JAMAICA - 0.8%

3,500,000

(c) Kingston Airport Revenue Finance Ltd

.750

12/15/36

3,596,250

2,850,000

(c) Montego Bay Airport Revenue Finance Ltd

.600

06/15/35

2,839,455

TOTAL JAMAICA

6,435,705

KAZAKHSTAN - 0.5%

1,550,000

(c) KazMunayGas National Co JSC

.375

10/24/48

1,559,880

2,225,000

(c) QazaqGaz NC JSC

.375

09/26/27

2,217,514

TOTAL KAZAKHSTAN

3,777,394

KOREA, REPUBLIC OF - 0.3%

2,750,000

(c) GS Caltex Corp

.250

10/28/30

2,720,346

TOTAL KOREA, REPUBLIC OF

2,720,346

MACAU - 0.3%

200,000

(c),(e)

MGM China Holdings Ltd

.125

06/26/31

211,677

2,000,000

Sands China Ltd

.250

08/08/31

1,845,084

TOTAL MACAU

2,056,761

MALAYSIA - 0.6%

3,320,000

(c) Petronas Capital Ltd

.340

04/03/35

3,452,687

1,300,000

(c) Petronas Capital Ltd

.848

04/03/55

1,360,028

TOTAL MALAYSIA

4,812,715

MAURITIUS - 0.1%

987,888

(c) WLB Asset VI Pte Ltd

.250

12/21/27

1,027,236

TOTAL MAURITIUS

1,027,236

MEXICO - 6.1%

3,100,000

(c),(f),(g)

Banco Mercantil del Norte S.A.

.375

N/A

3,255,000

1,500,000

(c) Banco Nacional de Comercio Exterior SNC

.720

08/11/31

1,472,145

3,000,000

(c),(g)

BBVA Bancomer S.A.

.125

01/18/33

2,949,150

1,100,000

(c),(g)

BBVA Mexico S.A. Institucion De Banca Multiple Grupo Financiero BBVA Mexico

.625

02/11/35

1,155,000

2,900,000

(c),(f)

Cemex SAB de C.V.

.200

N/A

3,024,410

2,776,673

(c) CFE FIBRA E

.875

09/23/40

2,771,310

860,000

(c) Comision Federal de Electricidad

.125

06/16/45

815,260

1,640,000

(c) Comision Federal de Electricidad

.264

02/15/52

1,535,156

1,981,015

(c) FIEMEX Energia-Banco Actinver S.A. Institucion de Banca Multiple

.250

01/31/41

2,082,106

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

MEXICO

(continued)

$

975,000

(c) Gruma SAB de C.V.

.761

%

12/09/54

$

978,164

2,100,000

(c),(e)

Grupo Aeromexico SAB de C.V.

.625

11/15/31

2,143,953

2,000,000

Grupo Televisa SAB

.125

01/31/46

1,517,076

1,000,000

(c) Mexico City Airport Trust

.500

10/31/46

881,041

2,500,000

(c) Mexico Remittances Funding Fiduciary Estate Management Sarl

.500

10/15/31

2,575,000

2,200,000

(c) Nemak SAB de C.V.

.625

06/28/31

1,907,812

960,000

(c) Orbia Advance Corp SAB de C.V.

.800

05/13/30

948,077

1,000,000

(c) Orbia Advance Corp SAB de C.V.

.500

05/13/35

970,110

2,100,000

Pemex Project Funding Master Trust

.625

06/15/35

1,992,738

3,947,000

Petroleos Mexicanos

.840

01/23/30

4,008,185

5,619,000

Petroleos Mexicanos

.700

02/16/32

5,603,999

2,200,000

(e) Petroleos Mexicanos

.625

01/23/46

1,653,003

2,075,000

Petroleos Mexicanos

.350

02/12/48

1,628,647

1,500,000

Petroleos Mexicanos

.950

01/28/60

1,221,150

500,000

(c) Saavi Energia Sarl

.875

02/10/35

542,275

2,226,000

(c) Trust 2401

.869

01/15/30

2,192,610

1,149,000

(c) Trust Fibra Uno

.869

01/15/30

1,124,405

TOTAL MEXICO

50,947,782

MOROCCO - 0.6%

1,200,000

(c) OCP S.A.

.700

03/01/36

1,286,856

4,000,000

(c) OCP S.A.

.125

06/23/51

3,305,000

TOTAL MOROCCO

4,591,856

MULTI-NATIONAL - 0.3%

2,200,000

(c) MOBILIARE S.A.

.750

11/10/32

2,189,000

TOTAL MULTI-NATIONAL

2,189,000

NETHERLANDS - 0.2%

200,000

(c) Veon Midco BV

.375

11/25/27

189,548

1,600,000

(c) Veon Midco BV

.000

07/15/29

1,664,889

TOTAL NETHERLANDS

1,854,437

NIGERIA - 0.5%

1,000,000

(c) IHS Holding Ltd

.250

11/29/28

994,818

3,100,000

(c),(e)

IHS Holding Ltd

.875

05/29/30

3,193,000

TOTAL NIGERIA

4,187,818

PANAMA - 0.8%

2,000,000

(c) Aeropuerto Internacional de Tocumen S.A.

.125

08/11/61

1,626,000

3,000,000

(c) Banco Nacional de Panama

.500

08/11/30

2,657,639

1,200,000

(c) Empresa de Transmision Electrica S.A.

.125

05/02/49

922,188

200,000

(c) Sable International Finance Ltd

.125

10/15/32

202,383

1,322,978

(c) UEP Penonome II S.A.

.500

10/01/38

1,178,112

TOTAL PANAMA

6,586,322

PERU - 2.3%

3,000,000

(c) Auna S.A.

.750

11/06/32

3,026,340

1,250,000

(c) Banco BBVA Peru S.A.

.200

06/07/34

1,293,624

2,000,000

(c) Banco de Credito del Peru S.A.

.650

01/15/37

2,009,000

1,700,000

(c) Banco Internacional del Peru SAA Interbank

.397

04/30/35

1,785,000

1,400,000

(c) Hunt Oil Co of Peru LLC Sucursal Del Peru

.750

11/05/38

1,538,376

1,125,000

(c) Kallpa Generacion S.A.

.500

09/11/35

1,128,375

745,612

(c) Lima Metro Line 2 Finance Ltd

.350

04/05/36

725,831

1,600,000

(c) Niagara Energy SAC

.746

10/03/34

1,629,574

1,500,200

(c) Peru LNG Srl

.375

03/22/30

1,447,938

2,750,000

(c) Petroleos del Peru S.A.

.625

06/19/47

1,747,989

2,690,000

(c) Volcan Cia Minera SAA

.500

10/28/32

2,767,687

TOTAL PERU

19,099,734

SAUDI ARABIA - 2.5%

3,900,000

(c) Arabian Centres Sukuk II Ltd

.625

10/07/26

3,890,815

2,500,000

BSF Finance, Reg S

.761

09/03/35

2,495,487

2,500,000

(c) EIG Pearl Holdings Sarl

.387

11/30/46

2,111,495

2,500,000

(c) S.A. Global Sukuk Ltd

.125

09/17/30

2,457,697

1,250,000

(c) Saudi Arabian Oil Co

.375

04/16/49

1,032,613

1,800,000

(c) Saudi Arabian Oil Co

.250

11/24/50

1,202,022

4,300,000

Saudi Awwal Bank, Reg S

.947

09/04/35

4,361,562

Emerging Markets Debt

See Notes to Financial Statements

Portfolio of Investments December 31, 2025

(continued)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SAUDI ARABIA

(continued)

$

2,925,000

SNB Funding Ltd, Reg S

.000

%

06/24/35

$

3,010,670

TOTAL SAUDI ARABIA

20,562,361

SOUTH AFRICA - 2.3%

800,000

(f),(g)

Absa Group Ltd, Reg S

.375

N/A

800,163

2,575,000

(c) Bidvest Group UK plc

.200

09/17/32

2,623,577

2,875,000

(c) Eskom Holdings SOC Ltd

.350

08/10/28

2,977,465

5,600,000

(c) Eskom Holdings SOC Ltd

.450

08/10/28

6,003,736

3,400,000

(c) Transnet SOC Ltd

.250

02/06/28

3,589,011

3,200,000

(c) Windfall Mining Group, Inc

.854

05/13/32

3,342,109

TOTAL SOUTH AFRICA

19,336,061

SUPRANATIONAL - 0.3%

KZT

1,010,000,000

International Bank for Reconstruction & Development

.750

06/11/26

1,955,987

UZS

10,300,000,000

International Finance Corp

.000

11/13/26

839,703

TOTAL SUPRANATIONAL

2,795,690

THAILAND - 0.5%

2,000,000

(c) Bangkok Bank PCL

.082

11/26/35

1,998,327

2,100,000

(c),(g)

Bangkok Bank PCL

.466

09/23/36

1,910,624

TOTAL THAILAND

3,908,951

TOGO - 0.2%

1,600,000

(c) Ecobank Transnational, Inc

.125

10/15/29

1,696,672

TOTAL TOGO

1,696,672

TRINIDAD AND TOBAGO - 0.3%

850,000

(c) National Gas Company of Trinidad and Tobago Limited

.050

01/15/36

781,515

1,350,000

(c) Trinidad Generation UnLtd

.750

06/16/33

1,398,938

TOTAL TRINIDAD AND TOBAGO

2,180,453

TURKEY - 3.3%

1,950,000

(c) Akbank TAS

.498

01/20/30

2,062,636

3,700,000

(c) Anadolu Efes Biracilik Ve Malt Sanayii AS.

.375

06/29/28

3,459,370

2,700,000

(c) Ford Otomotiv Sanayi AS.

.125

04/25/29

2,792,817

3,300,000

(c) Limak Cimento Sanayi ve Ticaret AS.

.750

07/25/29

3,327,778

3,350,000

(c) Turk Telekomunikasyon AS.

.950

10/07/32

3,423,164

1,990,000

(c) Turkcell Iletisim Hizmetleri AS.

.650

01/24/32

2,115,907

2,500,000

(c) Turkiye Garanti Bankasi AS.

.125

01/08/36

2,597,351

1,200,000

(c) Turkiye Garanti Bankasi AS.

.625

04/15/36

1,215,850

2,875,000

(c) Ulker Biskuvi Sanayi AS.

.875

07/08/31

3,027,065

1,300,000

(c) Yapi ve Kredi Bankasi AS.

.250

03/03/30

1,351,700

2,000,000

(c) Yapi ve Kredi Bankasi AS.

.250

01/17/34

2,132,596

TOTAL TURKEY

27,506,234

UKRAINE - 0.2%

2,335,120

(c) NAK Naftogaz Ukraine via Kondor Finance plc

.625

11/08/28

1,785,526

TOTAL UKRAINE

1,785,526

UNITED ARAB EMIRATES - 0.8%

2,000,000

(c) Abu Dhabi Crude Oil Pipeline LLC

.600

11/02/47

1,855,245

1,747,975

(c) Galaxy Pipeline Assets Bidco Ltd

.160

03/31/34

1,582,059

1,000,000

(c) MDGH GMTN RSC Ltd

.375

11/22/33

984,209

2,290,250

(c) Sweihan PV Power Co PJSC

.625

01/31/49

1,968,722

TOTAL UNITED ARAB EMIRATES

6,390,235

UNITED KINGDOM - 0.4%

2,000,000

(c),(f),(g)

Standard Chartered plc

.000

N/A

2,058,340

1,500,000

(c),(f),(g)

Standard Chartered plc

.625

N/A

1,601,700

TOTAL UNITED KINGDOM

3,660,040

UNITED STATES - 0.3%

2,944,000

(c),(e)

SIERRACOL EN AND

.000

11/14/30

2,798,817

TOTAL UNITED STATES

2,798,817

ZAMBIA - 0.2%

1,265,000

(c) First Quantum Minerals Ltd

.000

03/01/33

1,350,953

TOTAL ZAMBIA

1,350,953

TOTAL CORPORATE BONDS

(Cost $377,282,359)

373,655,938

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

GOVERNMENT BONDS - 48.5%

ANGOLA - 0.6%

$

2,250,000

(c) Angolan Government International Bond

.250

%

05/09/28

$

2,258,831

1,250,000

(c) Angolan Government International Bond

.000

11/26/29

1,219,911

1,950,000

(c) Angolan Government International Bond

.375

05/08/48

1,713,180

TOTAL ANGOLA

5,191,922

ARGENTINA - 2.3%

3,675,000

Argentina Republic Government International Bond

.500

07/09/41

2,543,100

2,420,000

Argentina Republic Government International Bond (Step Bond)

.750

07/09/30

2,057,000

4,050,000

Argentine Republic Government International Bond

.000

01/09/38

3,142,800

12,009,989

Argentine Republic Government International Bond (Step Bond)

.125

07/09/35

8,935,432

2,709,263

(c) Provincia de Buenos Aires (Step Bond)

.625

09/01/37

2,076,460

TOTAL ARGENTINA

18,754,792

AZERBAIJAN - 0.4%

3,900,000

(c) Republic of Azerbaijan International Bond

.500

09/01/32

3,664,755

TOTAL AZERBAIJAN

3,664,755

BARBADOS - 0.5%

4,125,000

(c) Barbados Government International Bond

.000

06/26/35

4,335,375

TOTAL BARBADOS

4,335,375

BENIN - 0.4%

1,700,000

(c) Benin Government International Bond

.960

02/13/38

1,762,304

725,000

(c) Benin Government International Bond

.375

01/23/41

760,600

EUR

1,125,000

(c) Benin Government International Bond

.875

01/19/52

1,194,953

TOTAL BENIN

3,717,857

BRAZIL - 2.3%

BRL

14,282,000

Brazil Notas do Tesouro Nacional Serie F

.000

01/01/27

2,523,721

BRL

26,175,000

Brazil Notas do Tesouro Nacional Serie F

.000

01/01/31

4,192,853

BRL

7,750,000

Brazil Notas do Tesouro Nacional Serie F

.000

01/01/33

1,190,330

1,500,000

Brazilian Government International Bond

.500

11/06/30

1,523,400

4,010,000

Brazilian Government International Bond

.000

10/20/33

4,052,105

2,400,000

Brazilian Government International Bond

.625

03/15/35

2,472,480

1,100,000

Brazilian Government International Bond

.000

01/27/45

881,045

300,000

Brazilian Government International Bond

.750

01/14/50

218,250

1,475,000

Brazilian Government International Bond

.125

05/13/54

1,458,037

930,000

Brazilian Government International Bond

.250

01/12/56

919,863

TOTAL BRAZIL

19,432,084

CAMEROON - 0.1%

EUR

1,000,000

(c) Republic of Cameroon International Bond

.950

07/07/32

989,268

TOTAL CAMEROON

989,268

CHILE - 0.7%

CLP

635,000,000

(c) Bonos de la Tesoreria de la Republica en pesos, Reg S

.000

10/01/28

710,650

CLP

2,630,000,000

(c) Bonos de la Tesoreria de la Republica en pesos, Reg S

.000

04/01/33

3,042,506

EUR

1,830,000

Chile Government International Bond

.800

07/01/35

2,150,143

TOTAL CHILE

5,903,299

COLOMBIA - 1.9%

EUR

2,385,000

Colombia Government International Bond

.000

09/19/32

2,665,441

2,675,000

Colombia Government International Bond

.500

02/02/34

2,787,350

1,525,000

Colombia Government International Bond

.000

11/14/35

1,624,888

1,500,000

Colombia Government International Bond

.750

11/07/36

1,563,225

3,550,000

Colombia Government International Bond

.625

02/26/44

2,868,400

COP

5,820,000,000

Colombian TES

.750

09/18/30

1,262,325

COP

9,450,000,000

Colombian TES

.000

06/30/32

1,844,522

COP

6,600,000,000

Colombian TES

.250

07/09/36

1,081,552

TOTAL COLOMBIA

15,697,703

COSTA RICA - 0.7%

1,050,000

(c) Costa Rica Government International Bond

.550

04/03/34

1,144,500

4,075,000

(c) Costa Rica Government International Bond

.000

04/04/44

4,462,125

TOTAL COSTA RICA

5,606,625

COTE D'IVOIRE - 0.6%

1,500,000

(c) Ivory Coast Government International Bond

.075

04/01/36

1,617,451

2,043,030

(c) Ivory Coast Government International Bond (Step Bond)

.750

12/31/32

2,048,189

Emerging Markets Debt

See Notes to Financial Statements

Portfolio of Investments December 31, 2025

(continued)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

COTE D'IVOIRE

(continued)

$

1,200,000

(c) Ivory Coast Government International Bond (Step Bond)

.250

%

01/30/37

$

1,304,147

TOTAL COTE D'IVOIRE

4,969,787

CZECH REPUBLIC - 0.7%

CZK

66,600,000

Czech Republic Government Bond, Reg S

.950

05/15/30

2,841,199

CZK

62,900,000

Czech Republic Government Bond

.750

06/23/32

2,625,317

TOTAL CZECH REPUBLIC

5,466,516

DOMINICAN REPUBLIC - 1.5%

700,000

(c) Dominican Republic Government International Bond

.050

02/03/31

751,100

5,025,000

(c) Dominican Republic Government International Bond

.875

09/23/32

4,830,030

1,585,000

(c) Dominican Republic Government International Bond

.450

04/30/44

1,747,383

3,825,000

(c) Dominican Republic Government International Bond

.875

01/30/60

3,406,545

1,725,000

(c) Dominican Republic International Bond

.875

10/28/35

1,727,933

TOTAL DOMINICAN REPUBLIC

12,462,991

ECUADOR - 0.9%

2,384,600

(c) Ecuador Government International Bond (Step Bond)

.000

07/31/30

2,350,643

4,637,020

(c) Ecuador Government International Bond (Step Bond)

.000

07/31/35

4,087,533

820,000

(c) Ecuador Government International Bond (Step Bond)

.000

07/31/40

641,650

TOTAL ECUADOR

7,079,826

EGYPT - 1.8%

850,000

(c) Egypt Government International Bond

.800

09/30/27

858,873

1,725,000

(c) Egypt Government International Bond

.600

03/01/29

1,835,954

2,625,000

(c) Egypt Government International Bond

.625

02/04/30

2,912,011

3,200,000

(c) Egypt Government International Bond

.053

01/15/32

3,329,311

5,400,000

(c) Egypt Government International Bond

.500

01/31/47

5,297,308

1,000,000

(c) Egypt Government International Bond

.150

11/20/59

937,354

TOTAL EGYPT

15,170,811

EL SALVADOR - 0.6%

3,100,000

(c) El Salvador Government International Bond

.625

02/01/41

3,089,150

1,900,000

(c) El Salvador Government International Bond

.125

01/20/50

1,743,250

1,500,000

(c) Republic of El Salvador

.250

04/17/30

39,375

TOTAL EL SALVADOR

4,871,775

GHANA - 0.8%

2,038,338

(c) Ghana Government International Bond

.000

07/03/29

1,998,936

5,456,164

(c) Ghana Government International Bond

.000

07/03/35

4,984,787

TOTAL GHANA

6,983,723

GUATEMALA - 1.1%

3,950,000

(c) Guatemala Government Bond

.250

08/15/36

4,127,750

1,000,000

(c) Guatemala Government Bond

.875

08/15/55

1,067,500

525,000

(c) Guatemala Government International Bond

.900

06/01/30

523,162

2,775,000

(c) Guatemala Government International Bond

.700

10/07/33

2,479,463

1,250,000

(c) Guatemala Government International Bond

.650

10/07/41

1,079,375

TOTAL GUATEMALA

9,277,250

HONDURAS - 0.3%

950,000

(c) Honduras Government International Bond

.625

06/24/30

940,500

1,075,000

(c) Honduras Government International Bond

.625

11/27/34

1,209,698

TOTAL HONDURAS

2,150,198

HUNGARY - 1.8%

HUF

600,000,000

Hungary Government Bond

.500

03/23/28

1,769,498

1,900,000

(c) Hungary Government International Bond

.125

05/22/28

1,970,294

4,900,000

(c) Hungary Government International Bond

.125

09/22/31

4,223,298

HUF

452,750,000

Hungary Government International Bond

.750

11/24/32

1,244,959

3,825,000

(c) Hungary Government International Bond

.000

09/26/35

3,976,205

2,375,000

(c) Hungary Government International Bond

.125

09/21/51

1,460,830

TOTAL HUNGARY

14,645,084

INDIA - 0.6%

INR

164,500,000

India Government Bond

.180

07/24/37

1,868,102

INR

246,000,000

India Government International Bond

.180

08/14/33

2,815,619

TOTAL INDIA

4,683,721

INDONESIA - 0.8%

IDR

44,560,000,000

Indonesia Treasury Bond

.000

09/15/30

2,811,618

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

INDONESIA

(continued)

IDR

59,634,000,000

Indonesia Treasury Bond

.625

%

02/15/34

$

3,690,851

TOTAL INDONESIA

6,502,469

IRAQ - 0.2%

$

1,273,438

(c) Iraq Government International Bond

.800

01/15/28

1,268,299

TOTAL IRAQ

1,268,299

ISRAEL - 0.3%

2,000,000

Israel Government International Bond

.375

02/19/30

2,068,638

TOTAL ISRAEL

2,068,638

JAMAICA - 0.5%

1,650,000

Jamaica Government International Bond

.000

03/15/39

1,988,250

1,810,000

Jamaica Government International Bond

.875

07/28/45

2,186,263

TOTAL JAMAICA

4,174,513

JORDAN - 0.5%

450,000

(c) Jordan Government International Bond

.500

01/13/29

473,528

2,000,000

(c) Jordan Government International Bond

.750

11/12/32

1,961,607

2,000,000

(c) Jordan Government International Bond

.375

10/10/47

2,005,818

TOTAL JORDAN

4,440,953

KAZAKHSTAN - 0.7%

1,875,000

(c) Baiterek National Managing Holding JSC

.450

05/08/28

1,902,130

1,500,000

(c) Kazakhstan Government International Bond

.000

07/01/32

1,526,833

1,975,000

(c) Kazakhstan Government International Bond

.500

07/01/37

2,035,577

TOTAL KAZAKHSTAN

5,464,540

LEBANON - 0.2%

3,200,000

(d) Lebanon Government International Bond, Reg S

.250

11/04/24

740,160

3,800,000

(d) Lebanon Government International Bond, Reg S

.850

03/23/27

885,107

TOTAL LEBANON

1,625,267

MALAYSIA - 0.8%

MYR

9,775,000

Malaysia Government Bond

.642

11/07/33

2,598,694

MYR

6,000,000

Malaysia Government International Bond

.254

05/31/35

1,564,016

MYR

7,825,000

Malaysia Government International Bond

.762

04/07/37

2,123,167

TOTAL MALAYSIA

6,285,877

MEXICO - 2.8%

3,250,000

(c) Eagle Funding Luxco Sarl

.500

08/17/30

3,310,417

MXN

27,480,000

Mexican Bonos

.500

05/31/29

1,538,743

MXN

33,440,000

Mexican Bonos

.750

05/29/31

1,788,945

MXN

66,100,000

Mexican Bonos

.750

11/23/34

3,404,421

MXN

53,800,000

Mexican Bonos

.500

11/18/38

2,799,930

3,200,000

Mexico Government International Bond

.625

09/22/35

3,155,200

2,725,000

Mexico Government International Bond

.000

05/07/36

2,760,425

2,250,000

Mexico Government International Bond

.280

08/14/41

1,806,750

1,850,000

Mexico Government International Bond

.400

02/12/52

1,347,725

1,300,000

Mexico Government International Bond

.375

05/13/55

1,400,100

TOTAL MEXICO

23,312,656

MOROCCO - 0.5%

2,475,000

(c) Morocco Government International Bond

.000

12/15/32

2,179,216

2,175,000

(c) Morocco Government International Bond

.500

12/11/42

2,069,532

TOTAL MOROCCO

4,248,748

NIGERIA - 1.4%

2,300,000

(c) Nigeria Government International Bond

.143

02/23/30

2,382,692

2,375,000

(c) Nigeria Government International Bond

.875

02/16/32

2,480,842

950,000

(c) Nigeria Government International Bond

.375

09/28/33

966,173

2,150,000

(c) Nigeria Government International Bond

.375

12/09/34

2,550,523

2,000,000

(c) Nigeria Government International Bond

.631

01/13/36

2,147,426

1,050,000

(c) Nigeria Government International Bond

.696

02/23/38

1,048,661

TOTAL NIGERIA

11,576,317

OMAN - 1.0%

1,575,000

(c) Oman Government International Bond

.375

03/08/27

1,591,156

950,000

(c) Oman Government International Bond

.625

01/17/28

971,339

1,325,000

(c) Oman Government International Bond

.500

03/08/47

1,421,875

Emerging Markets Debt

See Notes to Financial Statements

Portfolio of Investments December 31, 2025

(continued)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

OMAN

(continued)

$

4,175,000

(c) Oman Government International Bond

.750

%

01/17/48

$

4,597,191

TOTAL OMAN

8,581,561

PAKISTAN - 0.4%

875,000

(c) Pakistan Government International Bond

.375

04/08/31

871,306

1,140,000

(c) Pakistan Government International Bond

.875

04/08/51

1,120,909

1,500,000

Pakistan Water & Power Development Authority, Reg S

.500

06/04/31

1,420,461

TOTAL PAKISTAN

3,412,676

PANAMA - 0.4%

1,075,000

Panama Government International Bond

.700

01/26/36

1,155,195

1,750,000

Panama Government International Bond

.000

03/01/38

2,043,300

TOTAL PANAMA

3,198,495

PARAGUAY - 0.8%

4,275,000

(c) Paraguay Government International Bond

.739

01/29/33

3,812,279

1,275,000

(c) Paraguay Government International Bond

.100

08/11/44

1,318,635

1,050,000

(c) Paraguay Government International Bond

.600

03/13/48

1,010,574

350,000

(c) Paraguay Government International Bond

.650

03/04/55

380,247

TOTAL PARAGUAY

6,521,735

PERU - 1.1%

PEN

3,525,000

Peru Government Bond

.400

08/12/34

1,044,427

975,000

Peruvian Government International Bond

.862

12/01/32

804,082

2,895,000

Peruvian Government International Bond

.000

01/15/34

2,518,216

PEN

6,725,000

(c) Peruvian Government International Bond

.400

08/12/34

1,992,560

1,600,000

Peruvian Government International Bond

.375

02/08/35

1,634,400

1,800,000

Peruvian Government International Bond

.300

03/11/41

1,389,780

TOTAL PERU

9,383,465

PHILIPPINES - 0.3%

3,050,000

Philippine Government International Bond

.200

03/29/47

2,553,483

TOTAL PHILIPPINES

2,553,483

POLAND - 2.3%

830,000

(c) Bank Gospodarstwa Krajowego

.375

05/22/33

852,831

1,500,000

(c) Bank Gospodarstwa Krajowego

.750

07/09/34

1,577,374

PLN

3,475,000

Republic of Poland Government Bond

.750

07/25/29

984,876

PLN

5,500,000

Republic of Poland Government Bond

.000

10/25/34

1,523,478

PLN

3,575,000

Republic of Poland Government International Bond

.750

04/25/29

1,043,829

PLN

8,100,000

Republic of Poland Government International Bond

.750

10/25/29

2,135,941

1,400,000

Republic of Poland Government International Bond

.750

11/16/32

1,501,677

500,000

Republic of Poland Government International Bond

.875

10/04/33

508,458

PLN

7,150,000

Republic of Poland Government International Bond

.000

10/25/33

2,126,656

2,450,000

Republic of Poland Government International Bond

.375

02/12/35

2,539,788

EUR

1,700,000

Republic of Poland Government International Bond, Reg S

.875

07/07/37

1,987,181

2,198,000

Republic of Poland Government International Bond

.500

04/04/53

2,109,231

TOTAL POLAND

18,891,320

REPUBLIC OF SERBIA - 0.5%

2,650,000

(c) Serbia Government International Bond

.125

12/01/30

2,313,818

1,650,000

(c) Serbia Government International Bond

.500

09/26/33

1,765,472

TOTAL REPUBLIC OF SERBIA

4,079,290

ROMANIA - 2.1%

RON

6,450,000

Romanian Government International Bond

.150

01/26/28

1,423,676

1,860,000

(c) Romanian Government International Bond

.875

01/30/29

1,919,215

RON

12,900,000

Romanian Government International Bond

.000

04/29/30

3,117,423

350,000

(c) Romanian Government International Bond

.000

02/14/31

317,104

3,270,000

(c) Romanian Government International Bond

.625

03/27/32

2,988,477

EUR

920,000

(c) Romanian Government International Bond

.250

05/30/32

1,103,397

5,600,000

(c) Romanian Government International Bond

.750

03/24/35

5,548,503

1,400,000

(c) Romanian Government International Bond

.000

02/14/51

957,003

TOTAL ROMANIA

17,374,798

RWANDA - 0.3%

2,675,000

(c) Rwanda International Government Bond

.500

08/09/31

2,479,916

TOTAL RWANDA

2,479,916

SAUDI ARABIA - 1.1%

1,950,000

(c) Saudi Government International Bond

.375

01/13/31

2,042,934

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SAUDI ARABIA

(continued)

$

1,250,000

(c) Saudi Government International Bond

.000

%

01/16/34

$

1,278,661

2,400,000

(c) Saudi Government International Bond

.625

01/13/35

2,544,059

1,425,000

(c) Saudi Government International Bond

.250

11/17/51

937,552

2,000,000

(c) Saudi Government International Bond

.750

01/21/55

1,413,218

1,500,000

(c) Saudi Government International Bond

.450

02/02/61

955,223

TOTAL SAUDI ARABIA

9,171,647

SENEGAL - 0.5%

3,600,000

(c) Senegal Government International Bond

.250

05/23/33

2,082,378

3,300,000

(c) Senegal Government International Bond

.750

03/13/48

1,770,269

TOTAL SENEGAL

3,852,647

SOUTH AFRICA - 2.3%

ZAR

7,650,000

Republic of South Africa Government Bond

.500

01/31/37

456,968

1,875,000

Republic of South Africa Government International Bond

.300

10/12/28

1,863,498

ZAR

23,025,000

Republic of South Africa Government International Bond

.000

02/28/31

1,356,211

ZAR

49,875,000

Republic of South Africa Government International Bond

.875

02/28/35

3,130,289

2,050,000

(c) Republic of South Africa Government International Bond

.100

11/19/36

2,201,372

ZAR

43,400,000

Republic of South Africa Government International Bond

.000

01/31/40

2,621,369

ZAR

20,900,000

Republic of South Africa Government International Bond

.750

01/31/44

1,205,736

1,250,000

Republic of South Africa Government International Bond

.375

07/24/44

1,066,116

2,075,000

Republic of South Africa Government International Bond

.650

09/27/47

1,753,407

775,000

Republic of South Africa Government International Bond

.750

09/30/49

653,318

2,600,000

Republic of South Africa Government International Bond

.300

04/20/52

2,627,058

TOTAL SOUTH AFRICA

18,935,342

SRI LANKA - 0.5%

1,212,281

(c) Sri Lanka Government International Bond

.350

03/15/33

1,041,854

2,253,220

(c) Sri Lanka Government International Bond

.600

06/15/35

1,712,447

1,633,502

(c) Sri Lanka Government International Bond

.600

02/15/38

1,488,546

TOTAL SRI LANKA

4,242,847

SUPRANATIONAL - 0.4%

INR

176,300,000

Asian Development Bank

.150

02/25/30

1,917,358

INR

57,100,000

Asian Infrastructure Investment Bank, Reg S

.000

12/08/31

603,206

INR

79,000,000

Inter-American Development Bank

.350

10/06/30

899,552

TOTAL SUPRANATIONAL

3,420,116

TURKEY - 2.2%

800,000

Turkey Government International Bond

.125

02/17/28

806,256

825,000

Turkey Government International Bond

.250

03/13/30

820,050

2,050,000

Turkey Government International Bond

.000

01/14/41

1,848,498

4,350,000

Turkey Government International Bond

.875

04/16/43

3,353,703

TRY

20,000,000

Turkiye Government Bond

.000

02/18/26

465,496

TRY

87,000,000

Turkiye Government Bond

.840

07/14/27

2,105,983

EUR

1,725,000

Turkiye Government International Bond

.200

08/17/31

2,107,509

4,200,000

Turkiye Government International Bond

.125

07/17/32

4,443,990

2,500,000

(c) Turkiye Ihracat Kredi Bankasi AS.

.500

02/06/28

2,612,157

TOTAL TURKEY

18,563,642

UGANDA - 0.3%

UGX

10,893,000,000

Republic of Uganda Government Bonds

.250

06/22/34

2,684,870

TOTAL UGANDA

2,684,870

UKRAINE - 0.5%

3,108,800

(c) Ukraine Government International Bond

.000

02/01/32

2,347,144

1,579,875

(c) Ukraine Government International Bond

.000

02/01/35

892,629

337,395

(c) Ukraine Government International Bond

.000

02/01/36

189,785

1,550,000

(c) Ukraine Government International Bond

.750

02/01/36

906,750

TOTAL UKRAINE

4,336,308

UNITED ARAB EMIRATES - 0.2%

2,600,000

Emirate of Dubai Government International Bonds, Reg S

.900

09/09/50

1,964,013

TOTAL UNITED ARAB EMIRATES

1,964,013

URUGUAY - 0.8%

1,500,000

Oriental Republic of Uruguay

.250

09/10/60

1,400,250

UYU

70,575,000

Uruguay Government International Bond

.250

05/21/31

1,856,711

UYU

18,940,950

Uruguay Government International Bond

.750

07/20/33

542,209

600,000

Uruguay Government International Bond

.750

10/28/34

639,300

Emerging Markets Debt

See Notes to Financial Statements

Portfolio of Investments December 31, 2025

(continued)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

URUGUAY

(continued)

UYU

21,400,000

Uruguay Government International Bond

.000

%

10/29/35

$

561,644

$

1,770,000

Uruguay Government International Bond

.442

02/14/37

1,839,119

TOTAL URUGUAY

6,839,233

UZBEKISTAN - 0.7%

UZS

9,240,000,000

(c) Republic of Uzbekistan International Bond

.625

05/29/27

804,106

3,000,000

(c) Republic of Uzbekistan International Bond

.375

02/20/29

3,011,613

1,400,000

(c) Republic of Uzbekistan International Bond

.700

11/25/30

1,299,269

775,000

(c) Republic of Uzbekistan International Bond

.900

02/28/32

832,935

TOTAL UZBEKISTAN

5,947,923

ZAMBIA - 0.5%

1,918,906

(c) Zambia Government International Bond

.750

06/30/33

1,889,482

3,180,173

(c) Zambia Government International Bond

.500

12/31/53

2,223,329

TOTAL ZAMBIA

4,112,811

TOTAL GOVERNMENT BONDS

(Cost $398,458,643)

402,571,777

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

STRUCTURED ASSETS - 0.3%

UNITED STATES - 0.3%

2,867,985

(c),(h)

Industrial DPR Funding Ltd, Series 2022 1A

.380

04/15/34

2,605,564

TOTAL UNITED STATES

2,605,564

TOTAL STRUCTURED ASSETS

(Cost $2,867,985)

2,605,564

TOTAL LONG-TERM INVESTMENTS

(Cost $787,176,684)

788,167,494

SHARES

DESCRIPTION

RATE

VALUE

INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING - 1.3%

11,060,481

(i) State Street Navigator Securities Lending Government Money Market Portfolio

3.830 (j)

11,060,481

TOTAL INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING

(Cost $11,060,481)

11,060,481

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SHORT-TERM INVESTMENTS - 2.9%

GOVERNMENT AGENCY DEBT - 0.2%

EGP

81,000,000

Egypt Treasury Bills

.000

03/31/26

1,599,397

TOTAL GOVERNMENT AGENCY DEBT

1,599,397

REPURCHASE AGREEMENT - 2.0%

17,096,000

(k) Fixed Income Clearing Corporation

.810

01/02/26

17,096,000

TOTAL REPURCHASE AGREEMENT

17,096,000

TREASURY DEBT - 0.7%

EGP

26,150,000

Egypt Treasury Bills

.000

03/10/26

523,548

5,000,000

United States Treasury Bill

.000

03/03/26

4,970,385

TOTAL TREASURY DEBT

5,493,933

TOTAL SHORT-TERM INVESTMENTS

(Cost $24,188,561)

24,189,330

TOTAL INVESTMENTS - 99.3%

(Cost $822,425,726)

823,417,305

OTHER ASSETS & LIABILITIES, NET - 0.7%

5,960,396

NET ASSETS - 100.0%

$

829,377,701

See Notes to Financial Statements

Principal denominated in U.S. Dollars, unless otherwise noted.

Investments in Derivatives

ADR

American Depositary Receipt

BRL

Brazilian Real

CLP

Chilean Peso

COP

Colombia Peso

CZK

Czech Republic Koruna

EGP

Egyptian Pound

EUR

Euro

HUF

Hungary Forint

IDR

Indonesian Rupiah

INR

Indian Rupee

KZT

Kazakhstani Tenge

MXN

Mexican Peso

MYR

Malaysian Ringgit

PEN

Peruvian Sol

PIK

Payment-in-kind ("PIK") security. Depending on the terms of the security, income may be received in the form of cash, securities, or a combination of both. The PIK rate shown, where applicable,

represents the annualized rate of the last PIK payment made by the issuer as of the end of the reporting period.

PLN

Polish Zloty

Reg S

Regulation S allows U.S. companies to sell securities to persons or entities located outside of the United States without registering those securities with the Securities and Exchange

Commission. Specifically, Regulation S provides a safe harbor from the registration requirements of the Securities Act for the offers and sales of securities by both foreign and domestic issuers

that are made outside the United States.

RON

Romanian Leu

TRY

Turkish Lira

TSFR1M

CME Term Secured Overnight Financing Rate 1 Month

UGX

Ugandan Shilling

UYU

Uruguayan Peso

UZS

Uzbekistani Som

ZAR

South African Rand

(a) Floating or variable rate security includes the reference rate and spread, when applicable. For mortgage-backed or asset-backed securities the variable rate is based on the underlying asset of

the security. Coupon rate reflects the rate at period end.

(b) Non-income producing; issuer has not declared an ex-dividend date within the past twelve months.

(c) Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are deemed liquid and may be resold in transactions exempt from registration,

which are normally those transactions with qualified institutional buyers. As of the end of the reporting period, the aggregate value of these securities is $537,715,979 or 65.3% of Total

Investments.

(d) Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of bankruptcy.

(e) All or a portion of these securities are out on loan. The aggregate value of securities on loan is $10,695,961.

(f) Perpetual security. Maturity date is not applicable.

(g) Contingent Capital Securities ("CoCos") are debt or preferred securities with loss absorption characteristics built into the terms of the security for the benefit of the issuer, for example an

automatic write-down of principal or a mandatory conversion into the issuer's common stock under certain adverse circumstances, such as the issuer's capital ratio falling below a specified

level. As of the end of the reporting period, the Fund's total investment in CoCos was 3.0% of Total Investments.

(h) For fair value measurement disclosure purposes, investment classified as Level 3.

(i) Investments made with cash collateral received from securities on loan.

(j) The rate shown is the one-day yield as of the end of the reporting period.

(k) Agreement with Fixed Income Clearing Corporation, 3.810% dated 12/31/25 to be repurchased at $17,099,619 on 1/2/26, collateralized by Government Agency Securities, with coupon rate

4.375% and maturity date 12/31/29, valued at $17,437,962.

Forward Foreign Currency Contracts

Currency

Purchased

Receive

Currency

Sold

Deliver

Counterparty

Settlement Date

Unrealized

Appreciation

(Depreciation)

EUR

1,926,549

$

2,222,994

Australia and New Zealand Banking Group Limited

01/08/26

$

41,950

$

11,374,349

EUR

9,699,328

Citibank N.A.

01/08/26

(28,648)

$

1,005,779

EUR

865,627

Morgan Stanley

01/08/26

(11,893)

$

989,187

EUR

851,618

Morgan Stanley

01/08/26

(12,016)

$

1,219,259

EUR

1,043,690

Morgan Stanley

01/08/26

(7,753)

Total

$

(18,360)

Total unrealized appreciation on forward foreign currency contracts

$

41,950

Total unrealized depreciation on forward foreign currency contracts

$

(60,310)

EUR

Euro

Inflation Linked Bond

Portfolio of Investments December 31, 2025

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM INVESTMENTS - 97.3%

CORPORATE BONDS - 0.2%

ENERGY - 0.0%

$

328,947

Reliance Industries Ltd

2.444 %

01/15/26

$

328,699

TOTAL ENERGY

328,699

FINANCIAL SERVICES - 0.0%

496,366

HNA LLC

2.369 09/18/27

484,723

TOTAL FINANCIAL SERVICES

484,723

HEALTH CARE EQUIPMENT & SERVICES - 0.2%

5,485,000

Montefiore Medical Center

2.895 04/20/32

4,911,611

TOTAL HEALTH CARE EQUIPMENT & SERVICES

4,911,611

TOTAL CORPORATE BONDS

(Cost $6,305,703)

5,725,033

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

GOVERNMENT BONDS - 97.1%

MORTGAGE BACKED - 1.5%

6,361,969

Ginnie Mae I Pool

3.600 09/15/31

6,227,982

3,656,133

Ginnie Mae I Pool

3.700 10/15/33

3,554,219

1,128,627

Ginnie Mae I Pool

3.380 07/15/35

1,070,921

1,118,885

Ginnie Mae I Pool

3.870 10/15/36

1,077,475

4,108,633

Ginnie Mae I Pool

3.940 03/15/37

3,960,619

14,674,379

Ginnie Mae I Pool

1.730 07/15/37

12,552,866

11,247,400

Ginnie Mae I Pool

1.650 07/15/42

8,862,273

11,562,974

Ginnie Mae I Pool

2.750 01/15/45

10,898,968

TOTAL MORTGAGE BACKED

48,205,323

U.S. TREASURY SECURITIES - 95.6%

2,082,993

(a) United States Treasury Inflation Indexed Bonds

0.625 01/15/26

2,078,103

2,886,413

(a) United States Treasury Inflation Indexed Bonds

2.000 01/15/26

2,881,102

737,936

(a) United States Treasury Inflation Indexed Bonds

0.125 04/15/26

731,510

339,732

(a) United States Treasury Inflation Indexed Bonds

0.125 07/15/26

337,742

60,694,066

(a) United States Treasury Inflation Indexed Bonds

0.125 10/15/26

60,129,735

95,366,891

(a) United States Treasury Inflation Indexed Bonds

0.375 01/15/27

94,187,706

40,932,442

(a) United States Treasury Inflation Indexed Bonds

2.375 01/15/27

41,258,369

22,820,245

(a) United States Treasury Inflation Indexed Bonds

0.125 04/15/27

22,405,612

68,677,802

(a) United States Treasury Inflation Indexed Bonds

0.375 07/15/27

67,875,787

86,882,274

(a) United States Treasury Inflation Indexed Bonds

1.625 10/15/27

87,532,259

100,446,176

(a) United States Treasury Inflation Indexed Bonds

0.500 01/15/28

98,671,610

27,297,456

(a) United States Treasury Inflation Indexed Bonds

1.750 01/15/28

27,495,306

167,879,578

(a) United States Treasury Inflation Indexed Bonds

1.250 04/15/28

167,193,341

35,792,418

(a) United States Treasury Inflation Indexed Bonds

3.625 04/15/28

37,547,845

64,851,611

(a) United States Treasury Inflation Indexed Bonds

0.750 07/15/28

64,074,482

75,842,196

(a) United States Treasury Inflation Indexed Bonds

2.375 10/15/28

78,098,815

120,397,369

(a) United States Treasury Inflation Indexed Bonds

0.875 01/15/29

118,524,013

65,789,861

(a) United States Treasury Inflation Indexed Bonds

2.500 01/15/29

67,899,700

133,780,197

(a) United States Treasury Inflation Indexed Bonds

2.125 04/15/29

136,599,486

78,000,809

(a) United States Treasury Inflation Indexed Bonds

3.875 04/15/29

84,011,279

75,695,115

(a) United States Treasury Inflation Indexed Bonds

0.250 07/15/29

72,923,776

62,491,310

(a) United States Treasury Inflation Indexed Bonds

1.625 10/15/29

63,104,208

139,726,215

(a) United States Treasury Inflation Indexed Bonds

0.125 01/15/30

132,515,476

141,658,759

(a) United States Treasury Inflation Indexed Bonds

1.625 04/15/30

142,353,248

132,720,405

(a) United States Treasury Inflation Indexed Bonds

0.125 07/15/30

125,245,841

50,054,737

(a) United States Treasury Inflation Indexed Bonds

1.125 10/15/30

49,287,846

146,669,589

(a) United States Treasury Inflation Indexed Bonds

0.125 01/15/31

136,709,672

146,302,061

(a) United States Treasury Inflation Indexed Bonds

0.125 07/15/31

135,547,592

28,076,896

(a) United States Treasury Inflation Indexed Bonds

0.125 01/15/32

25,653,398

34,351,463

(a) United States Treasury Inflation Indexed Bonds

3.375 04/15/32

37,913,612

78,607,284

(a) United States Treasury Inflation Indexed Bonds

0.625 07/15/32

73,741,051

121,596,250

(a) United States Treasury Inflation Indexed Bonds

1.125 01/15/33

116,666,758

97,552,910

(a) United States Treasury Inflation Indexed Bonds

1.375 07/15/33

95,081,119

186,525,133

(a) United States Treasury Inflation Indexed Bonds

1.750 01/15/34

185,455,641

See Notes to Financial Statements

Investments in Derivatives

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

U.S. TREASURY SECURITIES

(continued)

$

115,089,483

(a) United States Treasury Inflation Indexed Bonds

1.875 %

07/15/34

$

115,542,139

156,956,752

(a) United States Treasury Inflation Indexed Bonds

2.125 01/15/35

159,727,590

115,169,511

(a) United States Treasury Inflation Indexed Bonds

1.875 07/15/35

114,861,149

TOTAL U.S. TREASURY SECURITIES

3,041,863,918

TOTAL GOVERNMENT BONDS

(Cost $3,129,627,008)

3,090,069,241

TOTAL LONG-TERM INVESTMENTS

(Cost $3,135,932,711)

3,095,794,274

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SHORT-TERM INVESTMENTS - 0.6%

REPURCHASE AGREEMENT - 0.6%

19,592,000

(b) Fixed Income Clearing Corporation

3.810 01/02/26

19,592,000

TOTAL REPURCHASE AGREEMENT

19,592,000

TOTAL SHORT-TERM INVESTMENTS

(Cost $19,592,000)

19,592,000

TOTAL INVESTMENTS - 97.9%

(Cost $3,155,524,711)

3,115,386,274

OTHER ASSETS & LIABILITIES, NET - 2.1%

65,364,548

NET ASSETS - 100.0%

$

3,180,750,822

(a) Principal amount for interest accrual purposes is periodically adjusted based on changes in the Consumer Price Index.

(b) Agreement with Fixed Income Clearing Corporation, 3.810% dated 12/31/25 to be repurchased at $19,596,147 on 1/2/26, collateralized by Government Agency Securities, with coupon rate

4.375% and maturity date 12/31/29, valued at $19,983,869.

Futures Contracts - Long

Description

Number of

Contracts

Expiration

Date

Notional

Amount

Value

Unrealized

Appreciation

(Depreciation)

U.S. Treasury 10-Year Note

03/20/26

$

20,491,980

$

20,463,625

$

(28,355)

U.S. Treasury 5-Year Note

03/31/26

32,824,345

32,791,406

(32,939)

Total

$

53,316,325

$

53,255,031

$

(61,294)

International Bond

Consolidated Portfolio of Investments December 31, 2025

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM INVESTMENTS - 95.4%

BANK LOAN OBLIGATIONS - 0.9%

CANADA - 0.2%

$

501,286

(a) 101B.C. Unlimited Liability Company, Term Loan B6, (TSFR1M + 1.750%)

.466

%

09/23/30

$

502,539

398,985

(a),(b)

Air Canada, Term Loan B, (TBD)

TBD

TBD

402,103

598,995

(a) Garda World Security Corporation, Term Loan B, (TSFR1M + 3.000%)

.750

02/01/29

602,290

500,000

(a) Green Infrastructure Partners Inc, Term Loan B, (TSFR3M + 2.750%)

.422

09/24/32

501,875

522,838

(a) Open Text Corporation, Term Loan B, (TSFR1M + 1.750%)

.466

01/31/30

523,886

TOTAL CANADA

2,532,693

GERMANY - 0.0%

497,753

(a) TK Elevator Midco GmbH, Term Loan B, (TSFR1M + 3.000%)

.947

04/30/30

501,413

TOTAL GERMANY

501,413

IRELAND - 0.1%

455,392

(a) Avolon TLB Borrower 1 (US) LLC, Term Loan B6, (TSFR1M + 1.750%)

.484

06/24/30

458,611

398,982

(a) Flutter Financing B.V., Term Loan B, (TSFR3M + 1.750%)

.422

11/29/30

399,148

299,248

(a) Flutter Financing B.V., Term Loan B, (TSFR3M + 2.000%)

.672

06/04/32

299,716

TOTAL IRELAND

1,157,475

LUXEMBOURG - 0.1%

683,333

(a) Delta 2 (LUX) S.a.r.l., Term Loan B1, (TSFR1M + 2.000%)

.422

09/19/31

686,579

500,000

(a),(b)

PG Investment Company 59 S.a r.l., Repriced Term Loan B, (TBD)

TBD

TBD

502,305

TOTAL LUXEMBOURG

1,188,884

SPAIN - 0.0%

498,701

(a),(b)

Fluidra, S.A., Term Loan B, (TBD)

TBD

TBD

502,068

TOTAL SPAIN

502,068

SWEDEN - 0.0%

199,500

(a),(b)

Anticimex Global AB, (TBD)

TBD

TBD

200,747

TOTAL SWEDEN

200,747

UNITED KINGDOM - 0.1%

650,000

(a) GVC Holdings (Gibraltar) Limited, Term Loan B6 (2029), (TSFR3M + 2.250%)

.922

10/31/29

647,007

TOTAL UNITED KINGDOM

647,007

UNITED STATES - 0.4%

497,744

(a) Boxer Parent Company Inc., Term Loan B, (TSFR3M + 3.000%)

.822

07/30/31

497,034

398,211

(a) Broadstreet Partners, Inc., Term Loan B4, (TSFR1M + 2.750%)

.466

06/16/31

399,986

350,000

(a) Cushman & Wakefield U.S. Borrower, LLC, Term Loan, (TSFR1M + 2.500%)

.216

01/31/30

353,939

498,528

(a) HUB International Limited, Term Loan B, (TSFR3M + 2.250%)

.120

06/20/30

501,676

250,544

(a) Jazz Financing Lux S.a.r.l., First Lien Term Loan B, (TSFR1M + 2.250%)

.966

05/05/28

251,919

104,577

(a) Medline Borrower, LP, Term Loan B, (TSFR1M + 2.000%)

.466

10/23/28

105,005

249,369

(a) Mitchell International, Inc., First Lien Term Loan, (TSFR1M + 3.250%)

.966

06/17/31

250,492

330,217

(a),(b)

Parexel International Corporation, Repriced Term Loan B, (TBD)

TBD

TBD

331,731

498,737

(a) Phoenix Guarantor Inc, Term Loan B, (TSFR1M + 2.500%)

.216

02/21/31

501,742

448,872

(a),(b)

Surgery Center Holdings, Inc., Term Loan B, (TBD)

TBD

TBD

451,157

523,671

(a) TransDigm, Inc., Term Loan J, (TSFR3M + 2.500%)

.216

02/28/31

526,229

299,244

(a) Triton Water Holdings, Inc, Term Loan B, (TSFR1M + 2.250%)

.922

03/31/28

300,443

399,000

(a),(b)

UKG Inc., Term Loan B, (TBD)

TBD

TBD

399,880

199,495

(a) USI, Inc., Term Loan D, (TSFR1M + 2.250%)

.922

11/23/29

200,171

448,864

(a) WEX Inc., Term Loan B2, (TSFR1M + 1.750%)

.466

04/03/28

450,477

TOTAL UNITED STATES

5,521,881

TOTAL BANK LOAN OBLIGATIONS

(Cost $12,235,621)

12,252,168

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

CORPORATE BONDS - 22.0%

AUSTRALIA - 0.4%

EUR

500,000

Amcor UK Finance plc

.200

11/17/29

587,340

EUR

1,500,000

Amcor UK Finance plc

.950

05/29/32

1,784,205

800,000

AngloGold Ashanti Holdings plc

.375

11/01/28

776,110

250,000

AngloGold Ashanti Holdings plc

.750

10/01/30

239,391

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

AUSTRALIA

(continued)

EUR

1,500,000

(c) Glencore Capital Finance DAC, Reg S

.154

%

04/29/31

$

1,816,362

TOTAL AUSTRALIA

5,203,408

AUSTRIA - 0.1%

EUR

600,000

(d),(e)

Erste Group Bank AG., Reg S

.250

N/A

703,502

TOTAL AUSTRIA

703,502

BELGIUM - 0.1%

EUR

800,000

(f) Proximus SADP, Reg S

.750

11/17/36

702,825

TOTAL BELGIUM

702,825

BRAZIL - 0.2%

$

300,000

(g),(h)

Banco Bradesco S.A.

.500

01/22/30

315,576

585,000

Embraer Netherlands Finance BV

.980

02/11/35

621,650

1,400,000

Embraer Netherlands Finance BV

.400

01/09/38

1,382,920

300,000

Suzano Austria GmbH

.125

01/15/32

268,362

775,000

Suzano Netherlands BV

.500

01/15/36

768,319

TOTAL BRAZIL

3,356,827

CANADA - 0.6%

GBP

500,000

(c) Bank of Montreal, Reg S

.125

10/10/28

688,230

EUR

2,000,000

(c) Canadian Imperial Bank of Commerce

.250

07/16/31

2,341,910

EUR

250,000

(h) Fairfax Financial Holdings Ltd

.750

03/29/28

291,613

GBP

1,000,000

(f) Federation des Caisses Desjardins du Quebec, Reg S

.875

10/08/30

1,365,562

EUR

3,000,000

(c) Federation des Caisses Desjardins du Quebec, Reg S

.250

03/28/31

3,496,533

TOTAL CANADA

8,183,848

CHILE - 0.5%

393,791

(h) Alfa Desarrollo S.p.A

.550

09/27/51

316,820

1,100,000

(h) Antofagasta plc

.625

09/09/35

1,132,450

300,000

Celulosa Arauco y Constitucion S.A.

.875

11/02/27

297,205

200,000

(h) Celulosa Arauco y Constitucion S.A.

.180

05/05/32

206,410

200,000

(h) Cia Cervecerias Unidas S.A.

.350

01/19/32

181,431

200,000

(h) Corp Nacional del Cobre de Chile

.625

08/01/27

197,939

900,000

(h) Corp Nacional del Cobre de Chile

.950

01/08/34

941,051

200,000

(h) Corp Nacional del Cobre de Chile

.440

01/26/36

216,875

1,225,000

(h) Corp Nacional del Cobre de Chile

.780

01/13/55

1,318,786

825,000

(h) Empresa Nacional del Petroleo

.450

09/16/31

760,425

1,000,000

(h) Latam Airlines Group S.A.

.875

04/15/30

1,051,770

500,000

(h) Sociedad Quimica y Minera de Chile S.A.

.500

09/10/34

506,515

TOTAL CHILE

7,127,677

COLOMBIA - 0.0%

75,000

Ecopetrol S.A.

.875

04/29/30

76,072

300,000

Ecopetrol S.A.

.625

11/02/31

268,744

300,000

Ecopetrol S.A.

.875

01/13/33

320,382

TOTAL COLOMBIA

665,198

DENMARK - 0.1%

GBP

1,500,000

Danske Bank A.S., Reg S

.250

01/14/28

1,981,720

TOTAL DENMARK

1,981,720

FRANCE - 1.9%

EUR

2,000,000

(f) Air Liquide Finance S.A., Reg S

.625

11/05/29

2,333,042

EUR

1,600,000

(c) Airbus SE, Reg S

.375

05/13/31

1,721,968

EUR

600,000

(c) Airbus SE, Reg S

.375

06/09/40

585,015

EUR

2,000,000

(c) AXA S.A., Reg S

.375

05/31/34

2,347,748

EUR

500,000

AXA S.A., Reg S

.375

10/07/41

523,473

EUR

400,000

(d),(e),(f)

AXA S.A., Reg S

.375

N/A

504,318

500,000

(d),(e),(h)

BNP Paribas S.A.

.500

N/A

530,600

EUR

2,500,000

Credit Agricole Assurances S.A., Reg S

.500

10/06/31

2,626,591

EUR

1,700,000

Electricite de France S.A., Reg S

.000

10/02/30

1,902,893

EUR

1,300,000

(f) Engie S.A., Reg S

.625

12/06/26

1,543,660

EUR

2,000,000

(f) Engie S.A., Reg S

.250

01/11/32

2,335,211

EUR

300,000

(f) La Poste S.A., Reg S

.625

01/18/36

258,698

EUR

1,500,000

RCI Banque S.A., Reg S

.875

09/30/30

1,775,218

EUR

1,500,000

(f) RCI Banque S.A., Reg S

.625

11/03/32

1,729,030

EUR

600,000

(f) Societe Generale S.A., Reg S

.000

11/16/27

723,537

EUR

500,000

(f) Societe Generale S.A., Reg S

.500

06/12/29

554,415

International Bond

See Notes to Financial Statements

Consolidated Portfolio of Investments December 31, 2025

(continued)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

FRANCE

(continued)

EUR

1,400,000

(f) Societe Generale S.A., Reg S

.875

%

11/21/31

$

1,746,175

EUR

600,000

(f) Thales S.A., Reg S

.625

06/14/29

720,761

EUR

1,500,000

(f) TotalEnergies Capital International S.A., Reg S

.160

03/03/33

1,737,647

EUR

1,000,000

(f) TotalEnergies Capital International S.A., Reg S

.852

03/03/45

1,074,713

TOTAL FRANCE

27,274,713

GERMANY - 1.5%

GBP

500,000

(c) BMW International Investment BV, Reg S

.000

01/24/28

685,979

GBP

1,100,000

(c) Commerzbank AG., Reg S

.000

10/15/31

1,492,051

EUR

1,500,000

(c) Deutsche Bank AG., Reg S

.625

01/20/27

1,746,741

GBP

1,500,000

(c) Deutsche Bank AG., Reg S

.875

12/22/28

1,926,966

EUR

1,000,000

Deutsche Bank AG., Reg S

.000

06/16/29

1,174,165

EUR

500,000

(c) EnBW International Finance BV, Reg S

.300

05/23/34

615,523

EUR

2,000,000

(f) Fresenius SE & Co KGaA, Reg S

.750

09/15/29

2,326,425

EUR

3,050,000

(c) Kreditanstalt fuer Wiederaufbau, Reg S

.000

01/10/31

3,140,684

EUR

1,000,000

Kreditanstalt fuer Wiederaufbau, Reg S

.625

01/10/34

1,145,353

GBP

300,000

(c) Mercedes-Benz International Finance BV, Reg S

.000

07/12/27

409,260

EUR

500,000

(f) Sartorius Finance BV, Reg S

.375

09/14/29

611,426

EUR

1,400,000

(c) Siemens Financieringsmaatschappij NV, Reg S

.625

05/27/29

1,646,924

EUR

500,000

(f) Traton Finance Luxembourg S.A., Reg S

.375

01/14/28

592,778

EUR

500,000

(c) Volkswagen Financial Services Overseas AG., Reg S

.750

09/10/26

592,617

EUR

500,000

(c) Volkswagen International Finance NV, Reg S

.750

09/28/27

597,338

EUR

2,000,000

ZF Europe Finance BV, Reg S

.000

06/12/30

2,473,902

TOTAL GERMANY

21,178,132

GUATEMALA - 0.1%

$

800,000

(h) Energuate Trust 2 0

.350

09/15/35

799,692

200,000

(h) Millicom International Cellular S.A.

.500

04/27/31

186,291

TOTAL GUATEMALA

985,983

INDIA - 0.2%

300,000

(h) Adani Electricity Mumbai Ltd

.867

07/22/31

269,764

200,000

(h) Bharti Airtel Ltd

.250

06/03/31

189,268

2,050,000

(f) Power Finance Corp Ltd, Reg S

.350

05/16/31

1,924,181

200,000

(f) Tata Capital Ltd, Reg S

.389

07/21/28

203,955

225,000

(h) UltraTech Cement Ltd

.800

02/16/31

206,199

TOTAL INDIA

2,793,367

INDONESIA - 0.2%

200,000

(f) Bank Mandiri Persero Tbk PT, Reg S

.900

03/24/28

202,387

800,000

(h) Pertamina Persero PT

.300

02/09/31

710,413

300,000

(h) Perusahaan Listrik Negara PT

.250

10/24/42

280,469

900,000

(h) Perusahaan Listrik Negara PT

.150

05/21/48

914,036

225,000

(h) Perusahaan Listrik Negara PT

.875

07/17/49

193,112

TOTAL INDONESIA

2,300,417

IRELAND - 0.4%

EUR

600,000

(f) Bank of Ireland Group plc, Reg S

.375

05/10/27

700,280

EUR

2,320,000

(f) Bank of Ireland Group plc, Reg S

.000

07/04/31

2,924,739

EUR

1,300,000

BMS Ireland Capital Funding Designated Activity Co

.973

11/10/30

1,520,020

TOTAL IRELAND

5,145,039

ISRAEL - 0.1%

300,000

(e),(h)

Bank Leumi Le-Israel BM, Reg S

.275

01/29/31

299,130

800,000

(h) Israel Electric Corp Ltd, Reg S

.250

08/14/28

790,252

TOTAL ISRAEL

1,089,382

ITALY - 0.5%

EUR

1,500,000

(c) Enel Finance International NV, Reg S

.875

01/23/35

1,778,912

EUR

2,400,000

(c) Eni S.p.A, Reg S

.625

01/23/30

2,570,206

EUR

1,700,000

(c) Intesa Sanpaolo S.p.A, Reg S

.125

08/29/31

2,181,061

200,000

(h) Intesa Sanpaolo S.p.A

.198

06/01/32

190,795

TOTAL ITALY

6,720,974

JAPAN - 0.3%

EUR

500,000

(f) Mizuho Financial Group, Inc, Reg S

.460

08/27/30

595,573

EUR

500,000

(f) ORIX Corp, Reg S

.919

04/20/26

586,811

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

JAPAN

(continued)

EUR

2,500,000

Takeda Pharmaceutical Co Ltd

.375

%

07/09/32

$

2,581,593

TOTAL JAPAN

3,763,977

KAZAKHSTAN - 0.0%

$

200,000

(h) QazaqGaz NC JSC

.375

09/26/27

199,327

TOTAL KAZAKHSTAN

199,327

KOREA, REPUBLIC OF - 0.1%

250,000

(h) Kia Corp

.750

02/14/27

246,222

1,000,000

(h) Momentive Performance Materials, Inc

.125

10/22/28

998,249

TOTAL KOREA, REPUBLIC OF

1,244,471

LUXEMBOURG - 0.1%

EUR

600,000

(h) Albion Financing SARL

.375

05/21/30

726,978

EUR

500,000

(c) ArcelorMittal S.A., Reg S

.125

12/13/28

589,809

EUR

500,000

(f) ProLogis International Funding II S.A., Reg S

.375

11/14/30

567,467

TOTAL LUXEMBOURG

1,884,254

MALAYSIA - 0.1%

740,000

(h) Petronas Capital Ltd

.340

04/03/35

769,575

TOTAL MALAYSIA

769,575

MEXICO - 0.5%

1,450,000

(d),(e),(h)

Banco Mercantil del Norte S.A.

.625

N/A

1,423,406

1,100,000

(h) Banco Nacional de Comercio Exterior SNC

.875

05/07/30

1,137,070

200,000

(h) Bimbo Bakeries USA, Inc

.050

01/15/29

209,096

250,000

(h) Bimbo Bakeries USA, Inc

.375

01/09/36

256,303

991,669

(h) CFE FIBRA E

.875

09/23/40

989,753

950,000

(h) Comision Federal de Electricidad

.450

01/24/35

978,312

297,152

(h) FIEMEX Energia-Banco Actinver S.A. Institucion de Banca Multiple

.250

01/31/41

312,316

500,000

(h) Gruma SAB de C.V.

.761

12/09/54

501,622

1,500,000

Pemex Project Funding Master Trust

.625

06/15/35

1,423,384

500,000

Petroleos Mexicanos

.840

01/23/30

507,751

TOTAL MEXICO

7,739,013

MOROCCO - 0.1%

1,700,000

(h) OCP S.A.

.700

03/01/36

1,823,046

TOTAL MOROCCO

1,823,046

NETHERLANDS - 1.1%

GBP

500,000

(f) ABN AMRO Bank NV, Reg S

.750

10/24/29

682,713

EUR

1,700,000

(c) Cooperatieve Rabobank UA, Reg S

.233

04/25/29

2,061,830

EUR

2,500,000

(c) Heineken NV, Reg S

.565

10/03/28

2,936,722

EUR

2,000,000

(f) ING Groep NV, Reg S

.875

11/10/30

2,328,089

EUR

1,500,000

(c) ING Groep NV, Reg S

.750

09/03/35

1,761,471

EUR

2,000,000

(f) Lineage Europe Finco BV, Reg S

.125

11/26/31

2,315,762

EUR

1,900,000

(h) Sunrise FinCo I BV

.625

05/15/32

2,254,016

EUR

1,150,000

(h) VZ Secured Financing BV

.500

01/15/32

1,258,778

TOTAL NETHERLANDS

15,599,381

NIGERIA - 0.1%

EUR

1,000,000

(h) BOI Finance BV

.500

02/16/27

1,206,055

TOTAL NIGERIA

1,206,055

NORWAY - 0.1%

EUR

500,000

(c) Statkraft AS., Reg S

.125

12/13/26

591,354

EUR

100,000

(c) Statnett SF, Reg S

.500

06/08/33

118,147

TOTAL NORWAY

709,501

POLAND - 0.1%

EUR

250,000

(f) ORLEN S.A., Reg S

.125

05/27/28

281,750

1,500,000

(h) ORLEN S.A.

.000

01/30/35

1,581,111

TOTAL POLAND

1,862,861

PORTUGAL - 0.0%

EUR

500,000

(f) EDP Servicios Financieros Espana SAU, Reg S

.125

04/04/29

608,850

TOTAL PORTUGAL

608,850

QATAR - 0.2%

300,000

(f) CBQ Finance Ltd, Reg S

.375

03/28/29

308,950

International Bond

See Notes to Financial Statements

Consolidated Portfolio of Investments December 31, 2025

(continued)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

QATAR

(continued)

CNY

16,000,000

QNB Finance Ltd, Reg S

.150

%

02/04/26

$

2,292,058

TOTAL QATAR

2,601,008

ROMANIA - 0.0%

EUR

250,000

(f) NE Property BV, Reg S

.000

01/20/30

278,202

TOTAL ROMANIA

278,202

SAUDI ARABIA - 0.5%

$

2,750,000

(f) Alinma Sukuk Ltd, Reg S

.792

11/10/35

2,754,539

500,000

(h) Saudi Arabian Oil Co

.250

11/24/50

333,895

1,000,000

Saudi Electricity Global Sukuk Co 5, Reg S

.413

09/17/30

907,828

2,675,000

(f) SNB Funding Ltd, Reg S

.000

06/24/35

2,753,348

TOTAL SAUDI ARABIA

6,749,610

SINGAPORE - 0.1%

EUR

200,000

(f) Temasek Financial I Ltd, Reg S

.500

11/20/31

203,293

800,000

(h) United Overseas Bank Ltd

.000

10/14/31

785,481

TOTAL SINGAPORE

988,774

SOUTH AFRICA - 0.3%

1,700,000

(h) Bidvest Group UK plc

.200

09/17/32

1,732,070

1,250,000

(f) Eskom Holdings SOC Ltd, Reg S

.314

07/23/27

1,240,751

300,000

Sasol Financing USA LLC

.500

03/18/31

254,654

500,000

(h) Transnet SOC Ltd

.250

02/06/28

527,796

800,000

(h) Windfall Mining Group, Inc

.854

05/13/32

835,527

TOTAL SOUTH AFRICA

4,590,798

SPAIN - 0.8%

EUR

2,000,000

Banco de Credito Social Cooperativo S.A., Reg S

.500

06/13/31

2,346,420

GBP

1,500,000

(f) Banco Santander S.A., Reg S

.500

06/11/29

2,088,295

EUR

1,800,000

Banco Santander S.A., Reg S

.875

10/18/31

2,274,162

EUR

2,000,000

(c) CaixaBank S.A., Reg S

.625

09/19/32

2,369,482

EUR

500,000

(c) Cepsa Finance S.A., Reg S

.125

04/11/31

597,087

EUR

1,900,000

(c) Iberdrola Finanzas S.A., Reg S

.000

09/30/31

2,221,271

TOTAL SPAIN

11,896,717

SUPRANATIONAL - 0.3%

KZT

1,310,000,000

International Bank for Reconstruction & Development

.750

06/11/26

2,536,974

UZS

24,200,000,000

International Finance Corp

.000

11/13/26

1,972,893

TOTAL SUPRANATIONAL

4,509,867

SWEDEN - 0.0%

EUR

500,000

(f) Skandinaviska Enskilda Banken AB, Reg S

.000

02/10/32

581,781

TOTAL SWEDEN

581,781

SWITZERLAND - 0.5%

EUR

2,750,000

(f) Cloverie plc for Zurich Insurance Co Ltd, Reg S

.500

12/15/28

3,133,405

EUR

1,500,000

UBS AG., Reg S

.500

03/31/31

1,543,441

EUR

2,600,000

(f) UBS Group AG, Reg S

.250

11/05/28

2,924,942

TOTAL SWITZERLAND

7,601,788

THAILAND - 0.1%

1,330,000

(e),(h)

Bangkok Bank PCL

.466

09/23/36

1,210,062

300,000

(h) Thaioil Treasury Center Co Ltd

.500

06/18/30

272,599

TOTAL THAILAND

1,482,661

TURKEY - 0.1%

1,075,000

(h) Turk Telekomunikasyon AS.

.950

10/07/32

1,098,478

800,000

(h) Ulker Biskuvi Sanayi AS.

.875

07/08/31

842,314

TOTAL TURKEY

1,940,792

UNITED ARAB EMIRATES - 0.0%

200,000

(f) Abu Dhabi Commercial Bank PJSC, Reg S

.361

03/10/35

203,288

274,830

(h) Sweihan PV Power Co PJSC

.625

01/31/49

236,246

TOTAL UNITED ARAB EMIRATES

439,534

UNITED KINGDOM - 2.8%

EUR

400,000

Barclays plc, Reg S

.577

08/09/29

443,023

GBP

200,000

(f) Barclays plc, Reg S

.407

11/14/32

286,500

EUR

2,000,000

(f) Barclays plc, Reg S

.792

10/31/36

2,306,019

EUR

2,400,000

(c) British Telecommunications plc, Reg S

.875

01/20/34

2,853,733

EUR

500,000

(c) Cadent Finance plc, Reg S

.750

04/16/33

589,556

EUR

285,000

(h) ContourGlobal Power Holdings S.A.

.000

02/28/30

342,793

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

UNITED KINGDOM

(continued)

UGX

3,000,000,000

(h) ICBC Standard Bank plc

.250

%

06/26/34

$

728,546

GBP

200,000

(f) Legal & General Group plc, Reg S

.625

04/01/55

283,045

GBP

1,000,000

(c) Lloyds Banking Group plc, Reg S

.250

10/16/31

1,377,468

EUR

1,900,000

(f) Lseg Netherlands BV, Reg S

.750

09/20/27

2,239,274

EUR

1,900,000

National Grid Electricity Distribution East Midlands plc, Reg S

.530

09/20/28

2,278,343

EUR

500,000

(c) NatWest Group plc, Reg S

.575

09/12/32

593,559

GBP

300,000

(c) NatWest Markets plc, Reg S

.625

06/22/26

409,035

EUR

2,000,000

(c) NatWest Markets plc, Reg S

.000

09/03/30

2,331,972

EUR

2,200,000

(c) Reckitt Benckiser Treasury Services plc, Reg S

.625

06/20/29

2,647,941

GBP

1,500,000

(c) Severn Trent Utilities Finance plc, Reg S

.625

02/22/33

1,728,338

EUR

2,000,000

SSE plc, Reg S

.500

03/18/32

2,372,283

EUR

1,700,000

(f) Standard Chartered plc, Reg S

.200

09/23/31

1,971,375

EUR

2,000,000

(f) Swiss RE Subordinated Finance plc, Reg S

.890

03/26/33

2,367,412

EUR

1,500,000

(f) Tesco Corporate Treasury Services plc, Reg S

.375

05/06/32

1,754,787

GBP

1,000,000

(c) Tesco Corporate Treasury Services plc, Reg S

.125

05/22/34

1,321,696

EUR

2,330,000

(f) Unilever Capital Corp, Reg S

.875

10/31/32

2,684,003

GBP

1,500,000

(c) United Utilities Water Finance plc, Reg S

.000

07/03/33

1,631,543

GBP

1,000,000

(c) United Utilities Water Finance plc, Reg S

.125

10/06/38

1,252,351

GBP

600,000

(h) Vmed O2 UK Financing I plc

.500

07/15/31

717,113

EUR

1,400,000

(h) Vmed O2 UK Financing I plc

.625

04/15/32

1,654,061

TOTAL UNITED KINGDOM

39,165,769

UNITED STATES - 6.8%

EUR

2,100,000

AbbVie, Inc

.125

06/01/29

2,416,201

JPY

100,000,000

Aflac, Inc

.550

03/12/30

602,468

EUR

1,500,000

Alphabet, Inc

.875

11/06/31

1,744,047

EUR

1,700,000

American Medical Systems Europe BV

.625

03/08/31

1,852,054

EUR

1,450,000

American Tower Corp

.450

01/15/27

1,669,297

GBP

500,000

AT&T, Inc

.900

12/04/26

667,997

EUR

2,500,000

AT&T, Inc

.350

09/05/29

2,876,209

EUR

500,000

(h) Avantor Funding, Inc

.875

07/15/28

586,420

EUR

1,500,000

(f) Bank of America Corp, Reg S

.662

04/25/28

1,742,860

EUR

2,000,000

(f) Bank of America Corp, Reg S

.824

04/27/33

2,257,841

EUR

2,050,000

BP Capital Markets plc, Reg S

.231

05/08/31

2,179,420

EUR

2,000,000

(f) Carrier Global Corp

.500

11/29/32

2,474,852

EUR

2,000,000

(f) Caterpillar Financial Services Corp, Reg S

.541

11/20/28

2,338,842

EUR

1,750,000

Chubb INA Holdings, Inc

.550

03/15/28

2,010,669

EUR

1,900,000

(a),(f)

Citigroup, Inc, (EURIBOR 3 M + 1.200%), Reg S

.648

05/14/28

2,238,618

EUR

800,000

Citigroup, Inc

.928

10/22/30

932,443

EUR

1,600,000

Citigroup, Inc, Reg S

.750

05/14/32

1,906,851

EUR

2,000,000

(c) CNH Industrial NV, Reg S

.750

06/11/31

2,377,466

EUR

2,165,000

Colgate-Palmolive Co

.250

11/10/35

2,479,206

EUR

2,200,000

Comcast Corp

.250

05/20/27

2,507,287

EUR

267,857

(h) Coty, Inc

.875

04/15/26

315,083

EUR

2,000,000

Duke Energy Corp

.100

06/15/28

2,365,571

EUR

400,000

Duke Energy Corp

.750

04/01/31

476,010

EUR

500,000

FedEx Corp

.625

01/11/27

582,210

EUR

2,100,000

Fiserv Funding ULC

.875

06/15/28

2,462,178

EUR

1,400,000

Ford Motor Credit Co LLC

.125

02/20/29

1,726,121

EUR

1,500,000

(f) Goldman Sachs Group, Inc, Reg S

.250

01/26/28

1,623,044

EUR

2,200,000

(f) Goldman Sachs Group, Inc, Reg S

.500

01/23/33

2,583,025

EUR

295,000

(h) Goodyear Europe BV

.750

08/15/28

338,376

EUR

1,500,000

Highland Holdings Sarl

.318

12/15/26

1,727,315

EUR

2,000,000

International Business Machines Corp

.900

02/10/30

2,343,911

EUR

250,000

(h) IQVIA, Inc

.750

03/15/26

293,223

EUR

2,000,000

(h) Iron Mountain, Inc

.750

01/15/34

2,285,764

EUR

1,300,000

Johnson & Johnson

.700

02/26/29

1,535,015

EUR

2,400,000

Johnson & Johnson

.200

06/01/32

2,847,601

EUR

500,000

Johnson & Johnson

.600

02/26/45

551,174

EUR

1,800,000

(f) Liberty Mutual Group, Inc, Reg S

.625

12/02/30

2,232,795

EUR

1,400,000

(f) Liberty Mutual Group, Inc, Reg S

.875

09/26/35

1,614,443

GBP

600,000

McKesson Corp

.125

02/17/29

782,350

EUR

2,700,000

Morgan Stanley

.149

11/07/31

3,141,366

International Bond

See Notes to Financial Statements

Consolidated Portfolio of Investments December 31, 2025

(continued)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

UNITED STATES

(continued)

EUR

1,500,000

(f) National Grid North America, Inc, Reg S

.061

%

09/03/36

$

1,763,433

GBP

400,000

(f) Nestle Holdings, Inc, Reg S

.250

09/21/26

543,781

EUR

250,000

(h) OI European Group BV

.250

05/15/28

302,246

EUR

100,000

(h) Organon Finance LLC

.875

04/30/28

114,110

GBP

800,000

(f) Pacific Life Global Funding II, Reg S

.375

11/30/28

1,110,196

EUR

1,000,000

PepsiCo, Inc

.450

07/28/37

1,152,220

EUR

2,000,000

Pfizer Netherlands International Finance BV

.875

05/19/29

2,354,522

EUR

2,100,000

Philip Morris International, Inc

.750

06/06/29

2,448,013

EUR

2,000,000

(f) Pricoa Global Funding I, Reg S

.000

07/03/30

2,327,123

EUR

1,650,000

ProLogis Euro Finance LLC

.250

09/22/32

1,908,855

EUR

600,000

ProLogis Euro Finance LLC

.000

05/05/34

716,282

GBP

500,000

(f) Protective Life Global Funding, Reg S

.248

01/13/28

686,342

EUR

1,500,000

Raytheon Technologies Corp

.150

05/18/30

1,698,921

EUR

500,000

The Procter & Gamble Company

.875

10/30/38

483,301

EUR

2,100,000

Thermo Fisher Scientific Finance I BV

.800

10/18/30

2,231,157

EUR

1,300,000

Thermo Fisher Scientific Finance I BV

.628

12/01/35

1,521,723

GBP

600,000

Time Warner Cable LLC

.750

06/02/31

814,913

EUR

1,700,000

Verizon Communications, Inc

.875

10/26/29

1,924,787

GBP

2,000,000

(c) Wells Fargo & Co, Reg S

.875

11/29/35

2,563,537

TOTAL UNITED STATES

96,353,085

TOTAL CORPORATE BONDS

(Cost $308,227,988)

312,003,709

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

GOVERNMENT BONDS - 69.2%

AUSTRALIA - 2.3%

AUD

7,775,000

Australia Government Bond, Reg S

.750

11/21/27

5,064,015

AUD

18,640,000

Australia Government Bond, Reg S

.000

12/21/30

10,610,563

AUD

7,775,000

Australia Government Bond, Reg S

.750

06/21/35

4,388,869

AUD

1,685,000

New South Wales Treasury Corp, Reg S

.000

04/20/29

1,076,087

AUD

5,400,000

New South Wales Treasury Corp, Reg S

.250

02/24/38

3,495,327

AUD

2,400,000

(h) Queensland Treasury Corp, Reg S

.750

07/20/34

1,217,183

AUD

3,900,000

(h) Queensland Treasury Corp, Reg S

.500

08/22/35

2,432,373

AUD

8,300,000

Treasury Corp of Victoria

.250

11/20/34

4,341,306

TOTAL AUSTRALIA

32,625,723

BARBADOS - 0.2%

$

2,125,000

(h) Barbados Government International Bond

.000

06/26/35

2,233,375

TOTAL BARBADOS

2,233,375

BELGIUM - 1.3%

EUR

2,125,000

(h) Kingdom of Belgium Government Bond, Reg S

.000

10/22/27

2,402,520

EUR

3,725,000

(h) Kingdom of Belgium Government Bond, Reg S

.600

10/22/30

4,352,796

EUR

1,500,000

(h) Kingdom of Belgium Government Bond, Reg S

.350

06/22/32

1,495,475

EUR

5,760,000

Kingdom of Belgium Government Bond

.000

06/22/34

6,659,494

EUR

1,575,000

(h) Kingdom of Belgium Government Bond, Reg S

.450

06/22/37

1,483,278

EUR

2,025,000

(h) Kingdom of Belgium Government Bond, Reg S

.400

06/22/40

1,481,869

EUR

675,000

(h) Kingdom of Belgium Government International Bond, Reg S

.700

06/22/50

491,406

TOTAL BELGIUM

18,366,838

BENIN - 0.1%

750,000

(h) Benin Government International Bond

.375

01/23/41

786,827

TOTAL BENIN

786,827

BRAZIL - 0.5%

BRL

37,750,000

Brazil Notas do Tesouro Nacional Serie F

.000

01/01/31

6,047,000

1,000,000

Brazilian Government International Bond

.500

11/06/30

1,015,600

475,000

Brazilian Government International Bond

.000

10/20/33

479,987

TOTAL BRAZIL

7,542,587

CANADA - 4.8%

CAD

3,050,000

(h) Canada Housing Trust No

.100

12/15/26

2,194,964

CAD

15,825,000

(h) Canada Housing Trust No

.550

09/15/32

11,686,899

CAD

2,405,000

Canada Housing Trust No

.450

03/15/35

1,738,441

CAD

1,975,000

Canadian Government Bond

.000

08/01/26

1,452,583

CAD

22,475,000

Canadian Government Bond

.500

09/01/29

16,749,119

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

CANADA

(continued)

CAD

12,225,000

Canadian Government Bond

.500

%

12/01/31

$

8,137,679

CAD

9,850,000

Canadian Government International Bond

.000

06/01/28

7,069,136

CAD

5,200,000

Canadian Government International Bond

.000

06/01/32

3,534,810

CAD

1,300,000

Canadian Government International Bond

.000

06/01/37

1,080,168

CAD

1,350,000

Hydro-Quebec

.000

02/15/55

873,775

CAD

2,725,000

Province of British Columbia Canada

.300

06/18/42

1,951,287

CAD

1,300,000

Province of Ontario Canada

.150

06/02/31

896,565

CAD

8,525,000

Province of Ontario Canada

.600

06/02/39

6,453,361

CAD

1,100,000

Province of Ontario Canada

.900

12/02/51

477,803

CAD

1,000,000

Province of Quebec Canada

.750

09/01/27

730,268

CAD

3,925,000

Province of Quebec Canada

.000

12/01/41

3,031,048

TOTAL CANADA

68,057,906

CHILE - 0.4%

CLP

2,445,000,000

(h) Bonos de la Tesoreria de la Republica en pesos, Reg S

.000

04/01/33

2,828,489

EUR

925,000

Chile Government International Bond

.875

07/09/31

1,112,845

EUR

1,880,000

Chile Government International Bond

.800

07/01/35

2,208,890

TOTAL CHILE

6,150,224

CHINA - 10.4%

CNY

79,500,000

China Government Bond

.910

10/14/28

11,854,046

CNY

143,100,000

China Government Bond

.550

10/15/28

21,140,435

CNY

149,850,000

China Government Bond

.450

04/25/30

21,325,760

CNY

198,200,000

China Government Bond

.670

05/25/33

30,098,657

CNY

13,900,000

China Government Bond

.520

08/25/33

2,091,422

CNY

61,600,000

China Government Bond

.040

11/25/34

8,946,944

CNY

104,420,000

China Government Bond

.610

02/15/35

14,620,178

CNY

91,400,000

China Government Bond

.920

07/15/45

12,208,534

CNY

18,900,000

China Government Bond

.860

07/22/49

3,425,382

CNY

41,300,000

China Government Bond

.390

03/16/50

7,007,327

CNY

50,300,000

China Government Bond

.810

09/14/50

9,119,918

CNY

34,000,000

China Government Bond

.720

04/12/51

6,107,520

TOTAL CHINA

147,946,123

COLOMBIA - 0.4%

EUR

1,950,000

Colombia Government International Bond

.000

09/19/32

2,179,291

COP

14,960,000,000

Colombian TES

.750

09/18/30

3,244,739

TOTAL COLOMBIA

5,424,030

COTE D'IVOIRE - 0.1%

$

1,425,000

(h) Ivory Coast Government International Bond

.075

04/01/36

1,536,579

TOTAL COTE D'IVOIRE

1,536,579

CYPRUS - 0.3%

EUR

1,100,000

(f) Cyprus Government International Bond, Reg S

.625

01/21/30

1,197,966

EUR

1,550,000

(f) Cyprus Government International Bond, Reg S

.950

01/20/32

1,630,744

EUR

575,000

(f) Cyprus Government International Bond, Reg S

.750

02/26/34

658,139

EUR

500,000

(f) Cyprus Government International Bond, Reg S

.750

05/03/49

485,838

TOTAL CYPRUS

3,972,687

CZECH REPUBLIC - 0.5%

CZK

174,850,000

Czech Republic Government Bond, Reg S

.950

05/15/30

7,459,214

TOTAL CZECH REPUBLIC

7,459,214

DOMINICAN REPUBLIC - 0.3%

300,000

(h) Dominican Republic Government International Bond

.050

02/03/31

321,900

2,050,000

(h) Dominican Republic Government International Bond

.875

09/23/32

1,970,460

1,500,000

(h) Dominican Republic International Bond

.875

10/28/35

1,502,550

TOTAL DOMINICAN REPUBLIC

3,794,910

ECUADOR - 0.1%

441,250

(h) Ecuador Government International Bond (Step Bond)

.000

07/31/30

434,966

309,125

(h) Ecuador Government International Bond (Step Bond)

.000

07/31/35

272,494

86,000

(h) Ecuador Government International Bond (Step Bond)

.000

07/31/40

67,295

TOTAL ECUADOR

774,755

EGYPT - 0.1%

975,000

(h) Egypt Government International Bond

.625

02/04/30

1,081,604

International Bond

See Notes to Financial Statements

Consolidated Portfolio of Investments December 31, 2025

(continued)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

EGYPT

(continued)

$

675,000

(h) Egypt Government International Bond

.500

%

01/31/47

$

662,163

TOTAL EGYPT

1,743,767

FRANCE - 3.2%

EUR

3,775,000

(h) French Republic Government Bond OAT, Reg S

.750

11/25/28

4,226,927

EUR

8,500,000

French Republic Government Bond OAT, Reg S

.750

02/25/29

10,059,906

EUR

6,250,000

(h) French Republic Government Bond OAT, Reg S

.500

11/25/33

7,443,611

EUR

9,175,000

(h) French Republic Government Bond OAT, Reg S

.750

04/25/35

11,854,061

EUR

3,950,000

(f),(h)

French Republic Government Bond OAT, Reg S

.500

11/25/35

4,613,295

EUR

7,475,000

(h) French Republic Government Bond OAT, Reg S

.500

05/25/40

5,507,693

EUR

910,000

(h) French Republic Government Bond OAT, Reg S

.750

05/25/52

466,174

EUR

2,560,000

(h) French Republic Government Bond OAT, Reg S

.750

05/25/53

1,269,196

TOTAL FRANCE

45,440,863

GERMANY - 3.7%

EUR

23,525,000

Bundesobligation, Reg S

.200

10/10/30

27,319,454

EUR

4,675,000

Bundesrepublik Deutschland, Reg S

.500

08/15/27

5,356,684

EUR

645,000

Bundesrepublik Deutschland, Reg S

.000

08/15/29

697,910

EUR

365,000

Bundesrepublik Deutschland, Reg S

.100

11/15/29

424,929

EUR

1,000,000

Bundesrepublik Deutschland, Reg S

.000

02/15/32

1,005,950

EUR

1,110,000

Bundesrepublik Deutschland, Reg S

.300

02/15/33

1,273,007

EUR

10,725,000

Bundesrepublik Deutschland, Reg S

.000

05/15/38

9,896,464

EUR

3,745,000

Bundesrepublik Deutschland, Reg S

.000

08/15/52

1,761,107

EUR

2,725,000

Bundesrepublik Deutschland Bundesanleihe, Reg S

.500

02/15/35

3,115,019

EUR

1,800,000

Bundesrepublik Deutschland Bundesanleihe, Reg S

.600

05/15/41

1,952,976

TOTAL GERMANY

52,803,500

GHANA - 0.2%

562,650

(h) Ghana Government International Bond

.000

07/03/29

551,774

1,884,100

(h) Ghana Government International Bond

.000

07/03/35

1,721,326

TOTAL GHANA

2,273,100

GREECE - 1.2%

EUR

738,000

(h) Hellenic Republic Government Bond, Reg S

.625

06/15/35

880,404

EUR

575,000

(h) Hellenic Republic Government International Bond, Reg S

.875

03/12/29

705,210

EUR

2,300,000

(h) Hellenic Republic Government International Bond, Reg S

.500

06/18/30

2,576,687

EUR

1,300,000

(h) Hellenic Republic Government International Bond, Reg S

.750

06/18/31

1,368,384

EUR

1,100,000

(h) Hellenic Republic Government International Bond, Reg S

.750

06/18/32

1,198,962

EUR

7,825,000

(h) Hellenic Republic Government International Bond, Reg S

.375

06/15/34

9,247,073

EUR

750,000

(h) Hellenic Republic Government International Bond, Reg S

.375

07/18/38

942,825

EUR

650,000

(h) Hellenic Republic Government International Bond, Reg S

.125

06/15/54

745,394

TOTAL GREECE

17,664,939

GUATEMALA - 0.1%

1,875,000

(h) Guatemala Government Bond

.250

08/15/36

1,959,375

TOTAL GUATEMALA

1,959,375

HONG KONG - 0.1%

EUR

1,000,000

(f) Hong Kong Government International Bond, Reg S

.125

06/10/33

1,190,951

TOTAL HONG KONG

1,190,951

HUNGARY - 0.7%

HUF

2,095,600,000

Hungary Government Bond

.500

03/23/28

6,180,267

285,000

(h) Hungary Government International Bond

.125

05/22/28

295,544

EUR

1,220,000

(f) Hungary Government International Bond, Reg S

.000

07/25/29

1,468,907

EUR

2,100,000

(f) Hungary Government International Bond, Reg S

.750

06/05/35

1,973,231

TOTAL HUNGARY

9,917,949

INDIA - 0.3%

INR

392,000,000

India Government International Bond

.180

08/14/33

4,486,677

TOTAL INDIA

4,486,677

INDONESIA - 0.4%

IDR

98,550,000,000

Indonesia Treasury Bond

.625

02/15/34

6,099,428

TOTAL INDONESIA

6,099,428

IRELAND - 0.6%

EUR

225,000

Ireland Government Bond, Reg S

.700

05/15/37

225,812

EUR

3,825,000

Ireland Government Bond, Reg S

.000

10/18/43

4,192,116

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

IRELAND

(continued)

EUR

5,025,000

Ireland Government Bond, Reg S

.500

%

05/15/50

$

3,856,259

TOTAL IRELAND

8,274,187

ITALY - 5.2%

EUR

2,575,000

Italy Buoni Poliennali Del Tesoro, Reg S

.250

12/01/26

3,004,567

EUR

2,625,000

Italy Buoni Poliennali Del Tesoro, Reg S

.950

09/15/27

3,023,843

EUR

975,000

Italy Buoni Poliennali Del Tesoro, Reg S

.250

03/15/28

1,096,335

EUR

900,000

Italy Buoni Poliennali Del Tesoro

.000

10/30/31

1,118,867

EUR

9,975,000

(h) Italy Buoni Poliennali Del Tesoro, Reg S

.150

11/15/31

11,835,928

EUR

17,975,000

(h) Italy Buoni Poliennali Del Tesoro, Reg S

.250

07/15/32

21,337,976

EUR

12,500,000

Italy Buoni Poliennali Del Tesoro, Reg S

.850

02/01/35

15,220,412

EUR

1,000,000

(h) Italy Buoni Poliennali Del Tesoro, Reg S

.650

08/01/35

1,193,747

EUR

1,150,000

(h) Italy Buoni Poliennali Del Tesoro, Reg S

.950

03/01/37

1,024,557

EUR

1,575,000

(h) Italy Buoni Poliennali Del Tesoro, Reg S

.000

08/01/39

2,089,885

EUR

2,450,000

(h) Italy Buoni Poliennali Del Tesoro, Reg S

.450

09/01/43

3,014,988

EUR

3,750,000

(h) Italy Buoni Poliennali Del Tesoro, Reg S

.700

09/01/51

2,660,800

EUR

5,850,000

(h) Italy Buoni Poliennali Del Tesoro, Reg S

.300

10/01/54

6,823,449

TOTAL ITALY

73,445,354

JAPAN - 7.9%

JPY

21,000,000

Japan Finance Organization for Municipalities

.320

01/19/26

134,028

JPY

30,000,000

Japan Finance Organization for Municipalities

.145

02/16/26

191,370

JPY

14,000,000

Japan Finance Organization for Municipalities

.020

05/22/26

89,089

JPY

268,000,000

Japan Government Five Year Bond

.005

09/20/26

1,700,848

JPY

5,016,000,000

Japan Government Five Year Bond

.300

09/20/28

31,226,720

JPY

319,000,000

Japan Government Five Year Bond

.500

03/20/29

1,983,489

JPY

657,000,000

Japan Government Forty Year Bond

.700

03/20/61

1,925,097

JPY

284,000,000

Japan Government Ten Year Bond

.100

09/20/26

1,803,624

JPY

897,400,000

Japan Government Ten Year Bond

.100

12/20/30

5,331,605

JPY

1,942,000,000

Japan Government Ten Year Bond

.500

12/20/32

11,371,709

JPY

742,700,000

Japan Government Thirty Year Bond

.500

09/20/46

2,923,283

JPY

73,000,000

Japan Government Thirty Year Bond

.600

09/20/50

255,112

JPY

3,807,000,000

Japan Government Thirty Year Bond

.700

09/20/51

13,218,043

JPY

143,000,000

Japan Government Thirty Year Bond

.300

06/20/52

581,629

JPY

233,000,000

Japan Government Thirty Year Bond

.600

12/20/53

1,008,619

JPY

131,800,000

Japan Government Twenty Year Bond

.100

03/20/26

843,978

JPY

256,000,000

Japan Government Twenty Year Bond

.500

06/20/38

1,308,402

JPY

660,000,000

Japan Government Twenty Year Bond

.700

09/20/38

3,437,304

JPY

185,000,000

Japan Government Twenty Year Bond

.300

06/20/39

889,549

JPY

380,000,000

Japan Government Twenty Year Bond

.300

09/20/39

1,811,616

JPY

4,875,000,000

Japan Government Twenty Year Bond

.400

03/20/40

23,220,268

JPY

750,000,000

Japan Government Twenty Year Bond

.500

06/20/45

4,483,701

JPY

450,000,000

Japan Government Two Year Bond

.700

02/01/27

2,865,843

TOTAL JAPAN

112,604,926

KOREA, REPUBLIC OF - 3.0%

KRW

4,350,000,000

Korea Treasury Bond

.375

12/10/29

2,817,297

KRW

27,671,000,000

Korea Treasury Bond

.625

03/10/30

18,740,606

KRW

1,175,000,000

Korea Treasury Bond

.375

12/10/31

773,749

KRW

24,337,000,000

Korea Treasury Bond

.625

06/10/35

15,824,930

KRW

1,940,000,000

Korea Treasury Bond

.375

09/10/38

1,207,148

KRW

4,081,000,000

Korea Treasury Bond

.875

09/10/41

2,294,859

KRW

730,000,000

Korea Treasury Bond

.500

03/10/52

434,006

TOTAL KOREA, REPUBLIC OF

42,092,595

LITHUANIA - 0.1%

EUR

1,300,000

(f) Lithuania Government International Bond, Reg S

.625

03/10/36

1,504,043

TOTAL LITHUANIA

1,504,043

MALAYSIA - 0.7%

MYR

29,175,000

Malaysia Government Bond

.642

11/07/33

7,756,206

MYR

8,975,000

Malaysia Government Bond

.180

05/16/44

2,298,846

TOTAL MALAYSIA

10,055,052

MEXICO - 1.1%

$

2,150,000

(h) Eagle Funding Luxco Sarl

.500

08/17/30

2,189,968

MXN

75,040,000

Mexican Bonos

.500

03/01/29

4,203,073

MXN

76,160,000

Mexican Bonos

.500

11/18/38

3,963,619

International Bond

See Notes to Financial Statements

Consolidated Portfolio of Investments December 31, 2025

(continued)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

MEXICO

(continued)

EUR

1,300,000

Mexico Government International Bond

.500

%

03/19/34

$

1,521,694

EUR

1,650,000

Mexico Government International Bond

.125

05/04/37

1,958,681

$

1,275,000

Mexico Government International Bond

.400

05/07/54

1,224,638

TOTAL MEXICO

15,061,673

MOROCCO - 0.1%

1,100,000

(h) Morocco Government International Bond

.000

12/15/32

968,540

TOTAL MOROCCO

968,540

NEW ZEALAND - 0.4%

NZD

2,550,000

New Zealand Government Bond

.500

05/15/35

1,475,429

NZD

4,000,000

New Zealand Government Bond

.250

05/15/36

2,247,954

NZD

7,065,000

New Zealand Government Bond

.750

05/15/41

2,681,724

TOTAL NEW ZEALAND

6,405,107

NORWAY - 0.4%

NOK

60,000,000

(h) Norway Government International Bond, Reg S

.250

09/17/31

5,138,678

TOTAL NORWAY

5,138,678

PARAGUAY - 0.1%

1,800,000

(h) Paraguay Government International Bond

.000

02/09/36

1,928,686

225,000

(h) Paraguay Government International Bond

.650

03/04/55

244,444

TOTAL PARAGUAY

2,173,130

PERU - 0.4%

PEN

15,351,000

(h) Peruvian Government International Bond

.400

08/12/34

4,548,369

1,410,000

Peruvian Government International Bond

.375

02/08/35

1,440,315

TOTAL PERU

5,988,684

POLAND - 1.4%

315,000

(h) Bank Gospodarstwa Krajowego

.250

10/31/28

333,627

EUR

2,025,000

(f) Bank Gospodarstwa Krajowego, Reg S

.375

03/13/39

2,392,692

PLN

28,525,000

Republic of Poland Government International Bond

.750

04/25/29

8,328,736

PLN

18,000,000

Republic of Poland Government International Bond

.000

10/25/33

5,353,820

EUR

2,650,000

Republic of Poland Government International Bond, Reg S

.875

07/07/37

3,097,664

EUR

700,000

(c) Republic of Poland Government International Bond, Reg S

.125

01/11/44

801,044

280,000

Republic of Poland Government International Bond

.500

04/04/53

268,692

TOTAL POLAND

20,576,275

REPUBLIC OF SERBIA - 0.2%

EUR

1,700,000

(h) Serbia Government International Bond

.500

06/26/29

1,851,804

EUR

675,000

(h) Serbia Government International Bond

.650

03/03/33

661,771

TOTAL REPUBLIC OF SERBIA

2,513,575

ROMANIA - 0.7%

RON

27,490,000

Romanian Government International Bond

.000

04/29/30

6,643,252

EUR

3,550,000

(h) Romanian Government International Bond

.000

04/14/33

3,387,439

TOTAL ROMANIA

10,030,691

RWANDA - 0.1%

1,225,000

(h) Rwanda International Government Bond

.500

08/09/31

1,135,662

TOTAL RWANDA

1,135,662

SINGAPORE - 0.4%

SGD

2,975,000

Singapore Government Bond

.750

03/01/35

2,440,205

SGD

3,625,000

Singapore Government International Bond

.875

09/01/30

2,945,518

TOTAL SINGAPORE

5,385,723

SOUTH AFRICA - 0.6%

ZAR

107,675,000

Republic of South Africa Government International Bond

.875

02/28/35

6,757,972

ZAR

27,300,000

Republic of South Africa Government International Bond

.750

01/31/44

1,574,956

TOTAL SOUTH AFRICA

8,332,928

SPAIN - 3.6%

EUR

10,875,000

(h) Spain Government Bond, Reg S

.150

04/30/35

12,673,326

EUR

7,925,000

(h) Spain Government Bond, Reg S

.000

10/31/54

9,106,432

EUR

1,095,000

(h) Spain Government International Bond, Reg S

.400

07/30/28

1,258,908

EUR

4,625,000

(h) Spain Government International Bond, Reg S

.600

10/31/29

5,064,608

EUR

8,610,000

(h) Spain Government International Bond, Reg S

.100

04/30/31

8,824,134

EUR

925,000

(h) Spain Government International Bond, Reg S

.250

04/30/34

1,095,139

EUR

5,475,000

(h) Spain Government International Bond, Reg S

.900

07/30/39

6,617,456

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SPAIN

(continued)

EUR

7,200,000

(h) Spain Government International Bond, Reg S

.200

%

10/31/40

$

6,070,800

TOTAL SPAIN

50,710,803

SUPRANATIONAL - 0.4%

EUR

650,000

(h) Banque Ouest Africaine de Developpement

.750

01/22/33

645,913

INR

124,700,000

European Bank for Reconstruction & Development

.300

10/26/27

1,386,510

INR

33,000,000

Inter-American Development Bank

.000

04/17/33

372,501

INR

66,300,000

International Bank for Reconstruction & Development

.500

01/21/27

728,427

IDR

31,200,000,000

International Bank for Reconstruction & Development

.250

01/12/28

1,915,367

TOTAL SUPRANATIONAL

5,048,718

SWITZERLAND - 0.7%

CHF

5,975,000

Swiss Confederation Government Bond, Reg S

.250

06/23/35

7,505,692

CHF

1,850,000

Swiss Confederation Government Bond, Reg S

.250

06/27/37

2,557,952

TOTAL SWITZERLAND

10,063,644

THAILAND - 0.3%

THB

57,650,000

Thailand Government Bond

.450

06/17/43

2,131,519

THB

55,300,000

Thailand Government International Bond

.300

06/17/38

2,020,643

TOTAL THAILAND

4,152,162

TURKEY - 0.1%

EUR

1,500,000

Turkiye Government International Bond

.200

08/17/31

1,832,617

TOTAL TURKEY

1,832,617

UGANDA - 0.2%

UGX

12,450,000,000

Republic of Uganda Government Bonds

.250

06/22/34

3,068,634

TOTAL UGANDA

3,068,634

UKRAINE - 0.0%

$

250,000

(h) Ukraine Government International Bond

.750

02/01/29

186,875

363,440

(h) Ukraine Government International Bond

.000

02/01/35

205,344

73,700

(h) Ukraine Government International Bond

.000

02/01/36

41,456

TOTAL UKRAINE

433,675

UNITED KINGDOM - 6.5%

GBP

5,150,000

United Kingdom Gilt, Reg S

.750

03/07/27

6,944,753

GBP

9,475,000

United Kingdom Gilt, Reg S

.625

10/22/28

12,079,141

GBP

1,735,000

United Kingdom Gilt, Reg S

.500

01/31/29

2,121,012

GBP

2,525,000

United Kingdom Gilt, Reg S

.375

03/07/30

3,461,654

GBP

450,000

United Kingdom Gilt, Reg S

.250

07/31/31

495,496

GBP

18,600,000

(f) United Kingdom Gilt, Reg S

.000

10/22/31

24,952,939

GBP

660,000

United Kingdom Gilt, Reg S

.250

01/31/33

834,541

GBP

1,100,000

United Kingdom Gilt, Reg S

.875

07/31/33

1,157,760

GBP

760,000

United Kingdom Gilt, Reg S

.625

01/31/34

1,042,624

GBP

10,875,000

United Kingdom Gilt, Reg S

.500

03/07/35

14,682,255

GBP

3,895,000

United Kingdom Gilt, Reg S

.750

09/07/37

3,870,318

GBP

1,300,000

United Kingdom Gilt, Reg S

.750

01/29/38

1,592,074

GBP

8,975,000

United Kingdom Gilt, Reg S

.250

10/22/41

7,219,295

GBP

900,000

United Kingdom Gilt, Reg S

.875

01/31/46

569,543

GBP

1,200,000

United Kingdom Gilt, Reg S

.250

12/07/49

1,415,885

GBP

2,760,000

United Kingdom Gilt, Reg S

.625

10/22/50

1,371,732

GBP

7,275,000

United Kingdom Gilt, Reg S

.375

07/31/54

8,602,783

TOTAL UNITED KINGDOM

92,413,805

UNITED STATES - 1.7%

2,391,843

(a),(h)

Chase Home Lending Mortgage Trust

.592

07/25/56

2,431,768

1,000,000

(a),(h)

Connecticut Avenue Securities Trust, (SOFR30A + 3.600%)

.474

07/25/42

1,034,500

2,000,000

(a),(h)

Connecticut Avenue Securities Trust, (SOFR30A + 3.550%)

.424

05/25/43

2,098,726

2,855,000

(a),(h)

Connecticut Avenue Securities Trust, (SOFR30A + 2.700%)

.574

07/25/43

2,937,145

2,000,000

(a),(h)

Connecticut Avenue Securities Trust, (SOFR30A + 2.500%)

.374

10/25/43

2,035,919

1,350,000

(a),(h)

Connecticut Avenue Securities Trust, (SOFR30A + 1.800%)

.150

02/25/44

1,359,008

2,600,000

(a),(h)

Freddie Mac STACR REMIC Trust, (SOFR30A + 3.050%)

.924

01/25/34

2,763,985

1,400,000

(a),(h)

Freddie Mac STACR REMIC Trust, (SOFR30A + 5.750%)

.624

09/25/42

1,509,383

3,000,000

(a),(h)

Freddie Mac STACR REMIC Trust, (SOFR30A + 3.100%)

.444

03/25/43

3,111,796

1,670,000

(a),(h)

Freddie Mac STACR REMIC Trust, (SOFR30A + 3.250%)

.115

04/25/43

1,739,447

1,215,000

(a),(h)

Verus Securitization Trust

.512

01/25/70

1,235,331

International Bond

See Notes to Financial Statements

Consolidated Portfolio of Investments December 31, 2025

(continued)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

UNITED STATES

(continued)

$

2,000,000

(a),(h)

Verus Securitization Trust

.796

%

11/25/70

$

1,996,168

TOTAL UNITED STATES

24,253,176

URUGUAY - 0.5%

UYU

137,650,000

Uruguay Government International Bond

.250

05/21/31

3,621,342

UYU

42,600,000

Uruguay Government International Bond

.000

10/29/35

1,118,039

2,360,000

Uruguay Government International Bond

.442

02/14/37

2,452,158

TOTAL URUGUAY

7,191,539

UZBEKISTAN - 0.1%

UZS

7,970,000,000

(h) Republic of Uzbekistan International Bond

.625

05/29/27

693,585

1,150,000

(h) Republic of Uzbekistan International Bond

.900

02/28/32

1,235,968

TOTAL UZBEKISTAN

1,929,553

TOTAL GOVERNMENT BONDS

(Cost $999,474,159)

983,037,476

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

STRUCTURED ASSETS - 3.3%

IRELAND - 0.8%

837,843

(a),(h)

Atom Mortgage Securities DAC, (SONIA Interest Rate Benchmark + 1.900%), Series 2021

1A

.825

07/22/31

1,081,779

1,111,721

(a),(h)

Bruegel 2021 DAC, (EURIBOR 3 M + 2.470%), Series 2021 1A

.524

05/22/31

1,292,029

1,500,000

(a),(h)

Jade Finance Designated Activity Co, (SONIA Interest Rate Benchmark + 1.950%), Series

2025 2A

.806

08/17/35

2,025,834

1,079,778

(a),(h)

Last Mile Securities, (EURIBOR 3 M + 2.350%), Series 2021 1A

.414

08/17/31

1,270,344

2,000,000

(a),(h)

Sequoia Logistics DAC, (EURIBOR 3 M + 1.900%), Series 2025 1A

.964

02/17/37

2,361,698

897,861

(a),(h)

Taurus UK DAC, (SONIA Interest Rate Benchmark + 2.500%), Series 2025 UK2A

.353

02/18/35

1,213,094

1,495,989

(a),(h)

Thunder Logistics DAC, (EURIBOR 3 M + 2.550%), Series 2024 1A

.614

11/17/36

1,759,480

TOTAL IRELAND

11,004,258

ITALY - 0.0%

860,922

(a),(h)

Cassia SRL, (EURIBOR 3 M + 3.500%), Series 2022 1A

.554

05/22/34

1,019,515

TOTAL ITALY

1,019,515

LUXEMBOURG - 0.1%

1,000,000

(a),(h)

SV VANIR LOGISTICS FINANCE S.A, (EURIBOR 3 M + 1.900%), Series 2025 1A

.000

07/23/37

1,178,023

TOTAL LUXEMBOURG

1,178,023

UNITED KINGDOM - 0.1%

1,359,470

(a),(h)

Sage AR Funding, (SONIA Interest Rate Benchmark + 2.000%), Series 2025 1A

.856

05/17/37

1,837,294

TOTAL UNITED KINGDOM

1,837,294

UNITED STATES - 2.3%

2,000,000

(a),(h)

Alen Mortgage Trust, (TSFR1M + 2.364%), Series 2021 ACEN

.115

04/15/34

1,738,164

1,300,000

(h) Angel Oak Mortgage Trust, Series 2025 12

.767

12/25/70

1,302,350

825,000

(h) Avis Budget Rental Car Funding AESOP LLC, Series 2023 8A

.660

02/20/30

871,448

1,500,000

(a),(h)

BAMLL Trust, (TSFR1M + 2.350%), Series 2025 ASHF

.101

02/15/42

1,503,177

287,773

(a),(h)

BX Commercial Mortgage Trust, (CAONREPO + 3.050%), Series 2024 PURE

.305

11/15/41

210,972

1,000,000

(a),(h)

BX Trust, (TSFR1M + 2.400%), Series 2025 OMG

.151

10/15/42

1,000,675

1,000,000

(a),(h)

BX Trust, (TSFR1M + 1.750%), Series 2025 JDI

.500

11/15/42

1,003,978

101,263

Carvana Auto Receivables Trust, Series 2021 N2

.270

03/10/28

98,937

2,200,000

(a),(h)

CIP Commercial Mortgage Trust, (TSFR1M + 2.300%), Series 2025 SBAY

.400

10/15/37

2,207,899

1,000,000

(h) Cologix Data Centers US Issuer LLC, Series 2021 1A

.300

12/26/51

982,823

2,000,000

(a),(h)

COLT Mortgage Loan Trust, Series 2025 11

.952

11/25/70

2,006,608

1,405,794

(a) COMM Mortgage Trust, Series 2015 CR24

.208

08/10/48

1,368,189

500,000

(h) Compass Datacenters Issuer III LLC, Series 2025 1A

.656

02/25/50

505,765

1,200,000

(a),(h)

Connecticut Avenue Securities Trust, (SOFR30A + 3.750%), Series 2023 R01

.106

12/25/42

1,254,599

1,800,000

(a),(h)

Connecticut Avenue Securities Trust, (SOFR30A + 3.250%), Series 2023 R07

.124

09/25/43

1,861,615

1,000,000

(h) Crescendo Royalty Funding LP, Series 2021 1

.567

12/20/51

986,210

1,000,000

(h) DB Master Finance LLC, Series 2025 1A

.891

08/20/55

1,002,047

1,139,520

(h) Domino's Pizza Master Issuer LLC, Series 2019 1A

.668

10/25/49

1,096,858

1,350,000

(h) Frontier Issuer LLC, Series 2024 1

.190

06/20/54

1,391,882

1,400,000

(a),(h)

JP Morgan Chase Commercial Mortgage Securities Trust, (TSFR1M + 1.664%), Series 2021

MHC

.624

04/15/38

1,400,715

500,000

(h) Lmdv Issuer Co LLC, Series 2025 1A

.310

12/15/55

499,850

1,500,000

(h) MetroNet Infrastructure Issuer LLC, Series 2025 2A

.400

08/20/55

1,521,142

83,413

(h) MVW LLC, Series 2021 1WA

.940

01/22/41

80,603

1,000,000

(h) NMEF Funding LLC, Series 2025 B

.470

01/18/33

1,006,187

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

UNITED STATES (continued)

$

98,160

(h) Oportun Issuance Trust, Series 2021 B

.960

%

05/08/31

$

96,498

98,160

(h) Oportun Issuance Trust, Series 2021 B

.650

05/08/31

97,270

500,000

(h) Planet Fitness Master Issuer LLC, Series 2025 1A

.274

12/06/55

502,088

894,871

(h) Sierra Receivables Funding Co, Series 2025 3A

.640

08/22/44

898,202

990,000

(h) Subway Funding LLC, Series 2024 3A

.246

07/30/54

986,465

952,500

(h) Taco Bell Funding LLC, Series 2018 1A

.940

11/25/48

954,303

1,750,000

(a),(h)

Wells Fargo Commercial Mortgage Trust, (TSFR1M + 2.292%), Series 2025 AGLN

.042

07/15/37

1,752,872

500,000

(h) Willis Engine Structured Trust IX, Series 2025 B

.159

12/15/50

500,997

TOTAL UNITED STATES

32,691,388

TOTAL STRUCTURED ASSETS

(Cost $47,631,927)

47,730,478

TOTAL LONG-TERM INVESTMENTS

(Cost $1,367,569,695)

1,355,023,831

SHARES

DESCRIPTION

RATE

VALUE

INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING - 0.0%

328,557

(i) State Street Navigator Securities Lending Government Money Market Portfolio

3.830 (j)

328,557

TOTAL INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING

(Cost $328,557)

328,557

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SHORT-TERM INVESTMENTS - 3.9%

GOVERNMENT AGENCY DEBT - 0.3%

5,000,000

Federal Home Loan Bank Discount Notes

.000

01/07/26

4,996,587

TOTAL GOVERNMENT AGENCY DEBT

4,996,587

REPURCHASE AGREEMENT - 1.5%

20,961,000

(k) Fixed Income Clearing Corporation

.810

01/02/26

20,961,000

TOTAL REPURCHASE AGREEMENT

20,961,000

TREASURY DEBT - 2.1%

CAD

4,200,000

Canadian Treasury Bill

.000

01/14/26

3,057,489

EGP

80,000,000

Egypt Treasury Bills

.000

04/07/26

1,572,880

EGP

54,000,000

Egypt Treasury Bills

.000

04/14/26

1,059,614

JPY

768,000,000

Japan Treasury Discount Bill

.000

02/16/26

4,898,976

JPY

1,560,000,000

Japan Treasury Discount Bill

.000

02/20/26

9,950,326

4,185,000

United States Treasury Bill

.000

01/02/26

4,185,000

5,000,000

United States Treasury Bill

.000

03/03/26

4,970,384

TOTAL TREASURY DEBT

29,694,669

TOTAL SHORT-TERM INVESTMENTS

(Cost $55,768,858)

55,652,256

TOTAL INVESTMENTS - 99.3%

(Cost $1,423,667,110)

1,411,004,644

OTHER ASSETS & LIABILITIES, NET - 0.7%

9,787,655

NET ASSETS - 100.0%

$

1,420,792,299

International Bond

See Notes to Financial Statements

Consolidated Portfolio of Investments December 31, 2025

(continued)

Principal denominated in U.S. Dollars, unless otherwise noted.

Investments in Derivatives

AUD

Australian Dollar

BRL

Brazilian Real

CAONREPO

Canadian Overnight Repo Rate Average

CAD

Canadian Dollar

CHF

Switzerland Franc

CLP

Chilean Peso

CNY

Chinese Yuan

COP

Colombia Peso

CZK

Czech Republic Koruna

EGP

Egyptian Pound

EUR

Euro

EURIBOR

EURO Interbank Offer Rate

GBP

Pound Sterling

HUF

Hungary Forint

IDR

Indonesian Rupiah

INR

Indian Rupee

JPY

Japanese Yen

KRW

South Korean Won

KZT

Kazakhstani Tenge

M

Month

MXN

Mexican Peso

MYR

Malaysian Ringgit

NOK

Norwegian Krone

NZD

New Zealand Dollar

PEN

Peruvian Sol

PLN

Polish Zloty

Reg S

Regulation S allows U.S. companies to sell securities to persons or entities located outside of the United States without registering those securities with the Securities and Exchange

Commission. Specifically, Regulation S provides a safe harbor from the registration requirements of the Securities Act for the offers and sales of securities by both foreign and domestic issuers

that are made outside the United States.

REMIC

Real Estate Mortgage Investment Conduit

RON

Romanian Leu

SGD

Singapore Dollar

SOFR30A

30 Day Average Secured Overnight Financing Rate

SONIA

Sterling Overnight Interbank Average Rate

THB

Thai Baht

TBD

Bank loan purchased on a when-issued or delayed-delivery basis. Certain details associated with this purchase are not known prior to the settlement date of the transaction. In addition, senior

loans typically trade without accrued interest and therefore a coupon rate is not available prior to settlement. At settlement, if still unknown, the borrower or counterparty will provide the Fund

with the final coupon rate and maturity date.

TSFR1M

CME Term Secured Overnight Financing Rate 1 Month

TSFR3M

CME Term Secured Overnight Financing Rate 3 Month

UGX

Ugandan Shilling

UYU

Uruguayan Peso

UZS

Uzbekistani Som

ZAR

South African Rand

(a) Floating or variable rate security includes the reference rate and spread, when applicable. For mortgage-backed or asset-backed securities the variable rate is based on the underlying asset of

the security. Coupon rate reflects the rate at period end.

(b) When-issued or delayed delivery security.

(c) All or a portion of this security is owned by Nuveen International Bond Taxable Offshore Limited which is a 100% owned subsidiary of the fund.

(d) Perpetual security. Maturity date is not applicable.

(e) Contingent Capital Securities ("CoCos") are debt or preferred securities with loss absorption characteristics built into the terms of the security for the benefit of the issuer, for example an

automatic write-down of principal or a mandatory conversion into the issuer's common stock under certain adverse circumstances, such as the issuer's capital ratio falling below a specified

level. As of the end of the reporting period, the Fund's total investment in CoCos was 0.3% of Total Investments.

(f) All or a portion of this security is owned by Nuveen International Bond Offshore Limited which is a 100% owned subsidiary of the fund.

(g) All or a portion of these securities are out on loan. The aggregate value of securities on loan is $312,420.

(h) Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are deemed liquid and may be resold in transactions exempt from registration,

which are normally those transactions with qualified institutional buyers. As of the end of the reporting period, the aggregate value of these securities is $342,539,290 or 24.3% of Total

Investments.

(i) Investments made with cash collateral received from securities on loan.

(j) The rate shown is the one-day yield as of the end of the reporting period.

(k) Agreement with Fixed Income Clearing Corporation, 3.810% dated 12/31/25 to be repurchased at $20,965,437 on 1/2/26, collateralized by Government Agency Securities, with coupon rate

4.375% and maturity date 12/31/29, valued at $21,380,230.

See Notes to Financial Statements

Forward Foreign Currency Contracts

Currency

Purchased

Receive

Currency

Sold

Deliver

Counterparty

Settlement Date

Unrealized

Appreciation

(Depreciation)

$

13,034,880

AUD

19,737,934

Australia and New Zealand Banking Group Limited

01/09/26

$

(138,132)

$

997,637

AUD

1,534,577

Australia and New Zealand Banking Group Limited

01/09/26

(26,533)

$

1,990,357

AUD

3,061,590

Australia and New Zealand Banking Group Limited

01/09/26

(52,935)

$

1,734,058

EUR

1,497,720

Australia and New Zealand Banking Group Limited

01/08/26

(26,734)

$

1,795,015

EUR

1,557,605

Australia and New Zealand Banking Group Limited

01/08/26

(36,180)

$

1,267,364

EUR

1,097,800

Australia and New Zealand Banking Group Limited

01/08/26

(23,262)

$

9,435,158

EUR

8,170,235

Australia and New Zealand Banking Group Limited

01/08/26

(170,163)

$

24,697,237

EUR

21,413,386

Australia and New Zealand Banking Group Limited

01/08/26

(477,368)

$

1,393,820

EUR

1,200,002

Australia and New Zealand Banking Group Limited

01/08/26

(16,960)

$

5,003,956

EUR

4,305,297

Australia and New Zealand Banking Group Limited

01/08/26

(57,558)

$

3,112,985

EUR

2,700,000

Australia and New Zealand Banking Group Limited

01/08/26

(61,265)

$

2,084,890

EUR

1,795,223

Australia and New Zealand Banking Group Limited

01/08/26

(25,660)

$

25,674,805

EUR

21,842,495

Australia and New Zealand Banking Group Limited

01/08/26

41,180

$

599,720

GBP

456,579

Australia and New Zealand Banking Group Limited

01/08/26

(15,720)

$

1,350,449

GBP

1,025,559

Australia and New Zealand Banking Group Limited

01/08/26

(28,411)

$

1,285,625

GBP

960,614

Australia and New Zealand Banking Group Limited

01/08/26

(5,917)

$

3,460,838

GBP

2,590,516

Australia and New Zealand Banking Group Limited

01/08/26

(31,022)

$

1,745,391

GBP

1,298,940

Australia and New Zealand Banking Group Limited

01/08/26

(1,030)

$

1,277,241

GBP

950,319

Australia and New Zealand Banking Group Limited

01/08/26

(459) $

6,191,989

GBP

4,722,929

Australia and New Zealand Banking Group Limited

01/08/26

(174,237)

$

4,517,209

NZD

7,736,663

Australia and New Zealand Banking Group Limited

01/09/26

61,149

EUR

197,663

$

228,790

Australia and New Zealand Banking Group Limited

01/08/26

3,592

EUR

397,788

$

460,429

Australia and New Zealand Banking Group Limited

01/08/26

7,229

EUR

592,990

$

686,370

Australia and New Zealand Banking Group Limited

01/08/26

10,777

EUR

1,100,885

$

1,270,161

Australia and New Zealand Banking Group Limited

01/08/26

24,093

EUR

730,821

$

846,500

Australia and New Zealand Banking Group Limited

01/08/26

12,688

JPY

788,000,000

$

5,073,551

Australia and New Zealand Banking Group Limited

02/02/26

(28,189)

$

5,917,568

EUR

5,069,866

Bank of America

01/08/26

(32,258)

$

6,405,152

EUR

5,515,264

Bank of America

01/08/26

(67,379)

$

2,398,953

EUR

2,045,325

Bank of America

01/08/26

(1,372)

$

1,768,189

EUR

1,510,736

Bank of America

01/08/26

(4,760)

$

3,601,931

EUR

3,082,063

Bank of America

01/08/26

(15,076)

$

4,074,740

EUR

3,528,172

Bank of America

01/08/26

(65,805)

$

1,171,240

EUR

1,005,578

Bank of America

01/08/26

(8,873)

$

3,868,577

GBP

2,879,517

Bank of America

01/08/26

(2,924)

$

3,208,284

GBP

2,458,976

Bank of America

01/08/26

(97,801)

$

7,455,710

GBP

5,715,186

Bank of America

01/08/26

(248,021)

$

1,239,941

GBP

937,154

Bank of America

01/08/26

(20,060)

$

2,373,873

HUF

794,070,065

Bank of America

01/08/26

(52,837)

$

2,988,683

KRW

4,400,267,500

Bank of America

01/12/26

(59,943)

$

5,428,281

SGD

7,032,116

Bank of America

01/12/26

(47,056)

EUR

609,326

$

704,467

Bank of America

01/08/26

10,617

$

4,413,815

MYR

18,222,434

Barclays Bank PLC

01/12/26

(81,209)

JPY

771,000,000

$

4,967,240

Barclays Bank PLC

02/09/26

(27,952)

$

1,930,173

AUD

2,967,630

Citibank N.A.

01/09/26

(50,410)

$

2,636,272

AUD

4,003,389

Citibank N.A.

01/09/26

(35,573)

$

5,012,500

CAD

6,982,715

Citibank N.A.

01/08/26

(76,812)

$

1,015,924

CHF

815,185

Citibank N.A.

01/08/26

(14,118)

$

967,662

CHF

761,350

Citibank N.A.

01/08/26

5,644

$

6,640,916

CZK

138,919,999

Citibank N.A.

01/08/26

(117,605)

$

743,124

CZK

15,540,065

Citibank N.A.

01/08/26

(12,907)

$

7,140,246

EUR

6,099,978

Citibank N.A.

01/08/26

(31,182)

$

22,553,427

EUR

19,263,855

Citibank N.A.

01/08/26

(94,086)

$

1,544,832

EUR

1,319,812

Citibank N.A.

01/08/26

(6,803)

$

1,016,461

EUR

868,968

Citibank N.A.

01/08/26

(5,140)

$

2,482,280

EUR

2,144,896

Citibank N.A.

01/08/26

(39,363)

$

389,505

EUR

333,410

Citibank N.A.

01/08/26

(2,467)

$

475,737

EUR

409,092

Citibank N.A.

01/08/26

(5,211)

$

580,926

EUR

499,480

Citibank N.A.

01/08/26

(6,287)

$

2,376,843

EUR

2,040,671

Citibank N.A.

01/08/26

(22,268)

$

2,986,113

EUR

2,575,285

Citibank N.A.

01/08/26

(41,516)

$

5,001,324

EUR

4,301,540

Citibank N.A.

01/08/26

(55,773)

$

1,039,004

EUR

897,786

Citibank N.A.

01/08/26

(16,476)

International Bond

See Notes to Financial Statements

Consolidated Portfolio of Investments December 31, 2025

(continued)

$

1,501,108

EUR

1,289,091

Citibank N.A.

01/08/26

(14,410)

$

224,628,281

EUR

191,375,260

Citibank N.A.

01/08/26

(361,672)

$

3,517,944

EUR

3,014,486

Citibank N.A.

01/08/26

(26,030)

$

935,162

EUR

800,000

Citibank N.A.

01/08/26

(5,357)

$

1,069,924

EUR

917,128

Citibank N.A.

01/08/26

(8,296)

$

20,071,958

EUR

17,219,588

Citibank N.A.

01/08/26

(172,217)

$

488,090

EUR

418,703

Citibank N.A.

01/08/26

(4,157)

$

2,001,173

EUR

1,718,646

Citibank N.A.

01/08/26

(19,349)

$

9,606,077

EUR

8,231,620

Citibank N.A.

01/08/26

(71,411)

$

8,026,974

EUR

6,891,417

Citibank N.A.

01/08/26

(74,907)

$

1,463,968

GBP

1,095,490

Citibank N.A.

01/08/26

(12,687)

$

2,008,809

GBP

1,498,197

Citibank N.A.

01/08/26

(10,671)

$

8,194,051

IDR

137,438,000,000

Citibank N.A.

01/12/26

(37,773)

$

1,008,118

JPY

151,651,304

Citibank N.A.

01/09/26

39,159

$

3,551,431

JPY

534,242,390

Citibank N.A.

01/09/26

137,950

$

4,357,398

JPY

655,484,150

Citibank N.A.

01/09/26

169,257

$

997,159

JPY

150,168,944

Citibank N.A.

01/09/26

37,672

$

3,000,915

JPY

451,928,087

Citibank N.A.

01/09/26

113,371

$

7,507,460

JPY

1,130,599,274

Citibank N.A.

01/09/26

283,624

$

2,003,062

JPY

301,654,651

Citibank N.A.

01/09/26

75,674

$

6,590,558

JPY

991,418,677

Citibank N.A.

01/09/26

256,000

$

39,168,129

KRW

57,346,450,000

Citibank N.A.

01/12/26

(563,062)

$

553,233

NZD

953,825

Citibank N.A.

01/09/26

3,862

$

1,153,841

NZD

1,989,330

Citibank N.A.

01/09/26

8,054

$

2,647,137

RON

11,664,338

Citibank N.A.

01/08/26

(42,820)

GBP

995,531

$

1,317,122

Citibank N.A.

01/08/26

24,794

$

1,009,068

EUR

862,534

Goldman Sachs

01/08/26

(4,969)

$

1,795,160

EUR

1,542,885

Goldman Sachs

01/08/26

(18,729)

$

1,458,194

EUR

1,246,258

Goldman Sachs

01/08/26

(6,967)

$

2,015,536

GBP

1,500,000

Goldman Sachs

01/08/26

(6,375)

$

1,000,019

NZD

1,716,740

Goldman Sachs

01/09/26

11,235

$

4,085,736

THB

131,745,386

Goldman Sachs

01/12/26

(99,181)

$

579,071

AUD

890,757

Morgan Stanley

01/09/26

(15,417)

$

2,497,677

AUD

3,817,581

Morgan Stanley

01/09/26

(50,161)

$

1,498,157

AUD

2,305,433

Morgan Stanley

01/09/26

(40,479)

$

5,522,867

CAD

7,726,375

Morgan Stanley

01/08/26

(108,458)

$

3,004,474

CAD

4,163,753

Morgan Stanley

01/08/26

(30,254)

$

7,289,242

CAD

10,235,743

Morgan Stanley

01/08/26

(171,021)

$

5,020,448

CAD

6,977,956

Morgan Stanley

01/08/26

(65,396)

$

6,360,723

CAD

8,829,989

Morgan Stanley

01/08/26

(74,964)

$

5,012,196

CAD

7,029,968

Morgan Stanley

01/08/26

(111,557)

$

4,320,144

CHF

3,411,773

Morgan Stanley

01/08/26

9,133

$

954,119

CHF

759,364

Morgan Stanley

01/08/26

(5,389)

$

964,813

CHF

760,561

Morgan Stanley

01/08/26

3,791

$

952,722

CHF

752,352

Morgan Stanley

01/08/26

2,073

$

1,013,852

CHF

813,691

Morgan Stanley

01/08/26

(14,303)

$

1,741,495

EUR

1,490,535

Morgan Stanley

01/08/26

(10,850)

$

1,822,826

EUR

1,560,321

Morgan Stanley

01/08/26

(11,562)

$

934,695

EUR

800,000

Morgan Stanley

01/08/26

(5,823)

$

9,019,117

EUR

7,793,052

Morgan Stanley

01/08/26

(142,770)

$

1,497,638

EUR

1,300,000

Morgan Stanley

01/08/26

(30,704)

$

5,363,945

EUR

4,619,007

Morgan Stanley

01/08/26

(66,381)

$

2,298,774

EUR

1,986,480

Morgan Stanley

01/08/26

(36,628)

$

5,365,120

EUR

4,639,518

Morgan Stanley

01/08/26

(89,321)

$

1,500,585

EUR

1,300,000

Morgan Stanley

01/08/26

(27,757)

$

1,161,904

EUR

1,000,000

Morgan Stanley

01/08/26

(13,744)

$

1,152,155

EUR

988,985

Morgan Stanley

01/08/26

(10,543)

$

1,155,306

EUR

991,689

Morgan Stanley

01/08/26

(10,572)

$

2,327,352

EUR

1,997,747

Morgan Stanley

01/08/26

(21,296)

$

1,189,494

EUR

1,021,256

Morgan Stanley

01/08/26

(11,144)

$

1,991,182

EUR

1,707,693

Morgan Stanley

01/08/26

(16,465)

$

2,326,102

EUR

2,000,000

Morgan Stanley

01/08/26

(25,194)

$

1,188,743

EUR

1,021,657

Morgan Stanley

01/08/26

(12,367)

$

23,309,934

EUR

19,870,034

Morgan Stanley

01/08/26

(50,233)

$

1,278,320

EUR

1,094,247

Morgan Stanley

01/08/26

(8,129)

$

1,172,770

EUR

1,010,841

Morgan Stanley

01/08/26

(15,624)

$

3,365,442

EUR

2,896,373

Morgan Stanley

01/08/26

(39,674)

$

503,701

EUR

432,051

Morgan Stanley

01/08/26

(4,239)

$

14,956,219

EUR

12,880,482

Morgan Stanley

01/08/26

(186,696)

See Notes to Financial Statements

$

18,144,864

EUR

15,470,191

Morgan Stanley

01/08/26

(42,637)

$

1,538,115

EUR

1,320,891

Morgan Stanley

01/08/26

(14,789)

$

1,724,353

EUR

1,476,563

Morgan Stanley

01/08/26

(11,565)

$

20,862,208

EUR

17,927,729

Morgan Stanley

01/08/26

(214,492)

$

1,890,896

GBP

1,419,351

Morgan Stanley

01/08/26

(22,305)

$

1,669,277

GBP

1,258,796

Morgan Stanley

01/08/26

(27,506)

$

5,968,641

GBP

4,534,256

Morgan Stanley

01/08/26

(143,267)

$

4,492,390

GBP

3,358,031

Morgan Stanley

01/08/26

(34,036)

$

6,003,867

GBP

4,516,872

Morgan Stanley

01/08/26

(84,608)

$

5,367,973

GBP

4,044,741

Morgan Stanley

01/08/26

(84,097)

$

1,495,578

GBP

1,122,773

Morgan Stanley

01/08/26

(17,853)

$

1,324,824

GBP

997,740

Morgan Stanley

01/08/26

(20,070)

$

53,979,344

GBP

40,181,499

Morgan Stanley

01/08/26

(182,927)

$

749,241

HUF

247,701,000

Morgan Stanley

01/08/26

(7,743)

$

8,570,818

JPY

1,294,257,551

Morgan Stanley

01/09/26

301,306

$

5,008,399

JPY

774,521,519

Morgan Stanley

01/09/26

59,681

$

2,769,505

JPY

422,525,736

Morgan Stanley

01/09/26

69,824

$

2,506,315

JPY

382,372,472

Morgan Stanley

01/09/26

63,189

$

6,063,441

JPY

925,060,651

Morgan Stanley

01/09/26

152,871

$

2,006,603

JPY

299,567,175

Morgan Stanley

01/09/26

92,553

$

55,438,575

JPY

8,253,882,363

Morgan Stanley

01/09/26

2,701,325

$

2,910,636

JPY

439,527,842

Morgan Stanley

01/09/26

102,323

$

8,022,340

JPY

1,203,443,106

Morgan Stanley

01/09/26

333,077

$

5,047,796

JPY

771,000,000

Morgan Stanley

02/09/26

108,507

$

5,062,362

JPY

768,000,000

Morgan Stanley

02/17/26

139,132

$

369,270

MXN

6,780,001

Morgan Stanley

01/08/26

(6,961)

$

1,694,281

MXN

31,187,243

Morgan Stanley

01/08/26

(36,340)

$

548,351

NOK

5,456,640

Morgan Stanley

01/08/26

6,961

$

2,416,955

NOK

24,056,775

Morgan Stanley

01/08/26

30,119

$

546,722

NOK

5,556,746

Morgan Stanley

01/08/26

(4,600)

$

555,744

NOK

5,671,660

Morgan Stanley

01/08/26

(6,980)

$

549,862

NOK

5,495,116

Morgan Stanley

01/08/26

4,654

$

548,286

NOK

5,520,577

Morgan Stanley

01/08/26

552

$

502,295

NZD

872,131

Morgan Stanley

01/09/26

(24) $

496,357

NZD

861,823

Morgan Stanley

01/09/26

(24) $

907,047

NZD

1,579,996

Morgan Stanley

01/09/26

(2,978)

$

6,779,151

PLN

24,790,467

Morgan Stanley

01/08/26

(126,047)

$

741,879

RON

3,265,890

Morgan Stanley

01/08/26

(11,280)

EUR

205,243

$

236,912

Morgan Stanley

01/08/26

4,382

EUR

508,745

$

587,242

Morgan Stanley

01/08/26

10,863

EUR

586,579

$

681,790

Morgan Stanley

01/08/26

7,820

EUR

620,171

$

724,588

Morgan Stanley

01/08/26

4,514

NZD

4,000,000

$

2,269,128

Morgan Stanley

01/09/26

34,738

$

3,960,871

ZAR

68,026,432

Morgan Stanley

01/08/26

(144,985)

$

5,001,108

AUD

7,619,345

Standard Chartered Bank

01/09/26

(84,010)

$

5,034,950

EUR

4,296,821

Standard Chartered Bank

01/08/26

(16,599)

$

7,947,179

GBP

5,915,698

Standard Chartered Bank

01/08/26

(26,831)

$

1,202,862

GBP

914,502

Standard Chartered Bank

01/08/26

(29,833)

$

10,036,103

JPY

1,560,000,000

Standard Chartered Bank

02/20/26

33,382

$

2,253,283

PEN

7,599,423

Standard Chartered Bank

01/12/26

(6,494)

EUR

4,706,044

$

5,471,596

Standard Chartered Bank

01/08/26

61,056

EUR

724,036

$

845,650

Standard Chartered Bank

01/08/26

5,561

$

2,988,080

AUD

4,532,053

Toronto Dominion Bank

01/09/26

(36,593)

$

29,150,990

CAD

40,484,796

Toronto Dominion Bank

01/08/26

(356,125)

$

5,032,539

CAD

7,028,158

Toronto Dominion Bank

01/08/26

(89,894)

$

971,958

EUR

834,646

Toronto Dominion Bank

01/08/26

(9,292)

$

5,042,651

JPY

788,000,000

Toronto Dominion Bank

02/02/26

(2,711)

EUR

1,094,247

$

1,276,735

Toronto Dominion Bank

01/08/26

9,714

EUR

1,990,000

$

2,323,453

Toronto Dominion Bank

01/08/26

16,087

Total

$

(2,160,900)

Total unrealized appreciation on forward foreign currency contracts

$

5,706,809

Total unrealized depreciation on forward foreign currency contracts

$

(7,867,709)

International Bond

See Notes to Financial Statements

Consolidated Portfolio of Investments December 31, 2025

(continued)

AUD

Australian Dollar

CAD

Canadian Dollar

CHF

Switzerland Franc

CZK

Czech Republic Koruna

EUR

Euro

GBP

Pound Sterling

HUF

Hungary Forint

IDR

Indonesia Rupiah

JPY

Japanese Yen

KRW

South Korean Won

MXN

Mexican Peso

MYR

Malaysian Ringgit

NOK

Norwegian Krone

NZD

New Zealand Dollar

PEN

Peruvian Sol

PLN

Polish Zloty

RON

Romanian Leu

SGD

Singapore Dollar

THB

Thai Baht

ZAR

South African Rand

Portfolio of Investments December 31, 2025

Real Estate Securities Select

See Notes to Financial Statements

SHARES

DESCRIPTION

VALUE

LONG-TERM INVESTMENTS - 98.8%

COMMON STOCKS - 98.8%

ASSET MANAGEMENT & CUSTODY BANKS - 0.6%

100,000

Blackstone, Inc

$

15,414,000

TOTAL ASSET MANAGEMENT & CUSTODY BANKS

15,414,000

DATA CENTER REITS - 10.4%

760,000

Digital Realty Trust, Inc

117,579,600

180,000

Equinix, Inc

137,908,800

900,000

(a) Fermi, Inc

7,200,000

TOTAL DATA CENTER REITS

262,688,400

DIVERSIFIED REITS - 0.7%

575,000

Essential Properties Realty Trust, Inc

17,054,500

TOTAL DIVERSIFIED REITS

17,054,500

HEALTH CARE REITS - 18.0%

1,175,000

American Healthcare REIT, Inc

55,295,500

1,600,000

Sabra Health Care REIT, Inc

30,304,000

1,500,000

Ventas, Inc

116,070,000

1,375,000

Welltower, Inc

255,213,750

TOTAL HEALTH CARE REITS

456,883,250

HOTELS, RESORTS & CRUISE LINES - 1.5%

125,000

Hyatt Hotels Corp

20,040,000

60,000

Marriott International, Inc (Class A)

18,614,400

TOTAL HOTELS, RESORTS & CRUISE LINES

38,654,400

INDUSTRIAL REITS - 13.3%

175,000

EastGroup Properties, Inc

31,174,500

2,050,000

Prologis, Inc

261,703,000

600,000

Rexford Industrial Realty, Inc

23,232,000

350,000

Terreno Realty Corp

20,548,500

TOTAL INDUSTRIAL REITS

336,658,000

MULTI-FAMILY RESIDENTIAL REITS - 10.5%

350,000

AvalonBay Communities, Inc

63,458,500

325,000

Camden Property Trust

35,776,000

525,000

Equity Residential

33,096,000

275,000

Essex Property Trust, Inc

71,962,000

450,000

Mid-America Apartment Communities, Inc

62,509,500

TOTAL MULTI-FAMILY RESIDENTIAL REITS

266,802,000

OFFICE REITS - 1.8%

525,000

Boston Properties, Inc

35,427,000

250,000

SL Green Realty Corp

11,467,500

TOTAL OFFICE REITS

46,894,500

OTHER SPECIALIZED REITS - 4.5%

950,000

Gaming and Leisure Properties, Inc

42,455,500

350,000

Iron Mountain, Inc

29,032,500

1,550,000

VICI Properties, Inc

43,586,000

TOTAL OTHER SPECIALIZED REITS

115,074,000

RETAIL REITS - 17.2%

525,000

Agree Realty Corp

37,815,750

1,300,000

Curbline Properties Corp

30,173,000

1,700,000

Kimco Realty Corp

34,459,000

1,300,000

Macerich Co

23,998,000

1,300,000

Realty Income Corp

73,281,000

625,000

Regency Centers Corp

43,143,750

950,000

Simon Property Group, Inc

175,854,500

525,000

Tanger Factory Outlet Centers, Inc

17,519,250

TOTAL RETAIL REITS

436,244,250

SELF STORAGE REITS - 5.0%

500,000

Extra Space Storage, Inc

65,110,000

Real Estate Securities Select

See Notes to Financial Statements

Portfolio of Investments December 31, 2025

(continued)

SHARES

DESCRIPTION

VALUE

SELF STORAGE REITS

(continued)

240,000

Public Storage, Inc

$

62,280,000

TOTAL SELF STORAGE REITS

127,390,000

SINGLE-FAMILY RESIDENTIAL REITS - 6.3%

850,000

American Homes 4 Rent

27,285,000

675,000

Equity Lifestyle Properties, Inc

40,911,750

1,600,000

Invitation Homes, Inc

44,464,000

375,000

Sun Communities, Inc

46,466,250

TOTAL SINGLE-FAMILY RESIDENTIAL REITS

159,127,000

TELECOM TOWER REITS - 9.0%

750,000

American Tower Corp

131,677,500

800,000

Crown Castle, Inc

71,096,000

135,000

SBA Communications Corp

26,113,050

TOTAL TELECOM TOWER REITS

228,886,550

TOTAL COMMON STOCKS

(Cost $1,666,841,189)

2,507,770,850

TOTAL LONG-TERM INVESTMENTS

(Cost $1,666,841,189)

2,507,770,850

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SHORT-TERM INVESTMENTS - 0.9%

REPURCHASE AGREEMENT - 0.6%

$

15,578,000

(b) Fixed Income Clearing Corporation

3.810 %

01/02/26

15,578,000

TOTAL REPURCHASE AGREEMENT

15,578,000

TREASURY DEBT - 0.3%

7,057,000

United States Treasury Bill

0.000 01/02/26

7,057,000

TOTAL TREASURY DEBT

7,057,000

TOTAL SHORT-TERM INVESTMENTS

(Cost $22,634,245)

22,635,000

TOTAL INVESTMENTS - 99.7%

(Cost $1,689,475,434)

2,530,405,850

OTHER ASSETS & LIABILITIES, NET - 0.3%

6,455,355

NET ASSETS - 100.0%

$

2,536,861,205

REIT

Real Estate Investment Trust

(a) Non-income producing; issuer has not declared an ex-dividend date within the past twelve months.

(b) Agreement with Fixed Income Clearing Corporation, 3.810% dated 12/31/25 to be repurchased at $15,581,297 on 1/2/26, collateralized by Government Agency Securities, with coupon rate

4.375% and maturity date 12/31/29, valued at $15,889,603.

Statement of Assets and Liabilities

See Notes to Financial Statements

December 31, 2025

6.1 Emerging Markets Debt

ASSETS

Long-term investments, at value

\*†

$

788,167,494

Short-term investments, at value

#

24,189,330

Investments purchased with collateral from securities lending, at value (cost approximates value)

11,060,481

Cash

148,097

Cash denominated in foreign currencies

^

1,086,197

Cash collateral at brokers for investments in forward foreign currency contracts

–

Unrealized appreciation on forward foreign currency contracts

41,950

Receivables:

Dividends

594

Interest

15,005,171

Investments sold

–

Reclaims

16,042

Reimbursement from Adviser

329,883

Shares sold

5,888,920

Other

122,872

Total assets

846,057,031

LIABILITIES

Due to affiliates

5,729

Unrealized depreciation on forward foreign currency contracts

60,310

Payables:

Management fees

383,563

Collateral from securities lending

11,060,481

Capital gain taxes

13,649

Interest

–

Investments purchased - regular settlement

4,972,156

Investments purchased - when-issued/delayed-delivery settlement

–

Shares redeemed

18,239

Service agreement fees

6,332

Variation margin on futures contracts

–

Accrued expenses:

Custodian fees

75,865

Shareholder reporting expenses

31,259

Shareholder servicing agent fees

8,870

Trustees fees

36,346

12b-1 distribution and service fees

5,279

Other

1,252

Total liabilities

16,679,330

Net assets

$

829,377,701

NET ASSETS CONSIST OF:

Paid-in capital

$

885,246,939

Total distributable earnings (loss)

(55,869,238)

Net assets

$

829,377,701

§

Consolidated Statement of Assets and Liabilities (see Notes to Financial Statements)

\*

Includes securities loaned of

$

10,695,961

†

Long-term investments, cost

$

787,176,684

#

Short-term investments, cost

$

24,188,561

^

Cash denominated in foreign currencies, cost

$

1,117,787

See Notes to Financial Statements

6.2 Inflation Linked Bond

6.3 International Bond

§

6.4 Real Estate Securities Select

$

3,095,794,274

$

1,355,023,831

$

2,507,770,850

19,592,000

55,652,256

22,635,000

–

328,557

–

120,023

346,583

–

1,768,660

–

–

799,000

–

–

5,706,809

–

870

8,806,775

13,568,614

14,624,893

1,649

16,678,182

46,873

–

–

69,455

–

496,200

594,753

–

35,687,907

13,972,148

734,666

748,383

76,430

681,135

3,182,565,826

1,448,784,558

2,540,976,658

7,368

5,573

6,438

–

7,867,709

–

640,175

588,792

1,030,780

–

328,557

–

–

1,590

–

–

–

15,023

–

17,318,103

–

–

1,653,477

–

181,298

4,659

1,945,264

22,591

26,671

112,668

72,125

–

–

29,891

138,618

26,873

40,300

29,576

181,910

71,231

958

79,389

722,725

21,821

653,443

22,497

58,839

4,803

5,894

4,826

1,815,004

27,992,259

4,115,453

$

3,180,750,822

$

1,420,792,299

$

2,536,861,205

$

3,292,683,777

$

1,484,918,568

$

1,789,645,298

(111,932,955)

(64,126,269)

747,215,907

$

3,180,750,822

$

1,420,792,299

$

2,536,861,205

$

–

$

312,420

$

–

$

3,135,932,711

$

1,367,569,695

$

1,666,841,189

$

19,592,000

$

55,768,858

$

22,634,245

$

–

$

2,104,018

$

–

Statement of Assets and Liabilities

(continued)

See Notes to Financial Statements

(continued)

(continued)

Statement of Assets and Liabilities

(continued)

December 31, 2025

6.1 Emerging Markets Debt

CLASS A:

Net assets

$

25,063,533

Shares outstanding

2,751,297

Net asset value ("NAV") per share

$

9.11 Maximum sales charge

4.00%

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

$

9.49 CLASS I:

Net assets

$

22,099,118

Shares outstanding

2,415,436

NAV and offering price per share

$

9.15 PREMIER CLASS:

Net assets

$

227,959

Shares outstanding

25,001

NAV and offering price per share

$

9.12 CLASS R6:

Net assets

$

125,583,243

Shares outstanding

13,769,479

NAV and offering price per share

$

9.12 RETIREMENT CLASS:

Net assets

$

30,332,319

Shares outstanding

3,329,441

NAV and offering price per share

$

9.11 CLASS W:

Net assets

$

626,071,529

Shares outstanding

68,679,514

NAV and offering price per share

$

9.12 Authorized shares - per class

Unlimited

Par value per share

$

0.0001 See Notes to Financial Statements

6.2 Inflation Linked Bond

6.3 International Bond

§

6.4 Real Estate Securities Select

$

105,135,529

$

1,173,392

$

263,091,278

10,085,828

132,448

14,984,903

$

10.42 $

8.86 $

17.56 3.75%

4.00%

5.75%

$

10.83 $

9.23 $

18.63 $

61,704,043

$

2,114,814

$

27,375,936

5,721,476

238,474

1,542,578

$

10.78 $

8.87 $

17.75 $

920,901

$

91,806

$

16,513,239

85,602

10,285

929,918

$

10.76 $

8.93 $

17.76 $

520,430,374

$

2,680,247

$

1,696,402,184

48,261,527

302,551

95,669,346

$

10.78 $

8.86 $

17.73 $

105,529,015

$

127,499,281

$

533,478,568

9,690,563

14,420,249

28,504,849

$

10.89 $

8.84 $

18.72 $

2,387,030,960

$

1,287,232,759

$

–

221,401,711

144,728,762

–

$

10.78 $

8.89 $

–

Unlimited

Unlimited

Unlimited

$

0.0001 $

0.0001 $

0.0001 Statement of Operations

See Notes to Financial Statements

Emerging Markets Debt

Inflation Linked Bond

Two Months Ended

12/31/25

Year Ended

10/31/25

Year Ended

12/31/25

INVESTMENT INCOME

Affiliated income

$

–

$

–

$

–

Dividends

477,634

839,037

–

Interest

9,255,660

38,623,946

127,103,366

Securities lending income, net

17,245

45,071

788

Tax withheld

(20,922)

(130,367)

–

Total investment income

9,729,617

39,377,687

127,104,154

EXPENSES

Management fees

749,980

2,967,695

7,264,374

12b-1 distribution and service fees —

Class A

10,326

39,642

266,112

12b-1 distribution and service fees —

Premier Class

1,461

Shareholder servicing agent fees —

Class A

4,254

27,480

93,199

Shareholder servicing agent fees —

Class I

2,332

13,535

85,985

Shareholder servicing agent fees —

Premier Class

Shareholder servicing agent fees —

Class R6

1,435

2,565

Shareholder servicing agent fees —

Retirement Class

12,131

63,237

272,682

Shareholder servicing agent fees —

Class W

–

669

1,516

Administrative service fees

–

47,008

46,279

Trustees fees

550

5,686

28,215

Custodian expenses

12,647

75,437

29,999

Overdraft expense

–

–

Professional fees

49,198

55,048

31,780

Registration fees

12,636

29,489

23,483

Shareholder reporting expenses

15,899

55,288

99,228

Other

4,261

33,420

26,991

Total expenses

874,437

3,415,692

8,273,956

Expenses reimbursed by the investment adviser

(641,686)

(2,245,426)

(5,599,415)

Net expenses

232,751

1,170,266

2,674,541

Net investment income (loss)

9,496,866

38,207,421

124,429,613

REALIZED AND UNREALIZED GAIN (LOSS)

Realized gain (loss):

Investments

\*

269,304

(5,646,514)

(7,576,598)

Futures contracts

–

–

1,901,627

Forward foreign currency contracts

(4,990)

(214,011)

–

Swap contracts

–

(35,406)

–

Foreign currency transactions

97,334

(2,266,165)

Net realized gain (loss)

361,648

(8,162,096)

(5,674,513)

Change in unrealized appreciation (depreciation) on:

Investments

‡

3,914,296

34,710,872

92,306,146

Futures contracts

–

–

(109,265)

Forward foreign currency contracts

(182,446)

127,911

–

Foreign currency translations

4,839

36,989

–

Net change in unrealized appreciation (depreciation)

3,736,689

34,875,772

92,196,881

Net realized and unrealized gain (loss)

4,098,337

26,713,676

86,522,368

Net increase (decrease) in net assets from operations

$

13,595,203

$

64,921,097

$

210,951,981

§

Consolidated Statement of Operations (see Notes to Financial Statements)

\* Net of foreign capital gains tax

$

–

$

$

–

‡

&nbsp;&nbsp;&nbsp;&nbsp;Net of change in unrealized foreign capital gains taxes

$

3,254

$

(12,001)

$

–

See Notes to Financial Statements

International Bond

§

Real Estate Securities Select

Two Months Ended

12/31/25

Year Ended

10/31/25

Year Ended

12/31/25

$

–

$

–

$

150,110

533

82,347,245

8,418,412

17,200,980

1,136,795

2,464

–

(41,070)

(59,792)

–

8,378,137

17,143,701

83,634,150

1,133,584

2,371,537

12,743,604

2,834

726,678

25,659

1,508

371,942

747

39,458

–

18,747

51,473

96,463

1,171,667

985

–

–

46,205

40,613

624

4,495

26,308

23,126

136,420

27,678

–

2,884

23,541

58,895

79,175

31,822

10,465

36,974

22,867

12,080

47,025

321,434

7,850

39,967

61,114

1,299,366

2,867,738

15,653,463

(1,129,903)

(2,521,623)

–

169,463

346,115

15,653,463

8,208,674

16,797,586

67,980,687

(2,367,136)

(4,497,433)

68,668,881

–

–

–

1,111,398

(9,020,741)

–

–

–

–

(1,515,516)

(726,603)

4,174

(2,771,254)

(14,244,777)

68,673,055

7,384,398

18,792,386

(84,684,271)

–

–

–

(13,070,539)

7,893,204

–

(1,843,768)

(175,345)

–

(7,529,909)

26,510,245

(84,684,271)

(10,301,163)

12,265,468

(16,011,216)

$

(2,092,489)

$

29,063,054

$

51,969,471

$

–

$

37,430

$

–

$

9,403

$

(10,993)

$

–

Statement of Changes in Net Assets

See Notes to Financial Statements

6.1 Emerging Markets Debt

Two Months Ended

12/31/25

Year Ended

10/31/25

Year Ended

10/31/24

OPERATIONS

Net investment income (loss)

$

9,496,866

$

38,207,421

$

35,321,206

Net realized gain (loss)

361,648

(8,162,096)

(14,845,998)

Net change in unrealized appreciation (depreciation)

3,736,689

34,875,772

71,756,848

Net increase (decrease) in net assets from operations

13,595,203

64,921,097

92,232,056

DISTRIBUTIONS TO SHAREHOLDERS

–

–

–

Dividends:

Class A

(411,895)

(932,716)

(689,714)

Class I

(380,581)

(1,296,259)

(837,600)

Premier Class

(3,931)

(13,636)

(11,419)

Class R6

(2,171,106)

(6,844,036)

(5,776,097)

Retirement Class

(505,242)

(1,553,251)

(1,252,812)

Class W

(11,864,400)

(25,494,413)

(22,845,370)

Return of Capital:

Class A

–

–

–

Class I

–

–

–

Premier Class

–

–

–

Class R6

–

–

–

Retirement Class

–

–

–

Total distributions

(15,337,155)

(36,134,311)

(31,413,012)

FUND SHARE TRANSACTIONS

Subscriptions

62,832,146

394,762,875

173,792,811

Reinvestments of distributions

3,463,756

10,455,774

8,480,073

Redemptions

(21,518,298)

(196,182,887)

(143,501,985)

Net increase (decrease) from Fund share transactions

44,777,604

209,035,762

38,770,899

Net increase (decrease) in net assets

43,035,652

237,822,548

99,589,943

Net assets at the beginning of period

786,342,049

548,519,501

448,929,558

Net assets at the end of period

$

829,377,701

$

786,342,049

$

548,519,501

§

Consolidated Statement of Changes in Net Assets (see Notes to Financial Statements)

See Notes to Financial Statements

6.2 Inflation Linked Bond

6.3 International Bond

§

6.4 Real Estate Securities Select

Year Ended

12/31/25

Nine Months

Ended

12/31/24

Year Ended

3/31/24

Two Months

Ended

12/31/25

Year Ended

10/31/25

Year Ended

10/31/24

Year Ended

12/31/25

Nine Months

Ended

12/31/24

Year Ended

3/31/24

$

124,429,613

$

86,429,973

$

97,766,788

$

8,208,674

$

16,797,586

$

15,064,213

$

67,980,687

$

54,951,959

$

79,850,084

(5,674,513)

(20,957,421)

(31,464,836)

(2,771,254)

(14,244,

777)

(16,419,042)

68,673,055

120,237,997

(85,765,759)

92,196,881

17,677,186

(13,504,058)

(7,529,909)

26,510,245

43,700,273

(84,684,271)

12,287,848

234,176,714

210,951,981

83,149,738

52,797,894

(2,092,489)

29,063,054

42,345,444

51,969,471

187,477,804

228,261,039

–

–

–

–

–

–

–

–

–

(3,944,416)

(3,320,733)

(4,320,896)

(13,779)

(17,135)

–

(6,558,691)

(6,587,088)

(8,852,193)

(2,169,920)

(1,969,518)

(2,907,314)

(30,752)

(25,888)

(2,218)

(811,927)

(903,465)

(1,978,172)

(36,065)

(27,097)

(66,748)

(1,260)

(1,599)

(80) (428,517)

(391,896)

(811,525)

(19,941,063)

(14,209,448)

(21,921,451)

(39,275)

(14,292)

(1,812)

(48,995,288)

(45,505,200)

(57,964,117)

(3,946,916)

(3,208,480)

(4,434,311)

(1,757,796)

(84,576)

(519) (11,236,373)

(8,933,963)

(12,796,393)

(94,229,334)

(68,443,428)

(77,573,048)

(22,411,797)

(10,424,215)

(3,196,948)

–

–

–

–

–

–

–

–

–

(2,415,857)

(341,068)

–

–

–

–

–

–

–

(272,068)

(45,400)

–

–

–

–

–

–

–

(140,700)

(22,057)

–

–

–

–

–

–

–

(15,521,572)

(2,135,663)

–

–

–

–

–

–

–

(3,664,921)

(466,635)

–

(124,267,714)

(91,178,704)

(111,223,768)

(24,254,659)

(10,567,705)

(3,201,577)

(90,045,914)

(65,332,435)

(82,402,400)

659,173,467

387,254,711

635,455,050

254,541,959

824,332,722

94,197,342

331,666,805

170,326,728

279,574,542

28,955,649

21,641,841

31,518,048

1,838,538

138,986

4,349

89,365,706

64,698,905

81,589,451

(510,662,985)

(465,026,837)

(477,969,028)

(1,442,387)

(71,480,599)

(85,743,536)

(630,775,010)

(511,242,411)

(610,424,661)

177,466,131

(56,130,285)

189,004,070

254,938,110

752,991,109

8,458,155

(209,742,499)

(276,216,778)

(249,260,668)

264,150,398

(64,159,251)

130,578,196

228,590,962

771,486,458

47,602,022

(247,818,942)

(154,071,409)

(103,402,029)

2,916,600,424

2,980,759,675

2,850,181,479

1,192,201,337

420,714,879

373,112,857

2,784,680,147

2,938,751,556

3,042,153,585

$

3,180,750,822

$

2,916,600,424

$

2,980,759,675

$

1,420,792,299

$

1,192,201,337

$

420,714,879

$

2,536,861,205

$

2,784,680,147

$

2,938,751,556

Financial Highlights

See Notes to Financial Statements

The following data is for a share outstanding for each fiscal year end unless otherwise noted:

Investment Operations

Less Distributions

Net Asset

Value,

Beginning

of Period

Net

Investment

Income

(Loss)

(a) Net Realized/

Unrealized

Gain (Loss)

Total

From Net

Investment

Income

From Net

Realized

Gains

Total

Net Asset

Value,

End of

Period

6.1 Emerging Markets Debt

Class A:

12/31/25

(c) $

9.12 $

0.09 $

0.05 $

0.14 $

(0.15)

$

—

$

(0.15)

$

9.11 10/31/25

8.68 0.54 0.43 0.97 (0.53)

—

(0.53)

9.12 10/31/24

7.67 0.51 0.95 1.46 (0.45)

—

(0.45)

8.68 10/31/23

7.34 0.45 0.33 0.78 (0.45)

—

(0.45)

7.67 10/31/22

9.97 0.50 (2.67)

(2.17)

(0.46)

—

(0.46)

7.34 10/31/21

9.64 0.43 0.30 0.73 (0.40)

—

(0.40)

9.97 Class I:

12/31/25

(c) 9.17 0.10 0.04 0.14 (0.16)

—

(0.16)

9.15 10/31/25

8.71 0.58 0.44 1.02 (0.56)

—

(0.56)

9.17 10/31/24

7.70 0.53 0.94 1.47 (0.46)

—

(0.46)

8.71 10/31/23

7.36 0.47 0.34 0.81 (0.47)

—

(0.47)

7.70 10/31/22

10.00 0.51 (2.67)

(2.16)

(0.48)

—

(0.48)

7.36 10/31/21

9.67 0.46 0.30 0.76 (0.43)

—

(0.43)

10.00 Premier Class:

12/31/25

(c) 9.13 0.10 0.05 0.15 (0.16)

—

(0.16)

9.12 10/31/25

8.68 0.57 0.43 1.00 (0.55)

—

(0.55)

9.13 10/31/24

7.67 0.52 0.95 1.47 (0.46)

—

(0.46)

8.68 10/31/23

7.34 0.46 0.33 0.79 (0.46)

—

(0.46)

7.67 10/31/22

9.97 0.50 (2.66)

(2.16)

(0.47)

—

(0.47)

7.34 10/31/21

9.65 0.47 0.28 0.75 (0.43)

—

(0.43)

9.97 Class R6:

12/31/25

(c) 9.14 0.10 0.04 0.14 (0.16)

—

(0.16)

9.12 10/31/25

8.69 0.59 0.42 1.01 (0.56)

—

(0.56)

9.14 10/31/24

7.68 0.54 0.94 1.48 (0.47)

—

(0.47)

8.69 10/31/23

7.34 0.47 0.35 0.82 (0.48)

—

(0.48)

7.68 10/31/22

9.97 0.52 (2.66)

(2.14)

(0.49)

—

(0.49)

7.34 10/31/21

9.65 0.47 0.29 0.76 (0.44)

—

(0.44)

9.97 Retirement Class:

12/31/25

(c) 9.13 0.10 0.04 0.14 (0.16)

—

(0.16)

9.11 10/31/25

8.68 0.56 0.43 0.99 (0.54)

—

(0.54)

9.13 10/31/24

7.67 0.51 0.95 1.46 (0.45)

—

(0.45)

8.68 10/31/23

7.34 0.45 0.34 0.79 (0.46)

—

(0.46)

7.67 10/31/22

9.97 0.50 (2.66)

(2.16)

(0.47)

—

(0.47)

7.34 10/31/21

9.64 0.45 0.30 0.75 (0.42)

—

(0.42)

9.97 Class W:

12/31/25

(c) 9.14 0.11 0.04 0.15 (0.17)

—

(0.17)

9.12 10/31/25

8.69 0.64 0.42 1.06 (0.61)

—

(0.61)

9.14 10/31/24

7.68 0.58 0.95 1.53 (0.52)

—

(0.52)

8.69 10/31/23

7.34 0.52 0.35 0.87 (0.53)

—

(0.53)

7.68 10/31/22

9.98 0.57 (2.67)

(2.10)

(0.54)

—

(0.54)

7.34 10/31/21

9.65 0.53 0.30 0.83 (0.50)

—

(0.50)

9.98 (a) Based on average shares outstanding.

(b) Total returns are at NAV and do not include any sales charge. Total returns are not annualized.

(c) For the two months ended December 31, 2025. Prior to November 1, 2025, the Fund's fiscal year end was October 31st.

(d) Annualized.

See Notes to Financial Statements

Ratios and Supplemental Data

Ratios to Average Net Assets

Total

Return

(b) Net Assets,

End of

Period (000)

Gross

Expenses

Net

Expenses

Net

Investment

Income (Loss)

Portfolio

Turnover

Rate

1.58 %

$

25,064

0.97 %

(d) 0.97 %

(d) 6.10 %

(d) 4

%

11.58 23,781

1.03 1.00 6.23 38

19.30 14,717

0.92 0.92 6.00 31

10.65 11,663

0.92 0.92 5.73 27

(22.32)

8,722

0.93 0.93 5.68 37

7.61 15,698

0.94 0.94 4.30 57

1.54 22,099

0.68 (d) 0.68 (d) 6.44 (d) 4

12.10 21,590

0.67 0.67 6.56 38

19.46 17,143

0.72 0.72 6.28 31

10.99 10,133

0.69 0.69 5.91 27

(22.17)

17,890

0.69 0.69 5.96 37

7.91 19,272

0.69 0.69 4.55 57

1.63 228

0.79 (d) 0.79 (d) 6.33 (d) 4

11.90 228

0.78 0.78 6.51 38

19.43 217

0.81 0.81 6.15 31

10.78 195

0.79 0.79 5.81 27

(22.21)

0.78 0.78 5.86 37

7.74 253

0.80 0.80 4.61 57

1.56 125,583

0.62 (d) 0.62 (d) 6.51 (d) 4

12.09 116,306

0.61 0.61 6.70 38

19.61 120,648

0.63 0.63 6.36 31

11.11 78,811

0.62 0.62 5.96 27

(22.07)

35,533

0.62 0.62 5.93 37

7.90 77,422

0.61 0.61 4.67 57

1.50 30,332

0.87 (d) 0.87 (d) 6.26 (d) 4

11.83 27,395

0.86 0.86 6.44 38

19.35 25,202

0.88 0.88 6.10 31

10.71 16,607

0.87 0.86 5.74 27

(22.21)

13,771

0.87 0.80 5.84 37

7.78 19,212

0.86 0.82 4.44 57

1.70 626,072

0.62 (d) 0.00 (d) 7.12 (d) 4

12.77 597,042

0.61 0.00 7.29 38

20.34 370,592

0.63 0.01 6.94 31

11.82 331,520

0.62 0.00 6.58 27

(21.65)

430,741

0.62 0.00 6.64 37

8.66 470,716

0.61 0.00 5.24 57

Financial Highlights

(continued)

See Notes to Financial Statements

Financial Highlights

(continued)

The following data is for a share outstanding for each fiscal year end unless otherwise noted:

Investment Operations

Less Distributions

Net Asset

Value,

Beginning

of Period

Net

Investment

Income

(Loss)

(a) Net Realized/

Unrealized

Gain (Loss)

Total

From Net

Investment

Income

From Net

Realized

Gains

Total

Net Asset

Value,

End of

Period

6.2 Inflation Linked Bond

Class A:

12/31/25

$

.13

$

.38

$

.30

$

.68

$

(0

.39)

$

—

$

(0

.39)

$

.42

12/31/24

(d) 10

.16

.27

—

.27

(0

.30)

—

(0

.30)

.13

3/31/24

.38

.31

(0

.17)

.14

(0

.36)

—

(0

.36)

.16

3/31/23

.51

.62

(1

.02)

(0

.40)

(0

.65)

(0

.08)

(0

.73)

.38

3/31/22

.92

.70

(0

.28)

.42

(0

.70)

(0

.13)

(0

.83)

.51

3/31/21

.25

.13

.67

.80

(0

.13)

—

(0

.13)

.92

Class I:

12/31/25

.47

.41

.31

.72

(0

.41)

—

(0

.41)

.78

12/31/24

(d) 10

.49

.30

(0

.01)

.29

(0

.31)

—

(0

.31)

.47

3/31/24

.71

.36

(0

.20)

.16

(0

.38)

—

(0

.38)

.49

3/31/23

.84

.69

(1

.07)

(0

.38)

(0

.67)

(0

.08)

(0

.75)

.71

3/31/22

.24

.74

(0

.29)

.45

(0

.72)

(0

.13)

(0

.85)

.84

3/31/21

.55

.16

.69

.85

(0

.16)

—

(0

.16)

.24

Premier Class:

12/31/25

.44

.41

.32

.73

(0

.41)

—

(0

.41)

.76

12/31/24

(d) 10

.47

.29

(0

.01)

.28

(0

.31)

—

(0

.31)

.44

3/31/24

.68

.39

(0

.23)

.16

(0

.37)

—

(0

.37)

.47

3/31/23

.82

.64

(1

.04)

(0

.40)

(0

.66)

(0

.08)

(0

.74)

.68

3/31/22

.22

.78

(0

.34)

.44

(0

.71)

(0

.13)

(0

.84)

.82

3/31/21

.52

.16

.69

.85

(0

.15)

—

(0

.15)

.22

Class R6:

12/31/25

.47

.43

.31

.74

(0

.43)

—

(0

.43)

.78

12/31/24

(d) 10

.49

.31

(0

.01)

.30

(0

.32)

—

(0

.32)

.47

3/31/24

.71

.35

(0

.17)

.18

(0

.40)

—

(0

.40)

.49

3/31/23

.84

.69

(1

.06)

(0

.37)

(0

.68)

(0

.08)

(0

.76)

.71

3/31/22

.24

.74

(0

.28)

.46

(0

.73)

(0

.13)

(0

.86)

.84

3/31/21

.54

.16

.71

.87

(0

.17)

—

(0

.17)

.24

Retirement Class:

12/31/25

.57

.40

.32

.72

(0

.40)

—

(0

.40)

.89

12/31/24

(d) 10

.59

.29

(0

.01)

.28

(0

.30)

—

(0

.30)

.57

3/31/24

.79

.33

(0

.17)

.16

(0

.36)

—

(0

.36)

.59

3/31/23

.94

.65

(1

.06)

(0

.41)

(0

.66)

(0

.08)

(0

.74)

.79

3/31/22

.34

.73

(0

.30)

.43

(0

.70)

(0

.13)

(0

.83)

.94

3/31/21

.63

.14

.71

.85

(0

.14)

—

(0

.14)

.34

Class W:

12/31/25

.47

.45

.31

.76

(0

.45)

—

(0

.45)

.78

12/31/24

(d) 10

.49

.32

—

.32

(0

.34)

—

(0

.34)

.47

3/31/24

.71

.37

(0

.16)

.21

(0

.43)

—

(0

.43)

.49

3/31/23

.84

.67

(1

.02)

(0

.35)

(0

.70)

(0

.08)

(0

.78)

.71

3/31/22

.24

.78

(0

.29)

.49

(0

.76)

(0

.13)

(0

.89)

.84

3/31/21

.54

.21

.68

.89

(0

.19)

—

(0

.19)

.24

(a) Based on average shares outstanding.

(b) Total returns are at NAV and do not include any sales charge. Total returns are not annualized.

(c) Includes voluntary compensation from the Adviser as further described in the Notes to Financial Statements, when applicable.

(d) For the nine months ended December 31, 2024. Prior to April 1, 2024, the Fund's fiscal year end was March 31st.

(e) Annualized.

(f) Does not include in-kind transactions.

See Notes to Financial Statements

Ratios and Supplemental Data

Ratios to Average Net Assets

Total

Return

(b) Net Assets,

End of

Period (000)

Gross

Expenses

Net

Expenses

Net

Investment

Income (Loss)

(c) Portfolio

Turnover

Rate

.76

%

$

105,136

.59

%

.59

%

.60

%

%

.63

106,240

.55

(e) 0

.55

(e) 3

.50

(e) 30

.40

119,139

.56

.54

.05

(3

.34)

131,097

.56

.54

.77

.48

157,227

.57

.52

.81

(f) 7

.12

150,264

.56

.54

.13

.92

61,704

.40

.40

.77

.77

55,410

.39

(e) 0

.38

(e) 3

.72

(e) 30

.60

67,636

.36

.34

.39

(3

.09)

93,832

.35

.33

.27

.58

159,518

.35

.33

.00

(f) 7

.43

123,505

.34

.32

.31

.03

921

.41

.41

.78

.65

932

.42

(e) 0

.42

(e) 3

.62

(e) 30

.62

948

.41

.39

.68

(3

.22)

2,422

.40

.38

.85

.61

2,627

.40

.38

.25

(f) 7

.38

8,211

.40

.38

.34

.08

520,430

.25

.25

.95

.87

476,308

.26

(e) 0

.25

(e) 3

.88

(e) 30

.74

565,535

.26

.24

.35

(3

.01)

603,640

.25

.23

.20

.76

866,667

.25

.23

.00

(f) 7

.53

1,209,995

.25

.23

.31

.84

105,529

.50

.50

.69

.65

108,658

.51

(e) 0

.50

(e) 3

.57

(e) 30

.58

120,533

.51

.49

.14

(3

.35)

143,144

.50

.48

.83

.47

172,924

.50

.48

.86

(f) 7

.29

178,970

.50

.48

.17

.35

2,387,031

.25

0.00 4

.19

.06

2,169,052

.26

(e) 0.00 (e) 3

.99

(e) 30

.03

2,106,969

.26

0.00 3

.52

(2

.84)

1,876,046

.25

0.00 6

.14

.00

1,908,794

.25

0.00 6

.31

(f) 7

.77

1,746,530

.25

0.00 1

.71

Financial Highlights

(continued)

See Notes to Financial Statements

Financial Highlights

(continued)

The following data is for a share outstanding for each fiscal year end unless otherwise noted:

Investment Operations

Less Distributions

Net Asset

Value,

Beginning

of Period

Net

Investment

Income

(Loss)

(a) Net Realized/

Unrealized

Gain (Loss)

Total

From Net

Investment

Income

From Net

Realized

Gains

Total

Net Asset

Value,

End of

Period

6.3 International Bond

§

Class A:

12/31/25

(c) $

8.99 $

0.04 $

(0.07)

$

(0.03)

$

(0.10)

$

—

$

(0.10)

$

8.86 10/31/25

8.69 0.23 0.20 0.43 (0.13)

—

(0.13)

8.99 10/31/24

7.90 0.23 0.56 0.79 —

—

—

8.69 10/31/23

7.96 0.20 0.10 0.30 (0.36)

—

(0.36)

7.90 10/31/22

9.91 0.15 (1.41)

(1.26)

(0.61)

(0.08)

(0.69)

7.96 10/31/21

10.22 0.11 (0.17)

(0.06)

(0.15)

(0.10)

(0.25)

9.91 Class I:

12/31/25

(c) 9.02 0.05 (0.07)

(0.02)

(0.13)

—

(0.13)

8.87 10/31/25

8.72 0.26 0.20 0.46 (0.16)

—

(0.16)

9.02 10/31/24

7.92 0.25 0.57 0.82 (0.02)

—

(0.02)

8.72 10/31/23

7.97 0.22 0.09 0.31 (0.36)

—

(0.36)

7.92 10/31/22

9.92 0.18 (1.40)

(1.22)

(0.65)

(0.08)

(0.73)

7.97 10/31/21

10.23 0.14 (0.17)

(0.03)

(0.18)

(0.10)

(0.28)

9.92 Premier Class:

12/31/25

(c) 9.07 0.04 (0.06)

(0.02)

(0.12)

—

(0.12)

8.93 10/31/25

8.77 0.25 0.21 0.46 (0.16)

—

(0.16)

9.07 10/31/24

7.96 0.25 0.57 0.82 (0.01)

—

(0.01)

8.77 10/31/23

8.01 0.21 0.10 0.31 (0.36)

—

(0.36)

7.96 10/31/22

9.99 0.17 (1.42)

(1.25)

(0.65)

(0.08)

(0.73)

8.01 10/31/21

10.29 0.13 (0.16)

(0.03)

(0.17)

(0.10)

(0.27)

9.99 Class R6:

12/31/25

(c) 9.02 0.05 (0.07)

(0.02)

(0.14)

—

(0.14)

8.86 10/31/25

8.72 0.26 0.21 0.47 (0.17)

—

(0.17)

9.02 10/31/24

7.92 0.26 0.56 0.82 (0.02)

—

(0.02)

8.72 10/31/23

7.96 0.22 0.10 0.32 (0.36)

—

(0.36)

7.92 10/31/22

9.94 0.18 (1.41)

(1.23)

(0.67)

(0.08)

(0.75)

7.96 10/31/21

10.24 0.15 (0.17)

(0.02)

(0.18)

(0.10)

(0.28)

9.94 Retirement Class:

12/31/25

(c) 8.99 0.04 (0.06)

(0.02)

(0.13)

—

(0.13)

8.84 10/31/25

8.70 0.24 0.20 0.44 (0.15)

—

(0.15)

8.99 10/31/24

7.90 0.24 0.56 0.80 (0.00)

(e) —

(0.00)

(e) 8.70 10/31/23

7.95 0.20 0.11 0.31 (0.36)

—

(0.36)

7.90 10/31/22

9.91 0.16 (1.41)

(1.25)

(0.63)

(0.08)

(0.71)

7.95 10/31/21

10.22 0.12 (0.17)

(0.05)

(0.16)

(0.10)

(0.26)

9.91 Class W:

12/31/25

(c) 9.07 0.05 (0.07)

(0.02)

(0.16)

—

(0.16)

8.89 10/31/25

8.77 0.32 0.20 0.52 (0.22)

—

(0.22)

9.07 10/31/24

7.96 0.31 0.57 0.88 (0.07)

—

(0.07)

8.77 10/31/23

7.96 0.27 0.11 0.38 (0.38)

—

(0.38)

7.96 10/31/22

9.99 0.24 (1.42)

(1.18)

(0.77)

(0.08)

(0.85)

7.96 10/31/21

10.29 0.21 (0.17)

0.04 (0.24)

(0.10)

(0.34)

9.99 (a) Based on average shares outstanding.

(b) Total returns are at NAV and do not include any sales charge. Total returns are not annualized.

(c) For the two months ended December 31, 2025. Prior to November 1, 2025, the Fund's fiscal year end was October 31st.

(d) Annualized.

(e) Value rounded to zero.

§

Consolidated Financial Highlights (see Notes to Financial Statements)

See Notes to Financial Statements

Ratios and Supplemental Data

Ratios to Average Net Assets

Total

Return

(b) Net Assets,

End of

Period (000)

Gross

Expenses

Net

Expenses

Net

Investment

Income (Loss)

Portfolio

Turnover

Rate

(0.28)

%

$

1,173

0.94 %

(d) 0.89 %

(d) 2.75 %

(d) 4

%

5.04 1,195

0.97 0.92 2.68 30

10.00 1,229

0.96 0.95 2.69 37

3.75 1,450

0.97 0.94 2.46 29

(13.01)

1,448

1.10 0.94 1.68 39

(0.68)

1,731

1.49 0.94 1.12 37

(0.18)

2,115

0.62 (d) 0.62 (d) 3.01 (d) 4

5.34 2,504

0.62 0.60 2.98 30

10.30 1,418

0.71 0.70 2.95 37

3.96 1,133

0.70 0.67 2.74 29

(12.61)

0.69 0.67 2.10 39

(0.39)

0.68 0.68 1.38 37

(0.19)

0.74 (d) 0.70 (d) 2.94 (d) 4

5.25 93

0.80 0.72 2.88 30

10.28 90

0.83 0.75 2.89 37

3.91 82

0.80 0.75 2.65 29

(12.89)

0.78 0.75 1.86 39

(0.42)

0.80 0.75 1.31 37

(0.26)

2,680

0.54 (d) 0.53 (d) 3.12 (d) 4

5.44 2,251

0.61 0.56 3.03 30

10.37 707

0.63 0.60 3.03 37

4.12 721

0.63 0.59 2.81 29

(12.72)

630

0.61 0.59 2.03 39

(0.26)

732

0.60 0.60 1.46 37

(0.27)

127,499

0.79 (d) 0.79 (d) 2.86 (d) 4

5.06 117,945

0.83 0.80 2.78 30

10.14 5,516

0.87 0.85 2.79 37

3.92 4,489

0.87 0.84 2.55 29

(12.97)

4,435

0.86 0.84 1.77 39

(0.58)

5,682

0.84 0.84 1.21 37

(0.24)

1,287,233

0.54 (d) 0.00 (d) 3.65 (d) 4

6.04 1,068,213

0.58 0.00 3.61 30

11.08 411,755

0.62 0.01 3.64 37

4.80 365,238

0.62 0.00 3.39 29

(12.23)

369,347

0.61 0.00 2.60 39

0.29 516,606

0.59 0.00 2.07 37

Financial Highlights

(continued)

See Notes to Financial Statements

Financial Highlights

(continued)

The following data is for a share outstanding for each fiscal year end unless otherwise noted:

Investment Operations

Less Distributions

Net Asset

Value,

Beginning

of Period

Net

Investment

Income

(Loss)

(a) Net Realized/

Unrealized

Gain (Loss)

Total

From Net

Investment

Income

From Net

Realized

Gains

Return

of

Capital

Total

Net Asset

Value,

End of

Period

6.4 Real Estate Securities Select

Class A:

12/31/25

$

.82

$

.40

$

(0

.10)

$

.30

$

(0

.41)

$

—

$

(0

.15)

$

(0

.56)

$

.56

12/31/24

(d) 17

.09

.31

.80

.11

(0

.36)

—

(0

.02)

(0

.38)

.82

3/31/24

.25

.41

.87

.28

(0

.44)

—

—

(0

.44)

.09

3/31/23

.14

.41

(5

.44)

(5

.03)

(0

.38)

(0

.48)

—

(0

.86)

.25

3/31/22

.82

.23

.75

.98

(0

.26)

(0

.40)

—

(0

.66)

.14

3/31/21

.09

.25

.73

.98

(0

.25)

—

—

(0

.25)

.82

Class I:

12/31/25

.01

.44

(0

.09)

.35

(0

.46)

—

(0

.15)

(0

.61)

.75

12/31/24

(d) 17

.26

.33

.83

.16

(0

.39)

—

(0

.02)

(0

.41)

.01

3/31/24

.41

.44

.88

.32

(0

.47)

—

—

(0

.47)

.26

3/31/23

.35

.44

(5

.49)

(5

.05)

(0

.41)

(0

.48)

—

(0

.89)

.41

3/31/22

.99

.26

.79

.05

(0

.29)

(0

.40)

—

(0

.69)

.35

3/31/21

.22

.26

.79

.05

(0

.28)

—

—

(0

.28)

.99

Premier Class:

12/31/25

.02

.44

(0

.10)

.34

(0

.45)

—

(0

.15)

(0

.60)

.76

12/31/24

(d) 17

.27

.31

.84

.15

(0

.38)

—

(0

.02)

(0

.40)

.02

3/31/24

.42

.44

.87

.31

(0

.46)

—

—

(0

.46)

.27

3/31/23

.36

.44

(5

.50)

(5

.06)

(0

.40)

(0

.48)

—

(0

.88)

.42

3/31/22

.00

.28

.76

.04

(0

.28)

(0

.40)

—

(0

.68)

.36

3/31/21

.22

.27

.79

.06

(0

.28)

—

—

(0

.28)

.00

Class R6:

12/31/25

.99

.47

(0

.10)

.37

(0

.48)

—

(0

.15)

(0

.63)

.73

12/31/24

(d) 17

.25

.35

.81

.16

(0

.40)

—

(0

.02)

(0

.42)

.99

3/31/24

.40

.47

.87

.34

(0

.49)

—

—

(0

.49)

.25

3/31/23

.34

.46

(5

.49)

(5

.03)

(0

.43)

(0

.48)

—

(0

.91)

.40

3/31/22

.98

.30

.77

.07

(0

.31)

(0

.40)

—

(0

.71)

.34

3/31/21

.21

.30

.77

.07

(0

.30)

—

—

(0

.30)

.98

Retirement Class:

12/31/25

.96

.46

(0

.12)

.34

(0

.43)

—

(0

.15)

(0

.58)

.72

12/31/24

(d) 18

.15

.33

.87

.20

(0

.37)

—

(0

.02)

(0

.39)

.96

3/31/24

.23

.45

.92

.37

(0

.45)

—

—

(0

.45)

.15

3/31/23

.41

.44

(5

.76)

(5

.32)

(0

.38)

(0

.48)

—

(0

.86)

.23

3/31/22

.86

.25

.95

.20

(0

.25)

(0

.40)

—

(0

.65)

.41

3/31/21

.86

.27

.99

.26

(0

.26)

—

—

(0

.26)

.86

(a) Based on average shares outstanding.

(b) Total returns are at NAV and do not include any sales charge. Total returns are not annualized.

(c) Includes voluntary compensation from the Adviser as further described in the Notes to Financial Statements, when applicable.

(d) For the nine months ended December 31, 2024. Prior to April 1, 2024, the Fund's fiscal year end was March 31st.

(e) Annualized.

(f) Does not include in-kind transactions.

See Notes to Financial Statements

Ratios and Supplemental Data

Ratios to Average Net Assets

Total

Return

(b) Net Assets,

End of

Period (000)

Gross

Expenses

Net

Expenses

Net

Investment

Income (Loss)

(c) Portfolio

Turnover

Rate

.72

%

$

263,091

.87

%

.87

%

.22

%

%

.52

314,030

.78

(e) 0

.78

(e) 2

.33

(e) 21

.07

326,548

.79

.77

.54

(22

.73)

369,354

.77

.73

.28

.13

532,018

.75

.72

.09

(f) 35

.57

367,908

.79

.76

.48

.97

27,376

.61

.61

.47

.69

38,548

.62

(e) 0

.62

(e) 2

.45

(e) 21

.23

50,394

.61

.58

.69

(22

.60)

107,731

.60

.57

.45

.32

153,657

.59

.59

.19

(f) 35

.76

71,403

.62

.59

.55

.94

16,513

.65

.65

.47

.65

17,288

.65

(e) 0

.65

(e) 2

.28

(e) 21

.20

26,551

.65

.62

.66

(22

.62)

34,765

.63

.60

.42

.25

45,328

.62

.62

.27

(f) 35

.78

48,255

.64

.62

.62

.09

1,696,402

.49

.49

.59

.74

1,980,850

.50

(e) 0

.50

(e) 2

.61

(e) 21

.38

2,043,858

.50

.48

.84

(22

.52)

2,026,404

.48

.45

.55

.46

2,935,178

.47

.47

.37

(f) 35

.94

2,272,604

.49

.47

.77

.85

533,479

.74

.74

.44

.59

433,965

.75

(e) 0

.75

(e) 2

.33

(e) 21

.10

491,401

.75

.72

.60

(22

.72)

503,900

.73

.70

.31

.17

675,116

.72

.72

.11

(f) 35

.58

533,102

.74

.72

.52

Notes to Financial Statements

1. General Information

Trust and Fund Information:

TIAA-CREF Funds (the "Trust") is an open-end management investment company registered under the

Investment Company Act of 1940 ("1940 Act"), as amended. The Trust is comprised of the following (collectively the "Funds" or

individually, the "Fund"), among others:

Change in Fiscal and Tax Year Ends:

On October 8, 2025, Emerging Markets Debt and International Bond Funds' Board of Trustees

(the "Board") approved that these Funds' fiscal and tax year ends be changed from October 31 to December 31. The Funds

continued to follow their current regulatory reporting schedules and prepared an annual report as of October 31, 2025, after which it

prepared this annual report for the two-month period ended December 31, 2025.

Current Fiscal Period:

The end of the reporting period for the Funds is December 31, 2025, and the period covered by these Notes to

Financial Statements is the fiscal year ended December 31, 2025, except for Emerging Markets Debt and International Bond which is

for the two months ended December 31, 2025 (the "current fiscal period").

Investment Adviser:

Teachers Advisors, LLC (the "Adviser"), a wholly owned indirect subsidiary of Teachers Insurance and Annuity

Association of America ("TIAA"), is registered with the Securities and Exchange Commission ("SEC") as an investment adviser and

provides investment management services for the Funds.

Share Classes and Sales Charges:

The Funds offer up to six share classes, although any one Fund may not necessarily offer all six

classes. The Funds may offer Class A, Class I, Premier Class, Class R6, Retirement Class and Class W shares. Each class differs by

the allocation of class-specific expenses and voting rights in matters affecting a single class. The Funds offer their shares through

their principal underwriter, Nuveen Securities, LLC ("Nuveen Securities"), which is a wholly owned indirect subsidiary of TIAA.

Class A Shares are generally sold with an up-front sales charge. Class A Share purchases of $1 million or more are sold at net asset

value ("NAV") without an up-front sales charge but may be subject to a contingent deferred sales charge ("CDSC") of 1% if redeemed

within eighteen months of purchase. Class I, Premier Class, Class R6, Retirement Class and Class W shares are sold without an up-

front sales charge.

2. Significant Accounting Policies

The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United

States of America ("U.S. GAAP"), which may require the use of estimates made by management and the evaluation of subsequent

events. Actual results may differ from those estimates. The Funds are investment companies and follow the accounting guidance

in the Financial Accounting Standards Board ("FASB") Accounting Standards Codification 946, Financial Services — Investment

Companies. The NAV for financial reporting purposes may differ from the NAV for processing security and common share transactions.

The NAV for financial reporting purposes includes security and common share transactions through the date of the report. Total return

is computed based on the NAV used for processing security and common share transactions. The following is a summary of the

significant accounting policies consistently followed by the Funds.

Basis for Consolidation:

&nbsp;&nbsp;&nbsp;&nbsp;International Bond is presented on a consolidated basis with the Nuveen International Bond Fund Offshore

Limited (the "Regulation S Subsidiary") and the Nuveen International Bond Fund Taxable Offshore Limited (the "TEFRA Bond

Subsidiary"). Both the Regulation S Subsidiary and TEFRA Bond Subsidiary (the "Subsidiaries") are wholly owned subsidiaries

of International Bond organized under the laws of the Cayman Islands. The Regulation S Subsidiary commenced operations on March

1, 2017 and is intended to provide the Fund with exposure to Regulation S fixed income securities. Regulation S securities are

securities of U.S. and non-U.S. issuers that are issued through private placement transactions with the SEC pursuant to Regulation

S under the Securities Act of 1933, as amended. The TEFRA Bond Subsidiary commenced operations on September 1, 2022 and is

intended to provide the Fund with exposure to TEFRA fixed income securities. TEFRA securities are securities that are sold subject

to selling restrictions generally designed to restrict the purchase of such bonds to non-U.S. persons (as defined for applicable U.S.

federal income tax purposes). Both Subsidiaries are advised by the Adviser and have the same investment objective as the Fund

(except that the Regulation S Subsidiary may invest without limitation in Regulation S securities and the TEFRA Bond Subsidiary may

invest without limitation in TEFRA bonds). All inter-company transactions and balances have been eliminated.

Select financial information related to the Subsidiaries is as follows:

Fund Name

Short Name

Nuveen Emerging Markets Debt Fund

Emerging Markets Debt

Nuveen Inflation Linked Bond Fund

Inflation Linked Bond

Nuveen International Bond Fund

International Bond

Nuveen Real Estate Securities Select Fund

Real Estate Securities Select

Notes to Financial Statements

(continued)

Compensation:

The Funds pay the members of the Board all of whom are independent, certain remuneration for their services, plus

travel and other expenses. The Board has adopted a deferred compensation plan for independent trustees that enables trustees to

elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen-advised funds.

Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen-advised

funds. Amounts deferred are retained by the Funds until paid. Amounts payable to the trustees for compensation are included

separately in the accompanying Statement of Assets and Liabilities. Trustees' fees, including any deferred compensation incurred,

are reflected in the Statement of Operations.

Distributions to Shareholders:

Distributions to shareholders are recorded on the ex-dividend date. The amount, character and timing of

distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.

The tax character of Fund distributions for a fiscal year is dependent upon the amount and tax character of distributions received from

securities held in the Funds' portfolios. Distributions received from certain securities in which the Funds invest, most notably real

estate investment trust ("REIT") securities, may be characterized for tax purposes as ordinary income, long-term capital gain and/or

a return of capital. The issuer of a security reports the tax character of its distributions only once per year, generally during the first

two months of the calendar year for the previous year. The distribution is included in the Funds' ordinary income until such time the

Fund is notified by the issuer of the actual tax character. For the current fiscal period, dividend income, net realized gain (loss) and

unrealized appreciation (depreciation) recognized on the Statement of Operations reflect the amounts of ordinary income, capital gain,

and/or return of capital as reported by the issuers of such securities as of the current calendar year end.

Foreign Currency Transactions and Translation:

The books and records of the Funds are maintained in U.S. dollars. Assets, including

investments, and liabilities denominated in foreign currencies are translated into U.S. dollars at the end of each day. Purchases and

sales of securities, income and expenses are translated into U.S. dollars at the prevailing exchange rate on the respective dates of

the transactions.

Some markets in which the Funds invest impose capital controls, repatriation limits and/or transaction fees, for example, on the

amount of foreign currency that may be converted to U.S. dollars. These restrictions, in some markets where foreign exchange

restrictions are imposed, may be reflected in non-deliverable forward rates (NDF), or prevailing "offshore" rates that apply to non-

local investors. Accordingly, the Fund may apply NDF rates, or another alternative exchange rate believed by the Adviser to be more

reflective of the rates at which the Funds may transact, where applicable, to convert the value of non-U.S. dollar denominated

securities to U.S. dollars. The U.S. dollar market value of such securities held in markets where NDF rates exist may be lower than

the U.S. dollar market value of securities using prevailing local or "onshore" foreign currency exchange rates.

Net realized foreign currency gains and losses resulting from changes in exchange rates associated with (i) foreign currency,

(ii) investments and (iii) derivatives include foreign currency gains and losses between trade date and settlement date of the

transactions, foreign currency transactions, and the difference between the amounts of interest and dividends recorded on the books

of the

Funds

and the amounts actually received are recognized as a component of "Net realized gain (loss) from foreign currency

transactions" on the Statement of Operations, when applicable.

The unrealized gains and losses resulting from changes in foreign currency exchange rates and changes in foreign exchange

rates associated with (i) investments and (ii) other assets and liabilities are recognized as a component of "Change in unrealized

appreciation (depreciation) on foreign currency translations" on the Statement of Operations, when applicable. The unrealized

gains and losses resulting from changes in foreign exchange rates associated with investments in derivatives are recognized as a

component of the respective derivative's related "Change in unrealized appreciation (depreciation)" on the Statement of Operations,

when applicable.

Foreign Taxes:

The Funds may be subject to foreign taxes on income, gains on investments or foreign currency repatriation, a portion

of which may be recoverable. The Funds will accrue such taxes and recoveries as applicable, based upon the current interpretation of

tax rules and regulations that exist in the markets in which the Funds invest.

Indemnifications:

Under the Trust's organizational documents, its officers and trustees are indemnified against certain liabilities

arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Trust enters into

contracts that provide general indemnifications to other parties. The Trust's maximum exposure under these arrangements is

unknown as this would involve future claims that may be made against the Trust that have not yet occurred. However, the Trust has

not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

Regulation S Subsidiary

TEFRA Bond Subsidiary

Total market value of investments

$71,451,704

$65,044,299

Net assets

73,372,801

66,214,656

Net investment income (loss)

387,967

367,943

Net realized gain (loss)

(1,026,170)

(15,355)

Net change in unrealized appreciation (depreciation)

1,068,493

1,750,938

% of Fund's consolidated net assets

5%

5%

Investments and Investment Income:

Securities transactions are accounted for as of the trade date for financial reporting purposes.

Trade date for senior and subordinated loans purchased in the "primary market" is considered the date on which the loan allocations

are determined. Trade date for senior and subordinated loans purchased in the "secondary market" is the date on which the

transaction is entered into. Interest income is recorded on an accrual basis and includes accretion of discounts and amortization

of premiums. Interest income also reflects payment-in-kind ("PIK") interest, paydown gains and losses and fee income, if any. PIK

interest represents income received in the form of securities in lieu of cash. Fee income consists primarily of amendment fees, when

applicable. Amendment fees are earned as compensation for evaluating and accepting changes to an original senior loan agreement

and are recognized when received. Dividend income is recorded on the ex-dividend date. Foreign dividend income is recorded on

the ex-dividend date or as soon as possible after the Funds determine the existence of a dividend declaration. Non-cash dividends

received in the form of stock, if any, are recognized on the ex-dividend date and recorded at fair value. Securities lending income is

comprised of fees earned from borrowers and income earned on cash collateral investments. Realized gains and losses on securities

transactions are based upon the specific identification method. Distributions received on securities that represent a return of capital

or capital gains are recorded as a reduction of cost of investments and/or as a realized gain. The Funds estimate the components of

distributions received that may be considered return of capital distributions or capital gain distributions.

Multiclass Operations and Allocations:

Income, expenses, realized gains and losses and unrealized appreciation and depreciation of

a Fund are allocated on a pro rata basis to each class of shares, except for service agreement fees, distribution fees and transfer

agency fees and expenses, which are unique to each class of shares. Most expenses of the Trust can be directly attributed to a

Fund. Expenses that cannot be directly attributed are allocated to each Fund in the Trust based upon the average net assets of each

Fund.

Netting Agreements:

In the ordinary course of business, the Funds may enter into transactions subject to enforceable master

repurchase agreements, International Swaps and Derivatives Association, Inc. (ISDA) master agreements or other similar

arrangements ("netting agreements"). Generally, the right to offset in netting agreements allows each Fund to offset certain

securities and derivatives with a specific counterparty, when applicable, as well as any collateral received or delivered to that

counterparty based on the terms of the agreements. Generally, each Fund manages its cash collateral and securities collateral on a

counterparty basis. With respect to certain counterparties, in accordance with the terms of the netting agreements, collateral posted

to the Funds is held in a segregated account by the Funds' custodian and/or with respect to those amounts which can be sold or

repledged, are presented in the Funds' Portfolio of Investments or Statement of Assets and Liabilities.

The Funds' investments subject to netting agreements as of the end of the current fiscal period, if any, are further described later in

these Notes to Financial Statements.

Segment Reporting:

Each Fund represents a single operating segment. The officers of the Funds act as the chief operating decision

maker ("CODM"), as defined in U.S. GAAP. The CODM monitors the operating results of each Fund as a whole and is responsible

for each Fund's long-term strategic asset allocation in accordance with the terms of its prospectus, based on a defined investment

strategy which is executed by the Fund's portfolio managers as a team. The financial information in the form of the Fund's portfolio

composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations,

subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus the Fund's comparative

benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within

the Fund's financial statements. Segment assets are reflected on the Statement of Assets and Liabilities as "total assets" and

significant segment revenues and expenses are listed on the Statement of Operations.

New Accounting Pronouncement (ASU No. 2023-09):

In December 2023, the FASB issued Accounting Standard Update ("ASU") No.

2023-09, Income Taxes (Topic 740) Improvements to Income tax disclosures ("ASU 2023-09"). The primary purpose of the

amendments within ASU 2023-09 is to enhance the transparency and decision usefulness of income tax disclosures primarily related

to the rate reconciliation table and income taxes paid information. The amendments in ASU 2023-09 are effective for annual periods

beginning after December 15, 2024. During the current fiscal period, the Funds adopted the new guidance. See Note 7 for more

information.

New Accounting Pronouncement (ASU No. 2025-11):

In December 2025, the FASB issued ASU No. 2025-11, Interim Reporting (Topic

270) Narrow Scope Improvements ("ASU 2025-11"). The amendments in ASU 2025-11 provide a comprehensive list of interim

disclosures that are required by U.S. GAAP. ASU 2025-11 also includes a disclosure principle that requires entities to disclose events

since the end of the last annual reporting period that have a material impact on the entity. The amendments in ASU 2025-11 are

effective for interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted

for all entities. Management is currently evaluating the implications of these changes on the financial statements.

Notes to Financial Statements

(continued)

3. Investment Valuation and Fair Value Measurements

The Funds' investments in securities are recorded at their estimated fair value utilizing valuation methods approved by the

Adviser, subject to the oversight of the Board. Fair value is defined as the price that would be received upon selling an investment

or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the

investment. U.S. GAAP establishes the three-tier hierarchy that is used to maximize the use of observable market data and minimize

the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable

inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market

data obtained from sources independent of the reporting entity. Unobservable inputs reflect management's assumptions about the

assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information

available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.

Level 1 – Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.

Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest

rates, credit spreads, etc.).

Level 3 – Prices are determined using significant unobservable inputs (including management's assumptions in determining the

fair value of investments).

A description of the valuation techniques applied to the Funds' major classifications of assets and liabilities measured at fair value

follows:

Prices of fixed-income securities are provided by pricing services approved by the Adviser, which is subject to review by the

Adviser and oversight of the Board. Pricing services establish a security's fair value using methods that may include consideration

of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or

indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other

information and analysis, including the obligor's credit characteristics considered relevant. In pricing certain securities, particularly

less liquid and lower quality securities, pricing services may consider information about a security, its issuer or market activity

provided by the Adviser. These securities are generally classified as Level 2.

Equity securities and exchange-traded funds listed or traded on a national market or exchange are valued based on their last reported

sales price or official closing price of such market or exchange on the valuation date. Foreign equity securities and registered

investment companies that trade on a foreign exchange are valued at the last reported sales price or official closing price on the

principal exchange where traded, and converted to U.S. dollars at the prevailing rates of exchange on the valuation date. For events

affecting the value of foreign securities between the time when the exchange on which they are traded closes and the time when

the Funds' net assets are calculated, such securities will be valued at fair value in accordance with procedures adopted by the

Adviser, subject to the oversight of the Board. To the extent these securities are actively traded and no valuation adjustments are

applied, they are generally classified as Level 1. When valuation adjustments are applied to the most recent last sales price or official

closing price, these securities are generally classified as Level 2.

Repurchase agreements are valued at contract amount plus accrued interest, which approximates market value. These securities are

generally classified as Level 2.

Futures contracts are valued using the closing settlement price or, in the absence of such a price, the last traded price and are

generally classified as Level 1.

Forward foreign currency contracts are valued using the prevailing forward exchange rate which is derived from quotes provided by the

pricing service using the procedures approved by the Adviser, subject to the oversight of the Board, and are classified as Level 2.

For any portfolio security or derivative for which market quotations are not readily available or for which the Adviser deems the

valuations derived using the valuation procedures described above not to reflect fair value, the Adviser will determine a fair value in

good faith using alternative procedures approved by the Adviser, subject to the oversight of the Board. As a general principle, the fair

value of a security is the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may

be considered in determining the fair value of such securities, which may include consideration of the following: yields or prices of

investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security

dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including

the obligor's credit characteristics considered relevant. To the extent the inputs are observable and timely, the values would be

classified as Level 2; otherwise they would be classified as Level 3.

The following table summarizes the market value of the Funds' investments as of the end of the current fiscal period, based on the

inputs used to value them:

4. Portfolio Securities

Repurchase Agreements:

In connection with transactions in repurchase agreements, it is the Fund's policy that its custodian take

possession of the underlying collateral securities, the fair value of which exceeds the principal amount of the repurchase transaction,

including accrued interest, at all times. If the counterparty defaults, and the fair value of the collateral declines, realization of the

collateral may be delayed or limited.

The following table presents the repurchase agreements for the Funds that are subject to netting agreements as of the end of

the current fiscal period, and the collateral delivered related to those repurchase agreements.

Fund

Level 1

Level 2

Level 3

Total

Emerging Markets Debt

Long-Term Investments

:

Bank loan obligations

$—

$3,791,050

$—

$3,791,050

Common stocks

5,543,165

—

—

5,543,165

Corporate bonds

—

373,655,938

—

373,655,938

Government bonds

—

402,571,777

—

402,571,777

Structured assets

—

—

2,605,564

2,605,564

Investments purchased with collateral from securities lending

11,060,481

—

—

11,060,481

Short-Term Investments

:

Government agency debt

—

1,599,397

—

1,599,397

Repurchase agreement

—

17,096,000

—

17,096,000

Treasury debt

—

5,493,933

—

5,493,933

Investments in Derivatives

:

Forward foreign currency contracts\*

—

(18,360)

—

(18,360)

Total

$16,603,646

$804,189,735

$2,605,564

$823,398,945

Inflation Linked Bond

Long-Term Investments

:

Corporate bonds

$—

$5,725,033

$—

$5,725,033

Government bonds

—

3,090,069,241

—

3,090,069,241

Short-Term Investments

:

Repurchase agreement

—

19,592,000

—

19,592,000

Investments in Derivatives

:

Futures contracts\*

(61,294)

—

—

(61,294)

Total

$(61,294)

$3,115,386,274

$—

$3,115,324,980

International Bond

Long-Term Investments

:

Bank loan obligations

$—

$12,252,168

$—

$12,252,168

Corporate bonds

—

312,003,709

—

312,003,709

Government bonds

—

983,037,476

—

983,037,476

Structured assets

—

47,730,478

—

47,730,478

Investments purchased with collateral from securities lending

328,557

—

—

328,557

Short-Term Investments

:

Government agency debt

—

4,996,587

—

4,996,587

Repurchase agreement

—

20,961,000

—

20,961,000

Treasury debt

—

29,694,669

—

29,694,669

Investments in Derivatives

:

Forward foreign currency contracts\*

—

(2,160,900)

—

(2,160,900)

Total

$328,557

$1,408,515,187

$—

$1,408,843,744

Real Estate Securities Select

Long-Term Investments

:

Common stocks

$2,507,770,850

$—

$—

$2,507,770,850

Short-Term Investments

:

Repurchase agreement

—

15,578,000

—

15,578,000

Treasury debt

—

7,057,000

—

7,057,000

Total

$2,507,770,850

$22,635,000

$—

$2,530,405,850

\*

Represents net unrealized appreciation (depreciation).

Fund

Counterparty

Short-term Investments,

at Value

Collateral Pledged

(From) Counterparty

Emerging Markets Debt

Fixed Income Clearing Corporation

$

17,096,000

$

(17,437,962)

Inflation Linked Bond

Fixed Income Clearing Corporation

19,592,000

(19,983,869)

International Bond

Fixed Income Clearing Corporation

20,961,000

(21,380,230)

Real Estate Securities Select

Fixed Income Clearing Corporation

15,578,000

(15,889,603)

Notes to Financial Statements

(continued)

Treasury Inflation Protected Securities:

Inflation Linked Bond may invest in Treasury Inflation-Protected Securities, specially structured

bonds in which the principal amount is adjusted periodically to keep pace with inflation, as measured by the U.S. Consumer

Price Index. The adjustments for interest income due to inflation or deflation are reflected in interest income in the Statement of

Operations.

Securities Lending:

Certain Funds may lend their securities to qualified institutional borrowers to earn additional income. A

Fund receives cash collateral and non-cash collateral (in the form of Treasury securities or other collateral permitted by applicable

law) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of loaned securities

during the period of the loan. If the market value of the loaned securities increases, the borrower must furnish additional collateral

to the Fund, which is recognized on the Statement of Assets and Liabilities. The market value of securities loaned is determined at

the close of business of the Funds and any additional required collateral is delivered to the Funds on the next business day. Cash

collateral received by the Fund will generally be invested in high-quality short-term instruments or in one or more funds maintained by

the securities lending agent ("Agent") for the purpose of investing cash collateral.

The value of the loaned securities and the liability to return the cash collateral received are reflected in the Statement of Assets and

Liabilities. Non-cash collateral is not disclosed in the Funds' Statement of Assets and Liabilities as it is held by the Agent or by a

third-party bank engaged by the Agent as a special "tri-party" custodian on behalf of the Funds, and the Funds do not have the ability

to sell or re-hypothecate those securities.

As of the end of the current fiscal period, securities lending transactions are for equity and fixed income securities, and the

resulting loans are continuous, can be recalled at any time, and have no set maturity. Securities lending income recognized by the

Funds consists of earnings on invested collateral and lending fees, net of any rebates to the borrower and compensation to the

Agent. Such income is reflected separately in the Statement of Operations. In lending its securities, a Fund bears the market risk with

respect to the investment of collateral and the risk that the Agent may default on its contractual obligations to the Fund. The 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 Fund if at the time of a default by a borrower some or all of the loan securities have not been returned.

As of the end of the current fiscal period, the total value of securities on loan and the total value of collateral received were as

follows:

Zero Coupon Securities:

A zero coupon security does not pay a regular interest coupon to its holders during the life of the security.

Income to the holder of the security comes from accretion of the difference between the original purchase price of the security at

issuance and the par value of the security at maturity and is effectively paid at maturity. The market prices of zero coupon securities

generally are more volatile than the market prices of securities that pay interest periodically.

Purchases and Sales:

Long-term purchases and sales during the current fiscal period were as follows:

The Funds may purchase securities on a when-issued or delayed-delivery basis. Securities purchased on a when-issued or delayed-

delivery basis may have extended settlement periods; interest income is not accrued until settlement date. Any securities so

purchased are subject to market fluctuation during this period. If a Fund has outstanding when-issued/delayed-delivery purchases

commitments as of the end of the current fiscal period, such amounts are recognized on the Statement of Assets and Liabilities.

5. Derivative Investments

Each Fund is authorized to invest in certain derivative instruments. As defined by U.S. GAAP, a derivative is a financial instrument

whose value is derived from an underlying security price, foreign exchange rate, interest rate, index of prices or rates, or other

variables. Investments in derivatives as of the end of and/or during the current fiscal period, if any, are included within the Statement

of Assets and Liabilities and the Statement of Operations, respectively.

Aggregate Value of

Securities on Loan

Fund

Fixed Income

Securities

Cash Collateral

Received\*

Non-Cash Collateral

Received\*\*

Total Collateral

Received

6.1 Emerging Markets Debt

$10,695,961

$11,060,481

$–

$11,060,481

6.3 International Bond

312,420

328,557

–

328,557

\*May include cash and investment of cash collateral.

\*\*As of the end of the current fiscal period, the non-cash collateral received by the Funds was comprised of U.S. Treasury securities.

Fund

Non-U.S. Government

Purchases

U.S. Government

Purchases

Non-U.S. Government

Sales

U.S. Government

Sales

6.1 Emerging Markets Debt

$

63,749,920

$

–

$

30,516,164

$

–

6.2 Inflation Linked Bond

–

842,231,560

750,000

821,558,391

6.3 International Bond

264,738,149

6,240,563

41,825,233

4,147,516

6.4 Real Estate Securities Select

706,906,540

–

901,493,192

–

Futures Contracts:

Certain Funds are subject to interest rate and foreign exchange risk in the normal course of pursuing their

investment objectives. The Fund listed below used futures contracts to manage exposure to the bond and foreign exchange markets

and to fluctuations in interest and foreign exchange rates and for cash management purposes to remain highly invested in these

markets while minimizing transaction costs.

A futures contract is an agreement between two parties to buy and sell a financial instrument for a set price on a future date. Upon

execution of a futures contract, the Fund is obligated to deposit cash or eligible securities, also known as "initial margin," into an

account at its clearing broker equal to a specified percentage of the contract amount. Securities deposited for initial margin, if any,

are identified in the Portfolio of Investments and cash deposited for initial margin, if any, is reflected on the Statement of Assets and

Liabilities.

During the period the futures contract is open, changes in the market value of the contract are recognized as an unrealized gain

or loss by "marking-to-market" on a daily basis. The Fund and the clearing broker are obligated to settle monies on a daily basis

representing the changes in the value of the contracts. These daily cash settlements are known as "variation margin" which are

recognized on the Statement of Assets and Liabilities as a receivable or payable for variation margin on futures contracts. When the

contract is closed or expired, the Fund records a realized gain or loss equal to the difference between the value of the contract on

the closing date and value of the contract when originally entered into. The net realized gain or loss and the change in unrealized

appreciation (depreciation) on futures contracts held during the period is included on the Statement of Operations.

Risks of investments in futures contracts include the possible adverse movement in the price of the securities or indices underlying

the contracts, the possibility that there may not be a liquid secondary market for the contracts and/or that a change in the value

of the contract may not correlate with a change in the value of the underlying securities or indices.

The average notional amount of futures contracts outstanding during the current fiscal period was as follows:

Forward Foreign Currency Contracts:

During the current fiscal period, the Funds listed below used forward foreign currency contracts to

hedge a portion of its exposure to non-U.S. dollar denominated positions.

A forward contract is an agreement between two parties to purchase or sell a specified quantity of a currency at or before a specified

date in the future at a specified price. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty

in cash without the delivery of foreign currency. Forward contracts are typically traded in the over-the-counter ("OTC") markets and all

details of the contract are negotiated between the counterparties to the agreement. Forward contracts are marked-to-market daily

and any resulting unrealized gains or losses are reflected as appreciation or depreciation on the Statement of Assets and Liabilities.

The Funds realize gains and losses at the time the forward contracts are closed and are included on the Statement of Operations.

Risks may arise upon entering into forward contracts from unanticipated movements in the value of a foreign currency relative to the

U.S. dollar; and that losses may exceed amounts recognized on the Statement of Assets and Liabilities.

The average notional amount of forward contracts outstanding during the current fiscal period was as follows:

Fund

Average Notional Amount of Futures Contracts Outstanding\*

6.2 Inflation Linked Bond

$

52,453,247

\*

The average notional amount is calculated based on the absolute aggregate notional amount of contracts outstanding at the beginning of the current fiscal period and at

the end of each fiscal quarter within the current fiscal period.

Fund

Average Notional Amount of Forward Contracts Outstanding\*

6.1 Emerging Markets Debt

$

16,072,832

6.3 International Bond

1,004,718,550

\*

The average notional amount is calculated based on the outstanding notional amount of contracts at the beginning and end of the current fiscal period.

Notes to Financial Statements

(continued)

The following table presents the forward foreign currency contracts subject to netting agreements and the collateral delivered related

to those forward foreign currency contracts as of the end of the current fiscal period.

As of the end of the current fiscal period, the following Funds have invested in derivative contracts which are reflected in the

Statement of Assets and Liabilities as follows:

During the current fiscal period, the effect of derivative contracts on the Funds' Statement of Operations was as follows:

h

Fund

Counterparty

Gross

Unrealized

Appreciation on

Forward Foreign

Currency

Contracts\*

Gross

Unrealized

Depreciation on

Forward Foreign

Currency

Contracts\*

Net Unrealized

Appreciation

(Depreciation)

on Forward

Foreign Currency

Contracts

Collateral

Pledged

to (from)

Counterparty

Net

Exposure

Emerging Markets Debt

Australia and New Zealand Banking Group

Limited

$

41,950

$

—

$

41,950

$

—

$

41,950

Citibank N.A.

—

(28,648)

(28,648)

—

(28,648)

Morgan Stanley

—

(31,662)

(31,662)

—

(31,662)

Total

$41,950

$(60,310)

$(18,360)

$—

$(18,360)

International Bond

Australia and New Zealand Banking Group

Limited

160,708

(1,397,735)

(1,237,027)

—

(1,237,027)

Bank of America

10,617

(724,165)

(713,548)

—

(713,548)

Barclays Bank PLC

—

(109,161)

(109,161)

—

(109,161)

Citibank N.A.

1,155,061

(2,058,816)

(903,755)

799,000

(104,755)

Goldman Sachs

11,235

(136,221)

(124,986)

—

(124,986)

Morgan Stanley

4,243,388

(2,783,229)

1,460,159

—

1,460,159

Standard Chartered Bank

99,999

(163,767)

(63,768)

—

(63,768)

Toronto Dominion Bank

25,801

(494,615)

(468,814)

—

(468,814)

Total

$5,706,809

$(7,867,709)

$(2,160,900)

$799,000

$(1,361,900)

\* Represents gross unrealized appreciation (depreciation) for the counterparty as reported in the Fund's Portfolio of Investments.

Asset Derivatives

Liability Derivatives

Derivative Instrument

Risk Exposure

Location

Value

Location

Value

Emerging Markets Debt

Forward foreign currency contracts

Foreign currency

exchange rate

Unrealized appreciation

on forward contracts

$

41,950

Unrealized depreciation

on forward contracts

$

(60,310)

Inflation Linked Bond

Futures contracts

Interest rate

-

–

Unrealized depreciation

on futures contracts

\*

(61,294)

International Bond

Forward foreign currency contracts

Foreign currency

exchange rate

Unrealized appreciation

on forward contracts

5,706,809

Unrealized depreciation

on forward contracts

(7,867,709)

\*

Value represents the cumulative unrealized appreciation (depreciation) of cleared derivative contracts as reported in the Fund's Portfolio of Investments. The Statement of

Assets and Liabilities only reflects the current day variation margin receivable/payable from/to brokers on open cleared derivative contracts.

Two Months Ended 12/31/25

Derivative Instrument

Risk Exposure

Net Realized Gain

(Loss)

Change in Unrealized

Appreciation

(Depreciation)

6.1 Emerging Markets Debt

Forward foreign currency contracts

Foreign currency exchange rate

$

(4,990)

$

(182,446)

Year Ended 10/31/25

Derivative Instrument

Risk Exposure

Net Realized Gain

(Loss)

Change in Unrealized

Appreciation

(Depreciation)

6.1 Emerging Markets Debt

Forward foreign currency contracts

Foreign currency exchange rate

$

(214,011)

$

127,911

Swap contracts

Credit

(35,406)

–

Market and Counterparty Credit Risk:

In the normal course of business each Fund may invest in financial instruments and enter into

financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the

transaction to perform (counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the

financial statements. Financial assets, which potentially expose each Fund to counterparty credit risk, consist principally of cash due

from counterparties on forward, option and swap transactions, when applicable. The extent of each Fund's exposure to counterparty

credit risk in respect to these financial assets approximates their carrying value as recorded on the Statement of Assets and

Liabilities.

Each Fund helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes have

the financial resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties.

Additionally, counterparties may be required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf

of each Fund with a value approximately equal to the amount of any unrealized gain above a pre-determined threshold. Reciprocally,

when each Fund has an unrealized loss, the Funds have instructed the custodian to pledge assets of the Funds as collateral with a

value approximately equal to the amount of the unrealized loss above a pre-determined threshold. Collateral pledges are monitored

and subsequently adjusted if and when the valuations fluctuate, either up or down, by at least the pre-determined threshold amount.

6. Fund Shares

Transactions in Fund shares during the current and prior fiscal period were as follows:

Derivative Instrument

Risk Exposure

Net Realized Gain

(Loss)

Change in Unrealized

Appreciation

(Depreciation)

6.2 Inflation Linked Bond

Futures contracts

Interest rate

$

1,901,627

$

(109,265)

Two Months Ended 12/31/25

Derivative Instrument

Risk Exposure

Net Realized Gain

(Loss)

Change in Unrealized

Appreciation

(Depreciation)

6.3 International Bond

Forward foreign currency contracts

Foreign currency exchange rate

$

1,111,398

$

(13,070,539)

Year Ended 10/31/25

Derivative Instrument

Risk Exposure

Net Realized Gain

(Loss)

Change in Unrealized

Appreciation

(Depreciation)

6.3 International Bond

Forward foreign currency contracts

Foreign currency exchange rate

$

(9,020,741)

$

7,893,204

Notes to Financial Statements

(continued)

Two Months Ended

12/31/25

Year Ended

10/31/25

Year Ended

10/31/24

6.1 Emerging Markets Debt

Shares

Amount

Shares

Amount

Shares

Amount

Subscriptions:

Class A

673,988

$

6,157,415

4,494,309

$

39,238,087

6,027,549

$

50,701,300

Class I

80,899

742,021

1,753,094

15,672,027

1,118,689

9,315,032

Premier Class

–

–

–

–

Class R6

1,186,113

10,857,185

4,311,980

37,946,523

4,217,816

35,622,486

Retirement Class

349,997

3,200,789

983,550

8,691,661

1,294,560

10,766,725

Class W

4,584,432

41,874,736

32,605,228

293,214,572

8,026,542

67,387,268

Total subscriptions

6,875,429

62,832,146

44,148,162

394,762,875

20,685,156

173,792,811

Reinvestments of distributions:

Class A

45,280

409,788

105,487

924,582

81,047

682,696

Class I

41,671

378,373

129,624

1,138,050

97,920

829,572

Class R6

239,571

2,170,509

782,505

6,840,430

676,130

5,715,462

Retirement Class

55,811

505,086

177,663

1,552,712

148,219

1,252,343

Total reinvestments of

distributions

382,333

3,463,756

1,195,279

10,455,774

1,003,316

8,480,073

Redemptions:

Class A

(574,446)

(5,252,021)

(3,689,279)

(32,117,717)

(5,932,311)

(50,012,881)

Class I

(62,726)

(574,933)

(1,495,406)

(13,406,582)

(564,657)

(4,759,123)

Premier Class

–

–

(1) (5) (472) (3,840)

Class R6

(384,738)

(3,505,912)

(6,255,040)

(54,399,854)

(1,270,728)

(10,758,111)

Retirement Class

(78,291)

(716,316)

(1,064,122)

(9,348,443)

(703,244)

(5,989,053)

Class W

(1,252,499)

(11,469,116)

(9,923,670)

(86,910,286)

(8,546,905)

(71,978,977)

Total redemptions

(2,352,700)

(21,518,298)

(22,427,518)

(196,182,887)

(17,018,317)

(143,501,985)

Net increase (decrease) from

shareholder transactions

4,905,062

$

44,777,604

22,915,923

$

209,035,762

4,670,155

$

38,770,899

Year Ended

12/31/25

Nine Months Ended

12/31/24

Year Ended

3/31/24

6.2 Inflation Linked Bond

Shares

Amount

Shares

Amount

Shares

Amount

Subscriptions:

Class A

906,763

$

9,467,834

631,856

$

6,467,549

1,288,477

$

13,059,446

Class I

2,122,632

22,984,892

2,100,605

22,117,944

2,405,516

25,230,979

Premier Class

20,281

218,499

7,329

77,287

25,759

270,373

Class R6

7,364,726

79,624,917

3,811,419

40,237,748

6,879,795

72,184,907

Retirement Class

946,085

10,308,745

160,714

1,715,921

297,367

3,105,040

Class W

49,641,134

536,568,580

29,975,898

316,638,262

49,776,621

521,604,305

Total subscriptions

61,001,621

659,173,467

36,687,821

387,254,711

60,673,535

635,455,050

Reinvestments of distributions:

Class A

358,644

3,743,420

299,932

3,049,934

394,391

3,963,055

Class I

138,097

1,490,881

134,802

1,415,415

205,967

2,136,473

Premier Class

3,350

36,065

2,586

27,097

6,450

66,748

Class R6

1,814,934

19,585,189

1,326,674

13,940,915

2,017,779

20,917,461

Retirement Class

362,180

3,946,916

302,631

3,208,480

423,884

4,434,311

Class W

14,188

153,178

–

–

–

–

Total reinvestments of

distributions

2,691,393

28,955,649

2,066,625

21,641,841

3,048,471

31,518,048

Redemptions:

Class A

(1,664,808)

(17,372,698)

(2,167,228)

(22,131,101)

(2,593,681)

(26,316,099)

Class I

(1,832,050)

(19,711,890)

(3,388,859)

(35,788,497)

(4,930,366)

(51,510,463)

Premier Class

(27,253)

(294,358)

(11,276)

(118,715)

(168,393)

(1,735,965)

Class R6

(6,420,179)

(69,334,921)

(13,546,739)

(142,162,166)

(11,367,625)

(118,426,790)

Retirement Class

(1,900,496)

(20,698,391)

(1,565,084)

(16,662,766)

(2,597,626)

(27,400,363)

Class W

(35,497,795)

(383,250,727)

(23,596,093)

(248,163,592)

(24,053,242)

(252,579,348)

Total redemptions

(47,342,581)

(510,662,985)

(44,275,279)

(465,026,837)

(45,710,933)

(477,969,028)

Net increase (decrease) from

shareholder transactions

16,350,433

$

177,466,131

(5,520,833)

$

(56,130,285)

18,011,073

$

189,004,070

7. Income Tax Information

Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net

investment income and net capital gains to shareholders and otherwise comply with the requirements of Subchapter M of the Internal

Revenue Code applicable to regulated investment companies. Therefore, no federal income tax provision is required.

Each Fund files income tax returns in U.S. federal and applicable state and local jurisdictions. A Fund's federal income tax returns

are generally subject to examination for a period of three fiscal years after being filed. State and local tax returns may be subject to

examination for an additional period of time depending on the jurisdiction. Management has analyzed each Fund's tax positions taken

for all open tax years and has concluded that no provision for income tax is required in the Fund's financial statements.

Two Months Ended

12/31/25

Year Ended

10/31/25

Year Ended

10/31/24

6.3 International Bond

Shares

Amount

Shares

Amount

Shares

Amount

Subscriptions:

Class A

$

2,195

22,289

$

195,214

11,927

$

99,967

Class I

27,766

248,791

247,570

2,166,837

32,996

275,215

Premier Class

–

–

–

–

Class R6

54,633

489,920

198,407

1,742,203

16,693

139,755

Retirement Class

1,105,739

9,887,470

12,607,495

111,014,156

290,526

2,452,933

Class W

26,977,363

243,913,583

78,752,931

709,214,312

10,799,831

91,229,464

Total subscriptions

28,165,746

254,541,959

91,828,692

824,332,722

11,151,974

94,197,342

Reinvestments of distributions:

Class A

1,444

12,761

1,915

16,682

–

–

Class I

3,275

28,983

2,729

23,769

2,038

Class R6

4,427

39,139

1,623

14,123

1,792

Retirement Class

199,281

1,757,655

9,703

84,412

519

Total reinvestments of

distributions

208,427

1,838,538

15,970

138,986

529

4,349

Redemptions:

Class A

(2,141)

(19,174)

(32,629)

(284,473)

(54,200)

(453,856)

Class I

(70,021)

(630,811)

(135,430)

(1,187,025)

(13,761)

(116,903)

Premier Class

–

–

(1) (8) –

–

Class R6

(6,189)

(55,552)

(31,386)

(275,290)

(26,891)

(225,301)

Retirement Class

(3) (29) (136,031)

(1,180,575)

(224,996)

(1,909,147)

Class W

(81,867)

(736,821)

(7,876,598)

(68,553,228)

(9,745,822)

(83,038,329)

Total redemptions

(160,221)

(1,442,387)

(8,212,075)

(71,480,599)

(10,065,670)

(85,743,536)

Net increase (decrease) from

shareholder transactions

28,213,952

$

254,938,110

83,632,587

$

752,991,109

1,086,833

$

8,458,155

Year Ended

12/31/25

Nine Months Ended

12/31/24

Year Ended

3/31/24

6.4 Real Estate Securities Select

Shares

Amount

Shares

Amount

Shares

Amount

Subscriptions:

Class A

400,110

$

7,090,349

718,536

$

12,426,270

1,066,960

$

17,392,751

Class I

460,980

8,309,739

503,866

8,971,718

1,073,969

17,642,498

Premier Class

106,998

1,927,277

221,131

3,766,797

289,064

4,819,294

Class R6

10,420,830

187,442,743

7,830,141

137,017,940

13,364,176

218,219,672

Retirement Class

6,695,833

126,896,697

433,649

8,144,003

1,270,163

21,500,327

Total subscriptions

18,084,751

331,666,805

9,707,323

170,326,728

17,064,332

279,574,542

Reinvestments of distributions:

Class A

486,090

8,569,629

369,673

6,636,400

525,758

8,498,987

Class I

60,390

1,076,570

52,333

944,196

121,039

1,971,716

Premier Class

31,889

568,629

22,804

413,590

49,793

811,129

Class R6

3,608,841

64,249,653

2,609,598

47,304,121

3,525,080

57,511,280

Retirement Class

793,557

14,901,225

493,439

9,400,598

745,977

12,796,339

Total reinvestments of

distributions

4,980,767

89,365,706

3,547,847

64,698,905

4,967,647

81,589,451

Redemptions:

Class A

(3,520,749)

(62,515,470)

(2,579,395)

(44,888,136)

(5,207,264)

(84,329,563)

Class I

(1,119,510)

(19,910,092)

(1,335,504)

(23,138,068)

(4,839,946)

(78,615,073)

Premier Class

(168,453)

(3,034,944)

(821,964)

(14,068,970)

(918,544)

(14,630,649)

Class R6

(28,450,933)

(509,708,933)

(18,864,474)

(332,950,471)

(21,935,422)

(358,847,732)

Retirement Class

(1,876,451)

(35,605,571)

(5,111,574)

(96,196,766)

(4,180,019)

(74,001,644)

Total redemptions

(35,136,096)

(630,775,010)

(28,712,911)

(511,242,411)

(37,081,195)

(610,424,661)

Net increase (decrease) from

shareholder transactions

(12,070,578)

$

(209,742,499)

(15,457,741)

$

(276,216,778)

(15,049,216)

$

(249,260,668)

Notes to Financial Statements

(continued)

Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences

in recognizing gains and losses on investment transactions. Temporary differences do not require reclassification. As of year

end, permanent differences that resulted in reclassifications among the components of net assets relate primarily to deflation

adjustments on Treasury Inflation-Protected Securities, foreign currency transactions, net operating losses, tax basis earnings and

profits adjustments, tax treatment of earnings and profits from the TEFRA Bond Subsidiary, and taxable over distribution. Temporary

and permanent differences have no impact on a Fund's net assets.

As of year end, the aggregate cost and the net unrealized appreciation/(depreciation) of all investments for federal income tax

purposes were as follows:

=

For purposes of this disclosure, tax cost generally includes the cost of portfolio investments as well as up-front fees or premiums

exchanged on derivatives and any amounts unrealized for income statement reporting but realized income and/or capital gains for tax

reporting, if applicable.

As of year end, the components of accumulated earnings on a tax basis were as follows:

The tax character of distributions paid was as follows:

As of year end, the Funds had capital loss carryforwards, which will not expire:

Fund

Tax Cost

Gross Unrealized

Appreciation

Gross Unrealized

(Depreciation)

Net Unrealized

Appreciation

(Depreciation)

6.1 Emerging Markets Debt

$822,563,423

$26,953,783

$(26,118,262)

$835,521

6.2 Inflation Linked Bond

3,162,171,152

20,754,234

(67,600,406)

(46,846,172)

6.3 International Bond

1,434,316,594

23,229,977

(48,702,827)

(25,472,850)

6.4 Real Estate Securities Select

1,706,712,106

871,097,110

(47,403,367)

823,693,743

Fund

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital Gains

Unrealized

Appreciation

(Depreciation)

Capital Loss

Carryforwards

Late-Year

Loss Deferrals

Other

Book-to-Tax

Differences

Total

6.1 Emerging Markets Debt

$–

$–

$813,288

$(56,647,133)

$–

$(35,393)

$(55,869,238)

6.2 Inflation Linked Bond

217,162

–

(46,846,172)

(64,587,253)

–

(716,692)

(111,932,955)

6.3 International Bond

–

–

(27,837,682)

(36,267,279)

–

(21,308)

(64,126,269)

6.4 Real Estate Securities Select

–

–

823,693,743

(75,845,587)

–

(632,249)

747,215,907

Two Months Ended

12/31/25

Year Ended

10/31/25

Year Ended

10/31/24

Fund

Ordinary

Income

Long-Term

Capital Gains

Return of

Capital

Ordinary

Income

Long-Term

Capital Gains

Return of

Capital

Ordinary

Income

Long-Term

Capital Gains

Return of

Capital

6.1 Emerging Markets Debt

$

15,337,155

$

–

$

–

$

36,134,311

$

–

$

–

$

31,413,012

$

–

$

–

Year Ended

12/31/25

Nine Months Ended

12/31/24

Year Ended

3/31/24

Fund

Ordinary

Income

Long-Term

Capital Gains

Return of

Capital

Ordinary

Income

Long-Term

Capital Gains

Return of

Capital

Ordinary

Income

Long-Term

Capital Gains

Return of

Capital

6.2 Inflation Linked Bond

$

124,267,714

$

–

$

–

$

91,178,704

$

–

$

–

$

111,223,768

$

–

$

–

Two Months Ended

12/31/25

Year Ended

10/31/25

Year Ended

10/31/24

Fund

Ordinary

Income

Long-Term

Capital Gains

Return of

Capital

Ordinary

Income

Long-Term

Capital Gains

Return of

Capital

Ordinary

Income

Long-Term

Capital Gains

Return of

Capital

6.3 International Bond

$

24,254,659

$

–

$

–

$

10,567,705

$

–

$

–

$

3,201,577

$

–

$

–

Year Ended

12/31/25

Nine Months Ended

12/31/24

Year Ended

3/31/24

Fund

Ordinary

Income

Long-Term

Capital Gains

Return of

Capital

Ordinary

Income

Long-Term

Capital Gains

Return of

Capital

Ordinary

Income

Long-Term

Capital Gains

Return of

Capital

6.4 Real Estate Securities

Select

$

68,030,796

$

–

$

22,015,118

$

62,321,612

$

–

$

3,010,823

$

82,402,400

$

–

$

–

Fund

Short-Term

Long-Term

Total

6.1 Emerging Markets Debt

$

6,473,542

$

50,173,591

$

56,647,133

6.2 Inflation Linked Bond

13,515,660

51,071,593

64,587,253

6.3 International Bond

15,988,925

20,278,354

36,267,279

6.4 Real Estate Securities Select

75,845,587

–

75,845,587

As of year end, the Funds utilized the following capital loss carryforwards:

During the current fiscal period, the Funds did not pay any income taxes.

8. Investment Adviser and Other Transactions with Affiliates

Under the terms of the Investment Management Agreement with respect to each Fund, the Adviser provides asset management

services to the Fund for an annual fee, payable monthly. The Funds have entered into an Administrative Service Agreement with the

Adviser under which the Funds pay the Adviser for its costs in providing certain administrative and compliance services to the Funds.

The Adviser has agreed to gradually reduce expenses allocated to the Funds under the Administrative Services Agreement over a

three-year period commencing May 1, 2024. After the expiration of this three-year period, the Adviser will no longer allocate expenses

to the Funds under the Administrative Services Agreement.

Each Subsidiary has entered into an investment management agreement with the Adviser. Under these agreements, the Adviser

provides the same management services to the Subsidiaries as it does to the International Bond Fund. The Adviser is not

compensated directly by the Subsidiaries for their services, rather it is provided a management fee on the average net assets of the

Fund which includes investments in the Subsidiaries.

Under the terms of a Retirement Class Service Agreement with respect to each Fund, the Retirement Class of the Fund incurs an

annual fee of 0.25% of the daily net assets, payable monthly to TIAA, on behalf of Retirement Class shares of the Fund held by or

through TIAA by its clients, or the Adviser, on behalf of all other Retirement Class shares, for certain administrative costs associated

with the maintenance of Retirement Class shares on retirement plan or other platforms. Substantially all of the Retirement Class

shareholder servicing fees reported on the Statement of Operations are paid to TIAA or the Adviser, respectively, under the Service

Agreement.

Nuveen Securities, which is a wholly owned indirect subsidiary of TIAA, distributes the Funds' shares. Under the terms of the

distribution agreement, Nuveen Securities is not compensated. Nuveen Securities does not currently enter into agreements, or

otherwise pay, other intermediaries to sell shares of the Funds. Under the terms of a distribution Rule 12b- 1 plan, Class A shares

of each Fund compensates Nuveen Securities for providing distribution, promotional and/or shareholder services to Class A shares

of the Fund at the annual rate of 0.25% of the average daily net assets attributable to the Fund's Class A shares. The Premier Class

of each Fund is subject to a distribution Rule 12b-1 plan that compensates Nuveen Securities for providing distribution, promotional

and/or shareholder services to the Premier Class of the Fund at the annual rate of 0.15% of the average daily net assets attributable

to the Fund's Premier Class.

The Adviser has contractually agreed to waive and/or reimburse Class W's shares' Management fees and Other expenses (excluding

interest, taxes, brokerage commissions or other transactional expenses, acquired fund fees and expenses, trustee expenses and

extraordinary expenses) in their entirety. The Adviser expects this waiver and/or reimbursement to remain in effect indefinitely, unless

changed or terminated with approval of the Board. The Management fees and Other expenses of Class W shares that have been

waived by the Adviser may be incurred directly or indirectly, all or in part, by investors in Class W shares.

The management fee schedule for each Fund consists of two components: a Fund-level fee, based only on the amount of assets

within a Fund, and a complex-level fee, based on the aggregate amount of all eligible assets managed by the Adviser and Nuveen

Fund Advisors, LLC ("Nuveen Fund Advisors").

For each Fund subject to the complex-level fee, each Fund's overall complex-level fee begins at a maximum rate of 0.1600% of a

Fund's average daily net assets, with breakpoints for eligible complex-level assets above $124.3 billion. Therefore, the maximum

management fee rate for each such Fund is the Fund-level fee plus 0.1600%. The complex-level fee rate for each Fund is determined

by taking the current overall complex-level fee rate and applying that rate to all eligible assets of the Fund. With respect to the assets

of each Fund that are not eligible assets, those assets are subject to the maximum complex-level fee rate (0.1600%). As of May 1,

2025, 21% of the net assets of each Fund are eligible assets, and that percentage will increase annually until May 1, 2033, at which

time eligible assets will include all of the net assets of a Fund. The current overall complex-level fee schedule is as follows:

Fund

Utilized

6.1 Emerging Markets Debt

$253,857

6.2 Inflation Linked Bond

–

6.3 International Bond

–

6.4 Real Estate Securities Select

67,356,397

Complex-Level Asset Breakpoint Level\*

Complex-Level Fee

For the first $124.3 billion

0.1600%

For the next $75.7 billion

0.1350%

For the next $200 billion

0.1325%

For eligible assets over $400 billion

0.1300%

Notes to Financial Statements

(continued)

\* The complex-level fee is calculated based upon the aggregate daily "eligible assets" of all Nuveen-branded closed-end funds and Nuveen-branded open-end funds

("Nuveen Mutual Funds"). Except as described below, eligible assets include the assets of all Nuveen-branded closed-end funds and Nuveen Mutual Funds organized in the United

States. Eligible assets do not include the net assets of: Nuveen fund-of-funds, Nuveen money market funds, Nuveen index funds, Nuveen Large Cap Responsible Equity Fund or

Nuveen Life Large Cap Responsible Equity Fund. In addition, eligible assets include a fixed percentage of the aggregate net assets of the active equity and fixed income Nuveen

Mutual Funds advised by the Adviser (except those identified above). The fixed percentage will increase annually until May 1, 2033, at which time eligible assets will include all of

the aggregate net assets of Adviser-advised active equity and fixed income Nuveen Mutual Funds (except those identified above). Eligible assets include closed-end fund assets

managed by Nuveen Fund Advisors that are attributable to financial leverage. For these purposes, financial leverage includes the closed-end funds' use of preferred stock and

borrowings and certain investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets

held by a TOB trust that has been effectively financed by the trust's issuance of floating rate securities, subject to an agreement by Nuveen Fund Advisors as to certain funds to limit

the amount of such assets for determining eligible assets in certain circumstances.

As of the end of the current fiscal period, the complex-level fee rate for each Fund was as follows:

The Adviser has agreed to reimburse each Fund if its total expense ratio (excluding interest, taxes, brokerage commissions or other

transactional expenses, acquired fund fees and expenses and extraordinary expenses) exceeds certain percentages. The fund-level

fee range and maximum expense amounts for each Fund is based on a percentage of average daily net assets according to the

following rates:

\* This Fund is subject to a breakpoint schedule on its investment management fee, which reduces this fee as the Fund's net assets increase.

‡ Maximum expense amounts reflect all expenses excluding interest, taxes, brokerage commissions or other transactional expenses, Acquired fund fees and expenses

and extraordinary expenses. The expense reimbursement arrangements will continue through at least February 28, 2027 for Emerging Markets Debt and International

Bond or April 30, 2026 for Inflation Linked Bond and Real Estate Securities Select. The reimbursement arrangements can only be changed with the approval of the

Board.

Effective May 1, 2025, for a one year period, the Adviser agreed to voluntarily waive a portion of the investment management fee

and/or the expense cap for certain funds. This waiver is voluntary in nature and can be discontinued at any time without prior notice

to shareholders upon Board approval. The investment management fee and maximum expense amounts (after voluntary waivers) are

equal to the following noted annual percentage of average daily net assets for each class:

Other Transactions with Affiliates:

The Funds receive voluntary compensation from the Adviser in amounts that approximate the cost

of research services obtained from broker-dealers and research providers if the Adviser had purchased the research services directly.

This income received by the Funds, which is disclosed below, is recognized in "Affiliated Income" on the Statement of Operations and

any amounts due to the Funds at the end of the reporting period are recognized in "Reimbursement from Adviser" on the Statement

of Assets and Liabilities. During the current fiscal period, the values of voluntary compensation were as follows:

Fund

Complex-Level Fee

6.1 Emerging Markets Debt

0.1592%

6.2 Inflation Linked Bond

0.1592%

6.3 International Bond

0.1592%

6.4 Real Estate Securities Select

0.1592%

Fund-Level Fee

Range

Maximum Expense Amounts‡

Fund

Class A

Class I

Premier Class

Class R6

Retirement

Class

Class W

6.1 Emerging Markets Debt\*

0.290%—0.390%

1.000 %

0.800 %

0.800 %

0.650 %

0.900 %

0.650 %

6.2 Inflation Linked Bond\*

0.040%—0.090%

0.650 0.450 0.450 0.300 0.550 0.300 6.3 International Bond\*

0.240%—0.340%

0.950 0.750 0.750 0.600 0.850 0.600 6.4 Real Estate Securities Select\*

0.190%—0.340%

0.920 0.720 0.720 0.570 0.820 –

Fund-Level Fee

Range

Maximum Expense Amounts‡

Fund

Class A

Class I

Premier Class

Class R6

Retirement

Class

Class W

6.3 International Bond\*

0.240%—0.340%

0.890 %

0.690 %

0.690 %

0.540 %

0.790 %

0.540 %

\*

This Fund is subject to a breakpoint schedule on its investment management fee, which reduces this fee as the Fund's net assets increase.

‡

Maximum expense amounts reflect all expenses excluding interest, taxes, brokerage commissions or other transactional expenses, Acquired fund fees and expenses and

extraordinary expenses. The reimbursement arrangements can only be changed with the approval of the Board.

Fund

Value

6.4 Real Estate Securities Select

$150,110

During the current fiscal period, the Distributor, collected sales charges on purchases of Class A Shares, the majority of which were

paid out as concessions to financial intermediaries as follows:

The Funds are permitted to purchase or sell securities from or to certain other funds or accounts managed by the Adviser or by an

affiliate of the Adviser (each an, "Affiliated Entity") under specified conditions outlined in procedures adopted by the Board ("cross-

trade"). These procedures have been designed to ensure that any cross-trade of securities by the Fund from or to an Affiliated Entity

by virtue of having a common investment adviser (or affiliated investment adviser), common officer and/or common trustee complies

with Rule 17a-7 under the 1940 Act. These transactions are affected at the current market price (as provided by an independent

pricing service) without incurring broker commissions. During the current fiscal period, the Funds did not engage in security

transactions with affiliated entities.

Affiliate Owned Shares:

A registered separate account of TIAA (collectively "TIAA Access") has various sub-accounts

that invest in the Funds, and certain funds within the Trust also make investments in the Funds. The following is the

percentage of the Funds' shares owned by affiliates as of the end of the current fiscal period:

9. Emerging Markets Risks

Emerging Markets Debt and International Bond hold a large portion of their assets in emerging market securities. Emerging market

securities are often subject to greater price volatility, less liquidity and higher rates of inflation and deflation than U.S. securities. In

addition, emerging markets may be subject to greater political, economic and social uncertainty, and differing regulatory environments

that may potentially impact the Fund's ability to buy or sell certain securities or repatriate proceeds to U.S. dollars.

10. Borrowing Arrangements

Line of Credit:

The Funds along with certain funds managed by the Adviser or by an affiliate of the Adviser ("Participating Funds"),

have established a 364-day, $2.7 billion standby credit facility with a group of lenders, under which the Participating Funds may

borrow for temporary purposes (other than on-going leveraging for investment purposes). Each Participating Fund is allocated a

designated proportion of the facility's capacity (and its associated costs, as described below) based upon a multi-factor assessment

of the likelihood and frequency of its need to draw on the facility, the size of the Fund and its anticipated draws, and the potential

importance of such draws to the operations and well-being of the Fund, relative to those of the other Funds. A Fund may effect draws

on the facility in excess of its designated capacity if and to the extent that other Participating Funds have undrawn capacity. The

credit facility expires in June 2026, unless extended or renewed.

The credit facility has the following terms: 0.15% per annum on unused commitment amounts and a drawn interest rate equal to

the higher of (a) OBFR (Overnight Bank Funding Rate) plus 1.20% per annum or (b) the Fed Funds Effective Rate plus 1.20% per

annum on amounts borrowed. Interest expense incurred by the Participating Funds, when applicable, is recognized as a component

of "Interest expense" on the Statement of Operations. Participating Funds paid administration, legal and arrangement fees, which

are recognized as a component of "Interest expense" on the Statement of Operations, and along with commitment fees, have been

allocated among such Participating Funds based upon the relative proportions of the facility's aggregate capacity reserved for them

and other factors deemed relevant by the Adviser and the Board of each Participating Fund.

During the current fiscal period, the following Funds utilized this facility. The Fund's maximum outstanding balance during the

utilization period was as follows:

Fund

Sales Charges Collected

(Unaudited)

Paid to Financial

Intermediaries

(Unaudited)

Emerging Markets Debt

$

548

$

Inflation Linked Bond

1,034

885

International Bond

—

—

Real Estate Securities Select

6,302

5,506

Underlying Fund

Nuveen Lifecycle

Funds

Nuveen Lifecycle

Index Funds

TIAA Access

Total

6.1 Emerging Markets Debt

%

–

%

–

%

%

6.2 Inflation Linked Bond

–

6.3 International Bond

–

–

6.4 Real Estate Securities Select

–

–

Notes to Financial Statements

(continued)

During each Fund's utilization period(s) during the current fiscal period, the average daily balance outstanding and average annual

interest rate on the Borrowings were as follows:

Fund

#### Maximum

#### Outstanding

#### Balance
Emerging Markets Debt

$

—

Inflation Linked Bond

—

International Bond

—

Real Estate Securities Select

97,800,000

Fund

Utilization

Period (Days

Outstanding)

Average

Daily Balance

Outstanding

Average Annual

Interest Rate

Emerging Markets Debt

—

$

—

—

%

Inflation Linked Bond

—

—

—

International Bond

—

—

—

Real Estate Securities Select

97,800,000

5.53 69

Important Tax Information

(Unaudited)

As required by the Internal Revenue Code and Treasury Regulations, certain tax information, as detailed below, must be

provided to shareholders. Shareholders are advised to consult their tax advisor with respect to the tax implications of their

investment. The amounts listed below may differ from the actual amounts reported on Form 1099-DIV, which will be sent to

shareholders shortly after calendar year end.

Long-Term Capital Gains

As of year end, each Fund designates the following distribution amounts, or maximum amount allowable, as being from net

long-term capital gains pursuant to Section 852(b)(3) of the Internal Revenue Code:

Dividends Received Deduction (DRD)

Each Fund listed below had the following percentage, or maximum amount allowable, of ordinary income distributions eligible

for the dividends received deduction for corporate shareholders:

Qualified Dividend Income (QDI)

Each Fund listed below had the following percentage, or maximum amount allowable, of ordinary income distributions treated

as qualified dividend income for individuals pursuant to Section 1(h)(11) of the Internal Revenue Code:

Qualified interest income (QII)

Each Fund listed below had the following percentage, or maximum amount allowable, of ordinary income distributions treated

as qualified interest income and/or short-term capital gain dividends pursuant to Section 871(k) of the Internal Revenue Code:

Fund

Net Long-Term

Capital Gains

6.1 Emerging Markets Debt

$

–

6.2 Inflation Linked Bond

–

6.3 International Bond

–

6.4 Real Estate Securities Select

–

Fund

Percentage

6.1 Emerging Markets Debt

—

%

6.2 Inflation Linked Bond

—

6.3 International Bond

—

6.4 Real Estate Securities Select

3.1 Fund

Percentage

6.1 Emerging Markets Debt

1.0 %

6.2 Inflation Linked Bond

—

6.3 International Bond

—

6.4 Real Estate Securities Select

3.1 Fund

1/1 to Prior Year End

Percentage

11/1 to Current Year

End Percentage

6.1 Emerging Market Debt

2.4%

4.7%

Effective November 1, 2025, Emerging Markets Debt changed its year end from October 31 to December 31.

Fund

1/1 to Current Year End

Percentage

6.1 Inflation Linked Bond

100%

Fund

1/1 to Prior Year End

Percentage

11/1 to Current Year

End Percentage

6.1 International Bond

–%

15.1%

Effective November 1, 2025, International Bond changed its year end from October 31 to December 31.

Important Tax Information

(continued)

Qualified business income (QBI)

Each Fund listed below had the following percentage, or maximum amount allowable, of ordinary income distributions treated

as qualified business income for individuals pursuant to Section 199A of the Internal Revenue Code:

163(j)

Each Fund listed below had the following percentage, or maximum amount allowable, of ordinary dividends treated as Section

163(j) interest dividends pursuant to Section 163(j) of the Internal Revenue Code:

Fund

1/1 to Current Year End

Percentage

6.4 Real Estate Securities Select

1.4 Fund

Percentage

6.1 Emerging Markets Debt

–

%

6.2 Inflation Linked Bond

–

6.3 International Bond

–

6.4 Real Estate Securities Select

88.8 Fund

Percentage

6.1 Emerging Markets Debt

98.0 %

6.2 Inflation Linked Bond

100.0 6.3 International Bond

88.5 6.4 Real Estate Securities Select

1.4 ------

**Item 8.** **Changes in and Disagreements with Accountants for Open-End Management Investment Companies.** <br>

Not applicable.

------

**Item 9.** **Proxy Disclosures for Open-End Management Investment Companies.** <br>

Not applicable.

------

**Item 10.** **Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.** <br>

The Funds do not pay any remuneration to their officers. Remuneration paid to trustees, officers and Teachers Advisors, LLC, the Funds' investment adviser and an affiliate of the Funds' officers, is included in the Statement of Operations under the line items "Trustees fees", "Management fees" and "Administrative service fees" as part of the financial statements filed under Item 7 of this Form N-CSR.

------

**Item 11.** **Statement Regarding Basis for Approval of Investment Advisory Contract.** <br>

Not applicable.

------

**Item 12.** **Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** <br>

Not applicable to open-end investment companies.

------

**Item 13.** **Portfolio Managers of Closed-End Management Investment Companies.** <br>

Not applicable to open-end investment companies.

------

**Item 14.** **Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** <br>

Not applicable to open-end investment companies.

------

**Item 15.** **Submission of Matters to a Vote of Security Holders.** <br>

There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees implemented after the Registrant last provided disclosure in response to this Item.

------

**Item 16.** **Controls and Procedures.** <br>

(a) The Registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the "Exchange Act") (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.

------

**Item 17.** **Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** <br>

(a) Not applicable to open-end investment companies.

(b) Not applicable to open-end investment companies.

------

**Item 18.** **Recovery of Erroneously Awarded Compensation.** <br>

(a) Not applicable.

(b) Not applicable.

------

**Item 19.** **Exhibits.** <br>

---

| | |
|:---|:---|
| (a)(1) | Not applicable because the code of ethics is available, upon request and without charge, by calling 800-257-8787 and there were no amendments during the period covered by this report. |
| (a)(2) | Not applicable. |
| (a)(3) | [Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.](d84898dex99a3.htm) |
| (a)(4) | Not applicable. |
| (a)(5) | Not applicable. |
| (b) | [Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 and Section 906 of the Sarbanes-Oxley Act of 2002 is attached hereto.](d84898dex99b.htm) |

---

------

#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

<u>TIAA-CREF Funds</u> 

---

| | | |
|:---|:---|:---|
| Date: March 6, 2026 | By: | /s/ Jordan M. Farris |
|  |  | Jordan M. Farris |
|  |  | Chief Administrative Officer |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| Date: March 6, 2026 | By: | /s/ Jordan M. Farris |
|  |  | Jordan M. Farris |
|  |  | Chief Administrative Officer |
|  |  | (principal executive officer) |
| Date: March 6, 2026 | By: | /s/ Marc Cardella |
|  |  | Marc Cardella |
|  |  | Vice President and Controller |
|  |  | (principal financial officer) |

---

## Ex-99.(A)(3)

**Exhibit 19(a)(3)** 

**<u>CERTIFICATION</u>**

I, Jordan M. Farris, certify that:

1. I have reviewed this report on Form N-CSR of TIAA-CREF Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the
periods presented in this report;

4. The Registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the Registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer(s) and I have disclosed to the Registrant's auditors and
the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the Registrant's internal control over financial reporting.

------

---

| | | |
|:---|:---|:---|
| Date: March 6, 2026 | By: | /s/ Jordan M. Farris |
|  |  | Jordan M. Farris |
|  |  | Chief Administrative Officer |
|  |  | (principal executive officer) |

---

------

**<u>CERTIFICATION</u>**

I, Marc Cardella, certify that:

1. I have reviewed this report on Form N-CSR of TIAA-CREF Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the
periods presented in this report;

4. The Registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the Registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer(s) and I have disclosed to the Registrant's auditors and
the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the Registrant's internal control over financial reporting.

------

---

| | | |
|:---|:---|:---|
| Date: March 6, 2026 | By: | /s/ Marc Cardella |
|  |  | Marc Cardella |
|  |  | Vice President and Controller |
|  |  | (principal financial officer) |

---

## Ex-99.(B)

**Exhibit 19(b)** 

**<u>CERTIFICATION</u>**

**Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002** 

**(Subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, United States Code)** 

In connection with the annual report of TIAA-CREF Funds (the "Registrant") on Form N-CSR for the period ended December 31, 2025, as filed with the Securities and Exchange Commission (the "Report"), the undersigned officers of the Registrant certify that, to the best of each such officer's knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act
of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and
results of operations of the Registrant.

---

| | | |
|:---|:---|:---|
| Date: March 6, 2026 | By: | /s/ Jordan M. Farris |
|  |  | Jordan M. Farris |
|  |  | Chief Administrative Officer |
|  |  | (principal executive officer) |
| Date: March 6, 2026 | By: | /s/ Marc Cardella |
|  |  | Marc Cardella |
|  |  | Vice President and Controller |
|  |  | (principal financial officer) |

---