# EDGAR Filing Document

**Accession Number:** 0001068204
**File Stem:** 0000930413-26-001207
**Filing Date:** 2026-4
**Character Count:** 1036119
**Document Hash:** 372eeace1408970a4b0fdeaf974f37a4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000930413-26-001207.hdr.sgml**: 20260424

**ACCESSION NUMBER**: 0000930413-26-001207

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 52

**FILED AS OF DATE**: 20260424

**DATE AS OF CHANGE**: 20260424

**EFFECTIVENESS DATE**: 20260501

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TIAA-CREF LIFE FUNDS
- **CENTRAL INDEX KEY:** 0001068204

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08961
- **FILM NUMBER:** 26891949

**BUSINESS ADDRESS:**
- **STREET 1:** 730 THIRD AVE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017
- **BUSINESS PHONE:** 212-490-9000

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** TIAA CREF LIFE FUND
- **DATE OF NAME CHANGE:** 19980813
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TIAA-CREF LIFE FUNDS
- **CENTRAL INDEX KEY:** 0001068204

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-61759
- **FILM NUMBER:** 26891948

**BUSINESS ADDRESS:**
- **STREET 1:** 730 THIRD AVE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017
- **BUSINESS PHONE:** 212-490-9000

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** TIAA CREF LIFE FUND
- **DATE OF NAME CHANGE:** 19980813

## Series and Classes Contracts Data

### Nuveen Life Growth Equity Fund (Series ID: S000005088)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000013875 | Nuveen Life Growth Equity Fund | TLGQX           |

### Nuveen Life Money Market Fund (Series ID: S000005089)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000013876 | Nuveen Life Money Market Fund | TLMXX           |

### Nuveen Life Core Equity Fund (Series ID: S000005090)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000013877 | Nuveen Life Core Equity Fund | TLGWX           |

### Nuveen Life International Equity Fund (Series ID: S000005091)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000013878 | Nuveen Life International Equity Fund | TLINX           |

### Nuveen Life Large Cap Value Fund (Series ID: S000005092)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000013879 | Nuveen Life Large Cap Value Fund | TLLVX           |

### Nuveen Life Small Cap Equity Fund (Series ID: S000005093)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000013880 | Nuveen Life Small Cap Equity Fund | TLEQX           |

### Nuveen Life Stock Index Fund (Series ID: S000005094)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000013881 | Nuveen Life Stock Index Fund | TLSTX           |

### Nuveen Life Large Cap Responsible Equity Fund (Series ID: S000005095)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000013882 | Nuveen Life Large Cap Responsible Equity Fund | TLCHX           |

### Nuveen Life Real Estate Securities Select Fund (Series ID: S000005096)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000013883 | Nuveen Life Real Estate Securities Select Fund | TLRSX           |

### Nuveen Life Core Bond Fund (Series ID: S000005097)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000013884 | Nuveen Life Core Bond Fund | TLBDX           |

### Nuveen Life Balanced Fund (Series ID: S000043737)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000135632 | Nuveen Life Balanced Fund | TLBAX           |

?xml version='1.0' encoding='ASCII'?

As filed with the Securities and Exchange Commission on April 24, 2026

File Nos. 333-61759, 811-08961

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

#### FORM N-1A

---

| | |
|:---|:---|
| **REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933** |  |
| Pre-Effective Amendment No. |  |
| Post-Effective Amendment No. 49<br>and/or |  |
| **REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940** |  |
| Amendment No. 51 |  |
| (Check appropriate box or boxes) |  |

---

### TIAA-CREF Life 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)

Registrant's Telephone Number, including Area Code: (800) 842-2733

Rachael M. Zufall, Esq.

TIAA-CREF Life Funds

8500 Andrew Carnegie Boulevard

Charlotte, North Carolina 28262

(Name and Address of Agent for Service)

*Copy to:*

Adam T. Teufel, Esq.

Dechert LLP

1900 K Street, NW

Washington, DC 20006

It is proposed that this filing will become effective (check appropriate box):

---

| |
|:---|
| Immediately upon filing pursuant to paragraph (b) |
| On May 1, 2026 pursuant to paragraph (b) |
| 60 days after filing pursuant to paragraph (a)(1) |
| On (date) pursuant to paragraph (a) |
| 75 days after filing pursuant to paragraph (a)(2) of rule 485 |
| On (date) pursuant to paragraph (a)(2) of rule 485 |

---

If appropriate, check the following box:

<br>  This post-effective amendment designates a new effective date for a previously filed post-effective amendment.

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---

| | | |
|:---|:---|:---|
| ![](img_3a5aea582df24f2.jpg) | **Nuveen <br>Life Funds** | **Prospectus** |

---

## Nuveen Life Funds

#### MAY 1, 2026

---

| | |
|:---|:---|
| **Fund** | **Ticker** |
| Nuveen Life Growth Equity Fund | TLGQX |
| Nuveen Life Core Equity Fund | TLGWX |
| Nuveen Life International Equity Fund | TLINX |
| Nuveen Life Large Cap Value Fund | TLLVX |
| Nuveen Life Real Estate Securities Select Fund | TLRSX |
| Nuveen Life Small Cap Equity Fund | TLEQX |
| Nuveen Life Large Cap Responsible Equity Fund | TLCHX |
| Nuveen Life Stock Index Fund | TLSTX |
| Nuveen Life Core Bond Fund | TLBDX |
| Nuveen Life Balanced Fund | TLBAX |
| Nuveen Life Money Market Fund | TLMXX |

---

This Prospectus contains important information about the shares offered, as applicable, by the investment portfolios listed above (each, a "Fund" and, collectively, the "Funds") of the TIAA-CREF Life Funds (the "Trust"). The Funds are available through the purchase of variable annuity contracts or variable life insurance policies (collectively, "contracts") issued by Teachers Insurance and Annuity Association of America ("TIAA"). Shares of the Funds may also be offered in the future in connection with variable insurance products issued by other insurance companies affiliated or unaffiliated with TIAA, and to qualified retirement plans. Please read this Prospectus, along with the prospectus describing the contract, before investing and keep both prospectuses for future reference.

The Funds may not be available to you under your variable insurance contract. Check your contract and any endorsements for the availability of the Funds.

An investment in a Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. An investor can lose money in the Funds and the Funds could perform more poorly than other investments.

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*The Securities and Exchange Commission (the "SEC") has not approved or disapproved these securities or passed upon the adequacy of this Prospectus. Any representation to the contrary is a criminal offense.* 

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#### Table of contents

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Summary information**<br>**Growth Equity Fund**<br>[Investment objective](#x1x2)[7](#x1x2)<br>[Fees and expenses](#x2x2)[7](#x2x2)<br>[Shareholder fees](#x3x2)[7](#x3x2)<br>[Annual Fund operating expenses](#x4x2)[7](#x4x2)<br>[Example](#x5x2)[7](#x5x2)<br>[Portfolio turnover](#x6x2)[8](#x6x2)<br>[Principal investment strategies](#x7x2)[8](#x7x2)<br>[Principal investment risks](#x8x2)[9](#x8x2)<br>[Past performance](#x9x2)[11](#x9x2)<br>[Portfolio management](#x10x2)[12](#x10x2)<br>[Purchase and sale of Fund shares](#x11x2)[12](#x11x2)<br>[Tax information](#x12x2)[13](#x12x2)<br>[Payments to insurance companies and broker-dealers and other financial intermediary compensation](#x13x2)[13](#x13x2)<br>**Summary information**<br>**Core Equity Fund**<br>[Investment objective](#x14x2)[14](#x14x2)<br>[Fees and expenses](#x15x2)[14](#x15x2)<br>[Shareholder fees](#x16x2)[14](#x16x2)<br>[Annual Fund operating expenses](#x17x2)[14](#x17x2)<br>[Example](#x18x2)[14](#x18x2)<br>[Portfolio turnover](#x19x2)[15](#x19x2)<br>[Principal investment strategies](#x20x2)[15](#x20x2)<br>[Principal investment risks](#x21x2)[16](#x21x2)<br>[Past performance](#x22x2)[18](#x22x2)<br>[Portfolio management](#x23x2)[19](#x23x2)<br>[Purchase and sale of Fund shares](#x24x2)[19](#x24x2)<br>[Tax information](#x25x2)[19](#x25x2)<br>[Payments to insurance companies and broker-dealers and other financial intermediary compensation](#x26x2)[20](#x26x2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Summary information**<br>**International Equity Fund**<br>[Investment objective](#x27x2)[21](#x27x2)<br>[Fees and expenses](#x28x2)[21](#x28x2)<br>[Shareholder fees](#x29x2)[21](#x29x2)<br>[Annual Fund operating expenses](#x30x2)[21](#x30x2)<br>[Example](#x31x2)[22](#x31x2)<br>[Portfolio turnover](#x32x2)[22](#x32x2)<br>[Principal investment strategies](#x33x2)[22](#x33x2)<br>[Principal investment risks](#x34x2)[23](#x34x2)<br>[Past performance](#x35x2)[25](#x35x2)<br>[Portfolio management](#x36x2)[27](#x36x2)<br>[Purchase and sale of Fund shares](#x37x2)[27](#x37x2)<br>[Tax information](#x38x2)[28](#x38x2)<br>[Payments to insurance companies and broker-dealers and other financial intermediary compensation](#x39x2)[28](#x39x2)<br>**Summary information**<br>**Large Cap Value Fund**<br>[Investment objective](#x40x2)[29](#x40x2)<br>[Fees and expenses](#x41x2)[29](#x41x2)<br>[Shareholder fees](#x42x2)[29](#x42x2)<br>[Annual Fund operating expenses](#x43x2)[29](#x43x2)<br>[Example](#x44x2)[29](#x44x2)<br>[Portfolio turnover](#x45x2)[30](#x45x2)<br>[Principal investment strategies](#x46x2)[30](#x46x2)<br>[Principal investment risks](#x47x2)[31](#x47x2)<br>[Past performance](#x48x2)[33](#x48x2)<br>[Portfolio management](#x49x2)[34](#x49x2)<br>[Purchase and sale of Fund shares](#x50x2)[34](#x50x2)<br>[Tax information](#x51x2)[34](#x51x2)<br>[Payments to insurance companies and broker-dealers and other financial intermediary compensation](#x52x2)[34](#x52x2) |

---

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Summary information**<br>**Real Estate Securities Select Fund**<br>[Investment objective](#x53x2)[36](#x53x2)<br>[Fees and expenses](#x54x2)[36](#x54x2)<br>[Shareholder fees](#x55x2)[36](#x55x2)<br>[Annual Fund operating expenses](#x56x2)[36](#x56x2)<br>[Example](#x57x2)[37](#x57x2)<br>[Portfolio turnover](#x58x2)[37](#x58x2)<br>[Principal investment strategies](#x59x2)[37](#x59x2)<br>[Principal investment risks](#x60x2)[38](#x60x2)<br>[Past performance](#x61x2)[40](#x61x2)<br>[Portfolio management](#x62x2)[41](#x62x2)<br>[Purchase and sale of Fund shares](#x63x2)[41](#x63x2)<br>[Tax information](#x64x2)[42](#x64x2)<br>[Payments to insurance companies and broker-dealers and other financial intermediary compensation](#x65x2)[42](#x65x2)<br>**Summary information**<br>**Small Cap Equity Fund**<br>[Investment objective](#x66x2)[43](#x66x2)<br>[Fees and expenses](#x67x2)[43](#x67x2)<br>[Shareholder fees](#x68x2)[43](#x68x2)<br>[Annual Fund operating expenses](#x69x2)[43](#x69x2)<br>[Example](#x70x2)[43](#x70x2)<br>[Portfolio turnover](#x71x2)[44](#x71x2)<br>[Principal investment strategies](#x72x2)[44](#x72x2)<br>[Principal investment risks](#x73x2)[45](#x73x2)<br>[Past performance](#x74x2)[47](#x74x2)<br>[Portfolio management](#x75x2)[48](#x75x2)<br>[Purchase and sale of Fund shares](#x76x2)[49](#x76x2)<br>[Tax information](#x77x2)[49](#x77x2)<br>[Payments to insurance companies and broker-dealers and other financial intermediary compensation](#x78x2)[49](#x78x2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Summary information**<br>**Large Cap Responsible Equity Fund**<br>[Investment objective](#x79x2)[50](#x79x2)<br>[Fees and expenses](#x80x2)[50](#x80x2)<br>[Shareholder fees](#x81x2)[50](#x81x2)<br>[Annual Fund operating expenses](#x82x2)[50](#x82x2)<br>[Example](#x83x2)[51](#x83x2)<br>[Portfolio turnover](#x84x2)[51](#x84x2)<br>[Principal investment strategies](#x85x2)[51](#x85x2)<br>[Principal investment risks](#x86x2)[53](#x86x2)<br>[Past performance](#x87x2)[55](#x87x2)<br>[Portfolio management](#x88x2)[56](#x88x2)<br>[Purchase and sale of Fund shares](#x89x2)[56](#x89x2)<br>[Tax information](#x90x2)[57](#x90x2)<br>[Payments to insurance companies and broker-dealers and other financial intermediary compensation](#x91x2)[57](#x91x2)<br>**Summary information**<br>**Stock Index Fund**<br>[Investment objective](#x92x2)[58](#x92x2)<br>[Fees and expenses](#x93x2)[58](#x93x2)<br>[Shareholder fees](#x94x2)[58](#x94x2)<br>[Annual Fund operating expenses](#x95x2)[58](#x95x2)<br>[Example](#x96x2)[59](#x96x2)<br>[Portfolio turnover](#x97x2)[59](#x97x2)<br>[Principal investment strategies](#x98x2)[59](#x98x2)<br>[Principal investment risks](#x99x2)[60](#x99x2)<br>[Past performance](#x100x2)[61](#x100x2)<br>[Portfolio management](#x101x2)[62](#x101x2)<br>[Purchase and sale of Fund shares](#x102x2)[62](#x102x2)<br>[Tax information](#x103x2)[63](#x103x2)<br>[Payments to insurance companies and broker-dealers and other financial intermediary compensation](#x104x2)[63](#x104x2) |

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Summary information**<br>**Core Bond Fund**<br>[Investment objective](#x105x2)[64](#x105x2)<br>[Fees and expenses](#x106x2)[64](#x106x2)<br>[Shareholder fees](#x107x2)[64](#x107x2)<br>[Annual Fund operating expenses](#x108x2)[64](#x108x2)<br>[Example](#x109x2)[64](#x109x2)<br>[Portfolio turnover](#x110x2)[65](#x110x2)<br>[Principal investment strategies](#x111x2)[65](#x111x2)<br>[Principal investment risks](#x112x2)[66](#x112x2)<br>[Past performance](#x113x2)[70](#x113x2)<br>[Portfolio management](#x114x2)[72](#x114x2)<br>[Purchase and sale of Fund shares](#x115x2)[72](#x115x2)<br>[Tax information](#x116x2)[72](#x116x2)<br>[Payments to insurance companies and broker-dealers and other financial intermediary compensation](#x117x2)[72](#x117x2)<br>**Summary information**<br>**Balanced Fund**<br>[Investment objective](#x118x2)[73](#x118x2)<br>[Fees and expenses](#x119x2)[73](#x119x2)<br>[Shareholder fees](#x120x2)[73](#x120x2)<br>[Annual Fund operating expenses](#x121x2)[74](#x121x2)<br>[Example](#x122x2)[74](#x122x2)<br>[Portfolio turnover](#x123x2)[74](#x123x2)<br>[Principal investment strategies](#x124x2)[75](#x124x2)<br>[Principal investment risks](#x125x2)[76](#x125x2)<br>[Past performance](#x126x2)[82](#x126x2)<br>[Portfolio management](#x127x2)[83](#x127x2)<br>[Purchase and sale of Fund shares](#x128x2)[83](#x128x2)<br>[Tax information](#x129x2)[83](#x129x2)<br>[Payments to insurance companies and broker-dealers and other financial intermediary compensation](#x130x2)[84](#x130x2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Summary information**<br>**Money Market Fund**<br>[Investment objective](#x131x2)[85](#x131x2)<br>[Fees and expenses](#x132x2)[85](#x132x2)<br>[Shareholder fees](#x133x2)[85](#x133x2)<br>[Annual Fund operating expenses](#x134x2)[85](#x134x2)<br>[Example](#x135x2)[85](#x135x2)<br>[Principal investment strategies](#x136x2)[86](#x136x2)<br>[Principal investment risks](#x137x2)[87](#x137x2)<br>[Past performance](#x138x2)[88](#x138x2)<br>[Portfolio management](#x139x2)[90](#x139x2)<br>[Purchase and sale of Fund shares](#x140x2)[90](#x140x2)<br>[Tax information](#x141x2)[90](#x141x2)<br>[Payments to insurance companies and broker-dealers and other financial intermediary compensation](#x142x2)[90](#x142x2) |

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;[**Additional information about investment strategies and risks of the Funds**](#x143x2)[**91**](#x143x2)<br>[Additional information about the Funds](#x144x2)[91](#x144x2)<br>[More about the Balanced Fund's strategies](#x145x2)[92](#x145x2)<br>[Additional information on principal investment risks of the Funds](#x146x2)[94](#x146x2)<br>[Additional information on principal investment risks of the Balanced Fund and Underlying Funds](#x147x2)[116](#x147x2)<br>[Additional information on investment strategies of the Funds](#x148x2)[117](#x148x2)<br>[Cybersecurity risk](#x149x2)[122](#x149x2)<br>[Additional information about the Underlying Funds](#x150x2)[123](#x150x2)<br>[Additional information about the Funds' broad-based benchmark indices and the Balanced Fund's composite index](#x151x2)[125](#x151x2)<br>[Portfolio holdings](#x152x2)[129](#x152x2)<br>[Portfolio turnover of the Funds other than the Balanced Fund](#x153x2)[129](#x153x2)<br>[Portfolio turnover of the Balanced Fund](#x154x2)[129](#x154x2)<br>[Investments by fund of funds](#x155x2)[130](#x155x2)<br>[**Management of the Funds**](#x156x2)[**130**](#x156x2)<br>[The Funds' investment adviser](#x157x2)[130](#x157x2)<br>[Investment advisory fees](#x158x2)[131](#x158x2)<br>[Portfolio management teams](#x159x2)[133](#x159x2)<br>[Other services](#x160x2)[137](#x160x2) | &nbsp;&nbsp;[**Distribution and services arrangements**](#x161x2)[**137**](#x161x2)<br>[**Calculating share price**](#x162x2)[**138**](#x162x2)<br>[**Dividends, distributions and taxes**](#x163x2)[**140**](#x163x2)<br>[**Important transaction information**](#x164x2)[**140**](#x164x2)<br>[**Frequent trading—applicable to all contractowners except contractowners of the Money Market Fund**](#x165x2)[**141**](#x165x2)<br>[**Note on SEC exemption**](#x166x2)[**143**](#x166x2)<br>[**Offering, purchasing and redeeming shares**](#x167x2)[**143**](#x167x2)<br>[**Additional information about index providers**](#x168x2)[**144**](#x168x2)<br>[**Additional information about the Trust and the Board of Trustees**](#x169x2)[**147**](#x169x2)<br>[**Glossary**](#x170x2)[**147**](#x170x2)<br>[**Financial highlights**](#x171x2)[**149**](#x171x2) |

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&nbsp;&nbsp;&nbsp;**Summary information**<br>

## Nuveen Life Growth Equity Fund

#### Investment objective
The Fund seeks a favorable long-term return, mainly through capital appreciation, primarily from equity securities.

#### Fees and expenses
This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. The expenses shown do not reflect any separate account fees or expenses deducted under the variable annuity contracts or variable life insurance policies using the Fund as an underlying investment option.

**SHAREHOLDER FEES** (fees paid directly from your investment)

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| | |
|:---|:---|
| Maximum sales charge imposed on purchases (percentage of offering price) | 0% |
| Maximum deferred sales charge | 0% |
| Maximum sales charge imposed on reinvested dividends and other distributions | 0% |
| Redemption fee | 0% |
| Exchange fee | 0% |

---

**ANNUAL FUND OPERATING EXPENSES** (expenses that you pay each year as a percentage of the value of your investment)

---

| | |
|:---|:---|
| Management fees | 0.45%  |
| Other expenses | 0.07%  |
| Total annual Fund operating expenses | 0.52%  |
| Waivers and expense reimbursements<sup>1</sup> | —  |
| Total annual Fund operating expenses after fee waiver and/or expense reimbursement | 0.52%  |

---

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| | |
|:---|:---|
| 1 | Under the Fund's expense reimbursement arrangements, the Fund's investment adviser, Teachers Advisors, LLC, has contractually agreed to reimburse the Fund for any Total annual Fund operating expenses (excluding interest, taxes, brokerage commissions or other transactional expenses, Acquired fund fees and expenses and extraordinary expenses) that exceed 0.52% of average daily net assets for shares of the Fund. These expense reimbursement arrangements will continue through at least April 30, 2027, unless changed with approval of the Board of Trustees. |

---

#### Example
This example is intended to help you compare the cost of investing in shares of the Fund with the cost of investing in other mutual funds. The example

Nuveen Life Funds ■ **Prospectus** &nbsp;&nbsp;&nbsp;&nbsp;7

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assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses, before fee waivers and/or expense reimbursements, remain the same. The example assumes that the Fund's fee waiver and/or expense reimbursement arrangements will each remain in place for the duration noted in the table above. The example does not reflect the fees and expenses of any variable annuity contract or variable life insurance policy and the costs in the example would be higher if it did. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | |
|:---|:---|
| 1 year | $53 |
| 3 years | $167 |
| 5 years | $291 |
| 10 years | $653 |

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#### Portfolio turnover
The Fund pays transaction costs, such as commissions, as applicable, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the fiscal year ended December 31, 2025, the Fund's portfolio turnover rate was 41% of the average value of its portfolio.

#### Principal investment strategies
Under normal circumstances, the Fund invests at least 80% of the sum of its net assets and the amount of any borrowings for investment purposes in equity securities of growth companies. For these purposes, "equity securities" include equity securities of any type, including common stocks; preferred securities; warrants to purchase common stocks and preferred securities; convertible debt securities that are either in the money or immediately convertible into common stocks or preferred securities; common and preferred securities issued by master limited partnerships and real estate investment trusts; depositary receipts; and other securities with equity characteristics. The Fund invests primarily in equity securities that Teachers Advisors, LLC ("Advisors") believes present the opportunity for growth. Growth companies are those that are constituents of at least one of the following indexes on the last business day of the month in which its most recent reconstitution was completed (as adjusted by changes to an index between reconstitutions): Russell 3000 Growth Index, S&P 1500 Growth Index, MSCI World IMI Growth Index. Generally, these equity securities will be those of large capitalization companies in new and emerging areas of the economy and companies with distinctive products or promising markets. Advisors looks for companies that it believes have the potential for strong earnings and/or sales growth, or that appear to be mispriced based on current earnings, assets or growth prospects. The Fund may invest in companies

8&nbsp;&nbsp;&nbsp;&nbsp; **Prospectus** ■ Nuveen Life Funds

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Advisors identifies as large, well-known, and established, particularly when Advisors believes that the companies offer new or innovative products, services or processes that may enhance their future earnings. The Fund may also purchase and sell futures, options, swaps and other equity derivatives to carry out the Fund's investment strategies. The Fund's benchmark index is the Russell 1000<sup>®</sup>Growth Index. The Fund is classified as a non-diversified investment company under the Investment Company Act of 1940, as amended (the "1940 Act"), which means it may invest a significant portion of its assets in a relatively small number of issuers, which may increase risk as compared to a fund that is classified as a diversified investment company.

The Fund also seeks to invest in companies expected to benefit from prospective acquisitions, reorganizations, corporate restructurings or other special situations. The Fund may invest up to 20% of its assets in foreign investments.

#### Principal investment risks
You could lose money over short or long periods by investing in this Fund. An investment in the Fund, due to the nature of the Fund's portfolio holdings, typically is subject to the following principal investment risks:

&nbsp;&nbsp;&nbsp;&nbsp;· **Market Risk**—The risk that market prices of portfolio investments held by the Fund may fluctuate rapidly or unpredictably due to a variety of factors, including responses to government actions or interventions, or changing economic, political or market conditions. Market risk may affect a single issuer, industry or sector of the economy, or it may affect the market as a whole. Such conditions may add significantly to the risk of volatility in the net asset value ("NAV") of the Fund's shares and adversely affect the Fund and its investments. From time to time, the Fund may invest a significant portion of its assets in companies in one or more related sectors or industries, which would make the Fund more vulnerable to adverse developments affecting such sectors or industries. The Fund currently invests a significant portion of its assets in companies in the information technology sector, although this may change over time.

&nbsp;&nbsp;&nbsp;&nbsp;· **Issuer Risk** (often called **Financial Risk**)—The risk that an issuer's earnings prospects, credit rating and overall financial position will deteriorate, causing a decline in the value of the issuer's financial instruments over short or extended periods of time.

&nbsp;&nbsp;&nbsp;&nbsp;· **Large-Cap Risk**—The risk that large-capitalization companies are more mature and may grow more slowly than the economy as a whole and tend to go in and out of favor based on market and economic conditions.

&nbsp;&nbsp;&nbsp;&nbsp;· **Mid-Cap Risk**—The risk that the stocks of mid-capitalization companies often experience greater price volatility, lower trading volume and lower overall liquidity than the stocks of larger, more established companies.

&nbsp;&nbsp;&nbsp;&nbsp;· **Style Risk**—The risk that use of a particular investing style (such as growth or value investing) may fall out of favor in the marketplace for

Nuveen Life Funds ■ **Prospectus** &nbsp;&nbsp;&nbsp;&nbsp;9

------

various periods of time and result in underperformance relative to the broader market sector or significant declines in the value of the Fund's portfolio investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Risks of Growth Investing**—Due to their relatively high valuations, growth stocks are typically more volatile than value stocks and may experience a larger decline on a forecast of lower earnings, or a negative event or market development, than would a value stock.

&nbsp;&nbsp;&nbsp;&nbsp;· **Non-Diversification Risk**—While the Fund is considered to be a diversified investment company under the 1940 Act, the Fund may become non-diversified under the 1940 Act without Fund shareholder approval when necessary to continue to track its benchmark index. Non-diversified status means that the Fund can invest a greater percentage of its assets in the securities of a single issuer than a diversified fund. Investing in a non-diversified fund involves greater risk than investing in a diversified fund because a loss in value of a particular investment may have a greater effect on the fund's return since that investment may represent a larger portion of the fund's total portfolio assets.

&nbsp;&nbsp;&nbsp;&nbsp;· **Active Management Risk**—The risk that Advisors' strategy, investment selection or trading execution may cause the Fund to underperform relative to the benchmark index or mutual funds with similar investment objectives and/or strategies and may not produce the desired results or expected returns.

&nbsp;&nbsp;&nbsp;&nbsp;· **Foreign Investment Risk**—Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, currency, market or economic developments as well as armed conflicts and can result in greater price volatility and perform differently from financial instruments of U.S. issuers. This risk may be heightened in emerging or developing markets. Foreign investments may also have lower liquidity and be more difficult to value than investments in U.S. issuers. Foreign investments may also be subject to risk of loss because of more or less foreign government regulation, less public information, less stringent investor protections and less stringent accounting, corporate governance, financial reporting and disclosure standards. Changes in the value of foreign currencies may make the return on an investment increase or decrease, unrelated to the quality or performance of the investment itself. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs) and other restrictions by the United States or other governments may also negatively impact the Fund's investments. Economic sanctions and other similar governmental actions or developments could, among other things, effectively restrict or eliminate the Fund's ability to purchase or sell certain foreign securities or groups of foreign securities, and/or thus may make the Fund's investments in such securities less liquid (or illiquid) or more difficult to value. The type and severity of sanctions and other measures that may be

10&nbsp;&nbsp;&nbsp;&nbsp; **Prospectus** ■ Nuveen Life Funds

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imposed could vary broadly in scope, and their impact is impossible to predict.

&nbsp;&nbsp;&nbsp;&nbsp;· **Special Situation Risk**—Stocks of companies involved in acquisitions, consolidations, tender offers or exchanges, takeovers, reorganizations, mergers and other special situations can involve the risk that such situations may not materialize or may develop in unexpected ways. Consequently, those stocks can involve more risk than ordinary securities.

&nbsp;&nbsp;&nbsp;&nbsp;· **Derivatives Risk**—The risks associated with investing in derivatives, including futures, options, swaps, and other equity derivative instruments, and other similar instruments (referred to collectively as "derivatives") may be different and greater than the risks associated with directly investing in the underlying securities and other instruments, and include leverage risk, market risk, counterparty risk, liquidity risk, operational risk and legal risk. The Fund may use more complex derivatives that might be particularly susceptible to liquidity, credit and counterparty risk. When investing in derivatives, the Fund may lose more than the principal amount invested. Derivatives used for hedging or risk management may not operate as intended, may expose the Fund to other risks, and may be insufficient to protect the Fund from the risks they were intended to hedge.

*Please see the non-summary portion of the Prospectus for more detailed information about the risks described above.*

#### Past performance
The following chart and table help illustrate some of the risks of investing in the Fund by showing changes in the Fund's performance from year to year. The bar chart shows the annual total returns of shares of the Fund during the preceding ten-year period. Below the bar chart are the best and worst returns for a calendar quarter during the same period. The performance table following the bar chart shows the Fund's average annual total returns over the one-year, five-year, ten-year and since-inception periods (where applicable) ended December 31, 2025, and how those returns compare to those of the Fund's broad-based securities market index and benchmark index. Returns do not reflect fees and expenses of any variable annuity or variable life insurance contract and would be lower if they did.

The returns shown below reflect previous agreements by Advisors to waive, reimburse and/or compensate the Fund for certain fees, expenses and/or costs. Without these reductions and/or compensation, the returns of the Fund would have been lower. Past performance of the Fund is not necessarily an indication of how it will perform in the future. The broad-based securities market index and benchmark index listed below are unmanaged, and you cannot invest directly in an index. The returns for the broad-based securities market index and benchmark index reflect no deduction for fees, expenses or taxes.

Nuveen Life Funds ■ **Prospectus** &nbsp;&nbsp;&nbsp;&nbsp;11

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*For current performance information of the Fund, including performance to the most recent month-end, please visit www.nuveen.com/performance* or call 800-257-8787.

#### ANNUAL TOTAL RETURNS (%)

#### Nuveen Life Growth Equity Fund
![PerformanceBarChartData(2016:-0.96, 2017:34.54, 2018:-0.21, 2019:30.73, 2020:43.97, 2021:16.16, 2022:-32.92, 2023:46.42, 2024:28.26, 2025:15.3)](img_e205e82c55934f2.jpg)

Best quarter: 27.98%, for the quarter ended June 30, 2020. Worst quarter: -23.04%, for the quarter ended June 30, 2022.

#### AVERAGE ANNUAL TOTAL RETURNS
For the Periods Ended December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Inception date** | **One year** | **Five years** | **Ten years** |
| **Nuveen Life Growth Equity Fund** | 4/3/2000 | 15.30% | 11.03% | 15.49% |
| Russell 1000<sup>®</sup> Index |  |  |  |  |
| (reflects no deductions for fees, expenses or taxes) |  | 17.37% | 13.59% | 14.59% |
| Russell 1000<sup>®</sup> Growth Index |  |  |  |  |
| (reflects no deductions for fees, expenses or taxes) |  | 18.56% | 15.32% | 18.13% |
| *Current performance of the Fund's shares may be higher or lower than that shown above.* | *Current performance of the Fund's shares may be higher or lower than that shown above.* | *Current performance of the Fund's shares may be higher or lower than that shown above.* | *Current performance of the Fund's shares may be higher or lower than that shown above.* | *Current performance of the Fund's shares may be higher or lower than that shown above.* |

---

---

| | |
|:---|:---|
| After-tax returns have not been shown because they are not relevant since Fund shares currently are held only through insurance company separate accounts. | After-tax returns have not been shown because they are not relevant since Fund shares currently are held only through insurance company separate accounts. |
| A | A |

---

#### Portfolio management
**Investment Adviser.** Teachers Advisors, LLC.

#### Portfolio Managers.

---

| | | |
|:---|:---|:---|
| **Name:** | **Karen Hiatt, CFA** | **Scott Tonneson, CFA** |
| Title: | Managing Director | Managing Director |
| Experience on Fund: | since 2021 | Since 2026 |

---

#### Purchase and sale of Fund shares
Please contact the insurance company that issued your variable annuity or life insurance contract for more information on the purchase and sale of Fund shares.

12&nbsp;&nbsp;&nbsp;&nbsp; **Prospectus** ■ Nuveen Life Funds

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#### Tax information
Because the only shareholders of the Fund are the insurance companies offering the contracts, no discussion is included here about the federal income tax consequences at the shareholder level. The federal income tax consequences for purchases of a variable annuity or life insurance contract are described in the prospectus for such contracts.

#### Payments to insurance companies and broker-dealers and other financial intermediary compensation
The Fund is only available as an underlying investment for the contracts. The Fund and its distributor (and their related companies) may make payments to the sponsoring insurance company (or its affiliates) and to broker-dealers and other financial intermediaries for distribution and/or other services. These payments may be a factor that the insurance company considers in including the Fund as an underlying investment option in the variable contract. Payments to broker-dealers and other financial intermediaries may create a conflict of interest by influencing the broker-dealer or other financial intermediary to recommend a variable product and the Fund over another investment. Ask your financial adviser or visit the website of the insurance company or the financial intermediary for more information. The disclosure document for your variable contract may contain additional information about these payments.

Nuveen Life Funds ■ **Prospectus** &nbsp;&nbsp;&nbsp;&nbsp;13

------

&nbsp;&nbsp;&nbsp;**Summary information**<br>

## Nuveen Life Core Equity Fund

#### Investment objective
The Fund seeks a favorable long-term total return, mainly through capital appreciation, primarily from equity securities.

#### Fees and expenses
This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. The expenses shown do not reflect any separate account fees or expenses deducted under the variable annuity contracts or variable life insurance policies using the Fund as an underlying investment option.

**SHAREHOLDER FEES** (fees paid directly from your investment)

---

| | |
|:---|:---|
| Maximum sales charge imposed on purchases (percentage of offering price) | 0% |
| Maximum deferred sales charge | 0% |
| Maximum sales charge imposed on reinvested dividends and other distributions | 0% |
| Redemption fee | 0% |
| Exchange fee | 0% |

---

**ANNUAL FUND OPERATING EXPENSES** (expenses that you pay each year as a percentage of the value of your investment)

---

| | |
|:---|:---|
| Management fees | 0.45%  |
| Other expenses | 0.06%  |
| Total annual Fund operating expenses | 0.51%  |
| Waivers and expense reimbursements<sup>1</sup> | —  |
| Total annual Fund operating expenses after fee waiver and/or expense reimbursement | 0.51%  |

---

---

| | |
|:---|:---|
| 1 | Under the Fund's expense reimbursement arrangements, the Fund's investment adviser, Teachers Advisors, LLC, has contractually agreed to reimburse the Fund for any Total annual Fund operating expenses (excluding interest, taxes, brokerage commissions or other transactional expenses, Acquired fund fees and expenses and extraordinary expenses) that exceed 0.52% of average daily net assets for shares of the Fund. These expense reimbursement arrangements will continue through at least April 30, 2027, unless changed with approval of the Board of Trustees. |

---

#### Example
This example is intended to help you compare the cost of investing in shares of the Fund with the cost of investing in other mutual funds. The example

14&nbsp;&nbsp;&nbsp;&nbsp; **Prospectus** ■ Nuveen Life Funds

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assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses, before fee waivers and/or expense reimbursements, remain the same. The example assumes that the Fund's fee waiver and/or expense reimbursement arrangements will each remain in place for the duration noted in the table above. The example does not reflect the fees and expenses of any variable annuity contract or variable life insurance policy and the costs in the example would be higher if it did. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | |
|:---|:---|
| 1 year | $52 |
| 3 years | $164 |
| 5 years | $285 |
| 10 years | $640 |

---

#### Portfolio turnover
The Fund pays transaction costs, such as commissions, as applicable, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the fiscal year ended December 31, 2025, the Fund's portfolio turnover rate was 103% of the average value of its portfolio.

#### Principal investment strategies
Under normal circumstances, the Fund invests at least 80% of its assets in equity securities. For these purposes, "equity securities" include equity securities of any type, including common stocks; preferred securities; warrants to purchase common stocks and preferred securities; convertible debt securities that are either in the money or immediately convertible into common stocks or preferred securities; common and preferred securities issued by master limited partnerships and real estate investment trusts; depositary receipts; and other securities with equity characteristics. In seeking a favorable long-term total return, the Fund will invest in securities which the Fund's investment adviser, Teachers Advisors, LLC ("Advisors"), believes have the potential for capital appreciation, dividend income, or both. The Fund focuses on large-cap securities that Advisors believes to be attractively valued, show the potential to appreciate faster than the rest of the market and return cash to shareholders in the form of dividends, stock buy-backs or both. Advisors seeks to construct a portfolio whose weighted average market capitalization is similar to the Fund's benchmark index, the Standard & Poor's 500<sup>®</sup> Index (the "S&P 500 Index"). For purposes of the 80% investment policy, the term "assets" means net assets, plus the amount of any borrowings for investment purposes.

Nuveen Life Funds ■ **Prospectus** &nbsp;&nbsp;&nbsp;&nbsp;15

------

Advisors generally looks for companies that it believes are leaders in their respective industries, with sustainable competitive advantages. Advisors also looks for companies that it believes have management teams that are dedicated to creating shareholder value. The Fund is classified as a non-diversified investment company under the Investment Company Act of 1940, as amended (the "1940 Act"), which means it may invest a significant portion of its assets in a relatively small number of issuers, which may increase risk as compared to a fund that is classified as a diversified investment company. The Fund may invest up to 20% of its assets in foreign issuers when Advisors believes these issuers offer more attractive investment opportunities. The Fund may also purchase and sell futures, options, swaps and other equity derivatives to carry out the Fund's investment strategies.

#### Principal investment risks
You could lose money over short or long periods by investing in this Fund. An investment in the Fund, due to the nature of the Fund's portfolio holdings, typically is subject to the following principal investment risks:

&nbsp;&nbsp;&nbsp;&nbsp;· **Market Risk**—The risk that market prices of portfolio investments held by the Fund may fluctuate rapidly or unpredictably due to a variety of factors, including responses to government actions or interventions, or changing economic, political or market conditions. Market risk may affect a single issuer, industry or sector of the economy, or it may affect the market as a whole. Such conditions may add significantly to the risk of volatility in the net asset value ("NAV") of the Fund's shares and adversely affect the Fund and its investments. From time to time, the Fund may invest a significant portion of its assets in companies in one or more related sectors or industries, which would make the Fund more vulnerable to adverse developments affecting such sectors or industries. The Fund currently invests a significant portion of its assets in companies in the information technology sector, although this may change over time.

&nbsp;&nbsp;&nbsp;&nbsp;· **Issuer Risk** (often called **Financial Risk**)—The risk that an issuer's earnings prospects, credit rating and overall financial position will deteriorate, causing a decline in the value of the issuer's financial instruments over short or extended periods of time.

&nbsp;&nbsp;&nbsp;&nbsp;· **Large-Cap Risk**—The risk that large-capitalization companies are more mature and may grow more slowly than the economy as a whole and tend to go in and out of favor based on market and economic conditions.

&nbsp;&nbsp;&nbsp;&nbsp;· **Mid-Cap Risk**—The risk that the stocks of mid-capitalization companies often experience greater price volatility, lower trading volume and lower overall liquidity than the stocks of larger, more established companies.

&nbsp;&nbsp;&nbsp;&nbsp;· **Style Risk**—The risk that use of a particular investing style (such as growth or value investing) may fall out of favor in the marketplace for various periods of time and result in underperformance relative to the

16&nbsp;&nbsp;&nbsp;&nbsp; **Prospectus** ■ Nuveen Life Funds

------

broader market sector or significant declines in the value of the Fund's portfolio investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Risks of Growth Investing**—Due to their relatively high valuations, growth stocks are typically more volatile than value stocks and may experience a larger decline on a forecast of lower earnings, or a negative event or market development, than would a value stock.

&nbsp;&nbsp;&nbsp;&nbsp;· **Active Management Risk**—The risk that Advisors' strategy, investment selection or trading execution may cause the Fund to underperform relative to the benchmark index or mutual funds with similar investment objectives and/or strategies and may not produce the desired results or expected returns.

&nbsp;&nbsp;&nbsp;&nbsp;· **Foreign Investment Risk**—Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, currency, market or economic developments as well as armed conflicts and can result in greater price volatility and perform differently from financial instruments of U.S. issuers. This risk may be heightened in emerging or developing markets. Foreign investments may also have lower liquidity and be more difficult to value than investments in U.S. issuers. Foreign investments may also be subject to risk of loss because of more or less foreign government regulation, less public information, less stringent investor protections and less stringent accounting, corporate governance, financial reporting and disclosure standards. Changes in the value of foreign currencies may make the return on an investment increase or decrease, unrelated to the quality or performance of the investment itself. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs) and other restrictions by the United States or other governments may also negatively impact the Fund's investments. Economic sanctions and other similar governmental actions or developments could, among other things, effectively restrict or eliminate the Fund's ability to purchase or sell certain foreign securities or groups of foreign securities, and/or thus may make the Fund's investments in such securities less liquid (or illiquid) or more difficult to value. The type and severity of sanctions and other measures that may be imposed could vary broadly in scope, and their impact is impossible to predict.

&nbsp;&nbsp;&nbsp;&nbsp;· **Derivatives Risk**—The risks associated with investing in derivatives, including futures, options, swaps, and other equity derivative instruments, and other similar instruments (referred to collectively as "derivatives") may be different and greater than the risks associated with directly investing in the underlying securities and other instruments, and include leverage risk, market risk, counterparty risk, liquidity risk, operational risk and legal risk. The Fund may use more complex derivatives that might be particularly susceptible to liquidity, credit and counterparty risk. When investing in derivatives, the Fund may lose more than the principal amount invested.

Nuveen Life Funds ■ **Prospectus** &nbsp;&nbsp;&nbsp;&nbsp;17

------

Derivatives used for hedging or risk management may not operate as intended, may expose the Fund to other risks, and may be insufficient to protect the Fund from the risks they were intended to hedge.

&nbsp;&nbsp;&nbsp;&nbsp;· **Non-Diversification Risk**—While the Fund is considered to be a diversified investment company under the 1940 Act, the Fund may become non-diversified under the 1940 Act without Fund shareholder approval when necessary to continue to track its benchmark index. Non-diversified status means that the Fund can invest a greater percentage of its assets in the securities of a single issuer than a diversified fund. Investing in a non-diversified fund involves greater risk than investing in a diversified fund because a loss in value of a particular investment may have a greater effect on the fund's return since that investment may represent a larger portion of the fund's total portfolio assets.

*Please see the non-summary portion of the Prospectus for more detailed information about the risks described above.*

#### Past performance
The following chart and table help illustrate some of the risks of investing in the Fund by showing changes in the Fund's performance from year to year. The bar chart shows the annual total returns of shares of the Fund during the preceding ten-year period. Below the bar chart are the best and worst returns for a calendar quarter during the same period. The performance table following the bar chart shows the Fund's average annual total returns over the one-year, five-year, ten-year and since-inception periods (where applicable) ended December 31, 2025, and how those returns compare to those of the Fund's broad-based securities market and benchmark index. Returns do not reflect fees and expenses of any variable annuity or variable life insurance contract and would be lower if they did.

The returns shown below reflect previous agreements by Advisors to waive, reimburse and/or compensate the Fund for certain fees, expenses and/or costs. Without these reductions and/or compensation, the returns of the Fund would have been lower. Past performance of the Fund is not necessarily an indication of how it will perform in the future. The broad-based securities market and benchmark index listed below is unmanaged, and you cannot invest directly in an index. The returns for the broad-based securities market and benchmark index reflect no deduction for fees, expenses or taxes.

*For current performance information of the Fund, including performance to the most recent month-end, please visit www.nuveen.com/performance* or call 800-257-8787.

18&nbsp;&nbsp;&nbsp;&nbsp; **Prospectus** ■ Nuveen Life Funds

------

#### ANNUAL TOTAL RETURNS (%)

#### Nuveen Life Core Equity Fund
![PerformanceBarChartData(2016:8.6, 2017:23.91, 2018:-7.25, 2019:30.1, 2020:20.44, 2021:25.17, 2022:-22.24, 2023:32.93, 2024:28.83, 2025:13.8)](img_2d2dedfffc4a4f2.jpg)

Best quarter: 22.21%, for the quarter ended June 30, 2020. Worst quarter: -21.52%, for the quarter ended March 31, 2020.

#### AVERAGE ANNUAL TOTAL RETURNS
For the Periods Ended December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Inception date** | **One year** | **Five years** | **Ten years** |
| **Nuveen Life Core Equity Fund** | 4/3/2000 | 13.80% | 13.66% | 14.01% |
| S&P 500<sup>®</sup> Index |  |  |  |  |
| (reflects no deductions for fees, expenses or taxes) |  | 17.88% | 14.42% | 14.82% |
| *Current performance of the Fund's shares may be higher or lower than that shown above.* | *Current performance of the Fund's shares may be higher or lower than that shown above.* | *Current performance of the Fund's shares may be higher or lower than that shown above.* | *Current performance of the Fund's shares may be higher or lower than that shown above.* | *Current performance of the Fund's shares may be higher or lower than that shown above.* |

---

---

| | |
|:---|:---|
| After-tax returns have not been shown because they are not relevant since Fund shares currently are held only through insurance company separate accounts. | After-tax returns have not been shown because they are not relevant since Fund shares currently are held only through insurance company separate accounts. |
| A | A |

---

#### Portfolio management
**Investment Adviser.** Teachers Advisors, LLC.

#### Portfolio Managers.

---

| | | |
|:---|:---|:---|
| **Name:** | **Valerie Grant, CFA** | **Evan Staples, CFA** |
| Title: | Managing Director | Managing Director |
| Experience on Fund: | since 2022 | since 2022 |

---

#### Purchase and sale of Fund shares
Please contact the insurance company that issued your variable annuity or life insurance contract for more information on the purchase and sale of Fund shares.

#### Tax information
Because the only shareholders of the Fund are the insurance companies offering the contracts, no discussion is included here about the federal income tax consequences at the shareholder level. The federal income tax consequences

Nuveen Life Funds ■ **Prospectus** &nbsp;&nbsp;&nbsp;&nbsp;19

------

for purchases of a variable annuity or life insurance contract are described in the prospectus for such contracts.

#### Payments to insurance companies and broker-dealers and other financial intermediary compensation
The Fund is only available as an underlying investment for the contracts. The Fund and its distributor (and their related companies) may make payments to the sponsoring insurance company (or its affiliates) and to broker-dealers and other financial intermediaries for distribution and/or other services. These payments may be a factor that the insurance company considers in including the Fund as an underlying investment option in the variable contract. Payments to broker-dealers and other financial intermediaries may create a conflict of interest by influencing the broker-dealer or other financial intermediary to recommend a variable product and the Fund over another investment. Ask your financial adviser or visit the website of the insurance company or the financial intermediary for more information. The disclosure document for your variable contract may contain additional information about these payments.

20&nbsp;&nbsp;&nbsp;&nbsp; **Prospectus** ■ Nuveen Life Funds

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&nbsp;&nbsp;&nbsp;**Summary information**<br>

## Nuveen Life International Equity Fund

#### Investment objective
The Fund seeks a favorable long-term total return, mainly through capital appreciation, primarily from equity securities of foreign issuers.

#### Fees and expenses
This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. The expenses shown do not reflect any separate account fees or expenses deducted under the variable annuity contracts or variable life insurance policies using the Fund as an underlying investment option.

**SHAREHOLDER FEES** (fees paid directly from your investment)

---

| | |
|:---|:---|
| Maximum sales charge imposed on purchases (percentage of offering price) | 0% |
| Maximum deferred sales charge | 0% |
| Maximum sales charge imposed on reinvested dividends and other distributions | 0% |
| Redemption fee | 0% |
| Exchange fee | 0% |

---

**ANNUAL FUND OPERATING EXPENSES** (expenses that you pay each year as a percentage of the value of your investment)

---

| | |
|:---|:---|
| Management fees | 0.50%  |
| Other expenses | 0.11%  |
| Total annual Fund operating expenses | 0.61%  |
| Waivers and expense reimbursements<sup>1</sup> | (0.01)%  |
| Total annual Fund operating expenses after fee waiver and/or expense reimbursement | 0.60%  |

---

---

| | |
|:---|:---|
| 1 | Under the Fund's expense reimbursement arrangements, the Fund's investment adviser, Teachers Advisors, LLC, has contractually agreed to reimburse the Fund for any Total annual Fund operating expenses (excluding interest, taxes, brokerage commissions or other transactional expenses, Acquired fund fees and expenses and extraordinary expenses) that exceed 0.60% of average daily net assets for shares of the Fund. These expense reimbursement arrangements will continue through at least April 30, 2027, unless changed with approval of the Board of Trustees. |

---

Nuveen Life Funds ■ **Prospectus** &nbsp;&nbsp;&nbsp;&nbsp;21

------

#### Example
This example is intended to help you compare the cost of investing in shares of the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses, before fee waivers and/or expense reimbursements, remain the same. The example assumes that the Fund's fee waiver and/or expense reimbursement arrangements will each remain in place for the duration noted in the table above. The example does not reflect the fees and expenses of any variable annuity contract or variable life insurance policy and the costs in the example would be higher if it did. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | |
|:---|:---|
| 1 year | $61 |
| 3 years | $194 |
| 5 years | $339 |
| 10 years | $761 |

---

#### Portfolio turnover
The Fund pays transaction costs, such as commissions, as applicable, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the fiscal year ended December 31, 2025, the Fund's portfolio turnover rate was 23% of the average value of its portfolio.

#### Principal investment strategies
Under normal circumstances, the Fund invests at least 80% of its assets in equity securities of foreign issuers. For these purposes, "equity securities" include equity securities of any type, including common stocks; preferred securities; warrants to purchase common stocks and preferred securities; convertible debt securities that are either in the money or immediately convertible into common stocks or preferred securities; common and preferred securities issued by master limited partnerships and real estate investment trusts; depositary receipts; and other securities with equity characteristics. The Fund has a policy of maintaining investments of equity securities of foreign issuers in at least three countries other than the United States. The Fund's investment adviser, Teachers Advisors, LLC ("Advisors"), selects individual stocks, and lets the Fund's country and regional asset allocations evolve from their stock selection. The Fund may invest in emerging markets to varying degrees, depending on the prevalence of stock specific opportunities. The Fund may invest in companies of all sizes, including smaller, lesser-known companies where Advisors believes it has some unique insights into the company. For

22&nbsp;&nbsp;&nbsp;&nbsp; **Prospectus** ■ Nuveen Life Funds

------

purposes of the 80% investment policy, the term "assets" means net assets, plus the amount of any borrowings for investment purposes.

Advisors typically invests in companies that can demonstrate an ability to generate free cash flow and strong market share. In addition, Advisors looks for companies with performance oriented management that focuses on growth through innovation, sustainable earnings growth and shareholder returns. Advisors will typically invest in these types of companies when Advisors believes that their stock prices do not fully reflect the stock's potential value, based on current earnings, assets and long-term growth prospects.

The Fund is actively managed; however, Advisors regularly reviews the Fund's sector and country exposure against the Fund's benchmark index, the MSCI EAFE<sup>®</sup> (Europe, Australasia, Far East) Index (the "MSCI EAFE Index"), to seek to control risk.

The Fund may purchase and sell futures, options, swaps and other equity derivatives to carry out the Fund's investment strategies.

#### Principal investment risks
You could lose money over short or long periods by investing in this Fund. An investment in the Fund, due to the nature of the Fund's portfolio holdings, typically is subject to the following principal investment risks:

&nbsp;&nbsp;&nbsp;&nbsp;· **Market Risk**—The risk that market prices of portfolio investments held by the Fund may fluctuate rapidly or unpredictably due to a variety of factors, including responses to government actions or interventions, or changing economic, political or market conditions. Market risk may affect a single issuer, industry or sector of the economy, or it may affect the market as a whole. Such conditions may add significantly to the risk of volatility in the net asset value ("NAV") of the Fund's shares and adversely affect the Fund and its investments. From time to time, the Fund may invest a significant portion of its assets in companies in one or more related sectors or industries, which would make the Fund more vulnerable to adverse developments affecting such sectors or industries.

&nbsp;&nbsp;&nbsp;&nbsp;· **Issuer Risk** (often called **Financial Risk**)—The risk that an issuer's earnings prospects, credit rating and overall financial position will deteriorate, causing a decline in the value of the issuer's financial instruments over short or extended periods of time.

&nbsp;&nbsp;&nbsp;&nbsp;· **Active Management Risk**—The risk that Advisors' strategy, investment selection or trading execution may cause the Fund to underperform relative to the benchmark index or mutual funds with similar investment objectives and/or strategies and may not produce the desired results or expected returns.

&nbsp;&nbsp;&nbsp;&nbsp;· **Foreign Investment Risk**—Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, currency, market or economic developments as well as armed conflicts and can result in greater price volatility and perform differently from financial

Nuveen Life Funds ■ **Prospectus** &nbsp;&nbsp;&nbsp;&nbsp;23

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instruments of U.S. issuers. This risk may be heightened in emerging or developing markets. Foreign investments may also have lower liquidity and be more difficult to value than investments in U.S. issuers. To the extent the Fund invests a significant portion of its assets in the securities of issuers in a single country or region, it may be more susceptible to adverse economic, market, political or regulatory events or conditions affecting that country or region. The Fund currently invests a significant portion of its assets in companies located in Japan, although this may change over time. Foreign investments may also be subject to risk of loss because of more or less foreign government regulation, less public information, less stringent investor protections and less stringent accounting, corporate governance, financial reporting and disclosure standards. Changes in the value of foreign currencies may make the return on an investment increase or decrease, unrelated to the quality or performance of the investment itself. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs) and other restrictions by the United States or other governments may also negatively impact the Fund's investments. Economic sanctions and other similar governmental actions or developments could, among other things, effectively restrict or eliminate the Fund's ability to purchase or sell certain foreign securities or groups of foreign securities, and/or thus may make the Fund's investments in such securities less liquid (or illiquid) or more difficult to value. The type and severity of sanctions and other measures that may be imposed could vary broadly in scope, and their impact is impossible to predict.

&nbsp;&nbsp;&nbsp;&nbsp;· **Emerging Markets Risk**—The risks of foreign investment often increases in countries with emerging markets or those economically tied to emerging market countries. For example, these countries may have more unstable governments than developed countries, and their economies may be based on only a few industries. Emerging market countries may also have less stringent regulation of accounting, auditing, financial reporting and recordkeeping requirements. As a result, there could be less information available about issuers in emerging market countries, which could negatively affect Advisors' ability to evaluate local companies or their potential impact on the Fund's performance. Because their financial markets may be very small, share prices of financial instruments in emerging market countries may be volatile and difficult to determine. Financial instruments of issuers in these countries may have lower overall liquidity than those of issuers in more developed countries and may be more vulnerable to market manipulation. In addition, foreign investors such as the Fund are subject to a variety of special restrictions in many emerging market countries. Moreover, legal remedies for investors in emerging markets may be more limited, and U.S. authorities may have less ability to enforce certain regulatory or legal

24&nbsp;&nbsp;&nbsp;&nbsp; **Prospectus** ■ Nuveen Life Funds

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obligations or otherwise bring actions against bad actors in emerging market countries.

&nbsp;&nbsp;&nbsp;&nbsp;· **Large-Cap Risk**—The risk that large-capitalization companies are more mature and may grow more slowly than the economy as a whole and tend to go in and out of favor based on market and economic conditions.

&nbsp;&nbsp;&nbsp;&nbsp;· **Mid-Cap Risk**—The risk that the stocks of mid-capitalization companies often experience greater price volatility, lower trading volume and lower overall liquidity than the stocks of larger, more established companies.

&nbsp;&nbsp;&nbsp;&nbsp;· **Illiquid Investments Risk**—The risk that illiquid investments may be difficult to sell for the value at which they are carried, if at all, or at any price within the desired time frame.

&nbsp;&nbsp;&nbsp;&nbsp;· **Currency Risk**—The risk that foreign (non-U.S.) currencies may decline in value relative to the U.S. dollar and adversely affect the value of the Fund's investments in foreign currencies, securities denominated in foreign currencies or derivative instruments that provide exposure to foreign currencies. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates and the imposition of currency controls or other political, economic and tax developments in the U.S. or abroad.

&nbsp;&nbsp;&nbsp;&nbsp;· **Derivatives Risk**—The risks associated with investing in derivatives, including futures, options, swaps, and other equity derivative instruments, and other similar instruments (referred to collectively as "derivatives") may be different and greater than the risks associated with directly investing in the underlying securities and other instruments, and include leverage risk, market risk, counterparty risk, liquidity risk, operational risk and legal risk. The Fund may use more complex derivatives that might be particularly susceptible to liquidity, credit and counterparty risk. When investing in derivatives, the Fund may lose more than the principal amount invested. Derivatives used for hedging or risk management may not operate as intended, may expose the Fund to other risks, and may be insufficient to protect the Fund from the risks they were intended to hedge.

*Please see the non-summary portion of the Prospectus for more detailed information about the risks described above.*

#### Past performance
The following chart and table help illustrate some of the risks of investing in the Fund by showing changes in the Fund's performance from year to year. The bar chart shows the annual total returns of shares of the Fund during the preceding ten-year period. Below the bar chart are the best and worst returns for a calendar quarter during the same period. The performance table following the bar chart shows the Fund's average annual total returns over the one-year, five-year, ten-year and since-inception periods (where applicable) ended December 31, 2025, and how those returns compare to those of the Fund's

Nuveen Life Funds ■ **Prospectus** &nbsp;&nbsp;&nbsp;&nbsp;25

------

broad-based securities market and benchmark index. Returns do not reflect fees and expenses of any variable annuity or variable life insurance contract and would be lower if they did.

The returns shown below reflect previous agreements by Advisors to waive, reimburse and/or compensate the Fund for certain fees, expenses and/or costs. Without these reductions and/or compensation, the returns of the Fund would have been lower. Past performance of the Fund is not necessarily an indication of how it will perform in the future. The broad-based securities market and benchmark index listed below is unmanaged, and you cannot invest directly in an index. The returns for the broad-based securities market and benchmark index reflect no deduction for fees, expenses or taxes.

*For current performance information of the Fund, including performance to the most recent month-end, please visit www.nuveen.com/performance* or call 800-257-8787.

26&nbsp;&nbsp;&nbsp;&nbsp; **Prospectus** ■ Nuveen Life Funds

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#### ANNUAL TOTAL RETURNS (%)

#### Nuveen Life International Equity Fund
![PerformanceBarChartData(2016:1.06, 2017:32.98, 2018:-23.58, 2019:23.07, 2020:15.34, 2021:10.84, 2022:-16.7, 2023:16.41, 2024:3.64, 2025:32.44)](img_cb34d0de47474f2.jpg)

Best quarter: 20.66%, for the quarter ended June 30, 2020. Worst quarter: -24.88%, for the quarter ended March 31, 2020.

#### AVERAGE ANNUAL TOTAL RETURNS
For the Periods Ended December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Inception date** | **One year** | **Five years** | **Ten years** |
| **Nuveen Life International Equity Fund** | 4/3/2000 | 32.44% | 8.09% | 7.96% |
| MSCI EAFE<sup>®</sup> Index |  |  |  |  |
| (reflects reinvested dividends net of withholding |  |  |  |  |
| taxes but reflects no deductions for fees, expenses |  |  |  |  |
| or other taxes) |  | 31.22% | 8.92% | 8.18% |
| *Current performance of the Fund's shares may be higher or lower than that shown above.* | *Current performance of the Fund's shares may be higher or lower than that shown above.* | *Current performance of the Fund's shares may be higher or lower than that shown above.* | *Current performance of the Fund's shares may be higher or lower than that shown above.* | *Current performance of the Fund's shares may be higher or lower than that shown above.* |

---

---

| | |
|:---|:---|
| After-tax returns have not been shown because they are not relevant since Fund shares currently are held only through insurance company separate accounts. | After-tax returns have not been shown because they are not relevant since Fund shares currently are held only through insurance company separate accounts. |
| A | A |

---

#### Portfolio management
**Investment Adviser.** Teachers Advisors, LLC.

#### Portfolio Managers.

---

| | | |
|:---|:---|:---|
| **Name:** | **John Tribolet** | **Gregory Mancini** |
| Title: | Managing Director | Senior Managing Director |
| Experience on Fund: | since 2020 | since 2020  |

---

#### Purchase and sale of Fund shares
Please contact the insurance company that issued your variable annuity or life insurance contract for more information on the purchase and sale of Fund shares.

Nuveen Life Funds ■ **Prospectus** &nbsp;&nbsp;&nbsp;&nbsp;27

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#### Tax information
Because the only shareholders of the Fund are the insurance companies offering the contracts, no discussion is included here about the federal income tax consequences at the shareholder level. The federal income tax consequences for purchases of a variable annuity or life insurance contract are described in the prospectus for such contracts.

#### Payments to insurance companies and broker-dealers and other financial intermediary compensation
The Fund is only available as an underlying investment for the contracts. The Fund and its distributor (and their related companies) may make payments to the sponsoring insurance company (or its affiliates) and to broker-dealers and other financial intermediaries for distribution and/or other services. These payments may be a factor that the insurance company considers in including the Fund as an underlying investment option in the variable contract. Payments to broker-dealers and other financial intermediaries may create a conflict of interest by influencing the broker-dealer or other financial intermediary to recommend a variable product and the Fund over another investment. Ask your financial adviser or visit the website of the insurance company or the financial intermediary for more information. The disclosure document for your variable contract may contain additional information about these payments.

28&nbsp;&nbsp;&nbsp;&nbsp; **Prospectus** ■ Nuveen Life Funds

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&nbsp;&nbsp;&nbsp;**Summary information**<br>

## Nuveen Life Large Cap Value Fund

#### Investment objective
The Fund seeks a favorable long-term total return, mainly through capital appreciation, primarily from equity securities of large domestic companies.

#### Fees and expenses
This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. The expenses shown do not reflect any separate account fees or expenses deducted under the variable annuity contracts or variable life insurance policies using the Fund as an underlying investment option.

**SHAREHOLDER FEES** (fees paid directly from your investment)

---

| | |
|:---|:---|
| Maximum sales charge imposed on purchases (percentage of offering price) | 0% |
| Maximum deferred sales charge | 0% |
| Maximum sales charge imposed on reinvested dividends and other distributions | 0% |
| Redemption fee | 0% |
| Exchange fee | 0% |

---

**ANNUAL FUND OPERATING EXPENSES** (expenses that you pay each year as a percentage of the value of your investment)

---

| | |
|:---|:---|
| Management fees | 0.45%  |
| Other expenses | 0.15%  |
| Total annual Fund operating expenses | 0.60%  |
| Waivers and expense reimbursements<sup>1</sup> | (0.08)%  |
| Total annual Fund operating expenses after fee waiver and/or expense reimbursement | 0.52%  |

---

---

| | |
|:---|:---|
| 1 | Under the Fund's expense reimbursement arrangements, the Fund's investment adviser, Teachers Advisors, LLC, has contractually agreed to reimburse the Fund for any Total annual Fund operating expenses (excluding interest, taxes, brokerage commissions or other transactional expenses, Acquired fund fees and expenses and extraordinary expenses) that exceed 0.52% of average daily net assets for shares of the Fund. These expense reimbursement arrangements will continue through at least April 30, 2027, unless changed with approval of the Board of Trustees. |

---

#### Example
This example is intended to help you compare the cost of investing in shares of the Fund with the cost of investing in other mutual funds. The example

Nuveen Life Funds ■ **Prospectus** &nbsp;&nbsp;&nbsp;&nbsp;29

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assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses, before fee waivers and/or expense reimbursements, remain the same. The example assumes that the Fund's fee waiver and/or expense reimbursement arrangements will each remain in place for the duration noted in the table above. The example does not reflect the fees and expenses of any variable annuity contract or variable life insurance policy and the costs in the example would be higher if it did. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | |
|:---|:---|
| 1 year | $53 |
| 3 years | $184 |
| 5 years | $327 |
| 10 years | $742 |

---

#### Portfolio turnover
The Fund pays transaction costs, such as commissions, as applicable, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the fiscal year ended December 31, 2025, the Fund's portfolio turnover rate was 27% of the average value of its portfolio.

#### Principal investment strategies
Under normal circumstances, the Fund invests at least 80% of the sum of its net assets and the amount of any borrowings for investment purposes in equity securities of large-capitalization value companies. The Fund invests primarily in equity securities of large domestic companies, as defined by the Fund's benchmark index, the Russell 1000<sup>®</sup> Value Index, that the Fund's investment adviser, Teachers Advisors, LLC ("Advisors"), believes appear undervalued by the market based on an evaluation of their potential worth. Large-capitalization companies are those that have market capitalizations within the range of the companies in the Russell 1000<sup>®</sup> Index. The market capitalization range is determined based on the companies in the index as of the last business day of the month in which the index was most recently reconstituted and may be updated to reflect any changes to the index composition and the market capitalization of companies in the index. Value companies are those that are constituents of at least one of the following indexes on the last business day of the month in which its most recent reconstitution was completed (as adjusted by changes to an index between reconstitutions): Russell 3000<sup>®</sup>Value Index, S&P Composite 1500<sup>®</sup>Value Index, MSCI World IMI Value Index.

Advisors uses a variety of comparative valuation criteria to determine whether shares of a particular company might be undervalued, including analyses of

30&nbsp;&nbsp;&nbsp;&nbsp; **Prospectus** ■ Nuveen Life Funds

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historical valuations of the same security; valuations of comparable securities in the same sector or the overall market; various financial ratios such as stock price-to-book value, stock price-to-earnings, and dividend yield; and free cash flow generated by the company. Advisors generally focuses on companies with normalized earnings and high operating leverage, which may cause the Fund to be more volatile in down markets than other large-cap value funds that have more defensive investment strategies.

The Fund may invest up to 20% of its assets in foreign investments. The Fund may also purchase and sell futures, options, swaps and other equity derivatives to carry out the Fund's investment strategies.

#### Principal investment risks
You could lose money over short or long periods by investing in this Fund. An investment in the Fund, due to the nature of the Fund's portfolio holdings, typically is subject to the following principal investment risks:

&nbsp;&nbsp;&nbsp;&nbsp;· **Market Risk**—The risk that market prices of portfolio investments held by the Fund may fluctuate rapidly or unpredictably due to a variety of factors, including responses to government actions or interventions, or changing economic, political or market conditions. Market risk may affect a single issuer, industry or sector of the economy, or it may affect the market as a whole. Such conditions may add significantly to the risk of volatility in the net asset value ("NAV") of the Fund's shares and adversely affect the Fund and its investments. From time to time, the Fund may invest a significant portion of its assets in companies in one or more related sectors or industries, which would make the Fund more vulnerable to adverse developments affecting such sectors or industries. The Fund currently invests a significant portion of its assets in companies in the financials sector, although this may change over time.

&nbsp;&nbsp;&nbsp;&nbsp;· **Issuer Risk** (often called **Financial Risk**)—The risk that an issuer's earnings prospects, credit rating and overall financial position will deteriorate, causing a decline in the value of the issuer's financial instruments over short or extended periods of time.

&nbsp;&nbsp;&nbsp;&nbsp;· **Large-Cap Risk**—The risk that large-capitalization companies are more mature and may grow more slowly than the economy as a whole and tend to go in and out of favor based on market and economic conditions.

&nbsp;&nbsp;&nbsp;&nbsp;· **Mid-Cap Risk**—The risk that the stocks of mid-capitalization companies often experience greater price volatility, lower trading volume and lower overall liquidity than the stocks of larger, more established companies.

&nbsp;&nbsp;&nbsp;&nbsp;· **Style Risk**—The risk that use of a particular investing style (such as growth or value investing) may fall out of favor in the marketplace for various periods of time and result in underperformance relative to the broader market sector or significant declines in the value of the Fund's portfolio investments.

Nuveen Life Funds ■ **Prospectus** &nbsp;&nbsp;&nbsp;&nbsp;31

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Risks of Value Investing**—Securities believed to be undervalued are subject to the risks that the issuer's potential business prospects are not realized, its potential value is never recognized by the market or the securities were appropriately priced when acquired. As a result, value stocks can be overpriced when acquired and may not perform as anticipated.

&nbsp;&nbsp;&nbsp;&nbsp;· **Active Management Risk**—The risk that Advisors' strategy, investment selection or trading execution may cause the Fund to underperform relative to the benchmark index or mutual funds with similar investment objectives and/or strategies and may not produce the desired results or expected returns.

&nbsp;&nbsp;&nbsp;&nbsp;· **Foreign Investment Risk**—Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, currency, market or economic developments as well as armed conflicts and can result in greater price volatility and perform differently from financial instruments of U.S. issuers. This risk may be heightened in emerging or developing markets. Foreign investments may also have lower liquidity and be more difficult to value than investments in U.S. issuers. Foreign investments may also be subject to risk of loss because of more or less foreign government regulation, less public information, less stringent investor protections and less stringent accounting, corporate governance, financial reporting and disclosure standards. Changes in the value of foreign currencies may make the return on an investment increase or decrease, unrelated to the quality or performance of the investment itself. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs) and other restrictions by the United States or other governments may also negatively impact the Fund's investments. Economic sanctions and other similar governmental actions or developments could, among other things, effectively restrict or eliminate the Fund's ability to purchase or sell certain foreign securities or groups of foreign securities, and/or thus may make the Fund's investments in such securities less liquid (or illiquid) or more difficult to value. The type and severity of sanctions and other measures that may be imposed could vary broadly in scope, and their impact is impossible to predict.

&nbsp;&nbsp;&nbsp;&nbsp;· **Derivatives Risk**—The risks associated with investing in derivatives, including futures, options, swaps, and other equity derivative instruments, and other similar instruments (referred to collectively as "derivatives") may be different and greater than the risks associated with directly investing in the underlying securities and other instruments, and include leverage risk, market risk, counterparty risk, liquidity risk, operational risk and legal risk. The Fund may use more complex derivatives that might be particularly susceptible to liquidity, credit and counterparty risk. When investing in derivatives, the Fund may lose more than the principal amount invested.

32&nbsp;&nbsp;&nbsp;&nbsp; **Prospectus** ■ Nuveen Life Funds

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Derivatives used for hedging or risk management may not operate as intended, may expose the Fund to other risks, and may be insufficient to protect the Fund from the risks they were intended to hedge.

*Please see the non-summary portion of the Prospectus for more detailed information about the risks described above.*

#### Past performance
The following chart and table help illustrate some of the risks of investing in the Fund by showing changes in the Fund's performance from year to year. The bar chart shows the annual total returns of shares of the Fund during the preceding ten-year period. Below the bar chart are the best and worst returns for a calendar quarter during the same period. The performance table following the bar chart shows the Fund's average annual total returns over the one-year, five-year, ten-year and since-inception periods (where applicable) ended December 31, 2025, and how those returns compare to those of the Fund's broad-based securities market index and benchmark index. Returns do not reflect fees and expenses of any variable annuity or variable life insurance contract and would be lower if they did.

The returns shown below reflect previous agreements by Advisors to waive, reimburse and/or compensate the Fund for certain fees, expenses and/or costs. Without these reductions and/or compensation, the returns of the Fund would have been lower. Past performance of the Fund is not necessarily an indication of how it will perform in the future. The broad-based securities market index and benchmark index listed below are unmanaged, and you cannot invest directly in an index. The returns for the broad-based securities market index and benchmark index reflect no deduction for fees, expenses or taxes.

*For current performance information of the Fund, including performance to the most recent month-end, please visit www.nuveen.com/performance* or call 800-257-8787.

#### ANNUAL TOTAL RETURNS (%)

#### Nuveen Life Large Cap Value Fund
![PerformanceBarChartData(2016:18.74, 2017:12.34, 2018:-14.13, 2019:28.66, 2020:4.01, 2021:26.85, 2022:-7.1, 2023:14.3, 2024:14.78, 2025:17.23)](img_b0204ff844514f2.jpg)

Best quarter: 17.47%, for the quarter ended December 31, 2020. Worst quarter: -26.21%, for the quarter ended March 31, 2020.

Nuveen Life Funds ■ **Prospectus** &nbsp;&nbsp;&nbsp;&nbsp;33

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#### AVERAGE ANNUAL TOTAL RETURNS
For the Periods Ended December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Inception date** | **One year** | **Five years** | **Ten years** |
| **Nuveen Life Large Cap Value Fund** | 10/28/2002 | 17.23% | 12.63% | 10.76% |
| Russell 1000<sup>®</sup> Index |  |  |  |  |
| (reflects no deductions for fees, expenses or taxes) |  | 17.37% | 13.59% | 14.59% |
| Russell 1000<sup>®</sup> Value Index |  |  |  |  |
| (reflects no deductions for fees, expenses or taxes) |  | 15.91% | 11.33% | 10.53% |
| *Current performance of the Fund's shares may be higher or lower than that shown above.* | *Current performance of the Fund's shares may be higher or lower than that shown above.* | *Current performance of the Fund's shares may be higher or lower than that shown above.* | *Current performance of the Fund's shares may be higher or lower than that shown above.* | *Current performance of the Fund's shares may be higher or lower than that shown above.* |

---

---

| | |
|:---|:---|
| After-tax returns have not been shown because they are not relevant since Fund shares currently are held only through insurance company separate accounts. | After-tax returns have not been shown because they are not relevant since Fund shares currently are held only through insurance company separate accounts. |
| A | A |

---

#### Portfolio management
**Investment Adviser.** Teachers Advisors, LLC.

#### Portfolio Managers.

---

| | | |
|:---|:---|:---|
| **Name:** | **Charles Carr, CFA** | **Rossana Ivanova** |
| Title: | Managing Director | Senior Director |
| Experience on Fund: | since 2018 | since 2023  |

---

#### Purchase and sale of Fund shares
Please contact the insurance company that issued your variable annuity or life insurance contract for more information on the purchase and sale of Fund shares.

#### Tax information
Because the only shareholders of the Fund are the insurance companies offering the contracts, no discussion is included here about the federal income tax consequences at the shareholder level. The federal income tax consequences for purchases of a variable annuity or life insurance contract are described in the prospectus for such contracts.

#### Payments to insurance companies and broker-dealers and other financial intermediary compensation
The Fund is only available as an underlying investment for the contracts. The Fund and its distributor (and their related companies) may make payments to the sponsoring insurance company (or its affiliates) and to broker-dealers and other financial intermediaries for distribution and/or other services. These payments may be a factor that the insurance company considers in including the Fund as an underlying investment option in the variable contract. Payments to broker-dealers and other financial intermediaries may create a conflict of interest by influencing the broker-dealer or other financial intermediary to recommend a

34&nbsp;&nbsp;&nbsp;&nbsp; **Prospectus** ■ Nuveen Life Funds

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variable product and the Fund over another investment. Ask your financial adviser or visit the website of the insurance company or the financial intermediary for more information. The disclosure document for your variable contract may contain additional information about these payments.

Nuveen Life Funds ■ **Prospectus** &nbsp;&nbsp;&nbsp;&nbsp;35

------

&nbsp;&nbsp;&nbsp;**Summary information**<br>

## Nuveen Life Real Estate Securities Select Fund

#### Investment objective
The Fund seeks to obtain a favorable long-term total return through both capital appreciation and current income, by investing primarily in equity securities of companies principally engaged in or related to the real estate industry.

#### Fees and expenses
This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. The expenses shown do not reflect any separate account fees or expenses deducted under the variable annuity contracts or variable life insurance policies using the Fund as an underlying investment option.

**SHAREHOLDER FEES** (fees paid directly from your investment)

---

| | |
|:---|:---|
| Maximum sales charge imposed on purchases (percentage of offering price) | 0% |
| Maximum deferred sales charge | 0% |
| Maximum sales charge imposed on reinvested dividends and other distributions | 0% |
| Redemption fee | 0% |
| Exchange fee | 0% |

---

**ANNUAL FUND OPERATING EXPENSES** (expenses that you pay each year as a percentage of the value of your investment)

---

| | |
|:---|:---|
| Management fees | 0.50%  |
| Other expenses | 0.18%  |
| Total annual Fund operating expenses | 0.68%  |
| Waivers and expense reimbursements<sup>1</sup> | (0.11)%  |
| Total annual Fund operating expenses after fee waiver and/or expense reimbursement | 0.57%  |

---

---

| | |
|:---|:---|
| 1 | Under the Fund's expense reimbursement arrangements, the Fund's investment adviser, Teachers Advisors, LLC, has contractually agreed to reimburse the Fund for any Total annual Fund operating expenses (excluding interest, taxes, brokerage commissions or other transactional expenses, Acquired fund fees and expenses and extraordinary expenses) that exceed 0.57% of average daily net assets for shares of the Fund. These expense reimbursement arrangements will continue through at least April 30, 2027, unless changed with approval of the Board of Trustees. |

---

36&nbsp;&nbsp;&nbsp;&nbsp; **Prospectus** ■ Nuveen Life Funds

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#### Example
This example is intended to help you compare the cost of investing in shares of the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses, before fee waivers and/or expense reimbursements, remain the same. The example assumes that the Fund's fee waiver and/or expense reimbursement arrangements will each remain in place for the duration noted in the table above. The example does not reflect the fees and expenses of any variable annuity contract or variable life insurance policy and the costs in the example would be higher if it did. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | |
|:---|:---|
| 1 year | $58 |
| 3 years | $206 |
| 5 years | $368 |
| 10 years | $836 |

---

#### Portfolio turnover
The Fund pays transaction costs, such as commissions, as applicable, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the fiscal year ended December 31, 2025, the Fund's portfolio turnover rate was 29% of the average value of its portfolio.

#### Principal investment strategies
Under normal circumstances, the Fund invests at least 80% of its assets in the securities of companies that are principally engaged in or related to the real estate industry ("real estate securities"), including those that own significant real estate assets, such as real estate investment trusts ("REITs"). The Fund will invest primarily in equity securities of such companies. The Fund is actively managed using a research-oriented process with a focus on cash flows, asset values and Teachers Advisors, LLC's ("Advisors") belief in management's ability to increase shareholder value. The Fund does not invest directly in real estate. The Fund concentrates its investments in the real estate industry. From time to time, the Fund may also invest in debt securities of companies principally engaged in or related to the real estate industry. For purposes of the 80% investment policy, the term "assets" means net assets, plus the amount of any borrowings for investment purposes.

An issuer is principally "engaged in" or principally "related to" the real estate industry if at least 50% of its assets, gross income or net profits are attributable to ownership, construction, management or sale of residential, commercial or

Nuveen Life Funds ■ **Prospectus** &nbsp;&nbsp;&nbsp;&nbsp;37

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industrial real estate, or to products or services related to the real estate industry. The Fund typically invests in securities issued by equity REITs (which directly own real estate), mortgage REITs (which make short-term construction or real estate development loans or invest in long-term mortgages or mortgage pools), real estate brokers and developers, homebuilders, companies that manage real estate and companies that own substantial amounts of real estate. Businesses related to the real estate industry include manufacturers and distributors of building supplies and financial institutions that make or service mortgage loans.

The Fund also may invest up to 15% of its assets in real estate securities of foreign issuers and up to 20% of its assets in equity (including preferred stock) and debt securities of issuers that are not engaged in or related to the real estate industry. The benchmark index for the Fund is the FTSE Nareit All Equity REITs Index.

#### Principal investment risks
You could lose money over short or long periods by investing in this Fund. An investment in the Fund, due to the nature of the Fund's portfolio holdings, typically is subject to the following principal investment risks:

&nbsp;&nbsp;&nbsp;&nbsp;· **Real Estate Investing Risk**—As a result of the Fund's investment objective, the Fund is subject to all of the risks associated with the ownership of real estate. These risks include, among others, declines in the value of real estate, negative changes in the climate for real estate, risks related to general and local economic conditions, decreases in property revenues, changes in prevailing interest rates, property taxes and operating expenses, changes in zoning laws and costs resulting from the cleanup of environmental problems.

&nbsp;&nbsp;&nbsp;&nbsp;· **Active Management Risk**—The risk that Advisors' strategy, investment selection or trading execution may cause the Fund to underperform relative to the benchmark index or mutual funds with similar investment objectives and/or strategies and may not produce the desired results or expected returns.

&nbsp;&nbsp;&nbsp;&nbsp;· **Market Risk**—The risk that market prices of portfolio investments held by the Fund may fluctuate rapidly or unpredictably due to a variety of factors, including responses to government actions or interventions, or changing economic, political or market conditions. Market risk may affect a single issuer, industry or sector of the economy, or it may affect the market as a whole. Such conditions may add significantly to the risk of volatility in the net asset value ("NAV") of the Fund's shares and adversely affect the Fund and its investments. From time to time, the Fund may invest a significant portion of its assets in companies in one or more related sectors or industries, which would make the Fund more vulnerable to adverse developments affecting such sectors or industries.

38&nbsp;&nbsp;&nbsp;&nbsp; **Prospectus** ■ Nuveen Life Funds

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&nbsp;&nbsp;&nbsp;&nbsp;· **Foreign Investment Risk**—Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, currency, market or economic developments as well as armed conflicts and can result in greater price volatility and perform differently from financial instruments of U.S. issuers. This risk may be heightened in emerging or developing markets. Foreign investments may also have lower liquidity and be more difficult to value than investments in U.S. issuers. Foreign investments may also be subject to risk of loss because of more or less foreign government regulation, less public information, less stringent investor protections and less stringent accounting, corporate governance, financial reporting and disclosure standards. Changes in the value of foreign currencies may make the return on an investment increase or decrease, unrelated to the quality or performance of the investment itself. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs) and other restrictions by the United States or other governments may also negatively impact the Fund's investments. Economic sanctions and other similar governmental actions or developments could, among other things, effectively restrict or eliminate the Fund's ability to purchase or sell certain foreign securities or groups of foreign securities, and/or thus may make the Fund's investments in such securities less liquid (or illiquid) or more difficult to value. The type and severity of sanctions and other measures that may be imposed could vary broadly in scope, and their impact is impossible to predict.

&nbsp;&nbsp;&nbsp;&nbsp;· **Issuer Risk** (often called **Financial Risk**)—The risk that an issuer's earnings prospects, credit rating and overall financial position will deteriorate, causing a decline in the value of the issuer's financial instruments over short or extended periods of time.

&nbsp;&nbsp;&nbsp;&nbsp;· **Industry/Sector Concentration Risk**—The risk that focusing on investment in specific industries or sectors makes a fund more vulnerable to developments particularly affecting those industries or sectors than a more broadly diversified fund would be.

&nbsp;&nbsp;&nbsp;&nbsp;· **Large-Cap Risk**—The risk that large-capitalization companies are more mature and may grow more slowly than the economy as a whole and tend to go in and out of favor based on market and economic conditions.

&nbsp;&nbsp;&nbsp;&nbsp;· **Mid-Cap Risk**—The risk that the stocks of mid-capitalization companies often experience greater price volatility, lower trading volume and lower overall liquidity than the stocks of larger, more established companies.

&nbsp;&nbsp;&nbsp;&nbsp;· **Small-Cap Risk**—The risk that the stocks of small-capitalization companies often experience greater price volatility than large- or mid-sized companies because small-cap companies are often newer or less established than larger companies and are likely to have more limited resources, products and markets. Securities of small-cap companies often have lower overall liquidity than securities of larger companies as a result of there being a

Nuveen Life Funds ■ **Prospectus** &nbsp;&nbsp;&nbsp;&nbsp;39

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smaller market for their securities, which can have an adverse effect on the pricing of these securities and on the ability to sell these securities when Advisors deems it appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;· **Illiquid Investments Risk**—The risk that illiquid investments may be difficult to sell for the value at which they are carried, if at all, or at any price within the desired time frame.

*Please see the non-summary portion of the Prospectus for more detailed information about the risks described above.*

#### Past performance
The following chart and table help illustrate some of the risks of investing in the Fund by showing changes in the Fund's performance from year to year. The bar chart shows the annual total returns of shares of the Fund during the preceding ten-year period. Below the bar chart are the best and worst returns for a calendar quarter during the same period. The performance table following the bar chart shows the Fund's average annual total returns over the one-year, five-year, ten-year and since-inception periods (where applicable) ended December 31, 2025, and how those returns compare to those of the Fund's broad-based securities market index and benchmark index. Returns do not reflect fees and expenses of any variable annuity or variable life insurance contract and would be lower if they did.

The returns shown below reflect previous agreements by Advisors to waive, reimburse and/or compensate the Fund for certain fees, expenses and/or costs. Without these reductions and/or compensation, the returns of the Fund would have been lower. Past performance of the Fund is not necessarily an indication of how it will perform in the future. The broad-based securities market index and benchmark index listed below are unmanaged, and you cannot invest directly in an index. The returns for the broad-based securities market index and benchmark index reflect no deduction for fees, expenses or taxes.

*For current performance information of the Fund, including performance to the most recent month-end, please visit www.nuveen.com/performance* or call 800-257-8787.

40&nbsp;&nbsp;&nbsp;&nbsp; **Prospectus** ■ Nuveen Life Funds

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#### ANNUAL TOTAL RETURNS (%)

#### Nuveen Life Real Estate Securities Select Fund
![PerformanceBarChartData(2016:3.96, 2017:12.32, 2018:-4.23, 2019:31.33, 2020:1.27, 2021:39.53, 2022:-28.62, 2023:12.01, 2024:4.78, 2025:1.86)](img_9ad43e107ad34f2.jpg)

Best quarter: 17.38%, for the quarter ended March 31, 2019. Worst quarter: -19.81%, for the quarter ended March 31, 2020.

#### AVERAGE ANNUAL TOTAL RETURNS
For the Periods Ended December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Inception date** | **One year** | **Five years** | **Ten years** |
| **Nuveen Life Real Estate Securities Select Fund** | 10/28/2002 | 1.86% | 3.55% | 5.88% |
| S&P 500<sup>®</sup> Index |  |  |  |  |
| (reflects no deductions for fees, expenses or taxes) |  | 17.88% | 14.42% | 14.82% |
| FTSE Nareit All Equity REITs Index |  |  |  |  |
| (reflects no deductions for fees, expenses or taxes) |  | 2.27% | 4.85% | 5.77% |
| *Current performance of the Fund's shares may be higher or lower than that shown above.* | *Current performance of the Fund's shares may be higher or lower than that shown above.* | *Current performance of the Fund's shares may be higher or lower than that shown above.* | *Current performance of the Fund's shares may be higher or lower than that shown above.* | *Current performance of the Fund's shares may be higher or lower than that shown above.* |

---

---

| | |
|:---|:---|
| After-tax returns have not been shown because they are not relevant since Fund shares currently are held only through insurance company separate accounts. | After-tax returns have not been shown because they are not relevant since Fund shares currently are held only through insurance company separate accounts. |
| A | A |

---

#### Portfolio management
**Investment Adviser.** Teachers Advisors, LLC.

#### Portfolio Managers.

---

| | | |
|:---|:---|:---|
| **Name:** | **Benjamin Kerl** | **Griffin Bazor** |
| Title: | Senior Managing Director | Managing Director |
| Experience on Fund: | since 2026 | since 2026 |

---

#### Purchase and sale of Fund shares
Please contact the insurance company that issued your variable annuity or life insurance contract for more information on the purchase and sale of Fund shares.

Nuveen Life Funds ■ **Prospectus** &nbsp;&nbsp;&nbsp;&nbsp;41

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#### Tax information
Because the only shareholders of the Fund are the insurance companies offering the contracts, no discussion is included here about the federal income tax consequences at the shareholder level. The federal income tax consequences for purchases of a variable annuity or life insurance contract are described in the prospectus for such contracts.

#### Payments to insurance companies and broker-dealers and other financial intermediary compensation
The Fund is only available as an underlying investment for the contracts. The Fund and its distributor (and their related companies) may make payments to the sponsoring insurance company (or its affiliates) and to broker-dealers and other financial intermediaries for distribution and/or other services. These payments may be a factor that the insurance company considers in including the Fund as an underlying investment option in the variable contract. Payments to broker-dealers and other financial intermediaries may create a conflict of interest by influencing the broker-dealer or other financial intermediary to recommend a variable product and the Fund over another investment. Ask your financial adviser or visit the website of the insurance company or the financial intermediary for more information. The disclosure document for your variable contract may contain additional information about these payments.

42&nbsp;&nbsp;&nbsp;&nbsp; **Prospectus** ■ Nuveen Life Funds

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&nbsp;&nbsp;&nbsp;**Summary information**<br>

## Nuveen Life Small Cap Equity Fund

#### Investment objective
The Fund seeks a favorable long-term total return, mainly through capital appreciation, primarily from equity securities of smaller domestic companies.

#### Fees and expenses
This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. The expenses shown do not reflect any separate account fees or expenses deducted under the variable annuity contracts or variable life insurance policies using the Fund as an underlying investment option.

**SHAREHOLDER FEES** (fees paid directly from your investment)

---

| | |
|:---|:---|
| Maximum sales charge imposed on purchases (percentage of offering price) | 0% |
| Maximum deferred sales charge | 0% |
| Maximum sales charge imposed on reinvested dividends and other distributions | 0% |
| Redemption fee | 0% |
| Exchange fee | 0% |

---

**ANNUAL FUND OPERATING EXPENSES** (expenses that you pay each year as a percentage of the value of your investment)

---

| | |
|:---|:---|
| Management fees | 0.46%  |
| Other expenses | 0.20%  |
| Total annual Fund operating expenses | 0.66%  |
| Waivers and expense reimbursements<sup>1</sup> | (0.13)%  |
| Total annual Fund operating expenses after fee waiver and/or expense reimbursement | 0.53%  |

---

---

| | |
|:---|:---|
| 1 | Under the Fund's expense reimbursement arrangements, the Fund's investment adviser, Teachers Advisors, LLC, has contractually agreed to reimburse the Fund for any Total annual Fund operating expenses (excluding interest, taxes, brokerage commissions or other transactional expenses, Acquired fund fees and expenses and extraordinary expenses) that exceed 0.53% of average daily net assets for shares of the Fund. These expense reimbursement arrangements will continue through at least April 30, 2027, unless changed with approval of the Board of Trustees. |

---

#### Example
This example is intended to help you compare the cost of investing in shares of the Fund with the cost of investing in other mutual funds. The example

Nuveen Life Funds ■ **Prospectus** &nbsp;&nbsp;&nbsp;&nbsp;43

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assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses, before fee waivers and/or expense reimbursements, remain the same. The example assumes that the Fund's fee waiver and/or expense reimbursement arrangements will each remain in place for the duration noted in the table above. The example does not reflect the fees and expenses of any variable annuity contract or variable life insurance policy and the costs in the example would be higher if it did. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | |
|:---|:---|
| 1 year | $54 |
| 3 years | $198 |
| 5 years | $355 |
| 10 years | $810 |

---

#### Portfolio turnover
The Fund pays transaction costs, such as commissions, as applicable, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the fiscal year ended December 31, 2025, the Fund's portfolio turnover rate was 75% of the average value of its portfolio.

#### Principal investment strategies
Under normal circumstances, the Fund invests at least 80% of its assets in small-cap equity securities. For these purposes, "equity securities" include equity securities of any type, including common stocks; preferred securities; warrants to purchase common stocks and preferred securities; convertible debt securities that are either in the money or immediately convertible into common stocks or preferred securities; common and preferred securities issued by master limited partnerships and real estate investment trusts; depositary receipts; and other securities with equity characteristics. In seeking a favorable long-term total return, the Fund will invest in securities that the Fund's investment adviser, Teachers Advisors, LLC ("Advisors"), believes have favorable prospects for significant long-term capital appreciation potential. A "small-cap" equity security is a security within the capitalization range of the companies included in the Fund's benchmark index, the Russell 2000<sup>®</sup> Index. The market capitalization range is determined based on the companies in the index as of the last business day of the month in which the index was most recently reconstituted and may be updated to reflect any changes to the index composition and the market capitalization of companies in the index. The Fund invests primarily in equity securities of smaller domestic companies across a wide range of sectors, growth rates and valuations. For purposes of the 80% investment policy, the term

44&nbsp;&nbsp;&nbsp;&nbsp; **Prospectus** ■ Nuveen Life Funds

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"assets" means net assets, plus the amount of any borrowings for investment purposes.

The Fund seeks to add incremental return over its stated benchmark index, while also managing the relative risk of the Fund versus its benchmark index. Advisors uses proprietary quantitative models, or models utilizing econometric and mathematical techniques, based on financial and investment theories to evaluate and score a broad universe of stocks in which the Fund invests. These models typically weigh many different variables, including the valuation of the individual stock versus the market or its peers, future earnings and sustainable growth prospects, and the price and volume trends of the stock. The score is used to form the portfolio and the following additional inputs may also be considered: weightings of the stock and its corresponding sector in the benchmark, correlations between the performance of the stocks in the universe, and trading costs. The Fund may purchase foreign securities and securities issued in connection with reorganizations and other special situations.

The overall goal is to build a portfolio of stocks that generate a favorable long-term total return, while also managing the relative risk of the Fund versus its benchmark index. The Fund may also purchase and sell futures, options, swaps and other equity derivatives to carry out the Fund's investment strategies. The Fund's strategy is based upon Advisors' understanding of the interplay of market factors and does not assure the Fund will perform as intended. The markets or the prices of individual securities may be affected by factors not taken into account in Advisors' analysis.

#### Principal investment risks
You could lose money over short or long periods by investing in this Fund. An investment in the Fund, due to the nature of the Fund's portfolio holdings, typically is subject to the following principal investment risks:

&nbsp;&nbsp;&nbsp;&nbsp;· **Market Risk**—The risk that market prices of portfolio investments held by the Fund may fluctuate rapidly or unpredictably due to a variety of factors, including responses to government actions or interventions, or changing economic, political or market conditions. Market risk may affect a single issuer, industry or sector of the economy, or it may affect the market as a whole. Such conditions may add significantly to the risk of volatility in the net asset value ("NAV") of the Fund's shares and adversely affect the Fund and its investments. From time to time, the Fund may invest a significant portion of its assets in companies in one or more related sectors or industries, which would make the Fund more vulnerable to adverse developments affecting such sectors or industries.

&nbsp;&nbsp;&nbsp;&nbsp;· **Issuer Risk** (often called **Financial Risk**)—The risk that an issuer's earnings prospects, credit rating and overall financial position will deteriorate, causing a decline in the value of the issuer's financial instruments over short or extended periods of time.

Nuveen Life Funds ■ **Prospectus** &nbsp;&nbsp;&nbsp;&nbsp;45

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&nbsp;&nbsp;&nbsp;&nbsp;· **Small-Cap Risk**—The risk that the stocks of small-capitalization companies often experience greater price volatility than large- or mid-sized companies because small-cap companies are often newer or less established than larger companies and are likely to have more limited resources, products and markets. Securities of small-cap companies often have lower overall liquidity than securities of larger companies as a result of there being a smaller market for their securities, which can have an adverse effect on the pricing of these securities and on the ability to sell these securities when Advisors deems it appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;· **Mid-Cap Risk**—The risk that the stocks of mid-capitalization companies often experience greater price volatility, lower trading volume and lower overall liquidity than the stocks of larger, more established companies.

&nbsp;&nbsp;&nbsp;&nbsp;· **Active Management Risk**—The risk that Advisors' strategy, investment selection or trading execution may cause the Fund to underperform relative to the benchmark index or mutual funds with similar investment objectives and/or strategies and may not produce the desired results or expected returns.

&nbsp;&nbsp;&nbsp;&nbsp;· **Quantitative Analysis Risk**—The risk that stocks selected using quantitative modeling and analysis could perform differently from the market as a whole and the risk that such quantitative analysis and modeling may not adequately take into account certain factors, may contain design flaws or inaccurate assumptions and may rely on inaccurate data inputs, which may result in losses to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;· **Foreign Investment Risk**—Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, currency, market or economic developments as well as armed conflicts and can result in greater price volatility and perform differently from financial instruments of U.S. issuers. This risk may be heightened in emerging or developing markets. Foreign investments may also have lower liquidity and be more difficult to value than investments in U.S. issuers. Foreign investments may also be subject to risk of loss because of more or less foreign government regulation, less public information, less stringent investor protections and less stringent accounting, corporate governance, financial reporting and disclosure standards. Changes in the value of foreign currencies may make the return on an investment increase or decrease, unrelated to the quality or performance of the investment itself. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs) and other restrictions by the United States or other governments may also negatively impact the Fund's investments. Economic sanctions and other similar governmental actions or developments could, among other things, effectively restrict or eliminate the Fund's ability to purchase or sell certain foreign securities or groups of foreign securities, and/or thus may make the Fund's investments in such securities less liquid (or illiquid) or more difficult to

46&nbsp;&nbsp;&nbsp;&nbsp; **Prospectus** ■ Nuveen Life Funds

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value. The type and severity of sanctions and other measures that may be imposed could vary broadly in scope, and their impact is impossible to predict.

&nbsp;&nbsp;&nbsp;&nbsp;· **Special Situation Risk**—Stocks of companies involved in acquisitions, consolidations, tender offers or exchanges, takeovers, reorganizations, mergers and other special situations can involve the risk that such situations may not materialize or may develop in unexpected ways. Consequently, those stocks can involve more risk than ordinary securities.

&nbsp;&nbsp;&nbsp;&nbsp;· **Illiquid Investments Risk**—The risk that illiquid investments may be difficult to sell for the value at which they are carried, if at all, or at any price within the desired time frame.

&nbsp;&nbsp;&nbsp;&nbsp;· **Derivatives Risk**—The risks associated with investing in derivatives, including futures, options, swaps, and other equity derivative instruments, and other similar instruments (referred to collectively as "derivatives") may be different and greater than the risks associated with directly investing in the underlying securities and other instruments, and include leverage risk, market risk, counterparty risk, liquidity risk, operational risk and legal risk. The Fund may use more complex derivatives that might be particularly susceptible to liquidity, credit and counterparty risk. When investing in derivatives, the Fund may lose more than the principal amount invested. Derivatives used for hedging or risk management may not operate as intended, may expose the Fund to other risks, and may be insufficient to protect the Fund from the risks they were intended to hedge.

*Please see the non-summary portion of the Prospectus for more detailed information about the risks described above.*

#### Past performance
The following chart and table help illustrate some of the risks of investing in the Fund by showing changes in the Fund's performance from year to year. The bar chart shows the annual total returns of shares of the Fund during the preceding ten-year period. Below the bar chart are the best and worst returns for a calendar quarter during the same period. The performance table following the bar chart shows the Fund's average annual total returns over the one-year, five-year, ten-year and since-inception periods (where applicable) ended December 31, 2025, and how those returns compare to those of the Fund's broad-based securities market index and benchmark index. Returns do not reflect fees and expenses of any variable annuity or variable life insurance contract and would be lower if they did.

The returns shown below reflect previous agreements by Advisors to waive, reimburse and/or compensate the Fund for certain fees, expenses and/or costs. Without these reductions and/or compensation, the returns of the Fund would have been lower. Past performance of the Fund is not necessarily an indication of how it will perform in the future. The broad-based securities market index and benchmark index listed below are unmanaged, and you cannot invest directly in

Nuveen Life Funds ■ **Prospectus** &nbsp;&nbsp;&nbsp;&nbsp;47

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an index. The returns for the broad-based securities market index and benchmark index reflect no deduction for fees, expenses or taxes.

*For current performance information of the Fund, including performance to the most recent month-end, please visit www.nuveen.com/performance* or call 800-257-8787.

#### ANNUAL TOTAL RETURNS (%)

#### Nuveen Life Small Cap Equity Fund
![PerformanceBarChartData(2016:19.87, 2017:14.9, 2018:-12.05, 2019:23.72, 2020:12.8, 2021:24.76, 2022:-15.63, 2023:18.65, 2024:16.01, 2025:16.4)](img_dd4ebf42af454f2.jpg)

Best quarter: 32.12%, for the quarter ended December 31, 2020. Worst quarter: -33.82%, for the quarter ended March 31, 2020.

#### AVERAGE ANNUAL TOTAL RETURNS
For the Periods Ended December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Inception date** | **One year** | **Five years** | **Ten years** |
| **Nuveen Life Small Cap Equity Fund** | 10/28/2002 | 16.40% | 11.02% | 11.04% |
| Russell 3000<sup>®</sup> Index |  |  |  |  |
| (reflects no deductions for fees, expenses or taxes) |  | 17.15% | 13.15% | 14.29% |
| Russell 2000<sup>®</sup> Index |  |  |  |  |
| (reflects no deductions for fees, expenses or taxes) |  | 12.81% | 6.09% | 9.62% |
| *Current performance of the Fund's shares may be higher or lower than that shown above.* | *Current performance of the Fund's shares may be higher or lower than that shown above.* | *Current performance of the Fund's shares may be higher or lower than that shown above.* | *Current performance of the Fund's shares may be higher or lower than that shown above.* | *Current performance of the Fund's shares may be higher or lower than that shown above.* |

---

---

| | |
|:---|:---|
| After-tax returns have not been shown because they are not relevant since Fund shares currently are held only through insurance company separate accounts. | After-tax returns have not been shown because they are not relevant since Fund shares currently are held only through insurance company separate accounts. |
| A | A |

---

#### Portfolio management
**Investment Adviser.** Teachers Advisors, LLC.

#### Portfolio Managers.

---

| | | |
|:---|:---|:---|
| **He**  | | |
| **Name:** | **Pei Chen** | **Max Kozlov, CFA Nan Zhang, CFA** |
| Title: | Managing Director | Managing Director Senior Director |
| Experience on Fund: | since 2016 | since 2019 since 2025 |

---

48&nbsp;&nbsp;&nbsp;&nbsp; **Prospectus** ■ Nuveen Life Funds

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#### Purchase and sale of Fund shares
Please contact the insurance company that issued your variable annuity or life insurance contract for more information on the purchase and sale of Fund shares.

#### Tax information
Because the only shareholders of the Fund are the insurance companies offering the contracts, no discussion is included here about the federal income tax consequences at the shareholder level. The federal income tax consequences for purchases of a variable annuity or life insurance contract are described in the prospectus for such contracts.

#### Payments to insurance companies and broker-dealers and other financial intermediary compensation
The Fund is only available as an underlying investment for the contracts. The Fund and its distributor (and their related companies) may make payments to the sponsoring insurance company (or its affiliates) and to broker-dealers and other financial intermediaries for distribution and/or other services. These payments may be a factor that the insurance company considers in including the Fund as an underlying investment option in the variable contract. Payments to broker-dealers and other financial intermediaries may create a conflict of interest by influencing the broker-dealer or other financial intermediary to recommend a variable product and the Fund over another investment. Ask your financial adviser or visit the website of the insurance company or the financial intermediary for more information. The disclosure document for your variable contract may contain additional information about these payments.

Nuveen Life Funds ■ **Prospectus** &nbsp;&nbsp;&nbsp;&nbsp;49

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&nbsp;&nbsp;&nbsp;**Summary information**<br>

## Nuveen Life Large Cap Responsible Equity Fund

#### Investment objective
The Fund seeks a favorable long-term total return that reflects the investment performance of the U.S. equity markets, as represented by the benchmark index, while giving special consideration to certain environmental, social and governance ("ESG") criteria.

#### Fees and expenses
This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. The expenses shown do not reflect any separate account fees or expenses deducted under the variable annuity contracts or variable life insurance policies using the Fund as an underlying investment option.

**SHAREHOLDER FEES** (fees paid directly from your investment)

---

| | |
|:---|:---|
| Maximum sales charge imposed on purchases (percentage of offering price) | 0% |
| Maximum deferred sales charge | 0% |
| Maximum sales charge imposed on reinvested dividends and other distributions | 0% |
| Redemption fee | 0% |
| Exchange fee | 0% |

---

**ANNUAL FUND OPERATING EXPENSES** (expenses that you pay each year as a percentage of the value of your investment)

---

| | |
|:---|:---|
| Management fees | 0.15%  |
| Other expenses | 0.14%  |
| Total annual Fund operating expenses | 0.29%  |
| Waivers and expense reimbursements<sup>1</sup> | (0.07)%  |
| Total annual Fund operating expenses after fee waiver and/or expense reimbursement | 0.22%  |

---

---

| | |
|:---|:---|
| 1 | Under the Fund's expense reimbursement arrangements, the Fund's investment adviser, Teachers Advisors, LLC, has contractually agreed to reimburse the Fund for any Total annual Fund operating expenses (excluding interest, taxes, brokerage commissions or other transactional expenses, Acquired fund fees and expenses and extraordinary expenses) that exceed 0.22% of average daily net assets for shares of the Fund. These expense reimbursement arrangements will continue through at least April 30, 2027, unless changed with approval of the Board of Trustees. |

---

50&nbsp;&nbsp;&nbsp;&nbsp; **Prospectus** ■ Nuveen Life Funds

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#### Example
This example is intended to help you compare the cost of investing in shares of the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses, before fee waivers and/or expense reimbursements, remain the same. The example assumes that the Fund's fee waiver and/or expense reimbursement arrangements will each remain in place for the duration noted in the table above. The example does not reflect the fees and expenses of any variable annuity contract or variable life insurance policy and the costs in the example would be higher if it did. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | |
|:---|:---|
| 1 year | $23 |
| 3 years | $86 |
| 5 years | $156 |
| 10 years | $361 |

---

#### Portfolio turnover
The Fund pays transaction costs, such as commissions, as applicable, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the fiscal year ended December 31, 2025, the Fund's portfolio turnover rate was 34% of the average value of its portfolio.

#### Principal investment strategies
Under normal circumstances, the Fund invests at least 80% of its assets in large-cap equity securities that meet the Fund's ESG criteria. For these purposes, "equity securities" include equity securities of any type, including common stocks; preferred securities; warrants to purchase common stocks and preferred securities; convertible debt securities that are either in the money or immediately convertible into common stocks or preferred securities; common and preferred securities issued by master limited partnerships and real estate investment trusts; depositary receipts; and other securities with equity characteristics. The Fund attempts to achieve the return of the U.S. stock market as represented by its benchmark, the S&P 500<sup>®</sup> Index, while taking into consideration certain ESG criteria, which include criteria relating to carbon intensity and fossil fuel reserves. See "Additional information about the Fund's benchmark index" in the non-summary portion of the Prospectus for more information about the Fund's benchmark. For purposes of the 80% investment policy, "large-cap" securities are equity securities that have a market capitalization within the range of companies included in the S&P 500 Index and "assets" means net assets, plus

Nuveen Life Funds ■ **Prospectus** &nbsp;&nbsp;&nbsp;&nbsp;51

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the amount of any borrowings for investment purposes. The market capitalization range is determined based on the companies in the index as of the last business day of the month in which the index was most recently rebalanced and may be updated to reflect any changes to the index composition and the market capitalization of companies in the index.

When selecting investments for the Fund, Teachers Advisors, LLC ("Advisors"), the Fund's investment adviser, considers certain ESG criteria. The ESG criteria are generally implemented based on data provided by independent research vendor(s). The evaluation process favors companies with leadership in ESG performance relative to their peers. Typically, environmental assessment categories include climate change, natural resource use, waste management and environmental opportunities. Social evaluation categories include human capital, product safety and social opportunities. Governance assessment categories include corporate governance, business ethics and government and public policy. How well companies adhere to international norms and principles and involvement in major ESG controversies (examples of which may relate to the environment, customers, human rights and community, labor rights and supply chain, and governance) are other considerations.

The ESG evaluation process is conducted on an industry-specific basis and involves the identification of key performance indicators, which are given more or less relative weight compared to the broader range of potential assessment categories. When ESG concerns exist, the evaluation process gives careful consideration to how companies address the risks and opportunities they face in the context of their sector or industry and relative to their peers. The Fund will not generally invest in companies significantly involved in certain business activities, including but not limited to the production of alcohol, tobacco, military weapons, firearms, thermal coal, adult entertainment, arctic oil and gas, oil sands extraction, for-profit prisons and gambling products and services.

In addition to the overall ESG performance evaluation, the Fund favors companies that (1) demonstrate leadership in managing and mitigating their current carbon intensity and (2) do not have evidence of fossil fuel reserves ownership, regardless of industry. The determination of leadership criteria takes into consideration company carbon intensity in relative terms (e.g., tons of carbon emitted per unit of economic output such as sales). Reserves are fossil fuel deposits that have not yet been extracted. Evidence of fossil fuel reserves ownership includes company disclosure and statements regarding ownership.

After the ESG evaluation process is conducted, Advisors then uses quantitative investment techniques to attempt to closely match, to the extent practicable, the overall risk characteristics of the benchmark index. Under these quantitative investment techniques, the Fund uses a risk model to evaluate the stocks in which the Fund may invest and to inform the construction of a broadly diversified group of stocks.

52&nbsp;&nbsp;&nbsp;&nbsp; **Prospectus** ■ Nuveen Life Funds

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While Advisors generally invests in companies that meet the ESG criteria, it is not required to invest in every company that meets these criteria. In addition, concerns with respect to one ESG assessment category may not automatically eliminate an issuer from being considered an eligible Fund investment. The ESG criteria the Fund takes into consideration are non-fundamental investment policies and may be changed without the approval of the Fund's shareholders.

The Board of Trustees of the Trust or a designated committee thereof ("Board of Trustees") reviews the ESG criteria used to evaluate securities held by the Fund and the ESG vendor(s) that provide the data that help inform these criteria. Subject to Board review, Advisors has the right to change the ESG vendor(s) at any time and to add to the number of vendors providing the ESG data.

Investing on the basis of ESG criteria is qualitative and subjective by nature. There can be no assurance that every Fund investment will meet ESG criteria, or will do so at all times, or that the ESG criteria or any judgment exercised by Advisors will reflect the beliefs or values of any particular investor.

The Fund is not restricted from investing in any securities issued or guaranteed by the U.S. government or its agencies or instrumentalities. The Fund may also invest in securities issued by other countries or their agencies or instrumentalities as approved by the Board of Trustees. The Fund may invest up to 15% of its assets in foreign investments.

#### Principal investment risks
You could lose money over short or long periods by investing in this Fund. An investment in the Fund, due to the nature of the Fund's portfolio holdings, typically is subject to the following principal investment risks:

&nbsp;&nbsp;&nbsp;&nbsp;· **ESG Risk**—The risk that because the Fund's ESG criteria exclude securities of certain issuers for nonfinancial reasons, the Fund may forgo some market opportunities available to funds that do not use these criteria.

&nbsp;&nbsp;&nbsp;&nbsp;· **Low-Carbon Risk**—The risk that because the Fund's investment strategy includes a special emphasis on companies with low current carbon intensity and an absence of fossil fuel reserves ownership, the Fund's portfolio might exclude certain issuers for nonfinancial reasons and the Fund may forgo some market opportunities that otherwise would be available.

&nbsp;&nbsp;&nbsp;&nbsp;· **Market Risk**—The risk that market prices of portfolio investments held by the Fund may fluctuate rapidly or unpredictably due to a variety of factors, including responses to government actions or interventions, or changing economic, political or market conditions. Market risk may affect a single issuer, industry or sector of the economy, or it may affect the market as a whole. Such conditions may add significantly to the risk of volatility in the net asset value ("NAV") of the Fund's shares and adversely affect the Fund and its investments. From time to time, the Fund may invest a significant portion of its assets in companies in one or more related sectors or industries, which would make the Fund more vulnerable to adverse developments affecting such sectors or industries. The Fund currently invests a significant

Nuveen Life Funds ■ **Prospectus** &nbsp;&nbsp;&nbsp;&nbsp;53

------

portion of its assets in companies in the information technology sector, although this may change over time.

&nbsp;&nbsp;&nbsp;&nbsp;· **Issuer Risk** (often called **Financial Risk**)—The risk that an issuer's earnings prospects, credit rating and overall financial position will deteriorate, causing a decline in the value of the issuer's financial instruments over short or extended periods of time.

&nbsp;&nbsp;&nbsp;&nbsp;· **Foreign Investment Risk**—Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, currency, market or economic developments as well as armed conflicts and can result in greater price volatility and perform differently from financial instruments of U.S. issuers. This risk may be heightened in emerging or developing markets. Foreign investments may also have lower liquidity and be more difficult to value than investments in U.S. issuers. Foreign investments may also be subject to risk of loss because of more or less foreign government regulation, less public information, less stringent investor protections and less stringent accounting, corporate governance, financial reporting and disclosure standards. Changes in the value of foreign currencies may make the return on an investment increase or decrease, unrelated to the quality or performance of the investment itself. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs) and other restrictions by the United States or other governments may also negatively impact the Fund's investments. Economic sanctions and other similar governmental actions or developments could, among other things, effectively restrict or eliminate the Fund's ability to purchase or sell certain foreign securities or groups of foreign securities, and/or thus may make the Fund's investments in such securities less liquid (or illiquid) or more difficult to value. The type and severity of sanctions and other measures that may be imposed could vary broadly in scope, and their impact is impossible to predict.

&nbsp;&nbsp;&nbsp;&nbsp;· **Large-Cap Risk**—The risk that large-capitalization companies are more mature and may grow more slowly than the economy as a whole and tend to go in and out of favor based on market and economic conditions.

&nbsp;&nbsp;&nbsp;&nbsp;· **Mid-Cap Risk**—The risk that the stocks of mid-capitalization companies often experience greater price volatility, lower trading volume and lower overall liquidity than the stocks of larger, more established companies.

&nbsp;&nbsp;&nbsp;&nbsp;· **Small-Cap Risk**—The risk that the stocks of small-capitalization companies often experience greater price volatility than large- or mid-sized companies because small-cap companies are often newer or less established than larger companies and are likely to have more limited resources, products and markets. Securities of small-cap companies often have lower overall liquidity than securities of larger companies as a result of there being a smaller market for their securities, which can have an adverse effect on the

54&nbsp;&nbsp;&nbsp;&nbsp; **Prospectus** ■ Nuveen Life Funds

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pricing of these securities and on the ability to sell these securities when Advisors deems it appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;· **Active Management Risk**—The risk that Advisors' strategy, investment selection or trading execution may cause the Fund to underperform relative to the benchmark index or mutual funds with similar investment objectives and/or strategies and may not produce the desired results or expected returns.

&nbsp;&nbsp;&nbsp;&nbsp;· **Benchmark Risk**—The risk that the Fund's performance may not correspond to its benchmark index for any period of time and may underperform such index or the overall financial market. Additionally, to the extent that the Fund's investments vary from the composition of its benchmark index, the Fund's performance could potentially vary from the index's performance to a greater extent than if the Fund merely attempted to replicate the index.

&nbsp;&nbsp;&nbsp;&nbsp;· **Quantitative Analysis Risk**—The risk that stocks selected using quantitative modeling and analysis could perform differently from the market as a whole and the risk that such quantitative analysis and modeling may not adequately take into account certain factors, may contain design flaws or inaccurate assumptions and may rely on inaccurate data inputs, which may result in losses to the Fund.

*Please see the non-summary portion of the Prospectus for more detailed information about the risks described above.*

#### Past performance
The following chart and table help illustrate some of the risks of investing in the Fund by showing changes in the Fund's performance from year to year. The bar chart shows the annual total returns of shares of the Fund during the preceding ten-year period. Below the bar chart are the best and worst returns for a calendar quarter during the same period. The performance table following the bar chart shows the Fund's average annual total returns over the one-year, five-year, ten-year and since-inception periods (where applicable) ended December 31, 2025, and how those returns compare to those of the Fund's broad-based securities market and benchmark index. Returns do not reflect fees and expenses of any variable annuity or variable life insurance contract and would be lower if they did.

The returns shown below reflect previous agreements by Advisors to waive or reimburse the Fund for certain fees and expenses. Without these waivers and reimbursements, the returns of the Fund would have been lower. Past performance of the Fund is not necessarily an indication of how it will perform in the future. The broad-based securities market and benchmark index listed below is unmanaged, and you cannot invest directly in an index. The returns for the broad-based securities market and benchmark index reflect no deduction for fees, expenses or taxes.

Nuveen Life Funds ■ **Prospectus** &nbsp;&nbsp;&nbsp;&nbsp;55

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*For current performance information of the Fund, including performance to the most recent month-end, please visit www.nuveen.com/performance* or call 800-257-8787.

#### ANNUAL TOTAL RETURNS (%)

#### Nuveen Life Large Cap Responsible Equity Fund
![PerformanceBarChartData(2016:13.35, 2017:20.96, 2018:-5.55, 2019:31.38, 2020:20.47, 2021:26.35, 2022:-17.83, 2023:22.41, 2024:18.02, 2025:16.63)](img_4d283291a8784f2.jpg)

Best quarter: 22.28%, for the quarter ended June 30, 2020. Worst quarter: -20.42%, for the quarter ended March 31, 2020.

#### AVERAGE ANNUAL TOTAL RETURNS
For the Periods Ended December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Inception date** | **One year** | **Five years** | **Ten years** |
| **Nuveen Life Large Cap Responsible Equity Fund** | 4/3/2000 | 16.63% | 11.83% | 13.62% |
| S&P 500<sup>®</sup> Index |  |  |  |  |
| (reflects no deductions for fees, expenses or taxes) |  | 17.88% | 14.42% | 14.82% |
| *Current performance of the Fund's shares may be higher or lower than that shown above.* | *Current performance of the Fund's shares may be higher or lower than that shown above.* | *Current performance of the Fund's shares may be higher or lower than that shown above.* | *Current performance of the Fund's shares may be higher or lower than that shown above.* | *Current performance of the Fund's shares may be higher or lower than that shown above.* |

---

---

| | |
|:---|:---|
| After-tax returns have not been shown because they are not relevant since Fund shares currently are held only through insurance company separate accounts. | After-tax returns have not been shown because they are not relevant since Fund shares currently are held only through insurance company separate accounts. |
| A | A |

---

#### Portfolio management
**Investment Adviser.** Teachers Advisors, LLC.

#### Portfolio Managers.

---

| | | | |
|:---|:---|:---|:---|
| **Name:** | **Philip James (Jim) Campagna, CFA** | **Darren Tran, CFA**  | **Nazar Romanyak, CFA** |
| Title: | Senior Managing Director | Managing Director | Senior Director |
| Experience on Fund: | since 2005 | since 2022 | since 2024 |

---

#### Purchase and sale of Fund shares
Please contact the insurance company that issued your variable annuity or life insurance contract for more information on the purchase and sale of Fund shares.

56&nbsp;&nbsp;&nbsp;&nbsp; **Prospectus** ■ Nuveen Life Funds

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#### Tax information
Because the only shareholders of the Fund are the insurance companies offering the contracts, no discussion is included here about the federal income tax consequences at the shareholder level. The federal income tax consequences for purchases of a variable annuity or life insurance contract are described in the prospectus for such contracts.

#### Payments to insurance companies and broker-dealers and other financial intermediary compensation
The Fund is only available as an underlying investment for the contracts. The Fund and its distributor (and their related companies) may make payments to the sponsoring insurance company (or its affiliates) and to broker-dealers and other financial intermediaries for distribution and/or other services. These payments may be a factor that the insurance company considers in including the Fund as an underlying investment option in the variable contract. Payments to broker-dealers and other financial intermediaries may create a conflict of interest by influencing the broker-dealer or other financial intermediary to recommend a variable product and the Fund over another investment. Ask your financial adviser or visit the website of the insurance company or the financial intermediary for more information. The disclosure document for your variable contract may contain additional information about these payments.

Nuveen Life Funds ■ **Prospectus** &nbsp;&nbsp;&nbsp;&nbsp;57

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&nbsp;&nbsp;&nbsp;**Summary information**<br>

## Nuveen Life Stock Index Fund

#### Investment objective
The Fund seeks a favorable long-term total return, mainly through capital appreciation, by investing primarily in a portfolio of equity securities selected to track the overall U.S. equity markets.

#### Fees and expenses
This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. The expenses shown do not reflect any separate account fees or expenses deducted under the variable annuity contracts or variable life insurance policies using the Fund as an underlying investment option.

**SHAREHOLDER FEES** (fees paid directly from your investment)

---

| | |
|:---|:---|
| Maximum sales charge imposed on purchases (percentage of offering price) | 0% |
| Maximum deferred sales charge | 0% |
| Maximum sales charge imposed on reinvested dividends and other distributions | 0% |
| Redemption fee | 0% |
| Exchange fee | 0% |

---

**ANNUAL FUND OPERATING EXPENSES** (expenses that you pay each year as a percentage of the value of your investment)

---

| | |
|:---|:---|
| Management fees | 0.06%  |
| Other expenses | 0.02%  |
| Total annual Fund operating expenses | 0.08%  |
| Waivers and expense reimbursements<sup>1</sup> | —  |
| Total annual Fund operating expenses after fee waiver and/or expense reimbursement | 0.08%  |

---

---

| | |
|:---|:---|
| 1 | Under the Fund's expense reimbursement arrangements, the Fund's investment adviser, Teachers Advisors, LLC, has contractually agreed to reimburse the Fund for any Total annual Fund operating expenses (excluding interest, taxes, brokerage commissions or other transactional expenses, Acquired fund fees and expenses and extraordinary expenses) that exceed 0.09% of average daily net assets for shares of the Fund. These expense reimbursement arrangements will continue through at least April 30, 2027, unless changed with approval of the Board of Trustees. |

---

58&nbsp;&nbsp;&nbsp;&nbsp; **Prospectus** ■ Nuveen Life Funds

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#### Example
This example is intended to help you compare the cost of investing in shares of the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses, before fee waivers and/or expense reimbursements, remain the same. The example assumes that the Fund's fee waiver and/or expense reimbursement arrangements will each remain in place for the duration noted in the table above. The example does not reflect the fees and expenses of any variable annuity contract or variable life insurance policy and the costs in the example would be higher if it did. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | |
|:---|:---|
| 1 year | $8 |
| 3 years | $26 |
| 5 years | $45 |
| 10 years | $103 |

---

#### Portfolio turnover
The Fund pays transaction costs, such as commissions, as applicable, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the fiscal year ended December 31, 2025, the Fund's portfolio turnover rate was 2% of the average value of its portfolio.

#### Principal investment strategies
Under normal circumstances, the Fund invests at least 80% of its assets in equity securities of its benchmark index, the Russell 3000<sup>®</sup> Index. The Russell 3000 Index measures the performance of the largest 3,000 U.S. companies representing approximately 96% of the investable U.S. equity market. The Fund buys most, but not necessarily all, of the stocks in its benchmark index, and will attempt to closely match the overall investment characteristics of its benchmark index. For purposes of the 80% investment policy, the term "assets" means net assets, plus the amount of any borrowings for investment purposes.

The Fund is designed to track various U.S. equity markets as a whole or a segment of these markets. The Fund primarily invests its assets in equity securities its investment adviser, Teachers Advisors, LLC ("Advisors"), has selected to track a designated stock market index. Because the return of an index is not reduced by investment and other operating expenses, the Fund's ability to match the returns of the Russell 3000 Index is negatively affected by the costs of buying and selling securities as well as the Fund's fees and other expenses. The use of a particular index by the Fund is not a fundamental policy

Nuveen Life Funds ■ **Prospectus** &nbsp;&nbsp;&nbsp;&nbsp;59

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and may be changed without shareholder approval. The portfolio management team of Advisors will attempt to build a portfolio that generally matches the market weighted investment characteristics of the Fund's benchmark index.

The Fund is classified as a diversified investment company, as defined under the Investment Company Act of 1940, as amended (the "1940 Act"). However, the Fund may become non-diversified under the 1940 Act without the approval of Fund shareholders solely as a result of a change in relative market capitalization or index weighting of one or more constituents of its benchmark index, the Russell 3000 Index, which the Fund seeks to track.

#### Principal investment risks
You could lose money over short or long periods by investing in this Fund. An investment in the Fund, due to the nature of the Fund's portfolio holdings, typically is subject to the following principal investment risks:

&nbsp;&nbsp;&nbsp;&nbsp;· **Market Risk**—The risk that market prices of portfolio investments held by the Fund may fluctuate rapidly or unpredictably due to a variety of factors, including responses to government actions or interventions, or changing economic, political or market conditions. Market risk may affect a single issuer, industry or sector of the economy, or it may affect the market as a whole. Such conditions may add significantly to the risk of volatility in the net asset value ("NAV") of the Fund's shares and adversely affect the Fund and its investments. From time to time, the Fund may invest a significant portion of its assets in companies in one or more related sectors or industries, which would make the Fund more vulnerable to adverse developments affecting such sectors or industries. The Fund currently invests a significant portion of its assets in companies in the information technology sector, although this may change over time.

&nbsp;&nbsp;&nbsp;&nbsp;· **Index Risk**—The risk that the Fund's performance may not correspond to its benchmark index for any period of time and may underperform such index or the overall financial market. Additionally, to the extent that the Fund's investments vary from the composition of its benchmark index, the Fund's performance could potentially vary from the index's performance to a greater extent than if the Fund merely attempted to replicate the index.

&nbsp;&nbsp;&nbsp;&nbsp;· **Issuer Risk** (often called **Financial Risk**)—The risk that an issuer's earnings prospects, credit rating and overall financial position will deteriorate, causing a decline in the value of the issuer's financial instruments over short or extended periods of time.

&nbsp;&nbsp;&nbsp;&nbsp;· **Large-Cap Risk**—The risk that large-capitalization companies are more mature and may grow more slowly than the economy as a whole and tend to go in and out of favor based on market and economic conditions.

&nbsp;&nbsp;&nbsp;&nbsp;· **Mid-Cap Risk**—The risk that the stocks of mid-capitalization companies often experience greater price volatility, lower trading volume and lower overall liquidity than the stocks of larger, more established companies.

60&nbsp;&nbsp;&nbsp;&nbsp; **Prospectus** ■ Nuveen Life Funds

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&nbsp;&nbsp;&nbsp;&nbsp;· **Small-Cap Risk**—The risk that the stocks of small-capitalization companies often experience greater price volatility than large- or mid-sized companies because small-cap companies are often newer or less established than larger companies and are likely to have more limited resources, products and markets. Securities of small-cap companies often have lower overall liquidity than securities of larger companies as a result of there being a smaller market for their securities, which can have an adverse effect on the pricing of these securities and on the ability to sell these securities when Advisors deems it appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;· **Non-Diversification Risk**—While the Fund is considered to be a diversified investment company under the 1940 Act, the Fund may become non-diversified under the 1940 Act without Fund shareholder approval when necessary to continue to track its benchmark index. Non-diversified status means that the Fund can invest a greater percentage of its assets in the securities of a single issuer than a diversified fund. Investing in a non-diversified fund involves greater risk than investing in a diversified fund because a loss in value of a particular investment may have a greater effect on the fund's return since that investment may represent a larger portion of the fund's total portfolio assets.

*Please see the non-summary portion of the Prospectus for more detailed information about the risks described above.*

#### Past performance
The following chart and table help illustrate some of the risks of investing in the Fund by showing changes in the Fund's performance from year to year. The bar chart shows the annual total returns of shares of the Fund during the preceding ten-year period. Below the bar chart are the best and worst returns for a calendar quarter during the same period. The performance table following the bar chart shows the Fund's average annual total returns over the one-year, five-year, ten-year and since-inception periods (where applicable) ended December 31, 2025, and how those returns compare to those of the Fund's broad-based securities market and benchmark index. Returns do not reflect fees and expenses of any variable annuity or variable life insurance contract and would be lower if they did.

The returns shown below reflect previous agreements by Advisors to waive or reimburse the Fund for certain fees and expenses. Without these waivers and reimbursements, the returns of the Fund would have been lower. Past performance of the Fund is not necessarily an indication of how it will perform in the future. The broad-based securities market and benchmark index listed below is unmanaged, and you cannot invest directly in an index. The returns for the broad-based securities market and benchmark index reflect no deduction for fees, expenses or taxes.

Nuveen Life Funds ■ **Prospectus** &nbsp;&nbsp;&nbsp;&nbsp;61

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*For current performance information of the Fund, including performance to the most recent month-end, please visit www.nuveen.com/performance* or call 800-257-8787.

#### ANNUAL TOTAL RETURNS (%)

#### Nuveen Life Stock Index Fund
![PerformanceBarChartData(2016:12.71, 2017:21.01, 2018:-5.28, 2019:30.81, 2020:20.76, 2021:25.63, 2022:-19.18, 2023:25.91, 2024:23.67, 2025:17.04)](img_c6ccfccaa2874f2.jpg)

Best quarter: 21.91%, for the quarter ended June 30, 2020. Worst quarter: -20.84%, for the quarter ended March 31, 2020.

#### AVERAGE ANNUAL TOTAL RETURNS
For the Periods Ended December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Inception date** | **One year** | **Five years** | **Ten years** |
| **Nuveen Life Stock Index Fund** | 1/4/1999 | 17.04% | 13.10% | 14.21% |
| Russell 3000<sup>®</sup> Index |  |  |  |  |
| (reflects no deductions for fees, expenses or taxes) |  | 17.15% | 13.15% | 14.29% |
| *Current performance of the Fund's shares may be higher or lower than that shown above.* | *Current performance of the Fund's shares may be higher or lower than that shown above.* | *Current performance of the Fund's shares may be higher or lower than that shown above.* | *Current performance of the Fund's shares may be higher or lower than that shown above.* | *Current performance of the Fund's shares may be higher or lower than that shown above.* |

---

---

| | |
|:---|:---|
| After-tax returns have not been shown because they are not relevant since Fund shares currently are held only through insurance company separate accounts. | After-tax returns have not been shown because they are not relevant since Fund shares currently are held only through insurance company separate accounts. |
| A | A |

---

#### Portfolio management
**Investment Adviser.** Teachers Advisors, LLC.

#### Portfolio Managers.

---

| | | | |
|:---|:---|:---|:---|
| **Name:** | **Philip James (Jim) Campagna, CFA** | **Darren Tran, CFA**  | **Nazar Romanyak, CFA** |
| Title: | Senior Managing Director | Managing Director | Senior Director |
| Experience on Fund: | since 2005 | since 2019 | since 2024 |

---

#### Purchase and sale of Fund shares
Please contact the insurance company that issued your variable annuity or life insurance contract for more information on the purchase and sale of Fund shares.

62&nbsp;&nbsp;&nbsp;&nbsp; **Prospectus** ■ Nuveen Life Funds

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#### Tax information
Because the only shareholders of the Fund are the insurance companies offering the contracts, no discussion is included here about the federal income tax consequences at the shareholder level. The federal income tax consequences for purchases of a variable annuity or life insurance contract are described in the prospectus for such contracts.

#### Payments to insurance companies and broker-dealers and other financial intermediary compensation
The Fund is only available as an underlying investment for the contracts. The Fund and its distributor (and their related companies) may make payments to the sponsoring insurance company (or its affiliates) and to broker-dealers and other financial intermediaries for distribution and/or other services. These payments may be a factor that the insurance company considers in including the Fund as an underlying investment option in the variable contract. Payments to broker-dealers and other financial intermediaries may create a conflict of interest by influencing the broker-dealer or other financial intermediary to recommend a variable product and the Fund over another investment. Ask your financial adviser or visit the website of the insurance company or the financial intermediary for more information. The disclosure document for your variable contract may contain additional information about these payments.

Nuveen Life Funds ■ **Prospectus** &nbsp;&nbsp;&nbsp;&nbsp;63

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&nbsp;&nbsp;&nbsp;**Summary information**<br>

## Nuveen Life Core Bond Fund

#### Investment objective
The Fund seeks total return, primarily through current income.

#### Fees and expenses
This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. The expenses shown do not reflect any separate account fees or expenses deducted under the variable annuity contracts or variable life insurance policies using the Fund as an underlying investment option.

**SHAREHOLDER FEES** (fees paid directly from your investment)

---

| | |
|:---|:---|
| Maximum sales charge imposed on purchases (percentage of offering price) | 0% |
| Maximum deferred sales charge | 0% |
| Maximum sales charge imposed on reinvested dividends and other distributions | 0% |
| Redemption fee | 0% |
| Exchange fee | 0% |

---

**ANNUAL FUND OPERATING EXPENSES** (expenses that you pay each year as a percentage of the value of your investment)

---

| | |
|:---|:---|
| Management fees | 0.30%  |
| Other expenses | 0.11%  |
| Total annual Fund operating expenses | 0.41%  |
| Waivers and expense reimbursements<sup>1</sup> | (0.06)%  |
| Total annual Fund operating expenses after fee waiver and/or expense reimbursement | 0.35%  |

---

---

| | |
|:---|:---|
| 1 | Under the Fund's expense reimbursement arrangements, the Fund's investment adviser, Teachers Advisors, LLC, has contractually agreed to reimburse the Fund for any Total annual Fund operating expenses (excluding interest, taxes, brokerage commissions or other transactional expenses, Acquired fund fees and expenses and extraordinary expenses) that exceed 0.35% of average daily net assets for shares of the Fund. These expense reimbursement arrangements will continue through at least April 30, 2027, unless changed with approval of the Board of Trustees. |

---

#### Example
This example is intended to help you compare the cost of investing in shares of the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and

64&nbsp;&nbsp;&nbsp;&nbsp; **Prospectus** ■ Nuveen Life Funds

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then redeem all your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses, before fee waivers and/or expense reimbursements, remain the same. The example assumes that the Fund's fee waiver and/or expense reimbursement arrangements will each remain in place for the duration noted in the table above. The example does not reflect the fees and expenses of any variable annuity contract or variable life insurance policy and the costs in the example would be higher if it did. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | |
|:---|:---|
| 1 year | $36 |
| 3 years | $126 |
| 5 years | $224 |
| 10 years | $512 |

---

#### Portfolio turnover
The Fund pays transaction costs, such as commissions, as applicable, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the fiscal year ended December 31, 2025, the Fund's portfolio turnover rate was 86% of the average value of its portfolio.

#### Principal investment strategies
Under normal circumstances, the Fund invests at least 80% of its assets in bonds. For these purposes, bonds include fixed-income securities of all types. The Fund primarily invests in a broad range of investment-grade bonds and fixed-income securities, including, but not limited to, U.S. Government securities, corporate bonds, mortgage-backed and other asset-backed securities, convertible and preferred securities, senior loans and loan participations and assignments and notes. The Fund may also invest in other fixed-income securities, including those of non-investment-grade quality (usually called "high-yield" or "junk bonds"). Securities of non-investment-grade quality are speculative in nature. The Fund does not rely exclusively on rating agencies when making investment decisions. Instead, the Fund's investment adviser, Teachers Advisors, LLC ("Advisors"), performs its own credit analysis, paying particular attention to economic trends and other market events. The Fund may also invest in securities having a variable or floating interest rate. Individual securities or sectors may be overweighted or underweighted relative to the Fund's benchmark index, the Bloomberg U.S. Aggregate Bond Index, when Advisors believes that such overweight or underweight may cause the Fund to outperform the index. For purposes of the 80% investment policy, the term "assets" means net assets, plus the amount of any borrowings for investment purposes.

Nuveen Life Funds ■ **Prospectus** &nbsp;&nbsp;&nbsp;&nbsp;65

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The Fund may invest in fixed-income securities of any duration. As of December 31, 2025, the duration of the Fund's benchmark index, the Bloomberg U.S. Aggregate Bond Index, was 5.98 years.

The Fund's investments in mortgage-backed securities can include pass-through securities sold by private, governmental and government-related organizations and collateralized mortgage obligations ("CMOs"). Mortgage pass-through securities are created when mortgages are pooled together and interests in the pool are sold to investors. The cash flow from the underlying mortgages is "passed through" to investors in periodic principal and interest payments. CMOs are obligations that are fully collateralized directly or indirectly by a pool of mortgages from which payments of principal and interest are dedicated to the payment of principal and interest on the CMO.

The Fund may use an investment strategy called "mortgage rolls" (also referred to as "dollar rolls"), in which the Fund sells securities for delivery in the current month and simultaneously contracts with a counterparty to repurchase similar (same type, coupon and maturity) but not identical securities on a specified future date. The Fund loses the right to receive principal and interest paid on the securities sold. However, the Fund would benefit to the extent of any price received for the securities sold and the lower forward price for the future purchase (often referred to as the "drop") plus the interest earned on the short-term investment awaiting the settlement date of the forward purchase. If such benefits exceed the income and gain or loss due to mortgage repayments that would have been realized on the securities sold as part of the mortgage roll, the use of this technique will enhance the investment performance of the Fund compared with what such performance would have been without the use of mortgage rolls. Realizing benefits from the use of mortgage rolls depends upon the ability of Advisors to correctly predict mortgage prepayments and interest rates.

The Fund may also engage in relative value trading, a strategy in which the Fund reallocates assets across different sectors and maturities. Relative value trading is designed to enhance the Fund's returns but increases the Fund's portfolio turnover rate.

The Fund may purchase and sell futures, options, swaps, forwards and other fixed-income derivative instruments to carry out the Fund's investment strategies. The Fund may also invest in foreign securities, including emerging markets fixed-income securities and non-dollar-denominated instruments. Under most circumstances, the Fund's investments in fixed-income securities of foreign issuers constitute less than 25% of the Fund's assets.

#### Principal investment risks
You could lose money over short or long periods by investing in this Fund. An investment in the Fund, due to the nature of the Fund's portfolio holdings, typically is subject to the following principal investment risks:

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&nbsp;&nbsp;&nbsp;&nbsp;· **Interest Rate Risk** (a type of **Market Risk**)—The risk that changes in interest rates can adversely affect the value or liquidity of, and income generated by, fixed-income investments. This risk is heightened to the extent the Fund invests in longer duration fixed-income investments and during periods when prevailing interest rates are changing. There is a risk that interest rates across the financial system may change, possibly significantly and/or rapidly. In general, changing interest rates, including rates that fall below zero, or a lack of market participants may lead to decreased liquidity and increased volatility in the fixed-income or debt markets, making it more difficult for the Fund to sell fixed-income investments. When interest rates change, the values of longer duration fixed-income securities usually change more than the values of shorter duration fixed-income securities. Conversely, fixed-income securities with shorter durations or maturities will be less volatile but may provide lower returns than fixed-income securities with longer durations or maturities. Other factors that may affect the value of debt securities include, but are not limited to, economic, political, public health, and other crises and responses by governments and companies to such crises.

&nbsp;&nbsp;&nbsp;&nbsp;· **Prepayment Risk**—The risk that, during periods of falling interest rates, borrowers may pay off their mortgage loans sooner than expected, forcing the Fund to reinvest the unanticipated proceeds at lower interest rates and resulting in a decline in income.

&nbsp;&nbsp;&nbsp;&nbsp;· **Extension Risk**—The risk that, during periods of rising interest rates, borrowers may pay off their mortgage loans later than expected, preventing the Fund from reinvesting principal proceeds at higher interest rates and resulting in less income than potentially available.

&nbsp;&nbsp;&nbsp;&nbsp;· **Issuer Risk** (often called **Financial Risk**)—The risk that an issuer's earnings prospects, credit rating and overall financial position will deteriorate, causing a decline in the value of the issuer's financial instruments over short or extended periods of time.

&nbsp;&nbsp;&nbsp;&nbsp;· **Credit Risk** (a type of **Issuer Risk**)—The risk that the issuer of fixed-income investments may not be able or willing, or may be perceived (whether by market participants, rating agencies, pricing services or otherwise) as not able or willing, to meet interest or principal payments when the payments become due. Actual or perceived changes in economic, social, public health, financial or political conditions in general or that affect a particular type of investment, issuer, guarantor or counterparty can reduce the ability of the party to meet its obligations, which can affect the credit quality, liquidity and/or value of an investment.

&nbsp;&nbsp;&nbsp;&nbsp;· **Credit Spread Risk**—The risk that credit spreads (i.e*.,* the difference in yield between securities that is due to differences in each security's respective credit quality) may increase when market participants believe that bonds generally have a greater risk of default, which could result in a decline in the market values of the Fund's debt securities.

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&nbsp;&nbsp;&nbsp;&nbsp;· **Income Volatility Risk**—The risk that the level of current income from a portfolio of fixed-income investments may decline in certain interest rate environments.

&nbsp;&nbsp;&nbsp;&nbsp;· **Market Volatility, Liquidity and Valuation Risk** (types of **Market Risk**)—The risk that volatile or dramatic reductions in trading activity make it difficult for the Fund to properly value its investments and that the Fund may not be able to purchase or sell an investment at an attractive price, if at all.

&nbsp;&nbsp;&nbsp;&nbsp;· **Fixed-Income Foreign Investment Risk**—Investment in fixed-income securities or financial instruments of foreign issuers involves increased risks due to adverse issuer, political, regulatory, currency, market or economic developments as well as armed conflicts. These developments may impact the ability of a foreign debt issuer to make timely and ultimate payments on its debt obligations to the Fund or impair the Fund's ability to enforce its rights against the foreign debt issuer. These risks are heightened in emerging or developing markets. Foreign investments may also have lower overall liquidity and be more difficult to value than investments in U.S. issuers. Foreign investments may also be subject to risk of loss because of more or less foreign government regulation, less public information, less stringent investor protections, and less stringent accounting, corporate governance, financial reporting and disclosure standards. Changes in the value of foreign currencies may make the return on an investment increase or decrease, unrelated to the quality or performance of the investment itself. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs) and other restrictions by the United States or other governments may also negatively impact the Fund's investments. Economic sanctions and other similar governmental actions or developments could, among other things, effectively restrict or eliminate the Fund's ability to purchase or sell certain foreign securities or groups of foreign securities, and/or thus may make the Fund's investments in such securities less liquid (or illiquid) or more difficult to value. The type and severity of sanctions and other measures that may be imposed could vary broadly in scope, and their impact is impossible to predict.

&nbsp;&nbsp;&nbsp;&nbsp;· **Active Management Risk**—The risk that Advisors' strategy, investment selection or trading execution may cause the Fund to underperform relative to the benchmark index or mutual funds with similar investment objectives and/or strategies and may not produce the desired results or expected returns.

&nbsp;&nbsp;&nbsp;&nbsp;· **Call Risk**—The risk that, during periods of falling interest rates, an issuer may call (or repay) a fixed-income security prior to maturity, resulting in a decline in the Fund's income.

&nbsp;&nbsp;&nbsp;&nbsp;· **Mortgage Roll Risk**—The risk that Advisors will not correctly predict mortgage prepayments and interest rates, which will diminish the Fund's performance.

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&nbsp;&nbsp;&nbsp;&nbsp;· **Downgrade Risk**—The risk that securities are subsequently downgraded should Advisors and/or rating agencies believe the issuer's business outlook or creditworthiness has deteriorated.

&nbsp;&nbsp;&nbsp;&nbsp;· **Non-Investment-Grade Securities Risk**—Issuers of non-investment-grade securities, which are usually called "high-yield" or "junk bonds," are typically speculative in nature, in weaker financial health and such securities can be harder to value and sell and their prices can be more volatile than more highly rated securities. While these securities generally have higher rates of interest, they also involve greater risk of default than do securities of a higher-quality rating. In times of unusual or adverse market, economic or political conditions, these securities may experience higher than normal default rates.

&nbsp;&nbsp;&nbsp;&nbsp;· **Illiquid Investments Risk**—The risk that illiquid investments may be difficult to sell for the value at which they are carried, if at all, or at any price within the desired time frame.

&nbsp;&nbsp;&nbsp;&nbsp;· **Senior Loan Risk**—Many senior loans present credit risk comparable to high-yield securities. The liquidation of the collateral backing a senior loan may not satisfy the borrower's obligation to the Fund in the event of non-payment of scheduled interest or principal. Senior loans also expose the Fund to call risk and illiquid investments risk. The secondary market for senior loans can be limited. Trades can be infrequent and the values for senior loans may experience volatility. In some cases, negotiations for the sale or settlement of senior loans may require weeks to complete, which may impair the Fund's ability to raise cash to satisfy redemptions, pay dividends, pay expenses or to take advantage of other investment opportunities in a timely manner. If an issuer of a senior loan prepays or redeems the loan prior to maturity, the Fund will have to reinvest the proceeds in other senior loans or instruments that may pay lower interest rates.

&nbsp;&nbsp;&nbsp;&nbsp;· **Emerging Markets Risk**—The risks of foreign investment often increases in countries with emerging markets or those economically tied to emerging market countries. For example, these countries may have more unstable governments than developed countries, and their economies may be based on only a few industries. Emerging market countries may also have less stringent regulation of accounting, auditing, financial reporting and recordkeeping requirements. As a result, there could be less information available about issuers in emerging market countries, which could negatively affect Advisors' ability to evaluate local companies or their potential impact on the Fund's performance. Because their financial markets may be very small, share prices of financial instruments in emerging market countries may be volatile and difficult to determine. Financial instruments of issuers in these countries may have lower overall liquidity than those of issuers in more developed countries and may be more vulnerable to market manipulation. In addition, foreign investors such as the Fund are subject to a variety of special restrictions in many emerging market countries. Moreover,

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legal remedies for investors in emerging markets may be more limited, and U.S. authorities may have less ability to enforce certain regulatory or legal obligations or otherwise bring actions against bad actors in emerging market countries.

&nbsp;&nbsp;&nbsp;&nbsp;· **U.S. Government Securities Risk**—Securities issued by the U.S. Government or one of its agencies or instrumentalities may receive varying levels of support from the U.S. Government, which could affect the Fund's ability to recover should they default. To the extent the Fund invests significantly in securities issued or guaranteed by the U.S. Government or its agencies or instrumentalities, any market movements, regulatory changes or changes in political or economic conditions that affect the securities of the U.S. Government or its agencies or instrumentalities in which the Fund invests may have a significant impact on the Fund's performance.

&nbsp;&nbsp;&nbsp;&nbsp;· **Floating and Variable Rate Securities Risk**—Floating and variable rate securities provide for a periodic adjustment in the interest rate paid on the securities. The rate adjustment intervals may be regular and range from daily up to annually, or may be based on an event, such as a change in the prime rate. Floating and variable rate securities may be subject to greater liquidity risk than other debt securities, meaning that there may be limitations on the Fund's ability to sell the securities at any given time. Such securities also may lose value.

&nbsp;&nbsp;&nbsp;&nbsp;· **Derivatives Risk**—The risks associated with investing in derivatives, including futures, options, swaps, forwards, and other fixed-income derivative instruments, and other similar instruments (referred to collectively as "derivatives") may be different and greater than the risks associated with directly investing in the underlying securities and other instruments, and include leverage risk, market risk, counterparty risk, liquidity risk, operational risk and legal risk. The Fund may use more complex derivatives that might be particularly susceptible to liquidity, credit and counterparty risk. When investing in derivatives, the Fund may lose more than the principal amount invested. Derivatives used for hedging or risk management may not operate as intended, may expose the Fund to other risks, and may be insufficient to protect the Fund from the risks they were intended to hedge.

*Please see the non-summary portion of the Prospectus for more detailed information about the risks described above.*

#### Past performance
The following chart and table help illustrate some of the risks of investing in the Fund by showing changes in the Fund's performance from year to year. The bar chart shows the annual total returns of shares of the Fund during the preceding ten-year period. Below the bar chart are the best and worst returns for a calendar quarter during the same period. The performance table following the bar chart shows the Fund's average annual total returns over the one-year, five-year, ten-year and since-inception periods (where applicable) ended

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December 31, 2025, and how those returns compare to those of the Fund's broad-based securities market and benchmark index. Returns do not reflect fees and expenses of any variable annuity or variable life insurance contract and would be lower if they did.

The returns shown below reflect previous agreements by Advisors to waive or reimburse the Fund for certain fees and expenses. Without these waivers and reimbursements, the returns of the Fund would have been lower. Past performance of the Fund is not necessarily an indication of how it will perform in the future. The broad-based securities market and benchmark index listed below is unmanaged, and you cannot invest directly in an index. The returns for the broad-based securities market and benchmark index reflect no deduction for fees, expenses or taxes.

*For current performance information of the Fund, including performance to the most recent month-end, please visit www.nuveen.com/performance* or call 800-257-8787.

#### ANNUAL TOTAL RETURNS (%)

#### Nuveen Life Core Bond Fund
![PerformanceBarChartData(2016:4.23, 2017:4.54, 2018:-0.79, 2019:9.48, 2020:7.86, 2021:-0.99, 2022:-13.21, 2023:6.27, 2024:2.71, 2025:7.07)](img_72f140eb140e4f2.jpg)

Best quarter: 6.52%, for the quarter ended December 31, 2023. Worst quarter: -5.97%, for the quarter ended March 31, 2022.

#### AVERAGE ANNUAL TOTAL RETURNS
For the Periods Ended December 31, 2025

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Inception date** | **One year** | **Five years** | **Ten years** |
| **Nuveen Life Core Bond Fund** | 7/8/2003 | 7.07% | 0.09% | 2.52% |
| Bloomberg U.S. Aggregate Bond Index |  |  |  |  |
| (reflects no deductions for fees, expenses or taxes) |  | 7.30% | –0.36% | 2.01% |
| *Current performance of the Fund's shares may be higher or lower than that shown above.* | *Current performance of the Fund's shares may be higher or lower than that shown above.* | *Current performance of the Fund's shares may be higher or lower than that shown above.* | *Current performance of the Fund's shares may be higher or lower than that shown above.* | *Current performance of the Fund's shares may be higher or lower than that shown above.* |

---

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| | |
|:---|:---|
| After-tax returns have not been shown because they are not relevant since Fund shares currently are held only through insurance company separate accounts. For the Fund's most current 30-day yield, please call the Fund at 800 842-2252. | After-tax returns have not been shown because they are not relevant since Fund shares currently are held only through insurance company separate accounts. For the Fund's most current 30-day yield, please call the Fund at 800 842-2252. |
| A | A |

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#### Portfolio management
**Investment Adviser.** Teachers Advisors, LLC.

#### Portfolio Managers.

---

| | | | |
|:---|:---|:---|:---|
| **Name:** | **Joseph Higgins, CFA** | **Jason O'Brien, CFA** | **Peter Agrimson, CFA** |
| Title: | Senior Managing Director | &nbsp;&nbsp;&nbsp;&nbsp;Managing Director | Managing Director |
| Experience on Fund: | since 2011 | since 2020 | since 2023 |

---

#### Purchase and sale of Fund shares
Please contact the insurance company that issued your variable annuity or life insurance contract for more information on the purchase and sale of Fund shares.

#### Tax information
Because the only shareholders of the Fund are the insurance companies offering the contracts, no discussion is included here about the federal income tax consequences at the shareholder level. The federal income tax consequences for purchases of a variable annuity or life insurance contract are described in the prospectus for such contracts.

#### Payments to insurance companies and broker-dealers and other financial intermediary compensation
The Fund is only available as an underlying investment for the contracts. The Fund and its distributor (and their related companies) may make payments to the sponsoring insurance company (or its affiliates) and to broker-dealers and other financial intermediaries for distribution and/or other services. These payments may be a factor that the insurance company considers in including the Fund as an underlying investment option in the variable contract. Payments to broker-dealers and other financial intermediaries may create a conflict of interest by influencing the broker-dealer or other financial intermediary to recommend a variable product and the Fund over another investment. Ask your financial adviser or visit the website of the insurance company or the financial intermediary for more information. The disclosure document for your variable contract may contain additional information about these payments.

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&nbsp;&nbsp;&nbsp;**Summary information**<br>

## Nuveen Life Balanced Fund

#### Investment objective
The Fund seeks long-term total return, consisting of capital appreciation and current income.

#### Fees and expenses
This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. The expenses shown do not reflect any separate account fees or expenses deducted under the variable annuity contracts or variable life insurance policies using the Fund as an underlying investment option.

**SHAREHOLDER FEES** (fees paid directly from your investment)

---

| | |
|:---|:---|
| Maximum sales charge imposed on purchases (percentage of offering price) | 0% |
| Maximum deferred sales charge | 0% |
| Maximum sales charge imposed on reinvested dividends and other distributions | 0% |
| Redemption fee | 0% |
| Exchange fee | 0% |

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**ANNUAL FUND OPERATING EXPENSES** (expenses that you pay each year as a percentage of the value of your investment)

---

| | |
|:---|:---|
| Management fees | 0.10%  |
| Other expenses | 0.13%  |
| Acquired fund fees and expenses<sup>1</sup> | 0.41%  |
| Total annual Fund operating expenses | 0.64%  |
| Waivers and expense reimbursements<sup>2</sup> | (0.13)%  |
| Total annual Fund operating expenses after fee waiver and/or expense reimbursement | 0.51%  |

---

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| | |
|:---|:---|
| 1 | "Acquired fund fees and expenses" are the Fund's proportionate amount of the expenses of any investment companies or pools in which the Fund invests. These expenses are not paid directly by Fund shareholders. Instead, Fund shareholders bear these expenses indirectly as a result of the Fund's investments. Because "Acquired fund fees and expenses" are included in the chart above, the Fund's operating expenses here will not correlate with the expenses included in the Financial highlights in this Prospectus and the Fund's annual report. |
| 2 | Under the Fund's expense reimbursement arrangements, the Fund's investment adviser, Teachers Advisors, LLC, has contractually agreed to reimburse the Fund for any Total annual Fund operating expenses (excluding interest, taxes, brokerage commissions or other transactional expenses, Acquired fund fees and expenses and extraordinary expenses) that exceed 0.10% of average daily net assets for shares of the Fund. These expense reimbursement arrangements will continue through at least April 30, 2027, unless changed with approval of the Board of Trustees. |

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#### Example
This example is intended to help you compare the cost of investing in shares of the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses, before fee waivers and/or expense reimbursements, remain the same. The example assumes that the Fund's fee waiver and/or expense reimbursement arrangements will each remain in place for the duration noted in the table above. The example does not reflect the fees and expenses of any variable annuity contract or variable life insurance policy and the costs in the example would be higher if it did. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | |
|:---|:---|
| 1 year | $52 |
| 3 years | $192 |
| 5 years | $344 |
| 10 years | $786 |

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#### Portfolio turnover
The Fund pays transaction costs, such as commissions, as applicable, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's

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performance. During the fiscal year ended December 31, 2025, the Fund's portfolio turnover rate was 12% of the average value of its portfolio.

#### Principal investment strategies
The Fund is a "fund of funds" that is permitted to invest in shares of other Nuveen Life Funds, in Class R6 shares of Nuveen mutual funds and potentially in other affiliated or unaffiliated investment pools or investment products, including other funds advised by the Fund's investment adviser, Teachers Advisors, LLC ("Advisors"), or its affiliates (collectively, the "Underlying Funds"). The Fund is designed for investors seeking long-term total return, consisting of capital appreciation and current income, through a relatively stable asset allocation strategy targeting a moderate risk-return profile. Advisors generally seeks to meet the Fund's investment objective by investing: (1) approximately 50% of the Fund's assets in equity Underlying Funds and (2) approximately 50% of the Fund's assets in fixed-income Underlying Funds. The Fund may deviate from these target allocations by up to ten percentage points depending upon current market conditions and outlook.

The Underlying Funds' allocation targets generally represent targets for investments in equity and fixed-income asset classes. Within the equity and fixed-income asset classes, Advisors allocates the Fund's investments to particular market sectors (which may include U.S. equity, international equity and fixed-income) represented by various Underlying Funds. To maintain an appropriate allocation among the Underlying Funds, the portfolio managers monitor the domestic and foreign equity markets, as well as overall financial and economic conditions. The Fund may sometimes be more heavily weighted toward equities or fixed-income than the target allocations, if the portfolio managers believe market conditions warrant. For example, the Fund may increase its holdings in fixed-income Underlying Funds in periods when the portfolio managers believe the equity markets will decline. The market sector allocations and Underlying Fund allocations may also be changed over time by the portfolio managers, including the addition and removal of market sectors and Underlying Funds in which the Fund invests in light of the Fund's desired level of risk and potential return at a particular time as evaluated by the portfolio managers based on a mix of qualitative and quantitative factors. The portfolio managers may also opportunistically purchase other Nuveen Life Funds, Nuveen mutual funds or other investment pools or investment products, based on the portfolio managers' evaluation of the market sectors and/or Underlying Funds, without prior notice to shareholders.

As a result of its investments in the Underlying Funds, the Fund's returns will reflect investments in a mix of domestic and foreign equities of companies of various sizes and market capitalizations and a variety of domestic and foreign fixed-income instruments of private and governmental issuers of varying maturities and credit qualities.

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As part of the Fund's ability to invest in unaffiliated investment products or pools noted above, the Fund may invest in exchange-traded funds ("ETFs") and exchange-traded notes ("ETNs") to gain exposure to various market sectors or securities in order to effect its asset allocation strategy. Additionally, the Fund may use ETFs and ETNs for cash management, hedging or defensive purposes. ETFs and ETNs will be subject to the risks associated with the types of securities or sectors that they track, while ETNs, which are structured as fixed-income obligations, will also be subject to the general risks of fixed-income securities, including credit risk.

The Fund's proposed asset class allocations, market sector allocations within each asset class, and Underlying Fund allocations within each market sector are listed in the chart below. These allocations may change over time. Underlying Fund allocations in particular may change from year to year.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Asset Class** | **Allocation** | **Market Sector** | **Allocation** | **Underlying Funds** | **Allocation** |
| **Equity** | 50.05% | U.S. Equity | 39.92% |  Nuveen Life Core Equity | 9.96% |
|  |  |  |  |  Nuveen Life Growth Equity | 9.40% |
|  |  |  |  |  Nuveen Life Large Cap Value | 8.60% |
|  |  |  |  |  Nuveen Life Stock Index | 7.98% |
|  |  |  |  |  Nuveen Life Real Estate Securities Select | 1.99% |
|  |  |  |  |  Nuveen Life Small Cap Equity | 1.99% |
|  |  | International Equity | 10.13% |  Nuveen Life International Equity | 10.13% |
| **Fixed-Income** | 49.95% | Fixed-Income | 49.95% |  Nuveen Life Core Bond | 49.95% |

---

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| | |
|:---|:---|
| **Total** | 100.00% |

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#### Principal investment risks
You could lose money over short or long periods by investing in this Fund. Accordingly, an investment in the Fund typically is subject to the following principal investment risks:

&nbsp;&nbsp;&nbsp;&nbsp;· **Asset Allocation Risk**—The risk that the Fund may not achieve its target allocations. In addition, there is the risk that the asset allocations may not achieve the desired risk-return characteristic or that the selection of Underlying Funds and the allocations among them will result in the Fund underperforming other similar funds or cause an investor to lose money.

&nbsp;&nbsp;&nbsp;&nbsp;· **Underlying Funds Risks**—The Fund is exposed to the risks of the Underlying Funds in which it invests in direct proportion to the amount of assets the Fund allocates to each Underlying Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Equity Underlying Funds Risks**—The risks of investing in equity Underlying Funds include risks specific to their investment strategies, as well as risks related to the equity markets in general, such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· market risk—The risk that market prices of portfolio investments held by a Fund may fluctuate rapidly or unpredictably due to a variety of factors, including responses to government actions or interventions,

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or changing economic, political or market conditions. Market risk may affect a single issuer, industry or sector of the economy, or it may affect the market as a whole. Such conditions may add significantly to the risk of volatility in the net asset value ("NAV") of the Fund's shares and adversely affect the Fund and its investments. From time to time, a Fund may invest a significant portion of its assets in companies in one or more related sectors or industries, which would make the Fund more vulnerable to adverse developments affecting such sectors or industries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· issuer risk—The risk that an issuer's earnings prospects, credit rating and overall financial position will deteriorate, causing a decline in the value of the issuer's financial instruments over short or extended periods of time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· foreign investment risk—Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, currency, market or economic developments as well as armed conflicts and can result in greater price volatility and perform differently from financial instruments of U.S. issuers. This risk may be heightened in emerging or developing markets. Foreign investments may also have lower liquidity and be more difficult to value than investments in U.S. issuers. To the extent a Fund invests a significant portion of its assets in the securities of companies in a single country or region, it may be more susceptible to adverse economic, market, political or regulatory events or conditions affecting that country or region. Foreign investments may also be subject to risk of loss because of more or less foreign government regulation, less public information, less stringent investor protections and less stringent accounting, corporate governance, financial reporting and disclosure standards. Changes in the value of foreign currencies may make the return on an investment increase or decrease, unrelated to the quality or performance of the investment itself. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs) and other restrictions by the United States or other governments may also negatively impact the Fund's investments. Economic sanctions and other similar governmental actions or developments could, among other things, effectively restrict or eliminate the Fund's ability to purchase or sell certain foreign securities or groups of foreign securities, and/or thus may make the Fund's investments in such securities less liquid (or illiquid) or more difficult to value. The type and severity of sanctions and other measures that may be imposed could vary broadly in scope, and their impact is impossible to predict;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· small- and mid-cap risk—The risk that the stocks of small-capitalization companies often experience greater price volatility than

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large- or mid-sized companies because small-cap companies are often newer or less established than larger companies and are likely to have more limited resources, products and markets. Securities of small-cap companies often have lower overall liquidity than securities of larger companies as a result of there being a smaller market for their securities, which can have an adverse effect on the pricing of these securities and on the ability to sell these securities when a Fund's investment adviser or sub-adviser deems it appropriate. Stocks of mid-capitalization companies often experience greater price volatility, lower trading volume and lower overall liquidity than the stocks of larger, more established companies; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· style risk—The risk that use of a particular investing style (such as growth or value investing) may fall out of favor in the marketplace for various periods of time and result in underperformance relative to the broader market sector or significant declines in the value of a Fund's portfolio investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Fixed-Income Underlying Funds Risks**—The risks of investing in fixed-income Underlying Funds include risks specific to their investment strategies, as well as risks related to the fixed-income markets in general, such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· interest rate risk—The risk that changes in interest rates can adversely affect the value or liquidity of, and income generated by, fixed-income investments. This risk is heightened to the extent a Fund invests in longer duration fixed-income investments and during periods when prevailing interest rates are changing. There is a risk that interest rates across the financial system may change, possibly significantly and/or rapidly. In general, changing interest rates, including rates that fall below zero, or a lack of market participants may lead to decreased liquidity and increased volatility in the fixed-income or debt markets, making it more difficult for the Fund to sell fixed-income investments. When interest rates change, the values of longer duration fixed-income securities usually change more than the values of shorter duration fixed-income securities. Conversely, fixed-income securities with shorter durations or maturities will be less volatile but may provide lower returns than fixed-income securities with longer durations or maturities. Other factors that may affect the value of debt securities include, but are not limited to, economic, political, public health, and other crises and responses by governments and companies to such crises;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· prepayment risk—The risk that, during periods of falling interest rates, borrowers may pay off their mortgage loans sooner than expected, forcing a Fund to reinvest the unanticipated proceeds at lower interest rates and resulting in a decline in income;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· extension risk—The risk that, during periods of rising interest rates, borrowers may pay off their mortgage loans later than expected, preventing a Fund from reinvesting principal proceeds at higher interest rates and resulting in less income than potentially available;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· issuer risk—The risk that an issuer's earnings prospects, credit rating and overall financial position will deteriorate, causing a decline in the value of the issuer's financial instruments over short or extended periods of time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· credit risk—The risk that the issuer of fixed-income investments may not be able or willing, or may be perceived (whether by market participants, rating agencies, pricing services or otherwise) as not able or willing, to meet interest or principal payments when the payments become due. Actual or perceived changes in economic, social, public health, financial or political conditions in general or that affect a particular type of investment, issuer, guarantor or counterparty can reduce the ability of the party to meet its obligations, which can affect the credit quality, liquidity and/or value of an investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· credit spread risk—The risk that credit spreads (i.e., the difference in yield between securities that is due to differences in each security's respective credit quality) may increase when market participants believe that bonds generally have a greater risk of default, which could result in a decline in the market values of a Fund's debt securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· income volatility risk—The risk that the level of current income from a portfolio of fixed-income investments may decline in certain interest rate environments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· market volatility, liquidity and valuation risk (types of market risk)—The risk that volatile or dramatic reductions in trading activity make it difficult for a Fund to properly value its investments and that a Fund may not be able to purchase or sell an investment at an attractive price, if at all;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· fixed-income foreign investment risk—Investment in fixed-income securities or financial instruments of foreign issuers involves increased risks due to adverse issuer, political, regulatory, currency, market or economic developments as well as armed conflicts. These developments may impact the ability of a foreign debt issuer to make timely and ultimate payments on its debt obligations to a Fund or impair a Fund's ability to enforce its rights against the foreign debt issuer. These risks are heightened in emerging or developed markets. Foreign investments may also have lower overall liquidity and be more difficult to value than investments in U.S. issuers. To the extent a Fund invests a significant portion of its assets in the securities of companies in a single country or region, it may be more susceptible to adverse economic, market, political or regulatory events or conditions

Nuveen Life Funds ■ **Prospectus** &nbsp;&nbsp;&nbsp;&nbsp;79

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affecting that country or region. Foreign investments may also be subject to risk of loss because of more or less foreign government regulation, less public information, less stringent investor protections and less stringent accounting, corporate governance, financial reporting and disclosure standards. Changes in the value of foreign currencies may make the return on an investment increase or decrease, unrelated to the quality or performance of the investment itself. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs) and other restrictions by the United States or other governments may also negatively impact the Fund's investments. Economic sanctions and other similar governmental actions or developments could, among other things, effectively restrict or eliminate the Fund's ability to purchase or sell certain foreign securities or groups of foreign securities, and/or thus may make the Fund's investments in such securities less liquid (or illiquid) or more difficult to value. The type and severity of sanctions and other measures that may be imposed could vary broadly in scope, and their impact is impossible to predict; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· call risk—The risk that, during periods of falling interest rates, an issuer may call (or repay) a fixed-income security prior to maturity, resulting in a decline in a Fund's income.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Emerging Markets Underlying Funds Risk**—The risks of foreign investment often increases in countries with emerging markets or those economically tied to emerging market countries. For example, these countries may have more unstable governments than developed countries, and their economies may be based on only a few industries. Emerging market countries may also have less stringent regulation of accounting, auditing, financial reporting and recordkeeping requirements. As a result, there could be less information available about issuers in emerging market countries, which could negatively affect Advisors' ability to evaluate local companies or their potential impact on the Fund's performance. Because the financial markets of emerging market countries may be very small, share prices of financial instruments in emerging market countries may be volatile and difficult to determine. Financial instruments of issuers in these countries may have lower overall liquidity than those of issuers in more developed countries and may be more vulnerable to market manipulation. In addition, foreign investors such as the Fund are subject to a variety of special restrictions in many emerging market countries. Moreover, legal remedies for investors in emerging markets may be more limited, and U.S. authorities may have less ability to enforce certain regulatory or legal obligations or otherwise bring actions against bad actors in emerging market countries.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Foreign Investment Underlying Funds Risk**—Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, currency, market or economic developments as well as armed conflicts and can result in greater price volatility and perform differently from financial instruments of U.S. issuers. This risk may be heightened in emerging or developing markets. Foreign investments may also have lower liquidity and be more difficult to value than investments in U.S. issuers. Foreign investments may also be subject to risk of loss because of more or less foreign government regulation, less public information, less stringent investor protections and less stringent accounting, corporate governance, financial reporting and disclosure standards. Changes in the value of foreign currencies may make the return on an investment increase or decrease, unrelated to the quality or performance of the investment itself. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs) and other restrictions by the United States or other governments may also negatively impact the Fund's investments. Economic sanctions and other similar governmental actions or developments could, among other things, effectively restrict or eliminate the Fund's ability to purchase or sell certain foreign securities or groups of foreign securities, and/or thus may make the Fund's investments in such securities less liquid (or illiquid) or more difficult to value. The type and severity of sanctions and other measures that may be imposed could vary broadly in scope, and their impact is impossible to predict.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Illiquid Investments Underlying Funds Risk**—The risk that illiquid investments may be difficult to sell for the value at which they are carried, if at all, or at any price within the desired time frame.

&nbsp;&nbsp;&nbsp;&nbsp;· **Active Management Risk**—The risk that the strategy, investment selection or trading execution of Advisors could cause the Fund or an Underlying Fund to underperform its benchmark index or mutual funds with similar investment objectives and/or strategies and may not produce the desired results or expected returns.

&nbsp;&nbsp;&nbsp;&nbsp;· **Portfolio Construction Risk**—The risk that Advisors may be influenced by potential conflicts of interest in its construction and management of the Fund's portfolio since the Fund's performance may affect an affiliated insurance company's exposure under its variable annuity contracts.

&nbsp;&nbsp;&nbsp;&nbsp;· **Fund of Funds Risk**—The ability of the Fund to achieve its investment objective will depend in part upon the ability of the Underlying Funds to achieve their investment objectives. There can be no guarantee that any Underlying Fund will achieve its investment objective.

*There can be no assurances that the Fund will achieve its investment objective. You should not consider the Fund to be a complete investment program. Please* 

Nuveen Life Funds ■ **Prospectus** &nbsp;&nbsp;&nbsp;&nbsp;81

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*see the non-summary portion of the Prospectus for more detailed information about the risks described above, including the risks of the Underlying Funds.*

#### Past performance
The following chart and table help illustrate some of the risks of investing in the Fund by showing changes in the Fund's performance from year to year. The bar chart shows the annual total returns of shares of the Fund during the preceding ten-year period.. Below the bar chart are the best and worst returns for a calendar quarter during the same period. The performance table following the bar chart shows the Fund's average annual total returns over the one-year, five-year, ten-year and since-inception periods (where applicable) ended December 31, 2025, and how those returns compare to those of certain broad-based securities market indices and a composite index based on the Fund's target allocations. Returns do not reflect fees and expenses of any variable annuity or variable life insurance contract and would be lower if they did.

The returns shown below reflect previous agreements by Advisors to waive or reimburse the Fund for certain fees and expenses. Without these waivers and reimbursements, the returns of the Fund would have been lower. Past performance of the Fund is not necessarily an indication of how it will perform in the future. The broad-based securities market index and benchmark index listed below are unmanaged, and you cannot invest directly in an index. The returns for the broad-based securities market index and benchmark index reflect no deduction for fees, expenses or taxes.

*For current performance information of the Fund, including performance to the most recent month-end, please visit www.nuveen.com/performance* or call 800-257-8787.

#### ANNUAL TOTAL RETURNS (%)

#### Nuveen Life Balanced Fund
![PerformanceBarChartData(2016:6.14, 2017:13.82, 2018:-5.47, 2019:18.81, 2020:14.16, 2021:9.78, 2022:-16.59, 2023:15.77, 2024:10.38, 2025:12.71)](img_b2a4625edd054f2.jpg)

Best quarter: 13.40%, for the quarter ended June 30, 2020. Worst quarter: -11.89%, for the quarter ended March 31, 2020.

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#### AVERAGE ANNUAL TOTAL RETURNS
For the Periods Ended December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Inception date** | **One year** | **Five years** | **Ten years** |
| **Nuveen Life Balanced Fund** | 1/31/2014 | 12.71% | 5.69% | 7.40% |
| Russell 3000<sup>®</sup> Index |  |  |  |  |
| (reflects no deductions for fees, expenses or taxes) |  | 17.15% | 13.15% | 14.29% |
| Bloomberg U.S. Aggregate Bond Index |  |  |  |  |
| (reflects no deductions for fees, expenses or taxes) |  | 7.30% | –0.36% | 2.01% |
| Morningstar Moderately Conservative Target Risk Index |  |  |  |  |
| (reflects no deductions for fees, expenses or taxes) |  | 12.87% | 4.06% | 6.10% |
| Balanced Fund Composite Index<sup>‡</sup> |  |  |  |  |
| (reflects no deductions for fees, expenses or taxes) |  | 13.60% | 6.00% | 7.68% |
| *Current performance of the Fund's shares may be higher or lower than that shown above.* | *Current performance of the Fund's shares may be higher or lower than that shown above.* | *Current performance of the Fund's shares may be higher or lower than that shown above.* | *Current performance of the Fund's shares may be higher or lower than that shown above.* | *Current performance of the Fund's shares may be higher or lower than that shown above.* |

---

---

| |
|:---|
| <sup>‡</sup> |
| After-tax returns have not been shown because they are not relevant since Fund shares currently are held only through insurance company separate accounts. |
| A |

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#### Portfolio management
**Investment Adviser.** Teachers Advisors, LLC.

#### Portfolio Managers.

---

| | | | |
|:---|:---|:---|:---|
| **Name:** | **John Cunniff, CFA** | **Steve Sedmak, CFA** | **Jeff Sun, CFA** |
| Title: | Senior Managing Director | Managing Director | Managing Director |
| Experience on Fund: | since 2014 | since 2020 | since 2025 |

---

#### Purchase and sale of Fund shares
Please contact the insurance company that issued your variable annuity or life insurance contract for more information on the purchase and sale of Fund shares.

#### Tax information
Because the only shareholders of the Fund are the insurance companies offering the contracts, no discussion is included here about the federal income tax consequences at the shareholder level. The federal income tax consequences for purchases of a variable annuity or life insurance contract are described in the prospectus for such contracts.

Nuveen Life Funds ■ **Prospectus** &nbsp;&nbsp;&nbsp;&nbsp;83

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#### Payments to insurance companies and broker-dealers and other financial intermediary compensation
The Fund is only available as an underlying investment for the contracts. The Fund and its distributor (and their related companies) may make payments to the sponsoring insurance company (or its affiliates) and to broker-dealers and other financial intermediaries for distribution and/or other services. These payments may be a factor that the insurance company considers in including the Fund as an underlying investment option in the variable contract. Payments to broker-dealers and other financial intermediaries may create a conflict of interest by influencing the broker-dealer or other financial intermediary to recommend a variable product and the Fund over another investment. Ask your financial adviser or visit the website of the insurance company or the financial intermediary for more information. The disclosure document for your variable contract may contain additional information about these payments.

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&nbsp;&nbsp;&nbsp;**Summary information**<br>

## Nuveen Life Money Market Fund

#### Investment objective
The Fund seeks current income consistent with maintaining liquidity and preserving capital.

#### Fees and expenses
This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. The expenses shown do not reflect any separate account fees or expenses deducted under the variable annuity contracts or variable life insurance policies using the Fund as an underlying investment option.

**SHAREHOLDER FEES** (fees paid directly from your investment)

---

| | |
|:---|:---|
| Maximum sales charge imposed on purchases (percentage of offering price) | 0% |
| Maximum deferred sales charge | 0% |
| Maximum sales charge imposed on reinvested dividends and other distributions | 0% |
| Redemption fee | 0% |
| Exchange fee | 0% |

---

**ANNUAL FUND OPERATING EXPENSES** (expenses that you pay each year as a percentage of the value of your investment)

---

| | |
|:---|:---|
| Management fees | 0.10%  |
| Other expenses | 0.09%  |
| Total annual Fund operating expenses | 0.19%  |
| Waivers and expense reimbursements<sup>1</sup> | (0.04)%  |
| Total annual Fund operating expenses after fee waiver and/or expense reimbursement | 0.15%  |

---

---

| | |
|:---|:---|
| 1 | Under the Fund's expense reimbursement arrangements, the Fund's investment adviser, Teachers Advisors, LLC, has contractually agreed to reimburse the Fund for any Total annual Fund operating expenses (excluding interest, taxes, brokerage commissions or other transactional expenses, Acquired fund fees and expenses and extraordinary expenses) that exceed 0.15% of average daily net assets for shares of the Fund. These expense reimbursement arrangements will continue through at least April 30, 2027, unless changed with approval of the Board of Trustees. |

---

#### Example
This example is intended to help you compare the cost of investing in shares of the Fund with the cost of investing in other mutual funds. The example

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assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses, before fee waivers and/or expense reimbursements, remain the same. The example assumes that the Fund's fee waiver and/or expense reimbursement arrangements will each remain in place for the duration noted in the table above. The example does not reflect the fees and expenses of any variable annuity contract or variable life insurance policy and the costs in the example would be higher if it did. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | |
|:---|:---|
| 1 year | $15 |
| 3 years | $57 |
| 5 years | $103 |
| 10 years | $239 |

---

#### Principal investment strategies
The Fund is a "government money market fund," as defined in the applicable rules governing money market funds, and as such invests at least 99.5% of its total assets in cash, U.S. Government securities and/or repurchase agreements that are collateralized fully by cash or U.S. Government securities. These investments include (1) securities issued by, or whose principal and interest are guaranteed by, the U.S. Government or one of its agencies or instrumentalities and (2) repurchase agreements involving securities issued or guaranteed by the U.S. Government or one of its agencies or instrumentalities. Short-term, U.S. Government securities generally pay interest that is among the lowest for income-paying securities. Because of this, the yield on the Fund will likely be lower than the yields on funds that invest in longer-term or lower-quality securities. The Fund's investments may include securities having a variable or floating interest rate.

Generally, the Fund seeks to maintain a share value of $1.00 per share. The Fund's investments will be made in accordance with the applicable rules governing the quality, maturity and diversification of securities and other instruments held by money market funds. The Fund maintains a dollar-weighted average maturity of 60 days or less and a dollar-weighted average life to maturity of 120 days or less, and invests in debt obligations with a remaining maturity of 397 days or less.

Teachers Advisors, LLC ("Advisors") limits the Fund's investments to U.S. Government securities or securities that present minimal credit risks to the Fund and are of eligible quality.

A government money market fund is not required to impose liquidity fees, and the Fund does not currently intend to impose such fees. However, the Fund's Board of Trustees of the Trust ("Board of Trustees") could elect to subject the Fund to such fees in the future.

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The above list of investments is not exclusive and the Fund may make other investments consistent with its investment objective and policies.

#### Principal investment risks
You could lose money by investing in this Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not a bank account and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor is not required to reimburse the Fund for losses, and you should not expect that the sponsor will provide financial support to the Fund at any time, including during periods of market stress. An investment in the Fund, due to the nature of the Fund's portfolio holdings, typically is subject to the following principal investment risks:

&nbsp;&nbsp;&nbsp;&nbsp;· **Current Income Risk**—The risk that the income the Fund receives may fall as a result of a decline in interest rates. In a low or negative interest rate environment, the Fund may not be able to achieve a positive or zero yield or maintain a stable net asset value ("NAV") of $1.00 per share.

&nbsp;&nbsp;&nbsp;&nbsp;· **Issuer Risk** (often called **Financial Risk**)—The risk that an issuer's earnings prospects, credit rating and overall financial position will deteriorate, causing a decline in the value of the issuer's financial instruments over short or extended periods of time.

&nbsp;&nbsp;&nbsp;&nbsp;· **Credit Risk** (a type of **Issuer Risk**)—The risk that the issuer of fixed-income investments may not be able or willing, or may be perceived (whether by market participants, rating agencies, pricing services or otherwise) as not able or willing, to meet interest or principal payments when the payments become due. Actual or perceived changes in economic, social, public health, financial or political conditions in general or that affect a particular type of investment, issuer, guarantor or counterparty can reduce the ability of the party to meet its obligations, which can affect the credit quality, liquidity and/or value of an investment.

&nbsp;&nbsp;&nbsp;&nbsp;· **Market Volatility, Liquidity and Valuation Risk** (types of **Market Risk**)—The risk that volatile or dramatic reductions in trading activity make it difficult for the Fund to properly value its investments and that the Fund may not be able to purchase or sell an investment at an attractive price, if at all.

&nbsp;&nbsp;&nbsp;&nbsp;· **Income Volatility Risk**—The risk that the level of current income from a portfolio of fixed-income investments may decline in certain interest rate environments.

&nbsp;&nbsp;&nbsp;&nbsp;· **Interest Rate Risk** (a type of **Market Risk**)—The risk that changes in interest rates can adversely affect the value or liquidity of, and income generated by, fixed-income investments. This risk is heightened to the extent the Fund invests in longer duration fixed-income investments and during periods when prevailing interest rates are changing. There is a risk that interest rates across the financial system may change, possibly significantly and/or

Nuveen Life Funds ■ **Prospectus** &nbsp;&nbsp;&nbsp;&nbsp;87

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rapidly. In general, changing interest rates, including rates that fall below zero, or a lack of market participants may lead to decreased liquidity and increased volatility in the fixed-income or debt markets, making it more difficult for the Fund to sell fixed-income investments. When interest rates change, the values of longer duration fixed-income securities usually change more than the values of shorter duration fixed-income securities. Conversely, fixed-income securities with shorter durations or maturities will be less volatile but may provide lower returns than fixed-income securities with longer durations or maturities. Other factors that may affect the value of debt securities include, but are not limited to, economic, political, public health, and other crises and responses by governments and companies to such crises.

&nbsp;&nbsp;&nbsp;&nbsp;· **U.S. Government Securities Risk**—Securities issued by the U.S. Government or one of its agencies or instrumentalities may receive varying levels of support from the U.S. Government, which could affect the Fund's ability to recover should they default. To the extent the Fund invests significantly in securities issued or guaranteed by the U.S. Government or its agencies or instrumentalities, any market movements, regulatory changes or changes in political or economic conditions that affect the securities of the U.S. Government or its agencies or instrumentalities in which the Fund invests may have a significant impact on the Fund's performance.

&nbsp;&nbsp;&nbsp;&nbsp;· **Floating and Variable Rate Securities Risk**—Floating and variable rate securities provide for a periodic adjustment in the interest rate paid on the securities. The rate adjustment intervals may be regular and range from daily up to annually, or may be based on an event, such as a change in the prime rate. Floating and variable rate securities may be subject to greater liquidity risk than other debt securities, meaning that there may be limitations on the Fund's ability to sell the securities at any given time. Such securities also may lose value.

&nbsp;&nbsp;&nbsp;&nbsp;· **Active Management Risk**—The risk that Advisors' strategy, investment selection or trading execution may cause the Fund to underperform relative to the peer group average or mutual funds with similar investment objectives and/or strategies and may not produce the desired results or expected returns.

*Please see the non-summary portion of the Prospectus for more detailed information about the risks described above.* 

#### Past performance
The following chart and table help illustrate some of the risks of investing in the Fund by showing changes in the Fund's performance from year to year. The bar chart shows the annual total returns of shares of the Fund during the preceding ten-year period. Below the bar chart are the best and worst returns for a calendar quarter during the same period. The performance table following the bar chart shows the Fund's average annual total returns over the one-year,

88&nbsp;&nbsp;&nbsp;&nbsp; **Prospectus** ■ Nuveen Life Funds

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five-year, ten-year and since-inception periods (where applicable) ended December 31, 2025, and how those returns compare to those of the Fund's peer group average. Returns do not reflect fees and expenses of any variable annuity or variable life insurance contract and would be lower if they did.

The returns shown below reflect previous agreements by Advisors to waive or reimburse the Fund for certain fees and expenses. Without these waivers and reimbursements, the returns of the Fund would have been lower. As of October 14, 2016, certain changes were made to the Fund's investment strategies. Performance information prior to this date reflects the Fund's investment strategies before this date. As a result, the Fund's performance after October 14, 2016 may differ materially from the performance information shown below for the period prior to October 14, 2016. Past performance of the Fund is not necessarily an indication of how it will perform in the future. The peer group average listed below is unmanaged, and you cannot invest directly in the peer group average.

*For current performance information of the Fund, including performance to the most recent month-end, please visit www.nuveen.com/performance* or call 800-257-8787.

#### ANNUAL TOTAL RETURNS (%)

#### Nuveen Life Money Market Fund
![PerformanceBarChartData(2016:0.28, 2017:0.74, 2018:1.71, 2019:2.09, 2020:0.41, 2021:0, 2022:1.46, 2023:5.02, 2024:5.17, 2025:4.21)](img_683a13c52af64f2.jpg)

Best quarter: 1.33%, for the quarter ended December 31, 2023. Worst quarter: 0.00%, for the quarter ended September 30, 2020.

#### AVERAGE ANNUAL TOTAL RETURNS
For the Periods Ended December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Inception date** | **One year** | **Five years** | **Ten years** |
| **Nuveen Life Money Market Fund** | 7/8/2003 | 4.21% | 3.15% | 2.09% |
| iMoneyNet Money Fund Averages™—All Government |  | 3.96% | 2.98% | 1.89% |
| *Current performance of the Fund's shares may be higher or lower than that shown above.* | *Current performance of the Fund's shares may be higher or lower than that shown above.* | *Current performance of the Fund's shares may be higher or lower than that shown above.* | *Current performance of the Fund's shares may be higher or lower than that shown above.* | *Current performance of the Fund's shares may be higher or lower than that shown above.* |

---

Nuveen Life Funds ■ **Prospectus** &nbsp;&nbsp;&nbsp;&nbsp;89

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---

| | |
|:---|:---|
| After-tax returns have not been shown because they are not relevant since Fund shares currently are held only through insurance company separate accounts. For the Fund's most current 7-day yield, please call the Fund at 800 842-2252. | After-tax returns have not been shown because they are not relevant since Fund shares currently are held only through insurance company separate accounts. For the Fund's most current 7-day yield, please call the Fund at 800 842-2252. |
| A | A |

---

#### Portfolio management
**Investment Adviser.** Teachers Advisors, LLC.

#### Portfolio Managers.

---

| | | |
|:---|:---|:---|
| **Name:** | **Chad Kemper** | **Andrew Hurst** |
| Title: | Managing Director | Director |
| Experience on Fund: | since 2020 | since 2020 |

---

#### Purchase and sale of Fund shares
Please contact the insurance company that issued your variable annuity or life insurance contract for more information on the purchase and sale of Fund shares.

#### Tax information
Because the only shareholders of the Fund are the insurance companies offering the contracts, no discussion is included here about the federal income tax consequences at the shareholder level. The federal income tax consequences for purchases of a variable annuity or life insurance contract are described in the prospectus for such contracts.

#### Payments to insurance companies and broker-dealers and other financial intermediary compensation
The Fund is only available as an underlying investment for the contracts. The Fund and its distributor (and their related companies) may make payments to the sponsoring insurance company (or its affiliates) and to broker-dealers and other financial intermediaries for distribution and/or other services. These payments may be a factor that the insurance company considers in including the Fund as an underlying investment option in the variable contract. Payments to broker-dealers and other financial intermediaries may create a conflict of interest by influencing the broker-dealer or other financial intermediary to recommend a variable product and the Fund over another investment. Ask your financial adviser or visit the website of the insurance company or the financial intermediary for more information. The disclosure document for your variable contract may contain additional information about these payments.

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### Additional information about investment strategies and risks of the Funds

#### Additional information about the Funds
This Prospectus describes the Funds and their investment objectives, principal investment strategies and restrictions and principal investment risks. An investor should consider whether the Funds are an appropriate investment. The investment objectives of the Funds and their non-fundamental investment restrictions may be changed by the Board of Trustees of the Trust ("Board of Trustees" or "Board") without shareholder approval. Certain investment restrictions described in the Funds' Statement of Additional Information ("SAI") are fundamental and may only be changed with shareholder approval.

As noted in the "Principal investment strategies" sections of this Prospectus, some Funds may have a policy of normally investing at least 80% of their assets (net assets, plus the amount of any borrowings for investment purposes) in the type of securities suggested by their names. Certain derivative instruments may be included for purposes of a Fund's 80% policy. Shareholders will receive at least 60 days' prior notice before changes are made to the 80% policy.

The environmental, social and governance ("ESG") criteria utilized by the Large Cap Responsible Equity Fund evaluate issuers of equity securities in connection with certain environmental, social and governance assessment categories in reliance on input from ESG vendor(s). Examples of environmental assessment categories are: climate change, natural resource use, waste management and environmental opportunities. Social evaluation categories include human capital, product safety and social opportunities. Governance assessment categories include corporate governance, business ethics and government and public policy. How well companies adhere to international norms and principles and involvement in major ESG controversies (examples of which may relate to the environment, customers, human rights and community, labor rights and supply chain, and governance) are other considerations. Subject to Board review, the Fund has the right to change the ESG vendor(s) at any time and to change the number of vendors providing this service. While the Large Cap Responsible Equity Fund favors companies that (1) demonstrate leadership in managing and mitigating their current carbon intensity and (2) do not have evidence of fossil fuel reserves ownership, regardless of industry, the Fund may invest in companies that are engaged in the extraction, storage and transportation of fossil fuels as long as they also meet the aforementioned criteria.

The Balanced Fund is a "fund of funds" and diversifies its assets by investing in the Nuveen Life Funds, Institutional Class shares of the Nuveen Funds and potentially other investment pools or investment products (collectively, the "Underlying Funds"). The Fund invests in Underlying Funds according to a relatively stable asset allocation strategy whereby it invests: (1) approximately 50% of its assets in equity Underlying Funds and (2) approximately 50% of its assets in fixed-income Underlying Funds. The Fund may deviate from these target

Nuveen Life Funds ■ **Prospectus** &nbsp;&nbsp;&nbsp;&nbsp;91

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allocations by up to ten percentage points depending upon current market conditions and outlook.

The Balanced Fund is required to comply with Rule 12d1-4 under the Investment Company Act of 1940, as amended (the "1940 Act"), which governs fund-of-funds arrangements and permits the Fund to invest in Underlying Funds in excess of the limits in section 12(d)(1) of the 1940 Act subject to certain conditions, including limitations on the scope of investments by the Underlying Funds. Complying with the requirements of Rule 12d1-4 may adversely impact the Fund's investment strategies and operations, as well as those of the Underlying Funds in which the Fund invests.

Advisors may, for temporary defensive purposes, invest some or all of the Funds' assets in cash, money market instruments or conventional bonds (i.e., non-inflation-linked), although Advisors is not obligated to do so. In doing so, the Funds may be successful in reducing market losses but may otherwise not achieve their investment objectives. Cash assets are generally not income-generating and would impact a Fund's performance.

The Stock Index Fund is an index fund. An index fund seeks to hold all, or a representative sample, of the securities that make up its benchmark index. As an index fund, the Stock Index Fund generally rebalances its portfolio each time that its benchmark index rebalances.

The use of a particular index as a Fund's benchmark index is not a fundamental policy and can be changed by the Board of Trustees without shareholder approval. The Funds will notify you if such a change is made.

The Funds are not appropriate for excessive trading or market timing. You should not invest in the Funds if you are an excessive trader or a market timer.

There can be no assurances that a Fund will achieve its investment objective and investors should not consider an investment in any one Fund to be a complete investment program.

Investors should be aware that investments made by a Fund and the results achieved by it at any given time are not expected to be the same as those made by other mutual funds for which Advisors or one of its affiliates acts as an investment adviser or sub-adviser, including mutual funds with names, investment objectives and policies similar to those of the Funds.

Please see the Glossary toward the end of this Prospectus for certain defined terms used in this Prospectus.

#### More about the Balanced Fund's strategies

#### General information about the Fund
This Prospectus describes the Balanced Fund and its investment objective, investment strategies, restrictions and associated risks.

The target allocations of the Fund are based on historical risk-return characteristics and Advisors' assumptions. If an asset class, market sector or Underlying Fund performs in a fashion that varies from historical characteristics

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and/or Advisors' assumptions, then the allocation may not achieve the intended risk/return characteristics. The investment objective of the Fund and its non-fundamental investment restrictions may be changed by the Board of Trustees without shareholder approval. Certain investment restrictions described in the SAI are fundamental and may only be changed with shareholder approval. The Fund is diversified under the 1940 Act.

#### Rebalancing and tactical allocation
In order to maintain its target allocations, the Balanced Fund will generally invest incoming monies from share purchases to underweighted Underlying Funds. If cash flows are not sufficient to reestablish the current target allocations for the Fund, the Fund will generally rebalance its allocations among the Underlying Funds by buying and selling Underlying Fund shares. To minimize the amount of disruption to the Underlying Funds' portfolios, rebalancings, reallocations or other adjustments may occur gradually depending on Advisors' assessment of, among other things, fund flows and market conditions.

Advisors may also use tactical allocations to attempt to improve the risk-adjusted returns for the Fund over short- and intermediate-term investment horizons. The tactical allocations are based upon Advisors' evaluation of the economy, market valuation, and investor sentiment. The views and insights of the portfolio managers of the Underlying Funds are also considered. These tactical allocations can be among the asset classes, market sectors and individual Underlying Funds. Advisors considers the capacity of the Underlying Funds to handle additional purchases and redemptions and works with the Underlying Fund portfolio managers to minimize disruptions related to cash flows.

 **Advisors' allocation of Fund assets to Underlying Funds presents conflicts of interest. Although Advisors may allocate Fund assets to unaffiliated investment companies, Advisors generally expects to allocate Fund assets to Underlying Funds advised by Advisors or its affiliates. Advisors will have an incentive to select the Underlying Funds that will result in the greatest net management fee revenue to Advisors and its affiliates, even if that results in increased expenses for the Fund. Although the Fund may invest a limited portion of its assets in Underlying Funds not advised by Advisors or its affiliates, there is no assurance that it will do so even in cases where the unaffiliated Underlying Funds incur lower expenses than the comparable affiliated Underlying Funds. In addition, the Fund's investment in an affiliated Underlying Fund could cause Advisors and/or its affiliates to receive greater compensation, increase their assets under management or support particular investment strategies or Underlying Funds managed by Advisors or its affiliates. In certain circumstances, Advisors would have an incentive to delay or decide against the sale of interests held by the Fund in affiliated Underlying Funds and may implement portfolio changes in a manner intended to minimize the disruptive effects and added costs of those changes to affiliated Underlying Funds. If the Fund invests in an Underlying Fund with higher expenses, the Fund's performance would be lower than if the Fund** 

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**had invested in an Underlying Fund with comparable performance but lower expenses (although any fee waiver and/or expense reimbursement arrangements in place at the time might have the effect of limiting or eliminating the amount of that underperformance). It is possible that this arrangement could result in a scenario where the best interests of the Fund are adverse to those of one or more Underlying Funds in which the Fund invests. Advisors has adopted policies that are designed to mitigate these conflicts.**

#### Other potential investments
In addition to seeking equity and fixed-income market exposure through the Underlying Funds, the Balanced Fund may, in certain limited circumstances, directly invest in certain financial assets in order to seek to obtain desired portfolio exposures and to facilitate the Fund's efficient portfolio management. Among other financial assets, the Fund may directly invest in equity and fixed-income securities, derivatives, exchange-traded funds ("ETFs") and exchange-traded notes ("ETNs"). Derivatives, including options contracts, may be used to establish or maintain the Fund's tactical allocations.

#### Additional information on principal investment risks of the Funds

#### Equity securities risks
The Growth Equity Fund, Core Equity Fund, International Equity Fund, Large Cap Value Fund, Real Estate Securities Select Fund, Small Cap Equity Fund, Large Cap Responsible Equity Fund and the Stock Index Fund (collectively, the "Equity Funds") invest primarily in equity securities. In general, the value of equity securities fluctuates in response to the fortune of individual companies and in response to general market and economic conditions. The value of a Fund may increase or decrease as a result of its exposure to investments in equity securities and other instruments. The fact that a particular risk below is not specifically identified as being heightened under current conditions does not mean that the risk is not greater than under normal conditions. More specifically, each Fund and/or Underlying Fund of the Trust that invests primarily in equity securities ("Equity Underlying Fund") may be subject to the following principal investment risks related to equity securities (in the following risk descriptions "Fund" may refer to the Fund, an Equity Underlying Fund, or both):

&nbsp;&nbsp;&nbsp;&nbsp;· **Active Management Risk**—The risk that the performance of a Fund, which is actively managed, reflects in part the ability of Advisors to make active investment, strategic or trading decisions that are suited to achieving the Fund's investment objective. As a result of strategy, investment selection or trading execution, a Fund could underperform its benchmark or other mutual funds with similar investment objectives and/or strategies and may not produce the desired results or expected returns.

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&nbsp;&nbsp;&nbsp;&nbsp;· **Benchmark Risk**—The risk that the performance of a Fund may not correspond to, or may underperform, its benchmark index for any period of time. Although the Fund attempts to use the investment performance of its index as a baseline, it may not duplicate the exact composition of that index. In addition, unlike a mutual fund, the returns of an index are not reduced by investment and other operating expenses, and therefore, the ability of an indexed fund to match the performance of its index is adversely affected by the costs of buying and selling investments as well as other expenses.

&nbsp;&nbsp;&nbsp;&nbsp;· **Currency Risk**—The risk of a decline in the value of a foreign currency versus the U.S. dollar, which reduces the dollar value of securities denominated in that foreign currency. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates and the imposition of currency controls or other political, economic and tax developments in the U.S. or abroad. The overall impact on a Fund's holdings can be significant and long lasting depending on the currencies represented in the portfolio, how each currency appreciates or depreciates in relation to the U.S. dollar, and whether currency positions are hedged. Although a Fund may attempt to hedge its currency exposure into the U.S. dollar, it may not be successful in reducing the effects of currency fluctuations. A Fund may also hedge from one foreign currency to another. In addition, such currency hedging may not be successful and may lower a Fund's potential returns. Foreign currency exchange rates may fluctuate significantly over short periods of time, particularly with respect to emerging market currencies or otherwise economically tied to emerging market currencies. Currency markets generally are not as regulated as securities markets, may be riskier than other types of investments and may increase the volatility of a Fund's investments. Currency exchange rates can also be affected unpredictably by intervention by U.S. or foreign governments or central banks, or by currency controls or other diplomatic or geopolitical developments.

&nbsp;&nbsp;&nbsp;&nbsp;· **Derivatives Risk**—The risks associated with investing in derivatives, including futures, options, swaps, and other equity derivative instruments, and other similar instruments (referred to collectively as "derivatives") may be different and greater than the risks associated with directly investing in the underlying securities and other instruments, including leverage risk, market risk, counterparty risk, liquidity risk, operational risk and legal risk. Operational risk generally refers to risk related to potential operational issues, including documentation issues, settlement issues, systems failures, inadequate controls and human error, and legal risk generally refers to insufficient documentation, insufficient capacity or authority of counterparty, or legality or enforceability of a contract. Derivatives such as swaps are particularly subject to risks such as liquidity risk, interest rate risk, market risk, legal risk and credit risk. These derivatives involve the risk of mispricing or improper valuation and the risk that the prices of certain

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options, futures, swaps (including credit default swaps), forwards and other types of derivative instruments may not correlate perfectly with the prices or performance of the underlying security, currency, rate, index or other asset. Certain derivatives present counterparty risk, or the risk of default by the other party to the contract, and some derivatives are, or may suddenly become, illiquid. Changes in the value of a derivative may also create margin delivery or settlement obligations for a Fund or an Underlying Fund. A Fund or an Underlying Fund may have to sell securities or other instruments at a time when it may be disadvantageous to do so to meet such payment requirements. Some of these risks exist for futures, options and swaps which may trade on established markets. Unanticipated changes in interest rates, securities prices or currency exchange rates may result in poorer overall performance of a Fund or an Underlying Fund than if it had not entered into derivatives transactions. The potential for loss as a result of investing in derivatives, and the speed at which such losses can be realized, may be greater than investing directly in the underlying security or other instrument. Derivatives can create leverage by magnifying investment losses or gains, and a Fund could lose more than the amount invested. Derivatives used for hedging or risk management may not operate as intended, may expose a Fund to other risks, and may be insufficient to protect a Fund from the risks they were intended to hedge.

&nbsp;&nbsp;&nbsp;&nbsp;· **Emerging Markets Risk**—The risks of foreign investment often increases in countries with emerging markets or those economically tied to emerging market countries. For example, these countries may have more unstable governments than developed countries, and their economies may be based on only a few industries. Emerging market countries may also have less stringent regulation of accounting, auditing, financial reporting and recordkeeping requirements. As a result, there could be less information available about issuers in emerging market countries, which could negatively affect Advisors' ability to evaluate local companies or their potential impact on a Fund's performance. Certain emerging market countries may also face other significant internal or external risks, such as the risk of war, macroeconomic, geopolitical, global health conditions, and ethnic, religious and racial conflicts. Because their financial markets may be very small, share prices of financial instruments in emerging market countries may be volatile and difficult to determine. Financial instruments of issuers in these countries may have lower overall liquidity than those of issuers in more developed countries and may be more vulnerable to market manipulation. In addition, foreign investors such as a Fund are subject to a variety of special restrictions in many emerging market countries. Moreover, legal remedies for investors in emerging markets (including derivative litigation) may be more limited, and U.S. authorities (such as the SEC or U.S. Department of Justice) may have less ability to enforce certain regulatory or legal obligations or otherwise bring actions against bad actors in emerging market countries.

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The risks outlined above are often more pronounced in "frontier markets" in which a Fund may invest. Frontier markets are those emerging markets that are considered to be among the smallest, least mature and least liquid. These factors may make investing in frontier market countries significantly riskier than investing in other countries. National policies (including sanctions programs) may limit a Fund's investment opportunities including restrictions on investment in issuers or industries deemed sensitive to national interests. Additionally, emerging markets are more likely to experience problems with the clearing and settling of trades, as well as the custody of securities by local banks, agents and depositories.

&nbsp;&nbsp;&nbsp;&nbsp;· **ESG Risk**—The risk that because the Large Cap Responsible Equity Fund's ESG criteria exclude securities of certain issuers for nonfinancial reasons, the Fund may forgo some market opportunities available to funds that do not use these criteria. Advisors' evaluation of ESG criteria in connection with its management of the Fund may also cause the Fund's performance to differ from funds that do not use such criteria. Sustainability data, including sustainability data obtained from independent research vendor(s), may be incomplete, inaccurate, inconsistent or unavailable, which could adversely affect the analysis of a particular investment, and Advisors does not guarantee the accuracy of such data. It is possible that the investments identified by Advisors as being aligned with its ESG criteria will not operate as expected or that, because the assessment of whether an issuer meets the ESG criteria is conducted at the time of investment, an issuer initially meeting the criteria will not continue to do so over time. Investors may differ in their view of whether a particular investment fits within the ESG criteria and, as a result, the Fund may invest in issuers that do not reflect the beliefs and/or values of any particular investor. The decision not to invest in certain investments as a result of the ESG criteria may adversely affect Fund performance at times when such investments are performing well. The regulatory landscape with respect to ESG investing in the U.S. is still under development and, as a result, future regulations and/or rules adopted by applicable regulators could require the Fund to change or adjust its investment process with respect to ESG investing.

&nbsp;&nbsp;&nbsp;&nbsp;· **Foreign Investment Risk**—Foreign investments, which may include securities of foreign issuers, securities or contracts traded or acquired in non-U.S. markets or on non-U.S. exchanges, or securities or contracts payable or denominated in non-U.S. currencies, can involve special risks that arise from one or more of the following events or circumstances: (1) changes in currency exchange rates; (2) possible imposition of market controls or currency exchange controls; (3) possible imposition of withholding taxes on dividends and interest; (4) possible seizure, expropriation or nationalization of assets; (5) more limited financial information or difficulties interpreting it because of foreign regulations and accounting standards; (6) lower liquidity and higher volatility in some foreign markets; (7) the impact of armed conflict

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or political, social or diplomatic events; (8) economic sanctions or other measures by the United States or other governments; (9) the difficulty of evaluating some foreign economic trends; and (10) the possibility that a foreign government could restrict an issuer from paying principal and interest to investors outside the country. Additionally, to the extent that the underlying securities held by a Fund trade on foreign exchanges or in foreign markets that may be closed when the U.S. markets are open, there are likely to be deviations between the current price of an underlying security and the last quoted price for the underlying security. Foreign companies with securities listed on U.S. exchanges may be delisted if they do not meet U.S. accounting standards and auditor oversight requirements, which may decrease the liquidity and value of the securities. Economic sanctions and other similar governmental actions or developments could, among other things, effectively restrict or eliminate a Fund's ability to purchase or sell certain foreign securities or groups of foreign securities, and/or thus may make the Fund's investments in such securities less liquid (or illiquid) or more difficult to value. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. In some cases, as a result of economic sanctions and other similar governmental actions or developments, a Fund may be forced to sell or otherwise dispose of foreign investments at inopportune times or prices. The imposition of sanctions could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent a Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact the Fund's liquidity and performance. Sanctions and other similar measures may be in place for a substantial period of time and enacted with limited advanced notice. The U.S. and governments of other countries may renegotiate some or all of its global trade relationships and may impose or threaten to impose significant import tariffs, which could lead to price volatility and overall declines in U.S. and global markets. Brokerage commissions and custodial and transaction costs are often higher for foreign investments, and it may be difficult to use foreign laws and courts to enforce financial or legal obligations. Differences in clearance, custody, and settlement requirements and/or procedures in foreign markets may cause delays in settlement of a Fund's trades effected in such markets and could result in losses to a Fund. To the extent a Fund invests in depositary receipts, the Fund will be subject to many of the same risks as when investing directly in non-U.S. securities. The holder of an unsponsored depositary receipt may have limited voting rights and may not receive as much information about the issuer of the underlying securities as

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would the holder of a sponsored depositary receipt. To the extent a Fund invests a significant portion of its assets in the securities of companies in a single country or region (or depositary receipts representing such securities), it is more likely to be impacted by events or conditions affecting that country or region. Investment in a Fund may be more exposed to a single country's or a region's economic cycles, stock market valuations and currency, which could increase its risk compared with a more geographically diversified fund. In addition, political, social, regulatory, economic or environmental events that occur in a single country or region may adversely affect the values of that country's or region's securities and thus the holdings of a Fund.

The risks described above often increase in countries with emerging markets. For example, these countries may have more unstable governments than developed countries, and their economies may be based on only a few industries. Financial instruments of issuers in these countries may have lower overall liquidity than those of issuers in more developed countries. Emerging market countries typically have less established legal, accounting and financial reporting systems than those in more developed markets, which may reduce the scope or quality of financial information available to investors. Governments in emerging market countries are often less stable and more likely to take extra-legal action with respect to companies, industries, assets, or foreign ownership than those in more developed markets. Moreover, it can be more difficult for investors to bring litigation or enforce judgments against issuers in emerging markets or for U.S. regulators to bring enforcement actions against such issuers. Because the financial markets of emerging market countries may be very small, prices of issuers in emerging market countries may be volatile and difficult to determine. In addition, foreign investors such as a Fund are subject to a variety of special restrictions in many such countries. The economies of some emerging markets may be particularly exposed to or affected by a certain industry or sector, and therefore issuers and/or securities of such emerging markets may be more affected by the performance of such industries or sectors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Risks of Investing in Japan**—The International Equity Fund currently invests a significant portion of its assets in companies located in Japan, although this may change over time. There are special risks associated with investments in Japan, including exposure to currency fluctuations, foreign trade policy, regional economic disruption, government debt, aging and shrinking of the population, an uncertain financial sector, economic, political or social instability, low domestic consumption, natural disasters and certain corporate structural weaknesses. For more information on the risks associated with investment in companies located in Japan, please see the Fund's SAI.

&nbsp;&nbsp;&nbsp;&nbsp;· **Illiquid Investments Risk**—The risk that illiquid investments may be difficult to sell for the value at which they are carried, if at all, or at any price within

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the desired time frame. Illiquid investments are those that are not reasonably expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. Pursuant to applicable SEC regulations, a Fund may not invest more than 15% of its net assets in illiquid investments that are assets. The Funds have implemented a liquidity risk management program and related procedures to identify illiquid investments pursuant to this regulation. A Fund may be limited in its ability to invest in illiquid and "less liquid" investments, which may adversely affect a Fund's performance and ability to achieve its investment objective. A Fund's investments in illiquid investments may reduce the returns of the Fund because it may be unable to sell the illiquid investment at an advantageous time or price, which could prevent the Fund from taking advantage of other investment opportunities. There is also a risk that unusually high redemption requests, including redemption requests from certain large shareholders (such as institutional investors) or asset allocation changes, may make it difficult for a Fund to sell investments in sufficient time to allow it to meet redemptions or require a Fund to sell illiquid investments at reduced prices and/or under unfavorable conditions. Illiquid investments may trade less frequently, in lower quantities and/or at a discount as compared to more liquid investments, which may cause a Fund to receive distressed prices and incur higher transaction costs when selling such investments. Securities that are liquid at the time of purchase may subsequently become illiquid due to events such as adverse developments for an issuer, industry-specific developments, market events, rising interest rates, changing economic conditions, changes in interest rates or investor perceptions and geopolitical risk. Dislocations in certain parts of the markets are resulting in reduced liquidity for certain investments. It is uncertain when financial markets will improve and economic conditions will stabilize. Liquidity of financial markets may also be affected by government intervention and political, social, health, economic or market developments. During periods of market stress, a Fund's assets could potentially experience significant levels of illiquidity.

&nbsp;&nbsp;&nbsp;&nbsp;· **Index Risk**—The risk that the performance of a Fund may not correspond to, or may underperform, its benchmark index for any period of time. Although the Fund attempts to use the investment performance of its respective index as a baseline, it may not duplicate the exact composition of that index. In addition, unlike a mutual fund, the returns of an index are not reduced by investment and other operating expenses, and therefore, the ability of an indexed fund to match the performance of its index is adversely affected by the costs of buying and selling investments as well as other expenses. Therefore, no indexed fund can guarantee that its performance will match or exceed its index for any period of time.

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&nbsp;&nbsp;&nbsp;&nbsp;· **Industry/Sector Concentration Risk**—The risk that focusing on investment in specific industries or sectors makes a fund more vulnerable to developments particularly affecting those industries or sectors than a more broadly diversified fund would be. Financial instruments of companies in the same industry or sector may decline in price at the same time due to market conditions, interest rates or economic, regulatory, financial or industry/sector specific developments since these companies may share common characteristics and are more likely to react similarly to industry/sector specific market or economic developments. In addition, at times, a small number of companies may represent a large portion of a single industry or sector, and these companies can be sensitive to adverse economic, regulatory or financial developments.

&nbsp;&nbsp;&nbsp;&nbsp;· **Issuer Risk** (often called **Financial Risk**)—The risk that the issuer's earnings prospects, credit rating and overall financial position will deteriorate, causing a decline in the value of the issuer's financial instruments over short or extended periods of time. In times of market turmoil, perceptions of an issuer's credit risk can quickly change and even large, well-established issuers may deteriorate rapidly with little or no warning.

&nbsp;&nbsp;&nbsp;&nbsp;· **Large-Cap Risk**—The risk that, by focusing on securities of larger companies, a Fund may have fewer opportunities to identify securities that the market misprices and that these companies may grow more slowly than the economy as a whole or not at all. Also, larger companies may fall out of favor with the investing public as a result of market, political and economic conditions, including for reasons unrelated to their businesses or economic fundamentals.

&nbsp;&nbsp;&nbsp;&nbsp;· **Low-Carbon Risk**—The risk that because the Large Cap Responsible Equity Fund's investment strategy includes a special emphasis on companies with low current carbon intensity and an absence of fossil fuel reserves ownership, the Fund's portfolio might exclude certain issuers for nonfinancial reasons and the Fund may forgo some market opportunities that otherwise would be available.

&nbsp;&nbsp;&nbsp;&nbsp;· **Market Risk**—The risk that the price of equity investments may fluctuate in response to general market and economic conditions or events, including conditions and developments outside of the financial markets such as significant changes in interest and inflation rates, the availability of credit and the occurrence of other factors, such as governmental actions and/or interventions (including, but not limited to, the threat or imposition of tariffs, trade restrictions, currency restrictions or similar actions), natural disasters or public health emergencies (pandemics and epidemics) as well as armed conflict. Certain securities may be difficult to value under such conditions. There is an increased likelihood that these types of events or conditions can, sometimes rapidly and unpredictably, result in a variety of adverse developments and circumstances, such as reduced liquidity, supply chain disruptions and market volatility, as well as increased general uncertainty

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and broad ramifications for markets, economies, issuers, businesses in many sectors and societies globally. Certain securities may be difficult to value under such conditions, and the value of the equity investments that the Funds hold may decline over short or extended periods of time. Any investment is subject to the risk that the financial markets as a whole may decline in value, thereby depressing the investment's price. Such conditions may add significantly to the risk of volatility in the net asset value ("NAV") of a Fund's shares and adversely affect the Fund and its investments. Equity markets, for example, tend to be cyclical, with periods when prices generally rise and periods when prices generally decline. Foreign equity markets tend to reflect local economic and financial conditions and, therefore, trends often vary from country to country and region to region. During periods of unusual volatility or turmoil in the financial markets, a Fund may undergo an extended period of decline. From time to time, a Fund may invest a significant portion of its assets in companies in one or more related sectors or industries, which would make the Fund more vulnerable to adverse developments affecting such sectors or industries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Financials Sector Risk**—A Fund may invest a significant portion of its assets in the financials sector. Securities of companies in the financials sector may be significantly affected by changes in interest rates, government regulation, the rate of defaults on corporate, consumer and government debt, the availability and cost of capital, and the impact of more stringent capital requirements. A Fund may be adversely affected by events or developments negatively impacting the financials sector or issuers within the financials sector.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Information Technology Sector Risk**—A Fund may invest a significant portion of its assets in the information technology sector. Securities of companies in the information technology sector can be significantly affected by changes in, among other things, the supply and demand for specific products and services, the pace of technological development and product obsolescence, market competition, government regulation, investor perception and/or confidence, and patent and intellectual property rights. A Fund may be adversely affected by events or developments negatively impacting the information technology sector.

&nbsp;&nbsp;&nbsp;&nbsp;· **Mid-Cap Risk**—Securities of medium-sized companies may experience greater fluctuations in price than the securities of larger companies. From time to time, medium-sized company securities may have to be sold at a discount from their current market prices or in small lots over an extended period, since they may be harder to sell than larger-cap securities. In addition, it may be difficult to find buyers for securities of medium-sized companies that a Fund wishes to sell when the company is not perceived favorably in the marketplace or during periods of poor economic or market conditions. Such companies may be subject to certain business risks due to

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their smaller size, limited markets and financial resources, narrow product lines and frequent lack of depth of management. The costs of purchasing and selling securities of medium-sized companies may be greater than those of more widely traded securities.

&nbsp;&nbsp;&nbsp;&nbsp;· **Non-Diversification Risk**—The Growth Equity Fund is considered to be non-diversified under the 1940 Act. While the Stock Index Fund is considered to be a diversified investment company under the 1940 Act, this Fund may become non-diversified under the 1940 Act without Fund shareholder approval when necessary to continue to track its benchmark index. Non-diversified status means that a Fund can invest a greater percentage of its assets in the securities of a single issuer than a diversified fund. Investing in a non-diversified fund involves greater risk than investing in a diversified fund because a loss in value of a particular investment may have a greater effect on the fund's return since that investment may represent a larger portion of the fund's total portfolio assets, which could lead to greater volatility in the fund's returns.

&nbsp;&nbsp;&nbsp;&nbsp;· **Portfolio Turnover Risk**—In pursuing its investment objectives, a Fund may engage in trading that results in a high portfolio turnover rate, which may vary greatly from year to year, as well as within a given year. A higher portfolio turnover rate may result in correspondingly greater transactional expenses that are borne by a Fund. Such expenses may include bid-ask spreads, dealer mark-ups, and other transactional costs on the sale of securities and reinvestment in other securities, and may result in the realization of taxable capital gains (including short-term gains, which are generally taxed to shareholders as ordinary income). These costs, which are not reflected in annual fund operating expenses or in the example thereunder, may affect a Fund's performance.

&nbsp;&nbsp;&nbsp;&nbsp;· **Quantitative Analysis Risk**—The risk that securities selected for Funds that are actively managed, in whole or in part, according to a quantitative analysis methodology can perform differently from the market as a whole based on the model and the factors used in the analysis, the weight placed on each factor and changes in the factor's historical trends and the risk that such quantitative analysis and modeling may not adequately take into account certain factors, may contain design flaws or inaccurate assumptions and may rely on inaccurate data inputs. If inaccurate market data is entered into a quantitative model, the resulting information will be incorrect. Because such models are based on assumptions of these and other market factors, the models may not take into account certain factors, or perform as intended, and may result in a decline in the value of a Fund's portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;· **Real Estate Investing Risk**—As a result of the Real Estate Securities Select Fund's investment strategy concentrating in the real estate sector, the Fund is subject to all of the risks associated with the ownership of real estate. These risks include, among others: declines in the value of real estate, negative changes in the climate for real estate, risks related to general and

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local economic conditions, overbuilding and increased competition, decreases in property revenues, increases in property taxes and operating expenses, changes in zoning laws, casualty or condemnation losses, limitations on rents, changes in neighborhood values, the appeal of properties to tenants, leveraging of interests in real estate, changes in prevailing interest rates and costs resulting from the cleanup of environmental problems. Because of its objective of investing in the securities of issuers whose products and services are engaged in or related to the real estate industry, it is subject to the risk that the value of such securities will be negatively affected by one or more of these risks.

In addition to these risks, equity real estate investment trusts ("REITs") may be affected by changes in the value of the underlying property of the trusts, while mortgage REITs may be affected by changes in the quality of any credit extended. Both equity and mortgage REITs are dependent upon management skill and may not be diversified. REITs are also subject to heavy cash flow dependency, defaults by borrowers, self-liquidation and the possibility of failing to qualify for special tax treatment under the Internal Revenue Code of 1986, as amended (the "Code"), or failing to meet other applicable regulatory requirements. Finally, certain REITs may be self-liquidating, meaning that a specific term of existence is provided for in their trust documents. In acquiring the securities of REITs, the Fund runs the risk that it could sell such securities at an inopportune time.

&nbsp;&nbsp;&nbsp;&nbsp;· **Small-Cap Risk**—Securities of small-sized companies may experience greater fluctuations in price than the securities of larger companies. The securities of small-sized companies often have lower overall liquidity than those of larger, more established companies. The number of small-sized companies whose securities are listed on securities exchanges has been declining while investor demand for the securities of such issuers has been increasing, in each case relative to historical trends, which may increase a Fund's exposure to illiquid investments risk. As a result, a Fund's investments in the securities of small-sized companies may be difficult to purchase or sell at an advantageous time or price, which could prevent the Fund from taking advantage of investment opportunities. From time to time, small-sized company securities may have to be sold at a discount from their current market prices or in small lots over an extended period, since they may be harder to sell than larger-cap securities. In addition, it may be difficult to find buyers for securities of small-sized companies that a Fund wishes to sell when the company is not perceived favorably in the marketplace or during periods of poor economic or market conditions. Such companies may be subject to certain business risks due to their smaller size, limited markets and financial resources, narrow product lines and frequent lack of depth of management. The costs of purchasing and selling securities of small-sized companies may be greater than those of more widely traded securities.

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&nbsp;&nbsp;&nbsp;&nbsp;· **Special Situation Risk**—Stocks of companies involved in acquisitions, consolidations, tender offers or exchanges, takeovers, reorganizations, mergers and other special situations can involve more risk than ordinary securities due to the high degree of uncertainty associated with such events. If the anticipated benefits of such developments do not ultimately materialize, the value of a special situation company may decline. As a result, the prices of securities of these companies can be more volatile than the prices of securities of similar companies, resulting in permanent loss of capital. Also, transactions may take longer than originally anticipated, resulting in lower annualized returns than contemplated at the time of investment. The following types of companies, for example, are more likely to experience special situations: smaller companies, emerging growth companies, and early development stage companies. Also, companies with any of the following characteristics are more likely to experience special situations: participating in an initial public offering, operating at a loss, or having little or no revenue history.

&nbsp;&nbsp;&nbsp;&nbsp;· **Style Risk**—A Fund that uses either a growth investing or a value investing style entails the risk that equity securities representing either style may be out of favor in the marketplace for various periods of time, and result in underperformance relative to the broader market sector or significant declines in the Fund's portfolio value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Risks of Growth Investing**—Due to their relatively high valuations, growth stocks are typically more volatile than value stocks. For example, the price of a growth stock may experience a larger decline on a forecast of lower earnings, or a negative event or market development, than would a value stock. Because the value of growth companies is often a function of their expected earnings growth, there is a risk that such earnings growth may not occur or cannot be sustained. Accordingly, a stock with growth characteristics can have sharp price declines due to decreases in current or expected earnings and may lack dividends that can help cushion its share price in a declining market. In addition, growth stocks, at times, may not perform as well as value stocks or the stock market in general and may be out of favor with investors for varying periods of time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Risks of Value Investing**—Securities believed to be undervalued are subject to the risks that: (1) the issuer's potential business prospects are not realized; (2) their potential values are never recognized by the market; and (3) due to unanticipated or unforeseen problems associated with the issuer or industry, they were appropriately priced when acquired and therefore do not perform as anticipated. Value investing has gone in and out of favor during past market cycles and, when value investing is out of favor, the securities of value companies may underperform the securities of other companies.

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#### Fixed-income securities risks
Each Fund may gain exposure to fixed-income securities directly or through certain Underlying Funds that invest primarily in fixed-income securities (the "Fixed-Income Underlying Funds"). Each Fund, directly or through its investments in one or more Fixed-Income Underlying Funds, is typically subject to the following principal investment risks related to fixed-income securities (in the following risk descriptions "Fund" may refer to the Fund, a Fixed-Income Underlying Fund, or both):

&nbsp;&nbsp;&nbsp;&nbsp;· **Active Management Risk**—The risk that the performance of a Fund, which is actively managed, reflects in part the ability of Advisors to make active investment, strategic or trading decisions that are suited to achieving the Fund's investment objective. As a result of strategy, investment selection or trading execution, a Fund could underperform its benchmark or other mutual funds with similar investment objectives and/or strategies and may not produce the desired results or expected returns.

&nbsp;&nbsp;&nbsp;&nbsp;· **Call Risk**—The risk that an issuer will redeem a fixed-income investment prior to maturity. This often happens when prevailing interest rates are lower than the rate specified for the fixed-income investment. If a fixed-income investment is called early, a Fund may not be able to benefit fully from the increase in value that other fixed-income investments experience when interest rates decline. Additionally, a Fund would likely have to reinvest the payoff proceeds at current yields, which are likely to be lower than the fixed-income investment in which the Fund originally invested, resulting in a decline in income.

&nbsp;&nbsp;&nbsp;&nbsp;· **Credit Risk** (a type of **Issuer Risk**)—The risk that a decline, or perceived decline (whether by market participants, rating agencies, pricing services or otherwise), in an issuer's financial position may prevent it from making principal and interest payments on fixed-income investments when due. Credit risk relates to the possibility that the issuer could default on its obligations, thereby causing a Fund to lose its investment. Although credit ratings may not accurately reflect the true credit risk of an instrument, a change in the credit rating of an instrument or an issuer, guarantor or counterparty, or the market's perception of the creditworthiness of an instrument or issuer, guarantor or counterparty can have a rapid, adverse effect on the instrument's value and liquidity and make it more difficult for a Fund to sell at an advantageous price or time. Credit risk is heightened in times of market turmoil when perceptions of an issuer's credit risk can quickly change and even large, well-established issuers and/or governments may deteriorate rapidly with little or no warning. Additionally, credit risk is heightened in market environments where interest rates are rising, particularly when rates are rising significantly, to the extent that an issuer is less willing or able to make payments when due. Credit risk is also heightened in the case of investments in lower-rated, high-yield fixed-income securities because they are speculative in nature and their issuers are

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typically in weak financial health and their ability to pay interest and principal is uncertain. Compared to issuers of investment-grade securities, issuers of lower-rated, high-yield fixed-income investments are more likely to encounter financial difficulties and to be materially affected by such difficulties and they have a higher risk of becoming insolvent. High-yield securities may also be relatively more illiquid; therefore, they may be more difficult to purchase or sell than more highly rated securities.

&nbsp;&nbsp;&nbsp;&nbsp;· **Credit Spread Risk**—The risk that credit spreads (i.e., the difference in yield between securities that is due to differences in each security's respective credit quality) may increase when market participants believe that bonds generally have a greater risk of default. Increasing credit spreads may reduce the market values of a Fund's securities. Credit spreads often increase more for lower-rated and unrated securities than for investment-grade securities. In addition, when credit spreads increase, reductions in market value will generally be greater for longer-maturity securities.

&nbsp;&nbsp;&nbsp;&nbsp;· **Current Income Risk**—The risk that the income the Money Market Fund receives may fall as a result of a decline in interest rates. In a low or negative interest rate environment, the Fund may not be able to achieve a positive or zero yield or maintain a stable NAV of $1.00 per share.

&nbsp;&nbsp;&nbsp;&nbsp;· **Derivatives Risk**—The risks associated with investing in derivatives, including futures, options, swaps, forwards, and other fixed-income derivative instruments, and other similar instruments (referred to collectively as "derivatives") may be different and greater than the risks associated with directly investing in the underlying securities and other instruments, including leverage risk, market risk, counterparty risk, liquidity risk, operational risk and legal risk. Operational risk generally refers to risk related to potential operational issues, including documentation issues, settlement issues, systems failures, inadequate controls and human error, and legal risk generally refers to insufficient documentation, insufficient capacity or authority of counterparty, or legality or enforceability of a contract. Derivatives such as swaps are particularly subject to risks such as liquidity risk, interest rate risk, market risk, legal risk and credit risk. These derivatives involve the risk of mispricing or improper valuation and the risk that the prices of certain options, futures, swaps (including credit default swaps), forwards and other types of derivative instruments may not correlate perfectly with the prices or performance of the underlying security, currency, rate, index or other asset. Certain derivatives present counterparty risk, or the risk of default by the other party to the contract, and some derivatives are, or may suddenly become, illiquid. Changes in the value of a derivative may also create margin delivery or settlement obligations for a Fund or an Underlying Fund. A Fund or an Underlying Fund may have to sell securities or other instruments at a time when it may be disadvantageous to do so to meet such payment requirements. Some of these risks exist for futures, options and swaps which may trade on established markets. Unanticipated

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changes in interest rates, securities prices or currency exchange rates may result in poorer overall performance of a Fund or an Underlying Fund than if it had not entered into derivatives transactions. The potential for loss as a result of investing in derivatives, and the speed at which such losses can be realized, may be greater than investing directly in the underlying security or other instrument. Derivatives can create leverage by magnifying investment losses or gains, and a Fund could lose more than the amount invested. Derivatives used for hedging or risk management may not operate as intended, may expose a Fund to other risks, and may be insufficient to protect a Fund from the risks they were intended to hedge.

&nbsp;&nbsp;&nbsp;&nbsp;· **Downgrade Risk**—The risk that securities are subsequently downgraded should Advisors and/or rating agencies believe the issuer's business outlook or creditworthiness has deteriorated. If this occurs, the values of these investments may decline, or it may affect the issuer's ability to raise additional capital for operational or financial purposes and increase the chance of default, as a downgrade may be seen in the financial markets as a signal of an issuer's deteriorating financial position.

&nbsp;&nbsp;&nbsp;&nbsp;· **Emerging Markets Risk**—The risks of foreign investment often increases in countries with emerging markets or those economically tied to emerging market countries. For example, these countries may have more unstable governments than developed countries, and their economies may be based on only a few industries. Emerging market countries may also have less stringent regulation of accounting, auditing, financial reporting and recordkeeping requirements. As a result, there could be less information available about issuers in emerging market countries, which could negatively affect Advisors' ability to evaluate local companies or their potential impact on a Fund's performance. Certain emerging market countries may also face other significant internal or external risks, such as the risk of war, macroeconomic, geopolitical, global health conditions, and ethnic, religious and racial conflicts. Because their financial markets may be very small, share prices of financial instruments in emerging market countries may be volatile and difficult to determine. Financial instruments of issuers in these countries may have lower overall liquidity than those of issuers in more developed countries and may be more vulnerable to market manipulation. In addition, foreign investors such as a Fund are subject to a variety of special restrictions in many emerging market countries. Moreover, legal remedies for investors in emerging markets (including derivative litigation) may be more limited, and U.S. authorities (such as the SEC or U.S. Department of Justice) may have less ability to enforce certain regulatory or legal obligations or otherwise bring actions against bad actors in emerging market countries. The risks outlined above are often more pronounced in "frontier markets" in which a Fund may invest. Frontier markets are those emerging markets that are considered to be among the smallest, least mature and least liquid. These factors may make investing in frontier market countries significantly riskier

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than investing in other countries. National policies (including sanctions programs) may limit a Fund's investment opportunities including restrictions on investment in issuers or industries deemed sensitive to national interests. Additionally, emerging markets are more likely to experience problems with the clearing and settling of trades, as well as the custody of securities by local banks, agents and depositories.

&nbsp;&nbsp;&nbsp;&nbsp;· **Extension Risk**—The risk that, during periods of rising interest rates, borrowers may pay off their mortgage loans later than expected, preventing a Fund from reinvesting principal proceeds at higher interest rates, resulting in less income than potentially available. These risks are normally present in mortgage-backed securities and other asset-backed securities. For example, homeowners have the option to prepay their mortgages. Therefore, the duration of a security backed by home mortgages can lengthen depending on homeowner prepayment activity. A decline in the prepayment rate and the resulting increase in duration of fixed-income securities held by a Fund can result in losses to investors in the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;· **Fixed-Income Foreign Investment Risk**—Foreign investments, which may include fixed-income securities of foreign issuers, or securities or contracts payable or denominated in non-U.S. currencies, can involve special risks that arise from one or more of the following events or circumstances: (1) changes in currency exchange rates; (2) possible imposition of market controls or currency exchange controls; (3) possible imposition of withholding taxes on dividends and interest; (4) possible seizure, expropriation or nationalization of assets; (5) more limited financial information about the foreign debt issuer or difficulties interpreting it because of foreign regulations and accounting standards; (6) lower liquidity and higher volatility in some foreign markets; (7) the impact of armed conflict or political, social or diplomatic events; (8) economic sanctions or other measures by the United States or other governments; (9) the difficulty of evaluating some foreign economic trends; and (10) the possibility that a foreign government could restrict an issuer from paying principal and interest on its debt obligations to investors outside the country. Additionally, to the extent that the underlying securities held by a Fund trade on foreign exchanges or in foreign markets that may be closed when the U.S. markets are open, there are likely to be deviations between the current price of an underlying security and the last quoted price for the underlying security. Foreign companies with securities listed on U.S. exchanges may be delisted if they do not meet U.S. accounting standards and auditor oversight requirements, which may decrease the liquidity and value of the securities. Economic sanctions and other similar governmental actions or developments could, among other things, effectively restrict or eliminate a Fund's ability to purchase or sell certain foreign securities or groups of foreign securities, and/or thus may make the Fund's investments in such securities less liquid (or illiquid) or more difficult to value. The type and severity of sanctions and other similar

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measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. In some cases, as a result of economic sanctions and other similar governmental actions or developments, a Fund may be forced to sell or otherwise dispose of foreign investments at inopportune times or prices. The imposition of sanctions could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent a Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact the Fund's liquidity and performance. Sanctions and other similar measures may be in place for a substantial period of time and enacted with limited advanced notice. The U.S. and governments of other countries may renegotiate some or all of its global trade relationships and may impose or threaten to impose significant import tariffs, which could lead to price volatility and overall declines in U.S. and global markets. It may also be difficult to use foreign laws and courts to force a foreign issuer to make principal and interest payments on its debt obligations. In addition, the cost of servicing external debt will also generally be adversely affected by rising international interest rates because many external debt obligations bear interest at rates which are adjusted based upon international interest rates. Differences in clearance, custody, and settlement requirements and/or procedures in foreign markets may cause delays in settlement of the Fund's trades effected in such markets and could result in losses to the Fund. To the extent a Fund invests a significant portion of its assets in the securities of companies in a single country or region, it is more likely to be impacted by events or conditions affecting that country or region. Investment in a Fund may be more exposed to a single country's or a region's economic cycles, stock market valuations and currency, which could increase its risk compared with a more geographically diversified fund. In addition, political, social, regulatory, economic or environmental events that occur in a single country or region may adversely affect the values of that country's or region's securities and thus the holdings of a Fund.

The risks described above often increase in countries with emerging markets. For example, the ability of a foreign sovereign issuer, especially in an emerging market country, to make timely and ultimate payments on its debt obligations may be strongly influenced by the issuer's balance of payments, including export performance, its access to international credit and investments, fluctuations of interest rates and the extent of its foreign reserves. If a deterioration occurs in the foreign country's balance of payments, it could impose temporary restrictions on foreign capital

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remittances. In addition, there is a risk of restructuring certain foreign debt obligations that could reduce and reschedule interest and principal payments. Financial instruments of issuers in these countries may have lower overall liquidity than those of issuers in more developed countries. Emerging market countries typically have less established legal, accounting and financial reporting systems than those in more developed markets, which may reduce the scope or quality of financial information available to investors. Governments in emerging market countries are often less stable and more likely to take extra-legal action with respect to companies, industries, assets, or foreign ownership than those in more developed markets. Moreover, it can be more difficult for investors to bring litigation or enforce judgments against issuers in emerging markets or for U.S. regulators to bring enforcement actions against such issuers. The economies of some emerging markets may be particularly exposed to or affected by a certain industry or sector, and therefore issuers and/or securities of such emerging markets may be more affected by the performance of such industries or sectors.

&nbsp;&nbsp;&nbsp;&nbsp;· **Floating and Variable Rate Securities Risk**—Floating and variable rate securities provide for adjustment in the interest rate paid on the obligations. The terms of such obligations typically provide that interest rates are adjusted based upon an interest or market rate adjustment as provided in the respective obligations. The adjustment intervals may be regular, and range from daily up to annually, or may be event-based, such as based on a change in the prime rate. Because of the interest rate adjustment feature, floating and variable rate securities provide an investor with a certain degree of protection against rises in interest rates, although the investor will participate in any declines in interest rates as well. Generally, changes in interest rates will have a smaller effect on the market value of floating and variable rate securities than on the market value of comparable fixed-income obligations. Thus, investing in floating and variable rate securities generally allows less opportunity for capital appreciation and depreciation than investing in comparable fixed-income securities. Floating and variable rate securities may be subject to greater liquidity risk than other debt securities, meaning that there may be limitations on a Fund's ability to sell the securities at any given time. Such securities also may lose value.

&nbsp;&nbsp;&nbsp;&nbsp;· **Illiquid Investments Risk**—The risk that illiquid investments may be difficult to sell for the value at which they are carried, if at all, or at any price within the desired time frame. Illiquid investments are those that are not reasonably expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. Pursuant to applicable SEC regulations, a Fund may not invest more than 15% of its net assets in illiquid investments that are assets. The Funds have implemented a liquidity risk management program and related procedures to identify illiquid investments pursuant to this regulation. A Fund may be limited in its ability to invest in

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illiquid and "less liquid" investments, which may adversely affect a Fund's performance and ability to achieve its investment objective. A Fund's investments in illiquid investments may reduce the returns of the Fund because it may be unable to sell the illiquid investment at an advantageous time or price, which could prevent the Fund from taking advantage of other investment opportunities. There is also a risk that unusually high redemption requests, including redemption requests from certain large shareholders (such as institutional investors) or asset allocation changes, may make it difficult for a Fund to sell investments in sufficient time to allow it to meet redemptions or require a Fund to sell illiquid investments at reduced prices and/or under unfavorable conditions. Illiquid investments may trade less frequently, in lower quantities and/or at a discount as compared to more liquid investments, which may cause a Fund to receive distressed prices and incur higher transaction costs when selling such investments. Securities that are liquid at the time of purchase may subsequently become illiquid due to events such as adverse developments for an issuer, industry-specific developments, market events, rising interest rates, changing economic conditions, changes in interest rates or investor perceptions and geopolitical risk. Dislocations in certain parts of the markets are resulting in reduced liquidity for certain investments. It is uncertain when financial markets will improve and economic conditions will stabilize. Liquidity of financial markets may also be affected by government intervention and political, social, health, economic or market developments. During periods of market stress, a Fund's assets could potentially experience significant levels of illiquidity.

&nbsp;&nbsp;&nbsp;&nbsp;· **Income Volatility Risk**—Income volatility refers to the degree and speed with which changes in prevailing market interest rates diminish the level of current income from a portfolio of fixed-income securities. The risk of income volatility is that the level of current income from a portfolio of fixed-income securities may decline in certain interest rate environments.

&nbsp;&nbsp;&nbsp;&nbsp;· **Interest Rate Risk** (a type of **Market Risk**)—The risk that the value, liquidity or yield of fixed-income investments may decline if interest rates change. In general, when prevailing interest rates decline, the market values of outstanding fixed-income investments (particularly those paying a fixed rate of interest) tend to increase while yields on similar newly issued fixed-income investments tend to decrease, which could adversely affect a Fund's income. Conversely, when prevailing interest rates increase, the market values of outstanding fixed-income investments (particularly those paying a fixed rate of interest) tend to decline while yields on similar newly issued fixed-income investments tend to increase. If a fixed-income investment pays a floating or variable rate of interest, changes in prevailing interest rates may increase or decrease the investment's yield. Fixed-income investments with longer durations tend to be more sensitive to interest rate changes than shorter-duration investments. Therefore, a Fund that has a portfolio with a longer

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weighted average maturity or effective duration may be impacted to a greater degree than a Fund that has a portfolio with a shorter weighted average maturity or effective duration. Conversely, fixed-rate securities with shorter durations or maturities will be less volatile but may provide lower returns than fixed-rate securities with longer durations or maturities. Interest rate risk is generally heightened during periods when prevailing interest rates are changing. There is a risk that interest rates across the financial system may change, possibly significantly and/or rapidly. In general, changing interest rates, including rates that fall below zero, or a lack of market participants may lead to decreased liquidity and increased volatility in the fixed-income or debt markets, making it more difficult for a Fund to sell fixed-income investments. During periods of very low or negative interest rates, a Fund may not be able to maintain positive returns. Low interest rates may magnify the risks associated with rising interest rates. A Fund may also be subject to heightened interest rate risk when the U.S. Federal Reserve changes interest rates. A wide variety of factors can cause interest rates to change (e.g., central bank monetary policies, inflation rates, general economic conditions). Rising interest rates may cause issuers to not make principal and interest payments on fixed-income investments when due. Other factors that may affect the value of debt securities include, but are not limited to, economic, political, public health, and other crises and responses by governments and companies to such crises. In general, changing interest rates could have unpredictable effects on the markets and may expose fixed-income and related markets to heightened volatility. Changes in interest rates may also lead to an increase in Fund redemptions, which may result in higher portfolio turnover costs, thereby adversely affecting a Fund's performance.

&nbsp;&nbsp;&nbsp;&nbsp;· **Issuer Risk** (often called **Financial Risk**)—The risk that the issuer's earnings prospects, credit rating and overall financial position will deteriorate, causing a decline in the value of the issuer's financial instruments over short or extended periods of time. In times of market turmoil, perceptions of an issuer's credit risk can quickly change and even large, well-established issuers may deteriorate rapidly with little or no warning.

&nbsp;&nbsp;&nbsp;&nbsp;· **Market Volatility, Liquidity and Valuation Risk** (types of **Market Risk**)—Trading activity in fixed-income investments in which a Fund invests may be dramatically reduced or cease at any time, whether due to general market turmoil, limited dealer capacity, problems experienced by a single company or a market sector, or other factors, such as governmental actions and/or interventions, natural disasters or public emergencies (pandemics and epidemics) as well as armed conflict. In such cases, it may be difficult for a Fund to properly value assets represented by such investments. In addition, a Fund may not be able to purchase or sell a security at a price deemed to be attractive, if at all, which may inhibit the Fund from pursuing its investment strategies or negatively impact the values of portfolio holdings. Further, an increase in interest rates or other adverse conditions (e.g.,

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inflation/deflation, increased selling of fixed-income investments across other pooled investment vehicles or accounts, changes in investor perception or changes in government intervention in the markets) may lead to increased redemptions and increased portfolio turnover, which could reduce liquidity for certain Fund investments, adversely affect values of portfolio holdings and increase a Fund's costs. If dealer capacity in fixed-income markets is insufficient for market conditions, this has the potential to further inhibit liquidity and increase volatility in the fixed-income markets. Certain fixed-income investments with longer durations or maturities may face heightened levels of liquidity risk. From time to time, a Fund may invest a significant portion of its assets in companies in one or more related sectors or industries, which would make the Fund more vulnerable to adverse developments affecting such sectors or industries.

&nbsp;&nbsp;&nbsp;&nbsp;· **Mortgage Roll Risk**—The risk that Advisors will not correctly predict mortgage prepayments and interest rates, which will diminish the investment performance of a Fund compared with what such performance would have been without the use of the strategy.

&nbsp;&nbsp;&nbsp;&nbsp;· **Non-Investment-Grade Securities Risk**—Issuers of non-investment-grade securities, which are usually called "high-yield" or "junk bonds," are typically speculative in nature, in weaker financial health and such securities can be harder to value and sell and their prices can be more volatile than more highly rated securities. While these securities generally have higher rates of interest, they also involve greater risk of default than do securities of a higher-quality rating. In addition, high-yield securities generally are less liquid than investment-grade securities and the risks associated with high-yield securities are heightened during times of weakening economic, political, unusual or adverse market conditions or rising interest rates. In the event of an issuer's default, the Fund may incur additional expenses to seek recovery. Any investment in distressed or defaulted securities subjects a Fund to even greater credit risk than investments in other below-investment-grade securities.

&nbsp;&nbsp;&nbsp;&nbsp;· **Portfolio Turnover Risk**—In pursuing its investment objectives, a Fund may engage in trading that results in a high portfolio turnover rate, which may vary greatly from year to year, as well as within a given year. A higher portfolio turnover rate may result in correspondingly greater transactional expenses that are borne by a Fund. Such expenses may include bid-ask spreads, dealer mark-ups, and other transactional costs on the sale of securities and reinvestment in other securities, and may result in the realization of taxable capital gains (including short-term gains, which are generally taxed to shareholders as ordinary income). These costs, which are not reflected in annual fund operating expenses or in the example thereunder, may affect a Fund's performance.

&nbsp;&nbsp;&nbsp;&nbsp;· **Prepayment Risk**—The risk that, during periods of falling interest rates, borrowers may pay off their mortgage loans sooner than expected, forcing a

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Fund to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in income. These risks are normally present in mortgage-backed securities and other asset-backed securities. For example, homeowners have the option to prepay their mortgages. Therefore, the duration of a security backed by home mortgages can shorten depending on homeowner prepayment activity. A rise in the prepayment rate and the resulting decline in duration of fixed-income securities held by a Fund can result in losses to investors in the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;· **Senior Loan Risk**—Many senior loans are rated lower than investment grade, or considered to be of comparable credit risk, so they present credit risk comparable to high-yield securities. While backed by collateral, the value of the collateral may not equal a Fund's investment and may be hard to sell, so the liquidation of the collateral may not satisfy the borrower's obligation to the Fund in the event of non-payment of scheduled interest or principal. Senior loans also expose a Fund to call risk and illiquid investments risk. There is no organized exchange or board of trade on which loans are traded; rather, they trade in an unregulated inter-dealer or inter-bank resale market, so the secondary market for senior loans can be limited. Trades can be infrequent and the values for senior loans may experience volatility. In some cases, negotiations for the sale or settlement of senior loans may require weeks to complete, which may impair a Fund's ability to raise cash to satisfy redemptions, pay dividends, pay expenses or take advantage of other investment opportunities in a timely manner. If an issuer of a senior loan prepays or redeems the loan prior to maturity, a Fund will have to reinvest the proceeds in other senior loans or instruments that may pay lower interest rates.

&nbsp;&nbsp;&nbsp;&nbsp;· **U.S. Government Securities Risk**—U.S. Treasury obligations and some obligations of U.S. Government agencies and instrumentalities are supported by the full faith and credit of the U.S. Government. Other U.S. Government agencies or instrumentalities are backed by the right of the issuer to borrow from the U.S. Treasury. Still others are supported only by the credit of the issuer. No assurance can be given that the U.S. Government would provide financial support to its agencies or instrumentalities if not required to do so by law, and such agencies or instrumentalities may not have the funds to meet their payment obligations in the future. Therefore, securities issued by U.S. Government agencies or instrumentalities that are not backed by the full faith and credit of the U.S. Government may involve increased risk of loss of principal and interest. In addition, the value of U.S. Government securities may be affected by changes in the credit rating of the U.S. Government.

To the extent a Fund invests significantly in securities issued or guaranteed by the U.S. Government or its agencies or instrumentalities, any market movements, regulatory changes or changes in political or economic conditions that affect the securities of the U.S. Government or its agencies

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or instrumentalities in which the Fund invests may have a significant impact on the Fund's performance. Events that would adversely affect the market prices of securities issued or guaranteed by one U.S. Government agency or instrumentality may adversely affect the market prices of securities issued or guaranteed by other agencies or instrumentalities.

#### Additional information on principal investment risks of the Balanced Fund and Underlying Funds
The assets of the Balanced Fund are normally allocated among Underlying Funds investing primarily in equity securities and Underlying Funds investing primarily in fixed-income securities. The Fund is subject to active management risk, asset allocation risk, fund of funds risk, portfolio construction risk, and underlying funds risk, which includes the risks of equity securities, fixed-income securities, foreign investments and other investments in proportion to the allocation of Fund assets among Underlying Funds. Each of these risks, alone or in combination with other risks, has the potential to impact Fund performance.

#### Active management risk
The risk that the performance of the Balanced Fund or the Underlying Funds that are actively managed, in whole or in part, reflects in part the ability of the portfolio manager(s) to make active, qualitative investment decisions that are suited to achieving the Balanced Fund's or Underlying Funds' investment objectives. As a result of investment selection or trade execution, the Balanced Fund or an Underlying Fund could underperform its respective benchmark or other mutual funds with similar investment objectives and/or strategies and may not produce the desired results or expected returns.

#### Asset allocation risk
The Balanced Fund may not achieve its target allocations and the selection of market sectors and Underlying Funds and the allocations among them may result in the Fund underperforming other similar funds or cause an investor to lose money. Although the allocation decisions of Advisors are intended to result in the Fund meeting its investment objective, Underlying Fund and asset class performance may differ in the future from the historical performance and assumptions upon which Advisors' decisions are based, which could cause the Fund to not meet its investment objective. The Balanced Fund will generally rebalance its allocations among the Underlying Funds by using cash flows where possible. If cash flows are not sufficient to reestablish the current target allocations for the Fund, the Fund will generally rebalance by buying and selling Underlying Fund shares. Periodic rebalancing of the Fund's allocations can sometimes cause the Fund and the Underlying Funds to incur transactional expenses. These expenses can adversely affect performance of the Fund and the Underlying Funds.

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#### Fund of funds risk
The ability of the Balanced Fund to achieve its investment objective will depend in part upon the ability of the Underlying Funds in which it invests to achieve their investment objectives. There can be no guarantee that any Underlying Fund will achieve its investment objective.

#### Portfolio construction risk
The risk that Advisors may be influenced by potential conflicts of interest in its construction and management of the Balanced Fund's portfolio. The Balanced Fund serves as an investment vehicle for variable annuity contracts ("Contracts") offered by an affiliated insurance company to Advisors, under which the insurance company has financial exposure for certain benefits to its contractholders. The insurance company's exposure under the Contracts may be affected by the Balanced Fund's performance, and this may influence Advisors' investment decisions in managing the Balanced Fund. However, Advisors seeks to implement the Balanced Fund's portfolio construction and management in a manner that is in the best interests of the Balanced Fund and that is consistent with the Fund's investment objective and strategies.

#### Underlying Funds risk
The Balanced Fund is exposed to the risks of the Underlying Funds in which it invests in direct proportion to the amount of assets the Fund allocates to each Underlying Fund. The Underlying Funds are exposed to the risks of investing in equity and/or fixed-income securities and other investments in accordance with their investment strategies. The risks associated with investing in equity securities and fixed-income securities and other investments not already described in the above "Equity securities risks" and "Fixed-income securities risks" sections are described below.

*In addition to the principal investment risks set forth above, there are other non-principal risks associated with investing in the Funds and Underlying Funds and their investments that are discussed elsewhere in the Funds' and Underlying Funds' Prospectuses and in the Funds' and Underlying Funds' SAIs. There can be no assurances that a Fund will achieve its investment objective. You should not consider any Fund to be a complete investment program.*

#### Additional information on investment strategies of the Funds

#### Equity Funds and Equity Underlying Funds
The Equity Funds and/or Equity Underlying Funds may invest in short-term debt securities of the same type as those held by money market funds and other kinds of short-term instruments for cash management and other purposes. These securities help the Equity Funds and/or Equity Underlying Funds maintain liquidity, use cash balances effectively, and take advantage of attractive investment opportunities. An Equity Fund and/or Equity Underlying Fund also may invest up to 20% of its assets in fixed-income investments. An Equity Fund

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and/or Equity Underlying Fund may invest in fixed-income investments to obtain current income, to use cash balances effectively and in circumstances when Advisors determines that the risk of loss from equity securities outweighs the potential for capital gains or higher income. For a general discussion of fixed-income investments, see "Investment policies—Debt instruments generally" in the Funds' SAI.

An Equity Fund and/or Equity Underlying Fund may write (sell) call options, including covered call options, and purchase call and put options, to try to enhance income, reduce portfolio volatility or protect gains in its portfolio. Such options may include put and call options on securities of the types in which an Equity Fund and/or Equity Underlying Fund may invest and on securities indices composed of such securities. In writing (selling) call options, an Equity Fund and/or Equity Underlying Fund may give up the opportunity to profit on a security if the market price of the security rises and the option is exercised and, conversely, the premiums received from call options sold may not reduce the extent of Equity Fund and/or Equity Underlying Fund losses during periods of market decline. In purchasing call and put options, an Equity Fund and/or Equity Underlying Fund may purchase a call or put option that expires with no value due to the market price of the security remaining below or above, as applicable, the strike price of the option. In such an event, an Equity Fund and/or Equity Underlying Fund would lose the value of the premium paid for the call or put option but would also receive no economic benefit from the purchase or sale, as applicable, of the security. An Equity Fund and/or Equity Underlying Fund can also write (sell) put options. In writing put options, an Equity Fund and/or Equity Underlying Fund may experience losses on a security if the market price of the security declines and the option is exercised and, conversely, the premiums received from put options sold may not reduce the extent of an Equity Fund's and/or Equity Underlying Fund's losses during periods of market decline.

In addition, an Equity Fund and/or Equity Underlying Fund may buy and sell futures contracts on securities indices composed of securities of the types in which it may invest, and put and call options on such futures contracts. An Equity Fund and/or Equity Underlying Fund may use such futures contracts and options on futures contracts for hedging or cash management purposes, or to seek increased total return. Futures contracts permit an Equity Fund and/or Equity Underlying Fund to gain or reduce exposure to groups of securities and thereby have the potential to earn returns that are similar to those that would be earned by direct investments in those securities or instruments.

Where appropriate futures contracts are not available, or if Advisors deems advisable for other reasons, an Equity Fund and/or Equity Underlying Fund may invest in investment company securities, such as ETFs. The Equity Funds and/or Equity Underlying Funds may also use ETFs for cash management purposes and other purposes, including to gain exposure to certain sectors or securities that are represented by ownership in ETFs.

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In seeking to manage currency exposure, an Equity Fund and/or Equity Underlying Fund also may enter into forward currency contracts and currency swaps and may buy or sell put and call options and futures contracts on foreign currencies.

An Equity Fund and/or Equity Underlying Fund can invest in other derivatives, such as equity swaps (including contracts for difference, an arrangement where the return is linked to the price movement of an underlying security, and other arrangements where the return is linked to a stock market index), options on swaps and equity-linked fixed-income securities, so long as these derivatives are consistent with a particular Equity Fund and/or Equity Underlying Fund's investment objective, restrictions and policies and current regulations, except that such instruments, as well as ETFs used for cash management purposes, will not be subject to the Large Cap Responsible Equity Fund's ESG criteria, but may, in the case of ETFs, be subject to other ESG criteria. Changes in regulation relating to a registered investment company's use of derivatives could potentially limit or impact the Funds' ability to invest in derivatives and adversely affect the value or performance of derivatives and the Funds. Each Equity Fund and/or Equity Underlying Fund may invest in derivatives for hedging purposes or to enhance investment return.

Please see the Funds' SAI for more information on these and other investments the Funds may utilize.

#### Fixed-income Funds and Fixed-income Underlying Funds
The Core Bond Fund and/or the Fixed-Income Underlying Funds may invest in interest-only and principal-only mortgage-backed securities. These instruments have unique characteristics and are more sensitive to prepayment risk and extension risk than traditional mortgage-backed securities. The Core Bond Fund and/or Fixed-Income Underlying Funds may also buy and sell put and call options, futures contracts, options on futures, and forwards; and engage in certain swap transactions. The Core Bond Fund and/or the Fixed-Income Underlying Funds use options and futures primarily as a hedging technique or for cash management as well as for risk management and to increase total return. Futures contracts permit the Core Bond Fund and/or the Fixed-Income Underlying Funds to seek to gain or reduce exposure to groups of securities and thereby have the potential to earn returns that are similar to those that would be earned by direct investments in those securities or instruments. In seeking to manage currency risk, the Core Bond Fund and/or the Fixed-Income Underlying Funds also may enter into forward currency contracts, buy or sell options and futures on foreign currencies, and enter into foreign currency swap contracts.

Where appropriate futures contracts are not available, or if Advisors deems advisable for other reasons, the Core Bond Fund and/or a Fixed-Income Underlying Fund may invest in investment company securities, such as ETFs. The Core Bond Fund and/or a Fixed-Income Underlying Fund may also use ETFs for cash management purposes and other purposes, including to gain exposure to

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certain sectors or securities that are represented by ownership in ETFs. When the Core Bond Fund and/or a Fixed-Income Underlying Fund invests in ETFs or other investment companies, the Core Bond Fund and/or a Fixed-Income Underlying Fund bears a proportionate share of expenses charged by the investment company in which it invests. An ETF may trade at a premium or discount to its NAV.

The Core Bond Fund and/or a Fixed-Income Underlying Fund can buy and sell swaps and options on swaps, so long as these are consistent with the Fund and/or a Fixed-Income Underlying Fund's investment objective and restrictions. For example, the Core Bond Fund and/or a Fixed-Income Underlying Fund can invest in derivatives and other similar financial instruments such as credit default swaps (a derivative in which the buyer of the swap makes a series of payments to the seller and, in exchange, receives a payment if the underlying credit instrument (e.g., a bond) goes into default) and interest rate swaps (a derivative in which one party exchanges a stream of interest payments for another party's stream of cash flows). Changes in regulation relating to a registered investment company's use of derivatives could potentially limit or impact a Fund's and/or the Fixed-Income Underlying Funds' ability to invest in derivatives and adversely affect the value or performance of derivatives and the Funds.

The Funds may also make certain other investments. For example, a Fund may invest in short-term debt securities of the same type as those held by money market funds and other kinds of short-term instruments for cash management and other purposes.

The Funds may purchase participations in commercial loans, or may purchase assignments of these loans. Such loans may be secured or unsecured and may pay interest at fixed or floating rates. Loan participations and assignments involve special types of risk, including credit risk, interest rate risk, illiquid investments risk and the risks of being a lender.

The Funds may use an investment strategy called "mortgage rolls" (also referred to as "dollar rolls"), in which a Fund sells securities for delivery in the current month and simultaneously contracts with a counterparty to repurchase similar (same type, coupon and maturity) but not identical securities on a specified future date. The Fund loses the right to receive principal and interest paid on the securities sold. However, the Fund would benefit to the extent of any price received for the securities sold and the lower forward price for the future purchase (often referred to as the "drop") plus the interest earned on the short-term investment awaiting the settlement date of the forward purchase. If such benefits exceed the income and gain or loss due to mortgage repayments that would have been realized on the securities sold as part of the mortgage roll, the use of this technique will enhance the investment performance of the Fund compared with what such performance would have been without the use of mortgage rolls. Realizing benefits from the use of mortgage rolls depends upon the ability of Advisors to correctly predict mortgage prepayments and interest rates.

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The Money Market Fund seeks to maintain a stable NAV of $1.00 per share of the Fund by investing at least 99.5% of its total assets in cash, U.S. Government securities and/or repurchase agreements that are collateralized fully by cash or U.S. Government securities, maintaining an average weighted maturity of 60 days or less and an average life to maturity of 120 days or less, investing all of the Fund's assets in debt obligations that are deemed to mature in 397 days or less, and limiting its investments to U.S. Government securities or securities that present minimal credit risks to the Fund and are of eligible quality. The Fund cannot assure you that it will be able to maintain a stable NAV of $1.00 per share.

Please see the Funds' SAI for more information on these and other investments the Funds may utilize.

#### Global economic risk
National and regional economies and financial markets are becoming increasingly interconnected, which increases the possibilities that conditions in one country, region or market might adversely impact issuers in a different country, region or market. Changes in legal, political, regulatory, tax and economic conditions may cause fluctuations in markets and securities prices around the world, which could negatively impact the value of a Fund's or an Underlying Fund's investments. Major economic or political disruptions, particularly in large economies, may have global negative economic and market repercussions. Additionally, events such as war, armed conflict, terrorism, the imposition of economic sanctions and tariffs and other governmental actions and/or interventions, natural and environmental disasters and the spread of infectious illnesses or other public health emergencies may adversely affect the global economy and the markets and issuers in which a Fund or an Underlying Fund invests. These events could reduce consumer demand or economic output, result in market closure, travel restrictions or quarantines, and generally have a significant impact on the economy. These events could also impair the information technology and other operational systems upon which a Fund's or an Underlying Fund's service providers, including the investment adviser, Advisors, rely, and could otherwise disrupt the ability of employees of a Fund's or an Underlying Fund's service providers to perform essential tasks on behalf of a Fund or Underlying Fund. The imposition of tariffs, trade restrictions, currency restrictions or similar actions (or retaliatory measures taken in response to such actions) could lead to price volatility and overall declines in U.S. and global investment markets. In addition, sanctions and other measures could limit or prevent a Fund or an Underlying Fund from buying and selling securities (in sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact liquidity and performance. Governmental and quasi-governmental authorities and regulators throughout the world have in the past responded to major economic disruptions with a variety of significant fiscal and monetary policy changes, including but not

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limited to direct capital infusions into companies, new monetary programs and dramatically lower interest rates. An unexpected or quick reversal of these policies, or the ineffectiveness of these policies, could increase volatility in securities markets, which could adversely affect a Fund's or an Underlying Fund's investments.

A Fund's or an Underlying Fund's investments may be subject to inflation risk, which is the risk that the real value (i.e., nominal price of the asset adjusted for inflation), liquidity of assets or income from investments will be less in the future because inflation decreases the purchasing power and value of money (i.e., as inflation increases, the real value of a Fund's or an Underlying Fund's assets can decline as can the value of the Fund's or Underlying Fund's distributions). Inflation rates may change frequently and significantly as a result of various factors, including unexpected shifts in the domestic or global economy, changes in monetary or economic policies (or expectations that these policies may change), public health policies, and other crises and responses by governments and companies to such crises. The market price of debt securities generally falls as inflation increases because the purchasing power of the future income and repaid principal is expected to be worth less when received by a Fund or an Underlying Fund. The risk of inflation is greater for debt instruments with longer maturities and especially those that pay a fixed rather than variable interest rate. Therefore, the income generated by such debt instruments may not keep pace with inflation. In addition, this risk may be significantly elevated compared to normal conditions because of monetary policy measures and the current interest rate environment and level of government intervention and spending.

#### Cybersecurity risk
The Funds and Underlying Funds and their service providers (including, but not limited to, the Funds' and Underlying Funds' administrator, custodian, transfer agent, distributor and their delegates) are susceptible to operational, information security and related risks through breaches in cybersecurity. In general, cybersecurity attacks can result from infection by computer viruses or other malicious software or from deliberate actions or unintentional events, including gaining unauthorized access through hacking or other means to digital systems, networks, or devices that are used to service the Funds' and Underlying Funds' operations in order to misappropriate assets or sensitive information, corrupt data, or cause operational disruption. Geopolitical tensions may, from time to time, increase the scale and sophistication of deliberate cyber attacks. The use of cloud-based service providers and/or services could heighten or change these risks. Cybersecurity failures or breaches affecting the Funds and Underlying Funds and their service providers have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, interference with the Funds' and Underlying Funds' ability to calculate their NAV, impediments to trading, the inability of Fund and Underlying Fund shareholders to transact business, destruction to equipment and systems, violations of applicable privacy

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and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs and/or additional compliance costs. In addition, substantial costs may be incurred in order to prevent any cybersecurity breaches in the future. There is no assurance that any such efforts to mitigate cybersecurity risks undertaken by a Fund and Underlying Fund, Advisors, or their service providers will be effective. While such parties may establish business continuity and other plans and processes that seek to address the possibility of and fallout from cyber attacks, disruptions, or failures, there are inherent limitations in such plans and systems, including that they do not apply to third parties, such as Fund and Underlying Fund counterparties, issuers of securities held by a Fund and Underlying Fund, or other market participants, as well as the possibility that certain risks have not been identified or that unknown threats may emerge in the future and there is no assurance that such plans and processes will address the possibility of and fallout from cyber attacks, disruptions, or failures.

#### Investments for temporary defensive purposes
The Balanced Fund, as well as each Underlying Fund, may, for temporary defensive purposes, invest all of its assets in cash and money market instruments, including the Money Market Fund. In doing so, the Balanced Fund and the Underlying Fund may be successful in reducing market losses but may otherwise fail to achieve their respective investment objectives. Cash assets are generally not income-generating and would impact a Fund's performance.

#### Additional information about the Underlying Funds
The following is a description of the investment objectives and principal investment strategies of the Funds in which the Balanced Fund may invest. For a discussion of the risks associated with these investments, see the "Additional information on principal investment risks of the Balanced Fund and Underlying Funds" section. For a more detailed discussion of the investment strategies and risks of the Funds, see the Prospectuses for the Funds at www.tiaa.org/prospectuses.

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| | |
|:---|:---|
| **Fund** | **Investment objective, strategies and benchmark** |
| **Nuveen Life Core Equity Fund** | Seeks a favorable long-term total return, mainly through capital appreciation, primarily from equity securities. Under normal circumstances, the Fund invests at least 80% of its assets in equity securities. The Fund focuses on large-cap securities that Advisors believes to be attractively valued, show the potential to appreciate faster than the rest of the market and return cash to the shareholders in the form of dividends, stock buy-backs or both. The Fund's benchmark index is the Standard & Poor's 500 Index. |

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| | |
|:---|:---|
| **Fund** | **Investment objective, strategies and benchmark** |
| **Nuveen Life Growth Equity Fund** | Seeks a favorable long-term return, mainly through capital appreciation, primarily from equity securities. Under normal circumstances, the Fund invests at least 80% of the sum of its net assets and the amount of any borrowings for investment purposes in equity securities of growth companies. The Fund invests primarily in equity securities that Advisors believes present the opportunity for growth. The Fund's benchmark index is the Russell 1000 Growth Index. |
| **Nuveen Life Large Cap Value Fund** | Seeks a favorable long-term total return, mainly through capital appreciation, primarily from equity securities of large domestic companies. Under normal circumstances, the Fund invests at least 80% of the sum of its net assets and the amount of any borrowings for investment purposes in equity securities of large-capitalization value companies. The Fund invests primarily in equity securities of large domestic companies that Advisors believes appear undervalued by the market based on an evaluation of their potential worth. The Fund's benchmark index is the Russell 1000 Value Index. |
| **Nuveen Life Real Estate Securities Select Fund** | Seeks to obtain a favorable long-term total return through both capital appreciation and current income, by investing primarily in equity securities of companies principally engaged in or related to the real estate industry. Under normal circumstances, the Fund invests at least 80% of its assets in the securities of companies that are principally engaged in or related to the real estate industry ("real estate securities"), including those that own significant real estate assets, such as real estate investment trusts ("REITs"). The Fund's benchmark index is the FTSE Nareit All Equity REITs Index. |
| **Nuveen Life Small Cap Equity Fund** | Seeks a favorable long-term total return, mainly through capital appreciation, primarily from equity securities of smaller domestic companies. Under normal circumstances, the Fund invests at least 80% of its assets in small-cap equity securities. The Fund invests primarily in equity securities of smaller domestic companies across a wide range of sectors, growth rates and valuations that appear to have favorable prospects for significant long-term capital appreciation. The Fund's benchmark index is the Russell 2000 Index. |
| **Nuveen Life Large Cap Responsible Equity Fund** | Seeks a favorable long-term total return that reflects the investment performance of the U.S. equity markets, as represented by the benchmark index, while giving special consideration to certain environmental, social and governance ("ESG") criteria. Under normal circumstances, the Fund invests at least 80% of its assets in large-cap equity securities that meet the Fund's ESG criteria. The Fund attempts to achieve the return of the U.S. stock market as represented by its benchmark, the Standard & Poor's 500 Index, while taking into consideration certain ESG criteria, which include criteria relating to carbon intensity and fossil fuel reserves. |
| **Nuveen Life Stock Index Fund** | Seeks a favorable long-term total return, mainly through capital appreciation, by investing primarily in a portfolio of equity securities selected to track the overall U.S. equity markets. Under normal circumstances, the Fund invests at least 80% of its assets in equity securities of its benchmark index, the Russell 3000 Index.  |

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| | |
|:---|:---|
| **Fund** | **Investment objective, strategies and benchmark** |
| **Nuveen Life International Equity Fund** | Seeks a favorable long-term total return, mainly through capital appreciation, primarily from equity securities of foreign issuers. Under normal circumstances, the Fund invests at least 80% of its assets in equity securities of foreign issuers. The Fund invests primarily in equity securities of foreign issuers, with sector and country exposure regularly managed against the Fund's benchmark index, MSCI EAFE Index. |
| **Nuveen Life Core Bond Fund** | Seeks total return, primarily through current income. Under normal circumstances, the Fund invests at least 80% of its assets in bonds. The Fund's benchmark index is the Bloomberg U.S. Aggregate Bond Index, which covers the U.S. investment-grade fixed-rate bond market. |
| **Nuveen Life Money Market Fund** | Seeks current income consistent with maintaining liquidity and preserving capital. The Fund is a "government money market fund," as defined in the applicable rules governing money market funds, and as such invests at least 99.5% of its total assets in cash, U.S. Government securities and/or repurchase agreements that are collateralized fully by cash or U.S. Government securities. Generally, the Fund seeks to maintain a share value of $1.00 per share. The Fund's peer group average is the iMoneyNet Money Fund Averages<sup>TM</sup>—All Government. |

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#### Additional information about the Funds' broad-based benchmark indices and the Balanced Fund's composite index
This section includes information about the Funds' broad-based securities market indices and benchmark indices. The returns shown against the broad-based securities market index compare a Fund's average annual returns with a broad measure of market performance. The broad-based securities market indices and the benchmark indices described below are unmanaged, and you cannot invest directly in the index.

The Balanced Fund also compares its performance to a composite index as described below in the section entitled "Balanced Fund composite index." The composite index is unmanaged and you cannot invest directly in the index.

#### Balanced Fund composite index

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recalculated or restated based on the composite index's new allocation but rather reflects the composite index's actual allocation during the period.

*For current performance information, including performance to the most recent month-end, please visit www.nuveen.com/performance or call 800-257-8787.*

The benchmark indices not previously described are described below.

#### Russell 3000 Index (U.S. Equity)
This is the benchmark and broad-based securities market index for the Stock Index Fund and the broad-based securities market index for the Small Cap Equity Fund. This is also a component of the Balanced Fund's composite index and a broad-based securities market index for the Balanced Fund. The Russell 3000 Index represents the 3,000 largest publicly traded U.S. companies, based on market capitalization (according to Frank Russell Company ("Russell")). Russell 3000 Index companies represent about 96% of the total market capitalization of the publicly traded U.S. equity market. Russell determines the composition of the index based only on market capitalization and can change its composition at any time. The Russell 3000 Index is reconstituted (rebalanced) annually in June, with quarterly initial public offering additions made in March, September and December.

#### MSCI EAFE Index (International Equity)
This is the benchmark and broad-based securities market index for the International Equity Fund. This is also a component of the Balanced Fund's composite index. The MSCI EAFE Index tracks the performance of the leading stocks in certain MSCI countries outside of North America in Europe, Australasia and the Far East. The MSCI EAFE Index constructs indices country by country, then assembles the country indices into regional indices. To construct an MSCI country index, the MSCI EAFE Index analyzes each stock in that country's market based on its market capitalization, trading volume and significant owners. The stocks are sorted by free-float-adjusted market capitalization, and the largest stocks (meeting liquidity and trading volume requirements) are selected until approximately 85% of the free-float-adjusted market representation of each country's market is reached. When combined as the MSCI EAFE Index, the regional index captures approximately 85% of the free-float-adjusted market capitalization of certain countries around the world.

The MSCI EAFE Index is primarily a large-capitalization index. MSCI determines the composition of the index based on a combination of factors including regional/country exposure, price, trading volume and significant owners, and can change its composition at any time.

#### Bloomberg U.S. Aggregate Bond Index (Fixed-Income)
This is the benchmark and broad-based securities market index for the Core Bond Fund. This is also a component of the Balanced Fund's composite index and a broad-based securities market index of the Balanced Fund. The Bloomberg

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U.S. Aggregate Bond Index covers the U.S. investment-grade fixed-rate bond market, including government and corporate securities, agency mortgage pass-through securities, asset-backed securities and commercial mortgage-backed securities. The Bloomberg U.S. Aggregate Bond Index represents securities that are SEC-registered, taxable and dollar-denominated. To be selected for inclusion in the Bloomberg U.S. Aggregate Bond Index, the securities must have a minimum maturity of one year. Securities must be rated investment-grade or higher using the middle rating of Moody's, S&P and Fitch after dropping the highest and lowest available ratings. When a rating from only two agencies is available, the lower rating is used. When a rating from only one agency is available, that rating is used to determine index eligibility.

#### Russell 1000 Growth Index
This is the benchmark index for the Growth Equity Fund. The Russell 1000 Growth Index is a subset of the Russell 1000 Index, which represents the top 1,000 U.S. equity securities in market capitalization (according to Russell). The Russell 1000 Growth Index represents those Russell 1000 Index securities with higher relative forecasted growth rates and price/book ratios. The Russell 1000 Growth Index has higher weightings in those sectors of the market with typically higher relative valuations and higher growth rates, including sectors such as technology and health care. Russell determines the composition of the index based on certain factors and can change its composition at any time.

#### Russell 1000 Value Index
This is the benchmark index for the Large Cap Value Fund. The Russell 1000 Value Index is a subset of the Russell 1000 Index, which represents the top 1,000 U.S. equity securities in market capitalization (according to Russell). The Russell 1000 Value Index contains higher weightings of roughly one-third of the Russell 1000 Index securities with lower relative growth rates and price/book values and lower weightings of the roughly middle third of companies. The Russell 1000 Value Index has higher weightings in those sectors of the market with typically lower relative valuations and growth rates, including sectors such as financial services and energy. Russell determines the composition of the index based on certain factors and can change the index's composition at any time.

#### Russell 1000 Index
This is the broad-based securities market index for the Growth Equity Fund and the Large Cap Value Fund. The Russell 1000 Index measures the performance of the large-cap segment of the US equity universe. The Russell 1000 Index is a subset of the Russell 3000 Index which is designed to represent approximately 98% of the investable US equity market. It includes approximately 1,000 of the largest securities based on a combination of their market cap and current index membership. The Russell 1000 is constructed to provide a comprehensive and unbiased barometer for the large-cap segment and is

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completely reconstituted annually to ensure new and growing equities are included. Russell determines the composition of the index based on certain factors and can change its composition at any time.

#### Russell 2000 Index
This is the benchmark index for the Small Cap Equity Fund. The Russell 2000 Index represents the largest 2,000 U.S. equities in market capitalization following the top 1,000 U.S. equities (according to Russell). Russell determines the composition of the index based on certain factors and can change its composition at any time.

#### S&P 500 Index
This is the benchmark and broad-based securities market index for the Core Equity Fund and the Large Cap Responsible Equity Fund and the broad-based securities market index for the Real Estate Securities Select Fund. The S&P 500 Index is a market capitalization-weighted index of the 500 leading companies in leading industries of the U.S. economy. It is widely recognized as a guide to the overall health of the U.S. stock market. The index covers industrial, utility, technology, financial, and other companies of the U.S. markets. The index focuses on the large-cap segment of the market, with 80% coverage (by market capitalization) of U.S. equities. Standard & Poor's determines the composition of the index based on a combination of factors including market capitalization, liquidity and industry group representation, and can change its composition at any time.

#### FTSE Nareit All Equity REITs Index
This is the benchmark index for the Real Estate Securities Select Fund. The FTSE Nareit All Equity REITs Index is a free-float-adjusted market capitalization weighted index that includes all eligible tax qualified equity REITs listed in the NYSE, NYSE American, and NASDAQ National Market. Eligible equity REITs must meet FTSE's minimum size and liquidity criteria and hold more than 50% of their total assets in qualifying real estate assets other than mortgages secured by real property.

#### Morningstar Moderately Conservative Target Risk Index
This is the benchmark index for the Balanced Fund. The Morningstar Moderately Conservative Target Risk Index is an asset allocation index comprised of constituent Morningstar indexes and reflects global equity market exposure of 40% based on an asset allocation methodology from Ibbotson Associates, a Morningstar company. The returns of the Morningstar Moderately Conservative Target Risk Index are more appropriate for comparison purposes because they reflect multi-asset class exposure and a similar risk profile as the Balanced Fund.

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#### Portfolio holdings
A description of the Funds' policies and procedures with respect to the disclosure of their portfolio holdings is available in the Funds' SAI.

#### Portfolio turnover of the Funds other than the Balanced Fund
To the extent a Fund engages in active and frequent trading of portfolio securities, it will have a correspondingly higher "portfolio turnover rate." A high portfolio turnover rate generally will result in greater transaction costs, including brokerage commissions or bid-ask spreads, borne by the Fund and, ultimately, by shareholders. The Funds are not subject to a specific limitation on portfolio turnover, and securities of a Fund may be sold at any time such sale is deemed advisable for investment or operational reasons. Also, certain trading strategies utilized by a Fund may increase portfolio turnover. The portfolio turnover rates of the Funds are listed above in the "Summary information" sections and the portfolio turnover rates during recent fiscal periods are provided in the "Financial highlights" section below.

#### Portfolio turnover of the Balanced Fund
While the Balanced Fund will normally seek to invest in Underlying Funds for the long term, it may frequently rebalance those holdings with the goal of staying close to its projected target allocations. Therefore, the Fund may sell shares of Underlying Funds regardless of how long they have been held. Although the Fund bears no brokerage commissions when it buys or sells shares of Underlying Funds of the Trust, it may bear transaction costs, including brokerage commissions, when it transacts in shares of Underlying Funds that are not offered by the Trust ("Non-Trust Underlying Funds") or other securities. A "high portfolio turnover rate" for the Fund with respect to its holdings of Non-Trust Underlying Funds or other securities generally will result in greater transaction costs, including brokerage commissions or bid-ask spreads, borne by the Fund and, ultimately, by shareholders. The portfolio turnover rate of the Fund during recent fiscal periods is provided in the Financial highlights section below. The Fund is not subject to a specific limitation on portfolio turnover.

An Underlying Fund that engages in active and frequent trading of portfolio securities will have a correspondingly higher portfolio turnover rate. A high portfolio turnover rate for an Underlying Fund generally will result in greater transaction costs, including brokerage commissions or bid-ask spreads, borne indirectly by the Underlying Fund and, ultimately, by Fund shareholders. Also, Underlying Funds with high portfolio turnover rates may be more likely to generate capital gains that must be distributed to the Fund, and ultimately to Fund shareholders, as taxable income. None of the Underlying Funds of the Trust are subject to a specific limitation on portfolio turnover, and securities of each Underlying Fund may be sold at any time such sale is deemed advisable for investment or operational reasons.

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#### Investments by fund of funds
The Balanced Fund is structured as a "funds of funds," which means that it invests its assets in certain of the other Funds and potentially in other affiliated or unaffiliated investment pools or products. At certain times, the Balanced Fund may be a significant or sole shareholder of a Fund. Investment decisions made with respect to the Balanced Fund could, under certain circumstances, negatively impact the Funds, with respect to the expenses, investment performance and liquidity profile of the Funds. For instance, large purchases or redemptions of shares of a Fund by the Balanced Fund, whether as part of a reallocation or rebalancing strategy or otherwise, may result in a Fund having to sell securities or invest cash when it otherwise would not do so. Such transactions could increase a Fund's transaction costs and, in extreme cases, could threaten the continued viability of the Funds to operate as intended.

### Management of the Funds

#### The Funds' investment adviser
Advisors manages the assets of the Trust, under the supervision of the Board of Trustees. Advisors is an indirect wholly owned subsidiary of TIAA. TIAA is a life insurance company founded in 1918 by the Carnegie Foundation for the Advancement of Teaching and is the companion organization of College Retirement Equities Fund ("CREF"), the first company in the United States to issue a variable annuity. Advisors is registered as an investment adviser with the SEC under the Investment Advisers Act of 1940. Advisors also manages the investments of TIAA Separate Account VA-1 and the Nuveen Funds. Through an affiliated investment adviser, TIAA-CREF Investment Management, LLC ("TCIM"), certain personnel of Advisors also manage the investment accounts of CREF. As of December 31, 2025, Advisors and TCIM together had approximately $727.4 billion of assets under management. Advisors is located at 730 Third Avenue, New York, NY 10017-3206.

TIAA entities sponsor an array of financial products for retirement and other investment goals. For some of these products, for example, the investment accounts of CREF, TIAA or its subsidiaries perform services "at-cost." The Funds, however, pay the management fees and other expenses that are described in the tables of fees and expenses in this Prospectus. The management fees paid by the Funds to Advisors are intended to compensate Advisors for its services to the Funds and are not limited to the reimbursement of Advisors' costs. Thus, under this arrangement, Advisors can earn a profit or incur a loss on the services which it renders to the Funds. In addition, Advisors has contractually agreed to reimburse each Fund for any Total annual Fund operating expenses (excluding interest, taxes, brokerage commissions or other transactional expenses, Acquired fund fees and expenses and extraordinary expenses) that exceed certain amounts, as stated in the "Fees and expenses" section of each Fund in this Prospectus. These expense reimbursement arrangements will continue

130&nbsp;&nbsp;&nbsp;&nbsp; **Prospectus** ■ Nuveen Life Funds

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through at least April 30, 2027, unless changed with approval of the Board of Trustees. The Funds also pay Advisors for certain administrative services that Advisors provides to the Funds on an at-cost basis.

Advisors manages the assets of the Funds pursuant to an investment advisory agreement with the Trust (the "Advisory Agreement"). Advisors' duties under the Advisory Agreement include, among other things, providing the Funds with investment research, advice and supervision; furnishing an investment program for the Funds; determining which securities or other investments to purchase, sell or exchange; and providing or obtaining any other necessary services to manage, acquire or dispose of securities, cash or other investments. Advisors also supervises and acts as liaison among the various service providers to the Funds, such as the custodian and transfer agent.

On or about the close of business on July 31, 2026, Advisors is expected to merge into Nuveen Asset Management, LLC ("Nuveen Asset Management"). In connection with this merger and subject to all required approvals, on or about the day after the merger it is expected that Nuveen Fund Advisors, LLC ("Nuveen Fund Advisors") will become the investment adviser and Nuveen Asset Management will become the sub-adviser to the Funds. Advisors, Nuveen Fund Advisors and Nuveen Asset Management are each wholly owned subsidiaries of Nuveen, LLC and, ultimately, TIAA. There are no anticipated changes to the Funds' portfolio management teams, investment objectives, principal investment strategies, principal risks, or fees and expenses related to the merger. On or about the day after the merger, this Prospectus and the SAI will be updated to reflect the new advisory arrangements.

#### Investment advisory fees
The advisory fee schedule for each Fund (other than the Large Cap Responsible Equity Fund, Stock Index Fund, Balanced Fund and the Money Market 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 Advisors and Nuveen Fund Advisors, LLC ("Nuveen Fund Advisors"). Nuveen Fund Advisors, an investment adviser under common control with Advisors, serves as manager to various other registered investment companies that operate under the Nuveen name (collectively with the Funds and other registered investment companies managed by Advisors that operate under the Nuveen name, the "Nuveen Funds"). This pricing structure enables Fund shareholders to benefit from growth in the assets within the respective Fund as well as from growth in the amount of complex-wide assets managed by Advisors and Nuveen Fund Advisors. For the Large Cap Responsible Equity Fund, Stock Index Fund, Balanced Fund and the Money Market Fund, the advisory fee schedule consists of one component, a Fund-level fee, based on the amount of assets within a Fund.

The annual Fund-level fee, payable monthly, is based upon the average daily net assets of each Fund as follows:

Nuveen Life Funds ■ **Prospectus** &nbsp;&nbsp;&nbsp;&nbsp;131

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| | | |
|:---|:---|:---|
|  | **Assets under management**<br>(billions) | **Fee rate**<br>**(average daily net assets)** |
| **Nuveen Life Growth Equity Fund** | All Assets | 0.29% |
| **Nuveen Life Core Equity Fund** | All Assets | 0.29% |
| **Nuveen Life Large Cap Value Fund** | All Assets | 0.29% |
| **Nuveen Life Real Estate Securities Select Fund** | All Assets | 0.34% |
| **Nuveen Life Small Cap Equity Fund** | All Assets | 0.30% |
| **Nuveen Life Large Cap Responsible Equity Fund** | All Assets | 0.15% |
| **Nuveen Life Stock Index Fund** | All Assets | 0.06% |
| **Nuveen Life International Equity Fund** | All Assets | 0.34% |
| **Nuveen Life Core Bond Fund** | All Assets | 0.14% |
| **Nuveen Life Money Market Fund** | All Assets | 0.10% |
| **Nuveen Life Balanced Fund** | All Assets | 0.10% |

---

For each Fund subject to the complex-level fee, the overall complex-level fee, payable monthly, 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 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, 2026, 31% 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:

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| | |
|:---|:---|
| **Complex-level asset**<br>**breakpoint level\*** | **Complex-level fee** |
| **Complex-level asset**<br>**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% |

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**\***See "Investment advisory and other services–Investment advisory services" in the SAI for more detailed information about the complex-level fee and eligible complex-level assets.

As of March 31, 2026, the effective complex-level fee rate for each Fund subject to the complex-level fee was 0.1592%.

For the most recent fiscal year, each Fund paid Advisors the following management fees (net of fee waivers and expense reimbursements, where applicable) as a percentage of average daily net assets:

132&nbsp;&nbsp;&nbsp;&nbsp; **Prospectus** ■ Nuveen Life Funds

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| | | |
|:---|:---|:---|
| Nuveen Life Growth Equity Fund | Nuveen Life Growth Equity Fund | 0.45%  |
| Nuveen Life Core Equity Fund | Nuveen Life Core Equity Fund | 0.45%  |
| Nuveen Life Large Cap Value Fund | Nuveen Life Large Cap Value Fund | 0.37%  |
| Nuveen Life Real Estate Securities Select Fund | Nuveen Life Real Estate Securities Select Fund | 0.39%  |
| Nuveen Life Small Cap Equity Fund | Nuveen Life Small Cap Equity Fund | 0.33%  |
| Nuveen Life Large Cap Responsible Equity Fund | Nuveen Life Large Cap Responsible Equity Fund | 0.08%  |
| Nuveen Life Stock Index Fund | Nuveen Life Stock Index Fund | 0.06%  |
| Nuveen Life International Equity Fund | Nuveen Life International Equity Fund | 0.49%  |
| Nuveen Life Core Bond Fund | Nuveen Life Core Bond Fund | 0.24%  |
| Nuveen Life Money Market Fund | Nuveen Life Money Market Fund | 0.06%  |
| Nuveen Life Balanced Fund | Nuveen Life Balanced Fund | —\* |
| \* | For the most recent fiscal year, Nuveen Fund Advisors reimbursed in excess of management fees. |  |

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A discussion regarding the basis for the Board of Trustees' most recent approval of the Funds' Management Agreement is available in the Funds' reports filed on Form N-CSR for the fiscal year ended December 31, 2025. For a free copy of the Funds' shareholder reports and Form N-CSR, please visit the Funds' website at www.nuveen.com, visit the SEC's website at www.sec.gov or call 800-257-8787.

#### Portfolio management teams
The Funds are managed by one or more portfolio managers, who are responsible for the day-to-day management of the Funds, with expertise in the area applicable to the Funds' investments. In the case of Funds with multiple portfolio managers, each may be responsible for different aspects of the Funds' management. For example, one manager may be principally responsible for selecting appropriate investments for a Fund, while another may be principally responsible for asset allocation. The following is a list of the portfolio managers primarily responsible for managing each Fund's investments, along with their relevant experience. The Funds' portfolio managers may change from time to time.

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name & Title** | **Portfolio Role** | **Experience Over<br>Past Five Years** | **Total Experience<br>(since dates<br>specified below)** | **Total Experience<br>(since dates<br>specified below)** | **Total Experience<br>(since dates<br>specified below)** | **Total Experience<br>(since dates<br>specified below)** | **Total Experience<br>(since dates<br>specified below)** |
| **Name & Title** | **Portfolio Role** | **Experience Over<br>Past Five Years** | **At <br>Advisors\*** | **At <br>Advisors\*** | **At <br>Advisors\*** | **<br>Total** | **On <br>Team** |
| **NUVEEN LIFE GROWTH EQUITY FUND**  | **NUVEEN LIFE GROWTH EQUITY FUND**  | **NUVEEN LIFE GROWTH EQUITY FUND**  | **NUVEEN LIFE GROWTH EQUITY FUND**  |  | | |  |
| **Karen Hiatt, CFA <br>Managing Director** | Portfolio Manager | Advisors, TCIM and other advisory affiliates—2021 to Present (portfolio management of domestic large-cap growth portfolios); Allianz—1998 to 2021 (portfolio management of domestic large-cap growth portfolios and head of global technology team) | Advisors, TCIM and other advisory affiliates—2021 to Present (portfolio management of domestic large-cap growth portfolios); Allianz—1998 to 2021 (portfolio management of domestic large-cap growth portfolios and head of global technology team) | 2021 | 1994 | 1994 | 2021 |

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Nuveen Life Funds ■ **Prospectus** &nbsp;&nbsp;&nbsp;&nbsp;133

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name & Title** | **Portfolio Role** | **Experience Over<br>Past Five Years** | **Total Experience<br>(since dates<br>specified below)** | **Total Experience<br>(since dates<br>specified below)** | **Total Experience<br>(since dates<br>specified below)** | **Total Experience<br>(since dates<br>specified below)** | **Total Experience<br>(since dates<br>specified below)** |
| **Name & Title** | **Portfolio Role** | **Experience Over<br>Past Five Years** | **At <br>Advisors\*** | **At <br>Advisors\*** | **At <br>Advisors\*** | **<br>Total** | **On <br>Team** |
| **NUVEEN LIFE GROWTH EQUITY FUND *(continued)*** | **NUVEEN LIFE GROWTH EQUITY FUND *(continued)*** | **NUVEEN LIFE GROWTH EQUITY FUND *(continued)*** | **NUVEEN LIFE GROWTH EQUITY FUND *(continued)*** |  | | |  |
| **Scott Tonneson, CFA <br>Managing Director** | Portfolio Manager | Advisors, Nuveen Asset Management and other advisory affiliates—2007 to Present (portfolio management of domestic large-cap core, growth and long/short equity portfolios) | Advisors, Nuveen Asset Management and other advisory affiliates—2007 to Present (portfolio management of domestic large-cap core, growth and long/short equity portfolios) | 2007 | 1994 | 1994 | 2026 |
| **NUVEEN LIFE CORE EQUITY FUND**  | **NUVEEN LIFE CORE EQUITY FUND**  | **NUVEEN LIFE CORE EQUITY FUND**  | **NUVEEN LIFE CORE EQUITY FUND**  |  |  |  |  |
| **Valerie Grant, CFA <br>Managing Director** | Portfolio Manager  | Advisors, TCIM and other advisory affiliates—2022 to Present (portfolio management of large-cap core portfolios); AllianceBernstein–2006 to 2022 (portfolio management and equity research for large-cap core portfolios) | Advisors, TCIM and other advisory affiliates—2022 to Present (portfolio management of large-cap core portfolios); AllianceBernstein–2006 to 2022 (portfolio management and equity research for large-cap core portfolios) | 2022 | 1999 | 1999 | 2022 |
| **Evan Staples, CFA** <br>Managing Director | Portfolio Manager | Advisors, TCIM and other advisory affiliates—2010 to Present (portfolio management of core and value-focused portfolios) | Advisors, TCIM and other advisory affiliates—2010 to Present (portfolio management of core and value-focused portfolios) | 2010 | 2005 | 2005 | 2022 |
| **NUVEEN LIFE INTERNATIONAL EQUITY FUND**  | **NUVEEN LIFE INTERNATIONAL EQUITY FUND**  | **NUVEEN LIFE INTERNATIONAL EQUITY FUND**  | **NUVEEN LIFE INTERNATIONAL EQUITY FUND**  |  |  |  |  |
| **John Tribolet** <br>Managing Director | Portfolio Manager | Advisors, TCIM and other advisory affiliates—2005 to Present (portfolio management of global and international equity portfolios) | Advisors, TCIM and other advisory affiliates—2005 to Present (portfolio management of global and international equity portfolios) | 2005 | 1997 | 1997 | 2020 |
| **Gregory Mancini** <br>Senior Managing Director | Portfolio Manager | Advisors, TCIM and other advisory affiliates—2016 to Present (research and portfolio management of an international portfolio); Merrill Lynch, London—2015 to 2016 (equities); Dabroes Management—2008 to 2015 (partner, founding member, European hedge fund) | Advisors, TCIM and other advisory affiliates—2016 to Present (research and portfolio management of an international portfolio); Merrill Lynch, London—2015 to 2016 (equities); Dabroes Management—2008 to 2015 (partner, founding member, European hedge fund) | 2016 | 1996 | 1996 | 2020 |
| **NUVEEN LIFE LARGE CAP VALUE FUND**  | **NUVEEN LIFE LARGE CAP VALUE FUND**  | **NUVEEN LIFE LARGE CAP VALUE FUND**  | **NUVEEN LIFE LARGE CAP VALUE FUND**  |  |  |  |  |
| **Charles Carr, CFA**<br>Managing Director | Portfolio Manager | Advisors, TCIM and other advisory affiliates—2014 to Present (portfolio management of domestic large-cap value portfolios); Estekene Capital—2009 to 2013 (managing member, value-oriented hedge funds) | Advisors, TCIM and other advisory affiliates—2014 to Present (portfolio management of domestic large-cap value portfolios); Estekene Capital—2009 to 2013 (managing member, value-oriented hedge funds) | 2014 | 1993 | 1993 | 2018 |
| **Rossana Ivanova <br>Senior Director** | Portfolio Manager | Advisors, TCIM and other advisory affiliates—2021 to Present (equity research for domestic portfolios); Atlantic Investment Management, Inc.—2007 to 2021 (equity research for domestic and non-U.S. portfolios) | Advisors, TCIM and other advisory affiliates—2021 to Present (equity research for domestic portfolios); Atlantic Investment Management, Inc.—2007 to 2021 (equity research for domestic and non-U.S. portfolios) | 2021 | 2005 | 2005 | 2023 |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name & Title** | **Portfolio Role** | **Experience Over<br>Past Five Years** | **Total Experience<br>(since dates<br>specified below)** | **Total Experience<br>(since dates<br>specified below)** | **Total Experience<br>(since dates<br>specified below)** | **Total Experience<br>(since dates<br>specified below)** | **Total Experience<br>(since dates<br>specified below)** |
| **Name & Title** | **Portfolio Role** | **Experience Over<br>Past Five Years** | **At <br>Advisors\*** | **At <br>Advisors\*** | **At <br>Advisors\*** | **<br>Total** | **On <br>Team** |
| **NUVEEN LIFE REAL ESTATE SECURITIES SELECT FUND**  | **NUVEEN LIFE REAL ESTATE SECURITIES SELECT FUND**  | **NUVEEN LIFE REAL ESTATE SECURITIES SELECT FUND**  | **NUVEEN LIFE REAL ESTATE SECURITIES SELECT FUND**  |  | | |  |
| **Benjamin Kerl <br>Senior Managing Director** | Portfolio Manager | Advisors, Nuveen Asset Management and other advisory affiliates—2012 to Present (global infrastructure and global real estate securities portfolio management) | Advisors, Nuveen Asset Management and other advisory affiliates—2012 to Present (global infrastructure and global real estate securities portfolio management) | 2012 | 2005 | 2005 | 2026 |
| **Griffin Bazor <br>Managing Director** | Portfolio Manager | Advisors, Nuveen Asset Management and other advisory affiliates—2017 to Present (equity real estate investment trusts and global real estate securities portfolio management) | Advisors, Nuveen Asset Management and other advisory affiliates—2017 to Present (equity real estate investment trusts and global real estate securities portfolio management) | 2017 | 2017 | 2017 | 2026 |
| **NUVEEN LIFE SMALL CAP EQUITY FUND**  | **NUVEEN LIFE SMALL CAP EQUITY FUND**  | **NUVEEN LIFE SMALL CAP EQUITY FUND**  | **NUVEEN LIFE SMALL CAP EQUITY FUND**  |  |  |  |  |
| **Pei Chen <br>Managing Director** | Portfolio Manager | Advisors, TCIM and other advisory affiliates—2004 to Present (portfolio management of domestic small-cap portfolios) | Advisors, TCIM and other advisory affiliates—2004 to Present (portfolio management of domestic small-cap portfolios) | 2004 | 1991 | 1991 | 2016 |
| **Max Kozlov, CFA <br>Managing Director** | Portfolio Manager | Advisors, TCIM and other advisory affiliates—2015 to Present (quantitative equity research and domestic portfolio management) | Advisors, TCIM and other advisory affiliates—2015 to Present (quantitative equity research and domestic portfolio management) | 2015 | 1997 | 1997 | 2019 |
| **Nan Zhang, CFA <br>Senior Director** | Portfolio Manager | Advisors, TCIM and other advisory affiliates—2017 to Present (equity portfolio management) | Advisors, TCIM and other advisory affiliates—2017 to Present (equity portfolio management) | 2017 | 2012 | 2012 | 2025 |
| **NUVEEN LIFE LARGE CAP RESPONSIBLE EQUITY FUND**  | **NUVEEN LIFE LARGE CAP RESPONSIBLE EQUITY FUND**  | **NUVEEN LIFE LARGE CAP RESPONSIBLE EQUITY FUND**  | **NUVEEN LIFE LARGE CAP RESPONSIBLE EQUITY FUND**  |  |  |  |  |
| **Philip James (Jim)<br>Campagna, CFA <br>Senior Managing Director** | Portfolio Manager | Advisors, TCIM and other advisory affiliates—2005 to Present (portfolio management of domestic and international large-, mid- and small-cap equity index and ESG portfolios) | Advisors, TCIM and other advisory affiliates—2005 to Present (portfolio management of domestic and international large-, mid- and small-cap equity index and ESG portfolios) | 2005 | 1991 | 1991 | 2005 |
| **Darren Tran, CFA <br>Managing Director** | Portfolio Manager | Advisors, TCIM and other advisory affiliates—2005 to Present (portfolio management of domestic and international large-, mid- and small-cap equity index and ESG portfolios) | Advisors, TCIM and other advisory affiliates—2005 to Present (portfolio management of domestic and international large-, mid- and small-cap equity index and ESG portfolios) | 2005 | 2000 | 2000 | 2022 |
| **Nazar Romanyak, CFA <br>Senior Director** | Portfolio Manager | Advisors, TCIM and other advisory affiliates—2013 to Present (portfolio management of domestic and international large-, mid- and small-cap equity index and ESG portfolios) | Advisors, TCIM and other advisory affiliates—2013 to Present (portfolio management of domestic and international large-, mid- and small-cap equity index and ESG portfolios) | 2013 | 2012 | 2012 | 2024 |
| **NUVEEN LIFE STOCK INDEX FUND**  | **NUVEEN LIFE STOCK INDEX FUND**  | **NUVEEN LIFE STOCK INDEX FUND**  | **NUVEEN LIFE STOCK INDEX FUND**  |  |  |  |  |
| **Philip James (Jim)<br>Campagna, CFA <br>Senior Managing Director** | Portfolio Manager | Advisors, TCIM and other advisory affiliates—2005 to Present (portfolio management of domestic and international large-, mid- and small-cap equity index and ESG portfolios) | Advisors, TCIM and other advisory affiliates—2005 to Present (portfolio management of domestic and international large-, mid- and small-cap equity index and ESG portfolios) | 2005 | 1991 | 1991 | 2005 |

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Nuveen Life Funds ■ **Prospectus** &nbsp;&nbsp;&nbsp;&nbsp;135

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name & Title** | **Portfolio Role** | **Experience Over<br>Past Five Years** | **Total Experience<br>(since dates<br>specified below)** | **Total Experience<br>(since dates<br>specified below)** | **Total Experience<br>(since dates<br>specified below)** | **Total Experience<br>(since dates<br>specified below)** | **Total Experience<br>(since dates<br>specified below)** |
| **Name & Title** | **Portfolio Role** | **Experience Over<br>Past Five Years** | **At <br>Advisors\*** | **At <br>Advisors\*** | **At <br>Advisors\*** | **<br>Total** | **On <br>Team** |
| **NUVEEN LIFE STOCK INDEX FUND *(continued)*** | **NUVEEN LIFE STOCK INDEX FUND *(continued)*** | **NUVEEN LIFE STOCK INDEX FUND *(continued)*** | **NUVEEN LIFE STOCK INDEX FUND *(continued)*** |  | | |  |
| **Darren Tran, CFA <br>Managing Director** | Portfolio Manager | Advisors, TCIM and other advisory affiliates—2005 to Present (portfolio management of domestic and international large-, mid- and small-cap equity index and ESG portfolios) | Advisors, TCIM and other advisory affiliates—2005 to Present (portfolio management of domestic and international large-, mid- and small-cap equity index and ESG portfolios) | 2005 | 2000 | 2000 | 2019 |
| **Nazar Romanyak, CFA <br>Senior Director** | Portfolio Manager | Advisors, TCIM and other advisory affiliates—2013 to Present (portfolio management of domestic and international large-, mid- and small-cap equity index and ESG portfolios) | Advisors, TCIM and other advisory affiliates—2013 to Present (portfolio management of domestic and international large-, mid- and small-cap equity index and ESG portfolios) | 2013 | 2012 | 2012 | 2024 |
| **NUVEEN LIFE CORE BOND FUND**  | **NUVEEN LIFE CORE BOND FUND**  | **NUVEEN LIFE CORE BOND FUND**  | **NUVEEN LIFE CORE BOND FUND**  |  |  |  |  |
| **Joseph Higgins, CFA <br>Senior Managing Director** | Portfolio Manager | Advisors, TCIM and other advisory affiliates—1995 to Present (portfolio management of fixed-income portfolios) | Advisors, TCIM and other advisory affiliates—1995 to Present (portfolio management of fixed-income portfolios) | 1995 | 1995 | 1995 | 2011 |
| **Jason O'Brien, CFA <br>Managing Director** | Portfolio Manager | Advisors, Nuveen Asset Management and other advisory affiliates—1993 to Present (portfolio management of fixed-income portfolios) | Advisors, Nuveen Asset Management and other advisory affiliates—1993 to Present (portfolio management of fixed-income portfolios) | 1993 | 1993 | 1993 | 2020 |
| **Peter Agrimson, CFA <br>Managing Director** | Portfolio Manager | Advisors, Nuveen Asset Management and other advisory affiliates—2008 to Present (portfolio management of fixed-income portfolios) | Advisors, Nuveen Asset Management and other advisory affiliates—2008 to Present (portfolio management of fixed-income portfolios) | 2008 | 2005 | 2005 | 2023 |
| **NUVEEN LIFE BALANCED FUND**  | **NUVEEN LIFE BALANCED FUND**  | **NUVEEN LIFE BALANCED FUND**  | **NUVEEN LIFE BALANCED FUND**  |  |  |  |  |
| **John Cunniff, CFA <br>Senior Managing Director** | Portfolio Manager | Advisors, TCIM and other advisory affiliates—2006 to Present (oversight of and management responsibility for asset allocation funds) | Advisors, TCIM and other advisory affiliates—2006 to Present (oversight of and management responsibility for asset allocation funds) | 2006 | 1992 | 1992 | 2014 |
| **Steve Sedmak, CFA <br>Managing Director** | Portfolio Manager | Advisors, TCIM and other advisory affiliates—2016 to Present (strategic allocation research) | Advisors, TCIM and other advisory affiliates—2016 to Present (strategic allocation research) | 2016 | 2001 | 2001 | 2020 |
| **Jeff Sun, CFA <br>Managing Director** | Portfolio Manager | Advisors, TCIM and other advisory affiliates—2022 to Present (strategic allocation research); Franklin Templeton—2020 to 2022 (asset allocation research) | Advisors, TCIM and other advisory affiliates—2022 to Present (strategic allocation research); Franklin Templeton—2020 to 2022 (asset allocation research) | 2022 | 2008 | 2008 | 2025 |
| **NUVEEN LIFE MONEY MARKET FUND**  | **NUVEEN LIFE MONEY MARKET FUND**  | **NUVEEN LIFE MONEY MARKET FUND**  | **NUVEEN LIFE MONEY MARKET FUND**  |  |  |  |  |
| **Chad Kemper <br>Managing Director** | Portfolio Manager | Advisors, Nuveen Asset Management and other advisory affiliates—1999 to Present (portfolio management of fixed-income portfolios) | Advisors, Nuveen Asset Management and other advisory affiliates—1999 to Present (portfolio management of fixed-income portfolios) | 1999 | 1999 | 1999 | 2020 |
| **Andrew Hurst<br>Director** | Portfolio Manager | Advisors, TCIM and other advisory affiliates—2005 to Present (portfolio management of fixed-income portfolios) | Advisors, TCIM and other advisory affiliates—2005 to Present (portfolio management of fixed-income portfolios) | 2005 | 2000 | 2000 | 2020 |

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136&nbsp;&nbsp;&nbsp;&nbsp; **Prospectus** ■ Nuveen Life Funds

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\* Including tenure at affiliate or predecessor firms, as applicable.

The Funds' SAI provides additional disclosure about the compensation structure for the Funds' portfolio managers, the other accounts they manage, total assets in those accounts and potential conflicts of interest, as well as the portfolio managers' ownership of shares of the Funds they manage.

#### Other services
Under the terms of the Administrative Services Agreement with the Trust, responsibility for payment of expenses relating to oversight and performance of certain services, including transfer agency, dividend disbursing, accounting, administrative, compliance and shareholder services, is allocated directly either to the Funds or to Advisors.

For Advisors' provision of such administrative, compliance and other services to the Funds under the Administrative Services Agreement, the Funds pay to Advisors at the end of each calendar month the allocated costs of such services as determined under the TIAA cost allocation methodology then in effect.

### Distribution and services arrangements
Nuveen Securities, LLC ("Nuveen Securities") distributes the Fund shares. Nuveen Securities does not currently enter into agreements, or otherwise pay, other intermediaries to sell shares of the Funds. However, the Funds and Nuveen Securities (and its related companies) may in the future make payments to the sponsoring insurance company (or its affiliates) and to broker-dealers and other financial intermediaries for distribution and/or other services. In the event that these payments are made, the payments may be a factor that the insurance company considers in including the Funds as an underlying investment option in the variable contract. Payments to broker-dealers and other financial intermediaries may create a conflict of interest by influencing the broker-dealer or other financial intermediary to recommend a variable product and the Funds over another investment. Ask your financial adviser or visit the website of the insurance company or the financial intermediary for more information. The disclosure document for your variable contract may contain additional information about these payments. Fund shares are distributed or sold only to the variable annuity or variable life insurance contracts that invest in the Funds.

Additional information about payments to intermediaries appears in the Funds' SAI.

Please note that Nuveen Securities does not have a customer relationship with you solely by virtue of acting as distributor for the Funds. Nuveen Securities does not offer or provide investment monitoring, make investment decisions for you, or hold customer accounts or assets.

Nuveen Life Funds ■ **Prospectus** &nbsp;&nbsp;&nbsp;&nbsp;137

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### Calculating share price
Each Fund determines its NAV per share, or share price, on each day the New York Stock Exchange ("NYSE") or its affiliated exchanges NYSE Arca Equities or NYSE American are open for trading (each such day a "Business Day"). The NAV for each Fund is calculated each Business Day as of the latest close of the regular (or core) trading session of the NYSE, NYSE Arca Equities or NYSE American (collectively, the "NYSE Exchanges") (normally 4:00 p.m. Eastern Time or such earlier time that is the latest close of a regular (or core) trading session of any of the NYSE Exchanges). The Funds do not price their shares on days that are not a Business Day. The NAV per share is determined by dividing the value of the Fund's assets, less all liabilities, by the total number of shares outstanding. The assets of the Balanced Fund consist primarily of shares of Underlying Funds, which are valued at their respective NAVs in the case of mutual funds. The values of any shares of Underlying Funds held by the Balanced Fund are based on the market value of the shares. Therefore, the share price of the Balanced Fund is determined based on the NAV per share or market value per share of each of its Underlying Funds (and the value of any other assets and liabilities of the Balanced Fund, subject to the fair value pricing procedures described below).

To calculate the Money Market Fund's NAV per share, the Fund's portfolio securities are valued at their amortized cost. This valuation method does not take into account unrealized gains or losses on the Money Market Fund's portfolio securities. Amortized cost valuation involves first valuing a security at cost, and thereafter assuming an amortization to maturity of any discount or premium, regardless of the impact of fluctuating interest rates on the security's market value. While this method provides certainty in valuation, there may be times when the value of a security, as determined by amortized cost, may be higher or lower than the price the Money Market Fund would receive if it sold the security.

If a Fund or an Underlying Fund invests in foreign securities that are primarily listed on foreign exchanges that trade on days when the Fund or Underlying Fund does not price its shares, the value of the foreign securities in the Fund's or Underlying Fund's portfolio may change on days when shareholders will not be able to purchase or redeem Fund shares. The value of the Fund's or Underlying Fund's investments denominated in foreign currencies is converted to U.S. dollars for purposes of determining the Fund's or Underlying Fund's NAV.

The Funds (other than the Money Market Fund) and the Underlying Funds of the Trust in which the Balanced Fund invests (other than the Money Market Fund) generally use market quotations or values obtained from independent pricing services to value securities and other instruments held by the Funds or Underlying Funds. If market quotations are not readily available or are not considered reliable, the Fund or Underlying Funds of the Trust will use a security's "fair value," as determined in good faith using procedures approved by the Board of Trustees. The Funds or Underlying Funds of the Trust also use fair value if events that have a significant effect on the value of an investment (as

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determined in Advisors' sole discretion) occur between the time when its price is determined and the time a Fund's NAV is calculated. For example, a Fund might use a domestic security's fair value when the exchange on which the security is principally traded closes early or when trading in the security is halted and does not resume before the Fund's NAV is calculated. Like the Funds, the Underlying Funds of the Trust do not price their shares on dates when the NYSE Exchanges are closed. This remains the case for Underlying Funds of the Trust that invest in foreign securities that are primarily listed on foreign exchanges that trade on days when such Underlying Funds do not price their shares, even though such securities may continue to trade and their values may fluctuate when the NYSE Exchanges are closed. The use of fair value pricing can involve reliance on quantitative models or individual judgment, and may result in changes to the prices of portfolio securities that are used to calculate the NAV of a Fund or an Underlying Fund of the Trust. Although the Funds and Underlying Funds of the Trust fair value portfolio securities on a security-by-security basis, those that hold foreign portfolio securities may see their portfolio securities fair valued more frequently than other Funds or Underlying Funds that do not hold foreign securities.

Fair value pricing of equity securities most commonly occurs with securities that are primarily traded outside of the United States. This may have the effect of decreasing the ability of market timers to engage in "stale price arbitrage," which takes advantage of the perceived difference in price from a foreign market closing price. For these foreign securities, the Funds or an Underlying Fund of the Trust uses a fair value pricing service approved by Advisors, as the valuation designee. This pricing service employs quantitative models to value foreign investments in order to adjust for stale pricing, which may occur between the close of certain foreign exchanges and the close of the NYSE Exchanges. Fair value pricing is subjective in nature and the use of fair value pricing by the Fund or Underlying Fund may cause the NAV of the Fund's or Underlying Fund's shares to differ significantly from the NAV that would have been calculated using market prices at the close of the foreign exchange on which a portfolio security is primarily traded.

While using a fair value price for foreign securities is intended to decrease the ability of market timers to make money by exchanging into or out of an affected Fund or Underlying Fund to the detriment of longer-term shareholders, it may reduce some of the certainty in pricing obtained by using actual market close prices.

Fixed-income securities, including money market instruments (other than those held by a money market Underlying Fund of the Trust), are valued using market quotations, independent pricing sources or values derived from a pricing matrix that has various types of the applicable fixed-income instrument along one axis and various maturities along the other. The use of a price derived from a pricing matrix is a method of fair value pricing.

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The Board of Trustees has designated Advisors as the valuation designee pursuant to Rule 2a-5 under the 1940 Act and delegated to Advisors the responsibility of making fair value determinations. The Balanced Fund will use fair value, as determined under its fair value procedures, to the extent that the value of any of its investments, including any Underlying Funds, are unavailable or not considered reliable.

### Dividends, distributions and taxes
*The tax status of your investment depends upon your variable insurance contract. For a complete discussion of the tax status of your contract, please refer to the prospectus describing the contract.* 

Shares in a Fund may only be held currently through a variable annuity or other variable insurance contract. Under current tax law, any dividend or capital gains distributions from a Fund will be exempt from current taxation if left to accumulate within your variable contract. Withdrawals from your contract may be taxed as ordinary income. You may also be subject to a 10% penalty tax if a withdrawal is made before age 59½.

Each Fund expects to declare and distribute to its shareholders (i.e., any separate accounts) substantially all of its net investment income and net realized capital gains.

Although the Money Market Fund pays dividends monthly, these dividends are calculated and declared daily. Each of the other Funds will normally distribute dividends and capital gains annually.

In addition, a Fund may occasionally be required to make supplemental dividend or capital gains distributions at some other time during the year.

All dividend and capital gains distributions from a Fund will be automatically reinvested by the separate account in additional shares of the particular Fund.

The Funds have qualified and intend to continue to qualify as a "regulated investment company" ("RIC") under Subchapter M of Chapter 1 of the Code so that it will not be subject to federal income tax to the extent its income and net capital gains are distributed to shareholders. In addition, the Funds have qualified and intend to continue to qualify under the Code with respect to the diversification requirements related to the tax-deferred status of insurance company separate accounts.

### Important transaction information
**Voting Rights.** The Trust may hold shareholders' meetings periodically to elect trustees, change fundamental policies, approve a management agreement or for other purposes. Each share is entitled to one vote for each dollar of NAV represented by that share (each fractional share is entitled to a fractional vote) on all matters to which shareholders are entitled to vote. You should refer to the SAI, as well as the separate prospectuses describing your contract and the

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separate account, which accompanies this Prospectus, for more information on your voting rights.

**Limitations.** Federal laws designed to counter terrorism and prevent money laundering might, in certain circumstances, require the Funds to block an account owner's ability to make certain transactions and thereby refuse to accept a purchase order or any request for transfers or withdrawals, until instructions are received from the appropriate regulator. The Funds may also be required to provide additional information about you and your account to government regulators.

**Customer complaints.** Customer complaints may be directed to Nuveen Life Funds, 730 Third Avenue, New York, NY 10017-3206, Attention: Shareholder Services.

**Electronic Prospectuses.** If you received this Prospectus electronically and would like a paper copy, please contact the Funds and one will be sent to you.

### Frequent trading—applicable to all contractowners except contractowners of the Money Market Fund
The Funds are intended for long-term investment and should not be used for excessive trading. Excessive trading in the Funds' shares can disrupt portfolio management, lead to higher operating costs, and cause other operating inefficiencies for the Funds. However, the Funds are also mindful that contractowners may have valid reasons for periodically purchasing and redeeming from an investment account that holds Fund shares.

Accordingly, the Funds have adopted a Frequent Trading Policy that seeks to balance the Funds' need to prevent excessive trading in Fund shares while offering contractowners the flexibility in managing their financial affairs to make periodic purchases and redemptions from investment accounts that hold Fund shares.

The Funds' Frequent Trading Policy generally limits a contractowner to two "round trip" trades in a 60-day period. A "round trip" is the purchase and subsequent redemption from an investment account that holds Fund shares, including exchange transactions, or a redemption and then subsequent purchase in an investment account that holds Fund shares, including exchange transactions. Upon completion of a second round trip, the account will not be permitted to exchange in or purchase additional shares for a period of 90 days.

The Funds receive certain share purchase and redemption orders through separate accounts and third-party financial intermediaries, some of whom rely on the use of omnibus accounts. A separate account or an omnibus account typically includes multiple investors and provides the Funds only with a net purchase or redemption amount on any given day where multiple purchases, redemptions and exchanges of shares occur in the account. The identity of individual purchasers, redeemers and exchangers whose orders are aggregated in separate accounts or omnibus accounts, and the size of their orders, will generally not be known by the Funds. Despite the Funds' efforts to detect and

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prevent frequent trading, the Funds may be unable to identify frequent trading because the netting effect in separate accounts and omnibus accounts often makes it more difficult to identify frequent traders. Nuveen Securities has entered into agreements with insurance companies and financial intermediaries that maintain separate accounts or omnibus accounts with the Funds' transfer agent. Under the terms of these agreements, the insurance companies or financial intermediaries undertake to cooperate with Nuveen Securities in monitoring purchase, exchange and redemption orders by contractowners in order to detect and prevent frequent trading in the Funds through such accounts. Pursuant to these agreements, insurance companies or financial intermediaries may disclose to a Fund a contractowner's taxpayer identification number and a record of the contractowner's transactions at the request of the Fund. Technical limitations in operational systems at such insurance companies or intermediaries or at Nuveen Securities may also limit the Funds' ability to detect and prevent frequent trading. In addition, the Funds may permit certain insurance companies or financial intermediaries, including broker-dealer and retirement plan administrators, among others, to enforce their own internal policies and procedures concerning frequent trading. Such policies may differ from the Funds' Frequent Trading Policy and may be approved for use in instances where the Funds reasonably believe that the insurance company's or intermediary's policies and procedures effectively discourage inappropriate trading activity. Contractowners holding their accounts with such insurance companies or intermediaries may wish to contact them for information regarding their frequent trading policy. Although the Funds do not knowingly permit frequent trading, they cannot guarantee that they will be able to identify and restrict all frequent trading activity.

The Funds reserve the right in their sole discretion to waive unintentional or minor violations (including transactions below certain dollar thresholds) if they determine that doing so would not harm the interests of contractowners. In addition, certain categories of redemptions may be excluded from the application of the Frequent Trading Policy, as described in more detail in the SAI. These include, among others, redemptions pursuant to systematic withdrawal plans, redemptions in connection with the total disability or death of the investor, involuntary redemptions by operation of law, redemptions in payment of account or plan fees, certain transactions made within a separate account and certain redemptions by retirement plans, including redemptions in connection with qualifying loans or hardship withdrawals, termination of plan participation, return of excess contributions, and required minimum distributions. The Funds may also modify or suspend the Frequent Trading Policy without notice during periods of market stress or other unusual circumstances.

The Funds reserve the right to impose restrictions on purchases or exchanges that are more restrictive than those stated above if they determine, in their sole discretion, that a transaction or a series of transactions involves market timing or excessive trading that may be detrimental to contractowners. The Funds also

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reserve the right to reject any purchase order, including exchange purchases, for any reason. For example, a Fund may refuse purchase orders if the Fund would be unable to invest the proceeds from the purchase order in accordance with the Fund's investment policies and/or objective, or if the Fund would be adversely affected by the size of the transaction, the frequency of trading in the account or various other factors. For more information about the Funds' Frequent Trading Policy and its enforcement, see "Purchase and Redemption of Fund Shares—Frequent Trading Policy" in the SAI.

### Note on SEC exemption
The SEC granted the Funds an exemption from certain provisions of the 1940 Act. The exemption permits shares of the Funds (as well as shares of the other series or portfolios of the Trust) to be offered as investment options for both variable annuity contracts and variable life insurance policies issued by TIAA, or by insurance companies affiliated or unaffiliated with TIAA, and to qualified plans. Due to differences in tax treatment or other considerations, the interests of various contractowners participating in the Funds and the interests of qualified plans or separate accounts investing in the Funds could potentially conflict. When the Funds rely upon this exemption, the Board of Trustees is required to monitor events in order to identify the existence of any material irreconcilable conflicts and to determine what action, if any, should be taken in response to any such conflict, and the Board has the right to require an insurance company to remove its assets from the Funds to resolve a material irreconcilable conflict.

### Offering, purchasing and redeeming shares
Shares of the Funds are not sold directly to you, but rather are sold in a continuous offering to insurance company separate accounts to fund variable annuity or other insurance contracts. The Money Market Fund reserves the right to suspend the right of shareholder redemption or postpone the date of payment for more than seven days to the extent permitted by law.

Your premiums under the contracts are placed in the appropriate investment account of the separate account, and the assets of the investment account are then invested in the shares of the Funds. The separate account purchases and redeems shares of a Fund at NAV without sales or redemption charges.

For each day on which a Fund's NAV is calculated, the separate account transmits to the Fund any orders to purchase or redeem shares of that Fund based on the purchase payments, redemption requests, death benefits, contract charges and transfer requests from contractowners and beneficiaries that have been processed on that day. The separate account purchases and redeems shares of a Fund at the Fund's NAV per share calculated as of that same day.

Each Fund typically expects to make payments of redemption proceeds by electronic funds transfer on the next Business Day following receipt of the

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redemption request in good order. Payment of redemption proceeds may take longer than the time a Fund typically expects and may take up to seven days as permitted by the 1940 Act. The Funds can postpone payment beyond seven days if: (a) the NYSE is closed for other than usual holidays or weekends, or trading on the NYSE is restricted; (b) an emergency exists as defined by the SEC, or when the SEC requires that trading be restricted; or (c) the SEC permits a delay for the protection of investors.

Each Fund typically will pay redemption proceeds using holdings of cash (including cash flows into the Funds) in the Fund's portfolio, or using the proceeds from sales of portfolio securities. The Funds also may meet redemption requests through overdrafts at the Funds' custodian, by borrowing under a credit agreement to which certain Funds are parties or by borrowing from certain other registered investment companies advised by Advisors or TCIM, including the Funds, under an inter-fund lending program maintained by the Funds and such other registered investment companies pursuant to exemptive relief granted by the SEC. These methods listed in the foregoing sentence are more likely to be used to meet large redemption requests or in times of stressed market conditions.

The receipt of any redemption proceeds may also depend upon your variable insurance contract. For a complete discussion of the redemption policy of your contract, please refer to the prospectus describing the contract.

### Additional information about index providers

#### Russell indices
Source: London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2026. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>," "Russell<sup>®</sup>" and "FTSE Russell<sup>®</sup>" are trademarks of the relevant LSE Group companies and are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

#### MSCI index
Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should

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not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)

#### Bloomberg index
Source: Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall not have any liability or responsibility for injury or damages arising in connection therewith.

#### Standard & Poor's Index
The S&P 500<sup>®</sup> Index is a product of S&P Dow Jones Indices LLC, a division of S&P Global, or its affiliates ("SPDJI"), and has been licensed for use by the Core Equity Fund and the Large Cap Responsible Equity Fund. Standard & Poor's<sup>®</sup> and S&P<sup>®</sup> are registered trademarks of Standard & Poor's Financial Services LLC, a division of S&P Global ("S&P"); Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"). It is not possible to invest directly in an index. The Fund is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P or any of their respective affiliates (collectively, "S&P Dow Jones Indices"). S&P Dow Jones Indices does not make any representation or warranty, express or implied, to the owners of the Fund or any member of the public regarding the advisability of investing in securities generally or in the Fund particularly or the ability of the S&P 500 Index to track general market performance. Past performance of an index is not an indication or guarantee of future results. S&P Dow Jones Indices' only relationship to the Fund with respect to the S&P 500 Index is the licensing of the Index and certain trademarks, service marks and/or trade names of S&P Dow Jones Indices and/or its licensors. The S&P 500 Index is determined, composed and calculated by S&P Dow Jones Indices without regard to the Fund. S&P Dow Jones Indices has no obligation to take the needs of the Fund or the owners of the Fund into consideration in determining, composing or calculating the S&P 500 Index. S&P

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Dow Jones Indices is not responsible for and has not participated in the determination of the prices, and amount of the Fund or the timing of the issuance or sale of Fund shares or in the determination or calculation of the equation by which Fund shares are to be converted into cash, surrendered or redeemed, as the case may be. S&P Dow Jones Indices has no obligation or liability in connection with the administration, marketing or trading of the Fund. There is no assurance that investment products based on the S&P 500 Index will accurately track index performance or provide positive investment returns. S&P Dow Jones Indices LLC is not an investment or tax advisor. A tax advisor should be consulted to evaluate the impact of any tax-exempt securities on portfolios and the tax consequences of making any particular investment decision. Inclusion of a security within an index is not a recommendation by S&P Dow Jones Indices to buy, sell, or hold such security, nor is it considered to be investment advice.

s&p dow jones indices does not guarantee the adequacy, accuracy, timeliness and/or the completeness of the s&p 500 index or any data related thereto or any communication, including but not limited to, oral or written communication (including electronic communications) with respect thereto. s&p dow jones indices shall not be subject to any damages or liability for any errors, omissions, or delays therein. s&p dow jones indices makes no express or implied warranties, and expressly disclaims all warranties, of merchantability or fitness for a particular purpose or use or as to results to be obtained by the Fund, owners of the Fund, or any other person or entity from the use of the s&p 500 index or with respect to any data related thereto. without limiting any of the foregoing, in no event whatsoever shall s&p dow jones indices be liable for any indirect, special, incidental, punitive, or consequential damages including but not limited to, loss of profits, trading losses, lost time or goodwill, even if they have been advised of the possibility of such damages, whether in contract, tort, strict liability, or otherwise. there are no third party beneficiaries of any agreements or arrangements between s&p dow jones indices and the Fund, other than the licensors of s&p dow jones indices.

#### Morningstar index©2026 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

#### FTSE Index
Source: FTSE International Limited ("FTSE")© FTSE 2026. "FTSE<sup>®</sup>" is a trademark of the London Stock Exchange Group companies and is used by FTSE International Limited under license. "Nareit<sup>®</sup>" is a trademark of the National Association of Real Estate Investment Trusts ("Nareit"). All intellectual property rights in the Index vest in FTSE and Nareit. Neither FTSE nor its licensors accept

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any liability for any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE's express written consent.

### A dditional information about the Trust and the Board of Trustees
A trustee of the Trust (a "Trustee") who is not an "interested person" of the Trust for purposes of the 1940 Act is deemed to be independent and disinterested when taking action as a Trustee. The Trustees oversee the management of the Trust and each of the Funds on behalf of the Trust, and not on behalf of individual owners of shares of beneficial interest in the Trust. The Trustees, on behalf of the Trust, approve certain service agreements with Advisors and certain other service providers in order to procure necessary or desirable services on behalf of the Trust and the Funds. Shareholders are not third-party beneficiaries of such service agreements. Neither this Prospectus nor any other communication from or on behalf of the Trust creates a contract between a shareholder of a Fund and the Trust, a Fund and/or the Trustees. The Trustees and Trust management may amend this Prospectus and interpret the investment objective, policies and restrictions applicable to any Fund without shareholder input or approval, except as otherwise provided by law or as disclosed by the Trust.

### Glossary
**Code:** The Internal Revenue Code of 1986, as amended, including any applicable regulations and Revenue Rulings.

**Duration:** Duration is a measure of volatility in the price of a bond in response to a change in prevailing interest rates, with a longer duration indicating more volatility. It can be understood as the weighted average of the time to each coupon and principal payment of such a security. For an investment portfolio of fixed-income securities, duration is the weighted average of each security's duration. For example, the price of a bond with a duration of two years will rise (fall) two percent for every one percent decrease (increase) in its interest rate.

**Equity Investments:** Primarily, common stocks; preferred securities; warrants to purchase common stocks and preferred securities; convertible debt securities that are either in the money or immediately convertible into common stocks or preferred securities; common and preferred securities issued by master limited partnerships and real estate investment trusts; depositary receipts; and other securities with equity characteristics.

**Fixed-Income or Fixed-Income Investments:** Primarily, bonds and notes (such as corporate and government debt obligations), mortgage-backed securities, asset-backed securities, structured securities that generally pay fixed or variable rates of interest, and loans and loan participations; debt obligations

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issued at a discount from face value (i.e., that have an imputed rate of interest); non-interest-bearing debt securities (i.e., zero coupon bonds); and other non-equity securities that pay dividends.

**Foreign Investments:** Foreign investments may include securities of foreign issuers, securities or contracts traded or acquired in non-U.S. markets or on non-U.S. exchanges, or securities or contracts payable or denominated in non-U.S. currencies. Obligations issued by U.S. companies in non-U.S. currencies are not considered to be foreign investments.

**Foreign Issuers:** Foreign issuers generally include (1) companies whose securities are principally traded outside of the United States, (2) companies having their principal business operations outside of the United States,

(3) companies organized outside the United States, and (4) foreign governments and agencies or instrumentalities of foreign governments.

**Investment-Grade:** A fixed-income security is investment-grade if it is rated in the four highest categories by a nationally recognized statistical rating organization ("NRSRO") or an unrated security that Advisors determines is of comparable quality.

**U.S. Government Securities:** Securities issued or guaranteed by the U.S. Government or its agencies or instrumentalities.

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### Financial highlights
The Financial highlights tables are intended to help you understand the financial performance of the Funds for the past five years. Certain information reflects financial results for a single share of a Fund. The total returns in the tables show the rates that an investor would have earned or lost on an investment in a Fund (assuming reinvestment of all dividends and distributions). The information does not reflect charges and fees associated with a separate account that invests in a Fund or any annuity or insurance contract for which a Fund is an investment option.

PricewaterhouseCoopers LLP serves as the Funds' independent registered public accounting firm and has audited the financial statements of each of the Funds for each of the periods presented. Its report appears in the Funds' annual financial statements filed on Form N-CSR, which is available without charge upon request by visiting the Funds' website at www.nuveen.com, by visiting the SEC's website at www.sec.gov or by calling 800-257-8787.

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***Financial highlights***

#### Nuveen Life Growth Equity Fund

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Selected per share data** | **Selected per share data** |  |  |  |  |
|  | |  | **Gain (loss) from investment operations** | **Gain (loss) from investment operations** | **Gain (loss) from investment operations** |  |  |
|  | |  |  |  |  | **Less distributions from** | **Less distributions from** |
|  | <br>**For the <br>year <br>ended** | **Net asset <br>value, <br>beginning <br>of period** | **Net <br>investment <br>income <br>(loss)** | **Net realized & unrealized <br>gain (loss) <br>on total <br>investments** | **Total gain (loss) from <br>investment <br>operations** | **Net <br>investment <br>income** | **Net <br>realized <br>gains** |
|  | 12/31/25 | $22.89 | $0.01 | $3.48 | $3.49 | $(0.02 | $(0.60 |
|  | 12/31/24 | 17.89 | 0.01 | 5.04 | 5.05 | (0.05 |  |
|  | 12/31/23 | 12.25 | 0.05 | 5.63 | 5.68 | (0.04 |  |
|  | 12/31/22 | 20.88 | 0.04 | (6.92 | (6.88 |  | (1.75 |
|  | 12/31/21 | 21.88 | (0.02 | 3.55 | 3.53 | (0.06 | (4.47 |
| <sup>a</sup> | Based on average shares outstanding. | Based on average shares outstanding. | Based on average shares outstanding. | Based on average shares outstanding. | Based on average shares outstanding. | Based on average shares outstanding. | Based on average shares outstanding. |
| <sup>b</sup> | Total returns are not annualized. | Total returns are not annualized. | Total returns are not annualized. | Total returns are not annualized. | Total returns are not annualized. | Total returns are not annualized. | Total returns are not annualized. |
| <sup>u</sup> | Includes voluntary compensation from Advisors.  | Includes voluntary compensation from Advisors.  | Includes voluntary compensation from Advisors.  | Includes voluntary compensation from Advisors.  | Includes voluntary compensation from Advisors.  | Includes voluntary compensation from Advisors.  | Includes voluntary compensation from Advisors.  |
| <sup>††</sup> | Total returns for the shares of the Fund do not include the effect of expenses attributable to the variable annuity or variable life insurance product; if they did, returns for the shares of the Fund would have been lower. | Total returns for the shares of the Fund do not include the effect of expenses attributable to the variable annuity or variable life insurance product; if they did, returns for the shares of the Fund would have been lower. | Total returns for the shares of the Fund do not include the effect of expenses attributable to the variable annuity or variable life insurance product; if they did, returns for the shares of the Fund would have been lower. | Total returns for the shares of the Fund do not include the effect of expenses attributable to the variable annuity or variable life insurance product; if they did, returns for the shares of the Fund would have been lower. | Total returns for the shares of the Fund do not include the effect of expenses attributable to the variable annuity or variable life insurance product; if they did, returns for the shares of the Fund would have been lower. | Total returns for the shares of the Fund do not include the effect of expenses attributable to the variable annuity or variable life insurance product; if they did, returns for the shares of the Fund would have been lower. | Total returns for the shares of the Fund do not include the effect of expenses attributable to the variable annuity or variable life insurance product; if they did, returns for the shares of the Fund would have been lower. |

---

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*(continued)*

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Ratios and supplemental data** | **Ratios and supplemental data** | **Ratios and supplemental data** |  | |
| | | |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | |
| <br>**Total <br>dividends <br>and <br>distributions** | <br>**Net asset <br>value, <br>end of <br>period** | <br>**Total <br>return** | **<br>Net assets <br>at end of <br>period <br>(in thousands)** | **Gross <br>expenses** | **Net <br>expenses** | **Net <br>investment <br>income <br>(loss)** | <br>**Portfolio <br>turnover <br>rate** |
| $(0.62) | $25.76 | 15.30% | $201084 | 0.52% | 0.52% | 0.03% | 41% |
| (0.05) | 22.89 | 28.26 | 188329 | 0.52 | 0.52 | 0.07 | 33 |
| (0.04) | 17.89 | 46.42 | 157469 | 0.53 | 0.52 | 0.32 | 46 |
| (1.75) | 12.25 | (32.92) | 114369 | 0.56 | 0.52 | 0.27 | 52 |
| (4.53) | 20.88 | 16.16 | 177066 | 0.52 | 0.52 | (0.09) | 56 |

---

Nuveen Life Funds ■ **Prospectus** &nbsp;&nbsp;&nbsp;&nbsp;151

------

***Financial highlights***

#### Nuveen Life Core Equity Fund

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Selected per share data** | **Selected per share data** |  |  |  |  |  |
|  | |  | **Gain (loss) from investment operations** | **Gain (loss) from investment operations** | **Gain (loss) from investment operations** | **Gain (loss) from investment operations** |  |  |
|  | |  |  |  |  |  | **Less distributions from** | **Less distributions from** |
|  | <br>**For the <br>year <br>ended** | **Net asset <br>value, <br>beginning <br>of period** | **Net <br>investment <br>income <br>(loss)** | **<sup>a</sup>**  | **Net realized & unrealized <br>gain (loss) <br>on total <br>investments** | **Total gain (loss) from <br>investment <br>operations** | **Net <br>investment <br>income** | **Net <br>realized <br>gains** |
|  | 12/31/25 | $22.41 | $0.12 |  | $2.86 | $2.98 | $(0.21 | $(2.99 |
|  | 12/31/24 | 18.12 | 0.19 |  | 5.01 | 5.20 | (0.18 | (0.73 |
|  | 12/31/23 | 17.53 | 0.19 |  | 5.08 | 5.27 | (0.23 | (4.45 |
|  | 12/31/22 | 26.06 | 0.23 |  | (6.11 | (5.88 | (0.17 | (2.48 |
|  | 12/31/21 | 21.40 | 0.15 |  | 5.19 | 5.34 | (0.19 | (0.49 |
| <sup>a</sup> | Based on average shares outstanding. | Based on average shares outstanding. | Based on average shares outstanding. | Based on average shares outstanding. | Based on average shares outstanding. | Based on average shares outstanding. | Based on average shares outstanding. | Based on average shares outstanding. |
| <sup>b</sup> | Total returns are not annualized. | Total returns are not annualized. | Total returns are not annualized. | Total returns are not annualized. | Total returns are not annualized. | Total returns are not annualized. | Total returns are not annualized. | Total returns are not annualized. |
| <sup>u</sup> | Includes voluntary compensation from Advisors.  | Includes voluntary compensation from Advisors.  | Includes voluntary compensation from Advisors.  | Includes voluntary compensation from Advisors.  | Includes voluntary compensation from Advisors.  | Includes voluntary compensation from Advisors.  | Includes voluntary compensation from Advisors.  | Includes voluntary compensation from Advisors.  |
| <sup>††</sup> | Total returns for the shares of the Fund do not include the effect of expenses attributable to the variable annuity or variable life insurance product; if they did, returns for the shares of the Fund would have been lower. | Total returns for the shares of the Fund do not include the effect of expenses attributable to the variable annuity or variable life insurance product; if they did, returns for the shares of the Fund would have been lower. | Total returns for the shares of the Fund do not include the effect of expenses attributable to the variable annuity or variable life insurance product; if they did, returns for the shares of the Fund would have been lower. | Total returns for the shares of the Fund do not include the effect of expenses attributable to the variable annuity or variable life insurance product; if they did, returns for the shares of the Fund would have been lower. | Total returns for the shares of the Fund do not include the effect of expenses attributable to the variable annuity or variable life insurance product; if they did, returns for the shares of the Fund would have been lower. | Total returns for the shares of the Fund do not include the effect of expenses attributable to the variable annuity or variable life insurance product; if they did, returns for the shares of the Fund would have been lower. | Total returns for the shares of the Fund do not include the effect of expenses attributable to the variable annuity or variable life insurance product; if they did, returns for the shares of the Fund would have been lower. | Total returns for the shares of the Fund do not include the effect of expenses attributable to the variable annuity or variable life insurance product; if they did, returns for the shares of the Fund would have been lower. |

---

152&nbsp;&nbsp;&nbsp;&nbsp; **Prospectus** ■ Nuveen Life Funds

------

*(continued)*

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Ratios and supplemental data** | **Ratios and supplemental data** | **Ratios and supplemental data** | **Ratios and supplemental data** |  |  | |  |  |
| | | |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | |  |  |
| <br>**Total <br>dividends <br>and <br>distributions** | <br>**Net asset <br>value, <br>end of <br>period** | <br>**Total <br>return** | **<br>Net assets <br>at end of <br>period <br>(in thousands)** | **Gross <br>expenses** | **Net <br>expenses** | **Net <br>expenses** | **Net <br>investment <br>income <br>(loss)** | **Net <br>investment <br>income <br>(loss)** | <br>**<sup>u</sup>**  | **Portfolio <br>turnover <br>rate** | **Portfolio <br>turnover <br>rate** |
| $(3.20) | $22.19 | 13.80% | $221476 | 0.51 | % | 0.51 | % | 0.55 | % | % | 103% |
| (0.91) | 22.41 | 28.83 | 216630 | 0.51 |  | 0.51 |  | 0.87 |  |  | 43 |
| (4.68) | 18.12 | 32.93 | 183718 | 0.53 |  | 0.51 |  | 1.02 |  |  | 46 |
| (2.65) | 17.53 | (22.24) | 147881 | 0.54 |  | 0.52 |  | 1.07 |  |  | 123 |
| (0.68) | 26.06 | 25.17 | 210649 | 0.52 |  | 0.52 |  | 0.63 |  |  | 63 |

---

Nuveen Life Funds ■ **Prospectus** &nbsp;&nbsp;&nbsp;&nbsp;153

------

***Financial highlights***

#### Nuveen Life International Equity Fund

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Selected per share data** | **Selected per share data** |  |  |  |  |  |
|  | |  | **Gain (loss) from investment operations** | **Gain (loss) from investment operations** | **Gain (loss) from investment operations** | **Gain (loss) from investment operations** |  |  |
|  | |  |  |  |  |  | **Less distributions from** | **Less distributions from** |
|  | <br>**For the <br>year <br>ended** | **Net asset <br>value, <br>beginning <br>of period** | **Net <br>investment <br>income <br>(loss)** | **<sup>a</sup>**  | **Net realized & unrealized <br>gain (loss) <br>on total <br>investments** | **Total gain (loss) from <br>investment <br>operations** | **Net <br>investment <br>income** | **Net <br>realized <br>gains** |
|  | 12/31/25 | $9.37 | $0.24 |  | $2.78 | $3.02 | $(0.20 | $— |
|  | 12/31/24 | 9.24 | 0.20 |  | 0.15 | 0.35 | (0.22 |  |
|  | 12/31/23 | 8.11 | 0.21 |  | 1.11 | 1.32 | (0.19 |  |
|  | 12/31/22 | 10.11 | 0.21 |  | (1.94 | (1.73 | (0.27 |  |
|  | 12/31/21 | 9.22 | 0.27 |  | 0.73 | 1.00 | (0.11 |  |
| <sup>a</sup> | Based on average shares outstanding. | Based on average shares outstanding. | Based on average shares outstanding. | Based on average shares outstanding. | Based on average shares outstanding. | Based on average shares outstanding. | Based on average shares outstanding. | Based on average shares outstanding. |
| <sup>b</sup> | Total returns are not annualized. | Total returns are not annualized. | Total returns are not annualized. | Total returns are not annualized. | Total returns are not annualized. | Total returns are not annualized. | Total returns are not annualized. | Total returns are not annualized. |
| <sup>u</sup> | Includes voluntary compensation from Advisors.  | Includes voluntary compensation from Advisors.  | Includes voluntary compensation from Advisors.  | Includes voluntary compensation from Advisors.  | Includes voluntary compensation from Advisors.  | Includes voluntary compensation from Advisors.  | Includes voluntary compensation from Advisors.  | Includes voluntary compensation from Advisors.  |
| <sup>††</sup> | Total returns for the shares of the Fund do not include the effect of expenses attributable to the variable annuity or variable life insurance product; if they did, returns for the shares of the Fund would have been lower. | Total returns for the shares of the Fund do not include the effect of expenses attributable to the variable annuity or variable life insurance product; if they did, returns for the shares of the Fund would have been lower. | Total returns for the shares of the Fund do not include the effect of expenses attributable to the variable annuity or variable life insurance product; if they did, returns for the shares of the Fund would have been lower. | Total returns for the shares of the Fund do not include the effect of expenses attributable to the variable annuity or variable life insurance product; if they did, returns for the shares of the Fund would have been lower. | Total returns for the shares of the Fund do not include the effect of expenses attributable to the variable annuity or variable life insurance product; if they did, returns for the shares of the Fund would have been lower. | Total returns for the shares of the Fund do not include the effect of expenses attributable to the variable annuity or variable life insurance product; if they did, returns for the shares of the Fund would have been lower. | Total returns for the shares of the Fund do not include the effect of expenses attributable to the variable annuity or variable life insurance product; if they did, returns for the shares of the Fund would have been lower. | Total returns for the shares of the Fund do not include the effect of expenses attributable to the variable annuity or variable life insurance product; if they did, returns for the shares of the Fund would have been lower. |

---

154&nbsp;&nbsp;&nbsp;&nbsp; **Prospectus** ■ Nuveen Life Funds

------

*(continued)*

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Ratios and supplemental data** | **Ratios and supplemental data** | **Ratios and supplemental data** | **Ratios and supplemental data** |  |  | |  |  |
| | | |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | |  |  |
| <br>**Total <br>dividends <br>and <br>distributions** | <br>**Net asset <br>value, <br>end of <br>period** | <br>**Total <br>return** | **<br>Net assets <br>at end of <br>period <br>(in thousands)** | **Gross <br>expenses** | **Net <br>expenses** | **Net <br>expenses** | **Net <br>investment <br>income <br>(loss)** | **Net <br>investment <br>income <br>(loss)** | <br>**<sup>u</sup>**  | **Portfolio <br>turnover <br>rate** | **Portfolio <br>turnover <br>rate** |
| $(0.20) | $12.19 | 32.44% | $187533 | 0.61 | % | 0.60 | % | 2.21 | % | % | 23% |
| (0.22) | 9.37 | 3.64 | 145322 | 0.61 |  | 0.60 |  | 2.00 |  |  | 9 |
| (0.19) | 9.24 | 16.41 | 139663 | 0.61 |  | 0.60 |  | 2.41 |  |  | 21 |
| (0.27) | 8.11 | (16.70) | 121540 | 0.63 |  | 0.60 |  | 2.50 |  |  | 23 |
| (0.11) | 10.11 | 10.84 | 143490 | 0.61 |  | 0.60 |  | 2.71 |  |  | 22 |

---

Nuveen Life Funds ■ **Prospectus** &nbsp;&nbsp;&nbsp;&nbsp;155

------

***Financial highlights***

#### Nuveen Life Large Cap Value Fund

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Selected per share data** | **Selected per share data** |  |  |  |  |  |
|  | |  | **Gain (loss) from investment operations** | **Gain (loss) from investment operations** | **Gain (loss) from investment operations** | **Gain (loss) from investment operations** |  |  |
|  | |  |  |  |  |  | **Less distributions from** | **Less distributions from** |
|  | <br>**For the <br>year <br>ended** | **Net asset <br>value, <br>beginning <br>of period** | **Net <br>investment <br>income <br>(loss)** | **<sup>a</sup>**  | **Net realized & unrealized <br>gain (loss) <br>on total <br>investments** | **Total gain (loss) from <br>investment <br>operations** | **Net <br>investment <br>income** | **Net <br>realized <br>gains** |
|  | 12/31/25 | $19.46 | $0.28 |  | $3.00 | $3.28 | $(0.31 | $(1.46 |
|  | 12/31/24 | 18.38 | 0.29 |  | 2.44 | 2.73 | (0.32 | (1.33 |
|  | 12/31/23 | 16.60 | 0.29 |  | 2.04 | 2.33 | (0.29 | (0.26 |
|  | 12/31/22 | 19.02 | 0.27 |  | (1.73 | (1.46 | (0.23 | (0.73 |
|  | 12/31/21 | 15.20 | 0.21 |  | 3.85 | 4.06 | (0.24 |  |
| <sup>a</sup> | Based on average shares outstanding. | Based on average shares outstanding. | Based on average shares outstanding. | Based on average shares outstanding. | Based on average shares outstanding. | Based on average shares outstanding. | Based on average shares outstanding. | Based on average shares outstanding. |
| <sup>b</sup> | Total returns are not annualized. | Total returns are not annualized. | Total returns are not annualized. | Total returns are not annualized. | Total returns are not annualized. | Total returns are not annualized. | Total returns are not annualized. | Total returns are not annualized. |
| <sup>u</sup> | Includes voluntary compensation from Advisors.  | Includes voluntary compensation from Advisors.  | Includes voluntary compensation from Advisors.  | Includes voluntary compensation from Advisors.  | Includes voluntary compensation from Advisors.  | Includes voluntary compensation from Advisors.  | Includes voluntary compensation from Advisors.  | Includes voluntary compensation from Advisors.  |
| <sup>††</sup> | Total returns for the shares of the Fund do not include the effect of expenses attributable to the variable annuity or variable life insurance product; if they did, returns for the shares of the Fund would have been lower. | Total returns for the shares of the Fund do not include the effect of expenses attributable to the variable annuity or variable life insurance product; if they did, returns for the shares of the Fund would have been lower. | Total returns for the shares of the Fund do not include the effect of expenses attributable to the variable annuity or variable life insurance product; if they did, returns for the shares of the Fund would have been lower. | Total returns for the shares of the Fund do not include the effect of expenses attributable to the variable annuity or variable life insurance product; if they did, returns for the shares of the Fund would have been lower. | Total returns for the shares of the Fund do not include the effect of expenses attributable to the variable annuity or variable life insurance product; if they did, returns for the shares of the Fund would have been lower. | Total returns for the shares of the Fund do not include the effect of expenses attributable to the variable annuity or variable life insurance product; if they did, returns for the shares of the Fund would have been lower. | Total returns for the shares of the Fund do not include the effect of expenses attributable to the variable annuity or variable life insurance product; if they did, returns for the shares of the Fund would have been lower. | Total returns for the shares of the Fund do not include the effect of expenses attributable to the variable annuity or variable life insurance product; if they did, returns for the shares of the Fund would have been lower. |

---

156&nbsp;&nbsp;&nbsp;&nbsp; **Prospectus** ■ Nuveen Life Funds

------

*(continued)*

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Ratios and supplemental data** | **Ratios and supplemental data** | **Ratios and supplemental data** | **Ratios and supplemental data** |  |  | |  |  |
| | | |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | |  |  |
| <br>**Total <br>dividends <br>and <br>distributions** | <br>**Net asset <br>value, <br>end of <br>period** | <br>**Total <br>return** | **<br>Net assets <br>at end of <br>period <br>(in thousands)** | **Gross <br>expenses** | **Net <br>expenses** | **Net <br>expenses** | **Net <br>investment <br>income <br>(loss)** | **Net <br>investment <br>income <br>(loss)** | <br>**<sup>u</sup>**  | **Portfolio <br>turnover <br>rate** | **Portfolio <br>turnover <br>rate** |
| $(1.77) | $20.97 | 17.23% | $91647 | 0.60 | % | 0.52 | % | 1.38 | % | % | 27% |
| (1.65) | 19.46 | 14.78 | 81308 | 0.60 |  | 0.52 |  | 1.45 |  |  | 17 |
| (0.55) | 18.38 | 14.30 | 80405 | 0.60 |  | 0.52 |  | 1.70 |  |  | 25 |
| (0.96) | 16.60 | (7.10) | 77516 | 0.60 |  | 0.52 |  | 1.55 |  |  | 23 |
| (0.24) | 19.02 | 26.85 | 91789 | 0.58 |  | 0.52 |  | 1.19 |  |  | 27 |

---

Nuveen Life Funds ■ **Prospectus** &nbsp;&nbsp;&nbsp;&nbsp;157

------

***Financial highlights***

#### Nuveen Life Real Estate Securities Select Fund

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Selected per share data** | **Selected per share data** |  |  |  |  |  |
|  | |  | **Gain (loss) from investment operations** | **Gain (loss) from investment operations** | **Gain (loss) from investment operations** | **Gain (loss) from investment operations** |  |  |
|  | |  |  |  |  |  | **Less distributions from** | **Less distributions from** |
|  | <br>**For the <br>year <br>ended** | **Net asset <br>value, <br>beginning <br>of period** | **Net <br>investment <br>income <br>(loss)** | **<sup>a</sup>**  | **Net realized & unrealized <br>gain (loss) <br>on total <br>investments** | **Total gain (loss) from <br>investment <br>operations** | **Net <br>investment <br>income** | **Net <br>realized <br>gains** |
|  | 12/31/25 | $13.93 | $0.35 |  | $(0.09 | $0.26 | $(0.40 | $(0.36 |
|  | 12/31/24 | 13.65 | 0.35 |  | 0.33 | 0.68 | (0.40 |  |
|  | 12/31/23 | 12.54 | 0.35 |  | 1.10 | 1.45 | (0.34 |  |
|  | 12/31/22 | 19.94 | 0.33 |  | (6.04 | (5.71 | (0.25 | (1.44 |
|  | 12/31/21 | 14.53 | 0.23 |  | 5.48 | 5.71 | (0.26 | (0.04 |
| <sup>a</sup> | Based on average shares outstanding. | Based on average shares outstanding. | Based on average shares outstanding. | Based on average shares outstanding. | Based on average shares outstanding. | Based on average shares outstanding. | Based on average shares outstanding. | Based on average shares outstanding. |
| <sup>b</sup> | Total returns are not annualized. | Total returns are not annualized. | Total returns are not annualized. | Total returns are not annualized. | Total returns are not annualized. | Total returns are not annualized. | Total returns are not annualized. | Total returns are not annualized. |
| <sup>u</sup> | Includes voluntary compensation from Advisors.  | Includes voluntary compensation from Advisors.  | Includes voluntary compensation from Advisors.  | Includes voluntary compensation from Advisors.  | Includes voluntary compensation from Advisors.  | Includes voluntary compensation from Advisors.  | Includes voluntary compensation from Advisors.  | Includes voluntary compensation from Advisors.  |
| <sup>††</sup> | Total returns for the shares of the Fund do not include the effect of expenses attributable to the variable annuity or variable life insurance product; if they did, returns for the shares of the Fund would have been lower. | Total returns for the shares of the Fund do not include the effect of expenses attributable to the variable annuity or variable life insurance product; if they did, returns for the shares of the Fund would have been lower. | Total returns for the shares of the Fund do not include the effect of expenses attributable to the variable annuity or variable life insurance product; if they did, returns for the shares of the Fund would have been lower. | Total returns for the shares of the Fund do not include the effect of expenses attributable to the variable annuity or variable life insurance product; if they did, returns for the shares of the Fund would have been lower. | Total returns for the shares of the Fund do not include the effect of expenses attributable to the variable annuity or variable life insurance product; if they did, returns for the shares of the Fund would have been lower. | Total returns for the shares of the Fund do not include the effect of expenses attributable to the variable annuity or variable life insurance product; if they did, returns for the shares of the Fund would have been lower. | Total returns for the shares of the Fund do not include the effect of expenses attributable to the variable annuity or variable life insurance product; if they did, returns for the shares of the Fund would have been lower. | Total returns for the shares of the Fund do not include the effect of expenses attributable to the variable annuity or variable life insurance product; if they did, returns for the shares of the Fund would have been lower. |

---

158&nbsp;&nbsp;&nbsp;&nbsp; **Prospectus** ■ Nuveen Life Funds

------

*(continued)*

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Ratios and supplemental data** | **Ratios and supplemental data** | **Ratios and supplemental data** | **Ratios and supplemental data** |  |  | |  |  |
| | | |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | |  |  |
| <br>**Total <br>dividends <br>and <br>distributions** | <br>**Net asset <br>value, <br>end of <br>period** | <br>**Total <br>return** | **<br>Net assets <br>at end of <br>period <br>(in thousands)** | **Gross <br>expenses** | **Net <br>expenses** | **Net <br>expenses** | **Net <br>investment <br>income <br>(loss)** | **Net <br>investment <br>income <br>(loss)** | <br>**<sup>u</sup>**  | **Portfolio <br>turnover <br>rate** | **Portfolio <br>turnover <br>rate** |
| $(0.76) | $13.43 | 1.86% | $60287 | 0.68 | % | 0.57 | % | 2.55 | % | % | 29% |
| (0.40) | 13.93 | 4.78 | 64711 | 0.66 |  | 0.57 |  | 2.55 |  |  | 30 |
| (0.34) | 13.65 | 12.01 | 70453 | 0.65 |  | 0.57 |  | 2.76 |  |  | 9 |
| (1.69) | 12.54 | (28.62) | 71123 | 0.63 |  | 0.57 |  | 2.09 |  |  | 33 |
| (0.30) | 19.94 | 39.53 | 108168 | 0.61 |  | 0.57 |  | 1.37 |  |  | 38 |

---

Nuveen Life Funds ■ **Prospectus** &nbsp;&nbsp;&nbsp;&nbsp;159

------

***Financial highlights***

#### Nuveen Life Small Cap Equity Fund

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Selected per share data** | **Selected per share data** |  |  |  |  |  |
|  | |  | **Gain (loss) from investment operations** | **Gain (loss) from investment operations** | **Gain (loss) from investment operations** | **Gain (loss) from investment operations** |  |  |
|  | |  |  |  |  |  | **Less distributions from** | **Less distributions from** |
|  | <br>**For the <br>year <br>ended** | **Net asset <br>value, <br>beginning <br>of period** | **Net <br>investment <br>income <br>(loss)** | **<sup>a</sup>**  | **Net realized & unrealized <br>gain (loss) <br>on total <br>investments** | **Total gain (loss) from <br>investment <br>operations** | **Net <br>investment <br>income** | **Net <br>realized <br>gains** |
|  | 12/31/25 | $15.51 | $0.10 |  | $2.35 | $2.45 | $(0.17 | $(1.99 |
|  | 12/31/24 | 13.63 | 0.11 |  | 2.07 | 2.18 | (0.14 | (0.16 |
|  | 12/31/23 | 11.89 | 0.11 |  | 2.05 | 2.16 | (0.11 | (0.31 |
|  | 12/31/22 | 17.52 | 0.11 |  | (3.05 | (2.94 | (0.08 | (2.61 |
|  | 12/31/21 | 14.11 | 0.07 |  | 3.42 | 3.49 | (0.08 |  |
| <sup>a</sup> | Based on average shares outstanding. | Based on average shares outstanding. | Based on average shares outstanding. | Based on average shares outstanding. | Based on average shares outstanding. | Based on average shares outstanding. | Based on average shares outstanding. | Based on average shares outstanding. |
| <sup>b</sup> | Total returns are not annualized. | Total returns are not annualized. | Total returns are not annualized. | Total returns are not annualized. | Total returns are not annualized. | Total returns are not annualized. | Total returns are not annualized. | Total returns are not annualized. |
| <sup>††</sup> | Total returns for the shares of the Fund do not include the effect of expenses attributable to the variable annuity or variable life insurance product; if they did, returns for the shares of the Fund would have been lower. | Total returns for the shares of the Fund do not include the effect of expenses attributable to the variable annuity or variable life insurance product; if they did, returns for the shares of the Fund would have been lower. | Total returns for the shares of the Fund do not include the effect of expenses attributable to the variable annuity or variable life insurance product; if they did, returns for the shares of the Fund would have been lower. | Total returns for the shares of the Fund do not include the effect of expenses attributable to the variable annuity or variable life insurance product; if they did, returns for the shares of the Fund would have been lower. | Total returns for the shares of the Fund do not include the effect of expenses attributable to the variable annuity or variable life insurance product; if they did, returns for the shares of the Fund would have been lower. | Total returns for the shares of the Fund do not include the effect of expenses attributable to the variable annuity or variable life insurance product; if they did, returns for the shares of the Fund would have been lower. | Total returns for the shares of the Fund do not include the effect of expenses attributable to the variable annuity or variable life insurance product; if they did, returns for the shares of the Fund would have been lower. | Total returns for the shares of the Fund do not include the effect of expenses attributable to the variable annuity or variable life insurance product; if they did, returns for the shares of the Fund would have been lower. |

---

160&nbsp;&nbsp;&nbsp;&nbsp; **Prospectus** ■ Nuveen Life Funds

------

*(continued)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Ratios and supplemental data** | **Ratios and supplemental data** | **Ratios and supplemental data** | **Ratios and supplemental data** |  |  |  |  |
| | | |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |  |  |
| <br>**Total <br>dividends <br>and <br>distributions** | <br>**Net asset <br>value, <br>end of <br>period** | <br>**Total <br>return** | **<br>Net assets <br>at end of <br>period <br>(in thousands)** | **Gross <br>expenses** | **Net <br>expenses** | **Net <br>expenses** | **Net <br>investment <br>income <br>(loss)** | **Net <br>investment <br>income <br>(loss)** | **Portfolio <br>turnover <br>rate** | **Portfolio <br>turnover <br>rate** |
| $(2.16) | $15.80 | 16.40% | $74485 | 0.66 | % | 0.53 | % | 0.64 | % | 75% |
| (0.30) | 15.51 | 16.01 | 70147 | 0.63 |  | 0.53 |  | 0.71 |  | 83 |
| (0.42) | 13.63 | 18.65 | 65575 | 0.64 |  | 0.53 |  | 0.86 |  | 80 |
| (2.69) | 11.89 | (15.63) | 57667 | 0.66 |  | 0.53 |  | 0.78 |  | 73 |
| (0.08) | 17.52 | 24.76 | 74964 | 0.62 |  | 0.53 |  | 0.44 |  | 78 |

---

Nuveen Life Funds ■ **Prospectus** &nbsp;&nbsp;&nbsp;&nbsp;161

------

***Financial highlights***

#### Nuveen Life Large Cap Responsible Equity Fund

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Selected per share data** | **Selected per share data** |  |  |  |  |  |
|  | |  | **Gain (loss) from investment operations** | **Gain (loss) from investment operations** | **Gain (loss) from investment operations** | **Gain (loss) from investment operations** |  |  |
|  | |  |  |  |  |  | **Less distributions from** | **Less distributions from** |
|  | <br>**For the <br>year <br>ended** | **Net asset <br>value, <br>beginning <br>of period** | **Net <br>investment <br>income <br>(loss)** | **<sup>a</sup>**  | **Net realized & unrealized <br>gain (loss) <br>on total <br>investments** | **Total gain (loss) from <br>investment <br>operations** | **Net <br>investment <br>income** | **Net <br>realized <br>gains** |
|  | 12/31/25 | $20.73 | $0.23 |  | $3.15 | $3.38 | $(0.26 | $(2.57 |
|  | 12/31/24 | 18.72 | 0.23 |  | 3.14 | 3.37 | (0.31 | (1.05 |
|  | 12/31/23 | 15.98 | 0.29 |  | 3.20 | 3.49 | (0.25 | (0.50 |
|  | 12/31/22 | 22.74 | 0.26 |  | (4.50 | (4.24 | (0.24 | (2.28 |
|  | 12/31/21 | 18.67 | 0.23 |  | 4.64 | 4.87 | (0.23 | (0.57 |
| <sup>a</sup> | Based on average shares outstanding. | Based on average shares outstanding. | Based on average shares outstanding. | Based on average shares outstanding. | Based on average shares outstanding. | Based on average shares outstanding. | Based on average shares outstanding. | Based on average shares outstanding. |
| <sup>b</sup> | Total returns are not annualized. | Total returns are not annualized. | Total returns are not annualized. | Total returns are not annualized. | Total returns are not annualized. | Total returns are not annualized. | Total returns are not annualized. | Total returns are not annualized. |
| <sup>††</sup> | Total returns for the shares of the Fund do not include the effect of expenses attributable to the variable annuity or variable life insurance product; if they did, returns for the shares of the Fund would have been lower. | Total returns for the shares of the Fund do not include the effect of expenses attributable to the variable annuity or variable life insurance product; if they did, returns for the shares of the Fund would have been lower. | Total returns for the shares of the Fund do not include the effect of expenses attributable to the variable annuity or variable life insurance product; if they did, returns for the shares of the Fund would have been lower. | Total returns for the shares of the Fund do not include the effect of expenses attributable to the variable annuity or variable life insurance product; if they did, returns for the shares of the Fund would have been lower. | Total returns for the shares of the Fund do not include the effect of expenses attributable to the variable annuity or variable life insurance product; if they did, returns for the shares of the Fund would have been lower. | Total returns for the shares of the Fund do not include the effect of expenses attributable to the variable annuity or variable life insurance product; if they did, returns for the shares of the Fund would have been lower. | Total returns for the shares of the Fund do not include the effect of expenses attributable to the variable annuity or variable life insurance product; if they did, returns for the shares of the Fund would have been lower. | Total returns for the shares of the Fund do not include the effect of expenses attributable to the variable annuity or variable life insurance product; if they did, returns for the shares of the Fund would have been lower. |

---

162&nbsp;&nbsp;&nbsp;&nbsp; **Prospectus** ■ Nuveen Life Funds

------

*(continued)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Ratios and supplemental data** | **Ratios and supplemental data** | **Ratios and supplemental data** | **Ratios and supplemental data** |  |  |  |  |
| | | |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |  |  |
| <br>**Total <br>dividends <br>and <br>distributions** | <br>**Net asset <br>value, <br>end of <br>period** | <br>**Total <br>return** | **<br>Net assets <br>at end of <br>period <br>(in thousands)** | **Gross <br>expenses** | **Net <br>expenses** | **Net <br>expenses** | **Net <br>investment <br>income <br>(loss)** | **Net <br>investment <br>income <br>(loss)** | **Portfolio <br>turnover <br>rate** | **Portfolio <br>turnover <br>rate** |
| $(2.83) | $21.28 | 16.63% | $103238 | 0.29 | % | 0.22 | % | 1.06 | % | 34% |
| (1.36) | 20.73 | 18.02 | 97147 | 0.26 |  | 0.22 |  | 1.14 |  | 53 |
| (0.75) | 18.72 | 22.41 | 88968 | 0.29 |  | 0.22 |  | 1.69 |  | 27 |
| (2.52) | 15.98 | (17.83) | 77038 | 0.29 |  | 0.22 |  | 1.37 |  | 20 |
| (0.80) | 22.74 | 26.35 | 102130 | 0.26 |  | 0.22 |  | 1.09 |  | 31 |

---

Nuveen Life Funds ■ **Prospectus** &nbsp;&nbsp;&nbsp;&nbsp;163

------

***Financial highlights***

#### Nuveen Life Stock Index Fund

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Selected per share data** | **Selected per share data** |  |  |  |  |  |
|  | |  | **Gain (loss) from investment operations** | **Gain (loss) from investment operations** | **Gain (loss) from investment operations** | **Gain (loss) from investment operations** |  |  |
|  | |  |  |  |  |  | **Less distributions from** | **Less distributions from** |
|  | <br>**For the <br>year <br>ended** | **Net asset <br>value, <br>beginning <br>of period** | **Net <br>investment <br>income <br>(loss)** | **<sup>a</sup>**  | **Net realized & unrealized <br>gain (loss) <br>on total <br>investments** | **Total gain (loss) from <br>investment <br>operations** | **Net <br>investment <br>income** | **Net <br>realized <br>gains** |
|  | 12/31/25 | $47.11 | $0.58 |  | $7.36 | $7.94 | $(0.64 | $(2.22 |
|  | 12/31/24 | 39.17 | 0.56 |  | 8.67 | 9.23 | (0.62 | (0.67 |
|  | 12/31/23 | 31.88 | 0.57 |  | 7.58 | 8.15 | (0.53 | (0.33 |
|  | 12/31/22 | 41.02 | 0.52 |  | (8.44 | (7.92 | (0.47 | (0.75 |
|  | 12/31/21 | 33.13 | 0.46 |  | 8.00 | 8.46 | (0.47 | (0.10 |
| <sup>a</sup> | Based on average shares outstanding. | Based on average shares outstanding. | Based on average shares outstanding. | Based on average shares outstanding. | Based on average shares outstanding. | Based on average shares outstanding. | Based on average shares outstanding. | Based on average shares outstanding. |
| <sup>b</sup> | Total returns are not annualized. | Total returns are not annualized. | Total returns are not annualized. | Total returns are not annualized. | Total returns are not annualized. | Total returns are not annualized. | Total returns are not annualized. | Total returns are not annualized. |
| <sup>††</sup> | Total returns for the shares of the Fund do not include the effect of expenses attributable to the variable annuity or variable life insurance product; if they did, returns for the shares of the Fund would have been lower. | Total returns for the shares of the Fund do not include the effect of expenses attributable to the variable annuity or variable life insurance product; if they did, returns for the shares of the Fund would have been lower. | Total returns for the shares of the Fund do not include the effect of expenses attributable to the variable annuity or variable life insurance product; if they did, returns for the shares of the Fund would have been lower. | Total returns for the shares of the Fund do not include the effect of expenses attributable to the variable annuity or variable life insurance product; if they did, returns for the shares of the Fund would have been lower. | Total returns for the shares of the Fund do not include the effect of expenses attributable to the variable annuity or variable life insurance product; if they did, returns for the shares of the Fund would have been lower. | Total returns for the shares of the Fund do not include the effect of expenses attributable to the variable annuity or variable life insurance product; if they did, returns for the shares of the Fund would have been lower. | Total returns for the shares of the Fund do not include the effect of expenses attributable to the variable annuity or variable life insurance product; if they did, returns for the shares of the Fund would have been lower. | Total returns for the shares of the Fund do not include the effect of expenses attributable to the variable annuity or variable life insurance product; if they did, returns for the shares of the Fund would have been lower. |

---

164&nbsp;&nbsp;&nbsp;&nbsp; **Prospectus** ■ Nuveen Life Funds

------

*(continued)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Ratios and supplemental data** | **Ratios and supplemental data** | **Ratios and supplemental data** | **Ratios and supplemental data** |  |  |  |  |
| | | |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |  |  |
| <br>**Total <br>dividends <br>and <br>distributions** | <br>**Net asset <br>value, <br>end of <br>period** | <br>**Total <br>return** | **<br>Net assets <br>at end of <br>period <br>(in thousands)** | **Gross <br>expenses** | **Net <br>expenses** | **Net <br>expenses** | **Net <br>investment <br>income <br>(loss)** | **Net <br>investment <br>income <br>(loss)** | **Portfolio <br>turnover <br>rate** | **Portfolio <br>turnover <br>rate** |
| $(2.86) | $52.19 | 17.04% | $939753 | 0.08 | % | 0.08 | % | 1.19 | % | 2% |
| (1.29) | 47.11 | 23.67 | 874294 | 0.10 |  | 0.09 |  | 1.27 |  | 1 |
| (0.86) | 39.17 | 25.91 | 775547 | 0.08 |  | 0.08 |  | 1.60 |  | 1 |
| (1.22) | 31.88 | (19.18) | 653220 | 0.09 |  | 0.09 |  | 1.48 |  | 2 |
| (0.57) | 41.02 | 25.63 | 833428 | 0.08 |  | 0.08 |  | 1.22 |  | 3 |

---

Nuveen Life Funds ■ **Prospectus** &nbsp;&nbsp;&nbsp;&nbsp;165

------

***Financial highlights***

#### Nuveen Life Core Bond Fund

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Selected per share data** | **Selected per share data** |  |  |  |  |  | |
|  | |  | **Gain (loss) from investment operations** | **Gain (loss) from investment operations** | **Gain (loss) from investment operations** | **Gain (loss) from investment operations** |  |  | |
|  | |  |  |  |  |  | **Less distributions from** | **Less distributions from** | |
|  | <br>**For the <br>year <br>ended** | **Net asset <br>value, <br>beginning <br>of period** | **Net <br>investment <br>income <br>(loss)** | **<sup>a</sup>**  | **Net realized & unrealized <br>gain (loss) <br>on total <br>investments** | **Total gain (loss) from <br>investment <br>operations** | **Net <br>investment <br>income** | **Net <br>realized <br>gains** | <br>**Total <br>dividends <br>and <br>distributions** |
|  | 12/31/25 | $9.05 | $0.41 |  | $0.22 | $0.63 | $(0.39 | $— | $(0.39 |
|  | 12/31/24 | 9.15 | 0.40 |  | (0.14 | 0.26 | (0.36 |  | (0.36 |
|  | 12/31/23 | 8.89 | 0.37 |  | 0.17 | 0.54 | (0.28 |  | (0.28 |
|  | 12/31/22 | 10.56 | 0.27 |  | (1.67 | (1.40 | (0.21 | (0.06 | (0.27 |
|  | 12/31/21 | 11.10 | 0.22 |  | (0.33 | (0.11 | (0.25 | (0.18 | (0.43 |
| <sup>a</sup> | Based on average shares outstanding. | Based on average shares outstanding. | Based on average shares outstanding. | Based on average shares outstanding. | Based on average shares outstanding. | Based on average shares outstanding. | Based on average shares outstanding. | Based on average shares outstanding. | Based on average shares outstanding. |
| <sup>b</sup> | Total returns are not annualized. | Total returns are not annualized. | Total returns are not annualized. | Total returns are not annualized. | Total returns are not annualized. | Total returns are not annualized. | Total returns are not annualized. | Total returns are not annualized. | Total returns are not annualized. |
| <sup>††</sup> | Total returns for the shares of the Fund do not include the effect of expenses attributable to the variable annuity or variable life insurance product; if they did, returns for the shares of the Fund would have been lower. | Total returns for the shares of the Fund do not include the effect of expenses attributable to the variable annuity or variable life insurance product; if they did, returns for the shares of the Fund would have been lower. | Total returns for the shares of the Fund do not include the effect of expenses attributable to the variable annuity or variable life insurance product; if they did, returns for the shares of the Fund would have been lower. | Total returns for the shares of the Fund do not include the effect of expenses attributable to the variable annuity or variable life insurance product; if they did, returns for the shares of the Fund would have been lower. | Total returns for the shares of the Fund do not include the effect of expenses attributable to the variable annuity or variable life insurance product; if they did, returns for the shares of the Fund would have been lower. | Total returns for the shares of the Fund do not include the effect of expenses attributable to the variable annuity or variable life insurance product; if they did, returns for the shares of the Fund would have been lower. | Total returns for the shares of the Fund do not include the effect of expenses attributable to the variable annuity or variable life insurance product; if they did, returns for the shares of the Fund would have been lower. | Total returns for the shares of the Fund do not include the effect of expenses attributable to the variable annuity or variable life insurance product; if they did, returns for the shares of the Fund would have been lower. | Total returns for the shares of the Fund do not include the effect of expenses attributable to the variable annuity or variable life insurance product; if they did, returns for the shares of the Fund would have been lower. |

---

166&nbsp;&nbsp;&nbsp;&nbsp; **Prospectus** ■ Nuveen Life Funds

------

*(continued)*

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios and supplemental data** | **Ratios and supplemental data** | **Ratios and supplemental data** | **Ratios and supplemental data** |  |  |  |  |  |  |
| | |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |  |  |  |  |
| | |  |  |  |  |  |  |  |  | **Portfolio** | **Portfolio** |
| <br>**Net asset <br>value, <br>end of <br>period** | <br>**Total <br>return** | **<br>Net assets <br>at end of <br>period <br>(in thousands)** | **Gross <br>expenses** | **Net <br>expenses** | **Net <br>expenses** | **Net <br>investment <br>income <br>(loss)** | **Net <br>investment <br>income <br>(loss)** | **Portfolio <br>turnover <br>rate** | **Portfolio <br>turnover <br>rate** | **turnover <br>rate <br>excluding <br>mortgage <br>dollar rolls** | **turnover <br>rate <br>excluding <br>mortgage <br>dollar rolls** |
| $9.29 | 7.07% | $215981 | 0.41 | % | 0.35 | % | 4.45 | % | 86 | % | 83% |
| 9.05 | 2.71 | 201245 | 0.42 |  | 0.35 |  | 4.39 |  | 79 |  | 71 |
| 9.15 | 6.27 | 200894 | 0.42 |  | 0.35 |  | 4.13 |  | 75 |  | 72 |
| 8.89 | (13.21) | 191255 | 0.42 |  | 0.35 |  | 2.90 |  | 181 |  | 104 |
| 10.56 | (0.99) | 230014 | 0.42 |  | 0.35 |  | 2.03 |  | 258 |  | 89 |

---

Nuveen Life Funds ■ **Prospectus** &nbsp;&nbsp;&nbsp;&nbsp;167

------

***Financial highlights***

#### Nuveen Life Balanced Fund

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Selected per share data** | **Selected per share data** |  |  |  |  |  |
|  | |  | **Gain (loss) from investment operations** | **Gain (loss) from investment operations** | **Gain (loss) from investment operations** | **Gain (loss) from investment operations** |  |  |
|  | |  |  |  |  |  | **Less distributions from** | **Less distributions from** |
|  | <br>**For the <br>year <br>ended** | **Net asset <br>value, <br>beginning <br>of period** | **Net <br>investment <br>income <br>(loss)** | **<sup>a</sup>**  | **Net realized & unrealized <br>gain (loss) <br>on total <br>investments** | **Total gain (loss) from <br>investment <br>operations** | **Net <br>investment <br>income** | **Net <br>realized <br>gains** |
|  | 12/31/25 | $12.71 | $0.34 |  | $1.25 | $1.59 | $(0.37 | $(0.53 |
|  | 12/31/24 | 12.07 | 0.31 |  | 0.95 | 1.26 | (0.27 | (0.35 |
|  | 12/31/23 | 11.01 | 0.25 |  | 1.44 | 1.69 | (0.30 | (0.33 |
|  | 12/31/22 | 14.29 | 0.20 |  | (2.60 | (2.40 | (0.33 | (0.55 |
|  | 12/31/21 | 13.57 | 0.22 |  | 1.10 | 1.32 | (0.26 | (0.34 |
| <sup>a</sup> | Based on average shares outstanding. | Based on average shares outstanding. | Based on average shares outstanding. | Based on average shares outstanding. | Based on average shares outstanding. | Based on average shares outstanding. | Based on average shares outstanding. | Based on average shares outstanding. |
| <sup>b</sup> | Total returns are not annualized. | Total returns are not annualized. | Total returns are not annualized. | Total returns are not annualized. | Total returns are not annualized. | Total returns are not annualized. | Total returns are not annualized. | Total returns are not annualized. |
| <sup>e</sup> | The Fund's ratios do not include the expenses or income of the Underlying Funds. | The Fund's ratios do not include the expenses or income of the Underlying Funds. | The Fund's ratios do not include the expenses or income of the Underlying Funds. | The Fund's ratios do not include the expenses or income of the Underlying Funds. | The Fund's ratios do not include the expenses or income of the Underlying Funds. | The Fund's ratios do not include the expenses or income of the Underlying Funds. | The Fund's ratios do not include the expenses or income of the Underlying Funds. | The Fund's ratios do not include the expenses or income of the Underlying Funds. |
| <sup>††</sup> | Total returns for the shares of the Fund do not include the effect of expenses attributable to the variable annuity or variable life insurance product; if they did, returns for the shares of the Fund would have been lower. | Total returns for the shares of the Fund do not include the effect of expenses attributable to the variable annuity or variable life insurance product; if they did, returns for the shares of the Fund would have been lower. | Total returns for the shares of the Fund do not include the effect of expenses attributable to the variable annuity or variable life insurance product; if they did, returns for the shares of the Fund would have been lower. | Total returns for the shares of the Fund do not include the effect of expenses attributable to the variable annuity or variable life insurance product; if they did, returns for the shares of the Fund would have been lower. | Total returns for the shares of the Fund do not include the effect of expenses attributable to the variable annuity or variable life insurance product; if they did, returns for the shares of the Fund would have been lower. | Total returns for the shares of the Fund do not include the effect of expenses attributable to the variable annuity or variable life insurance product; if they did, returns for the shares of the Fund would have been lower. | Total returns for the shares of the Fund do not include the effect of expenses attributable to the variable annuity or variable life insurance product; if they did, returns for the shares of the Fund would have been lower. | Total returns for the shares of the Fund do not include the effect of expenses attributable to the variable annuity or variable life insurance product; if they did, returns for the shares of the Fund would have been lower. |

---

168&nbsp;&nbsp;&nbsp;&nbsp; **Prospectus** ■ Nuveen Life Funds

------

*(continued)*

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Ratios and supplemental data** | **Ratios and supplemental data** | **Ratios and supplemental data** | **Ratios and supplemental data** | **Ratios and supplemental data** |  |  |  |  |  |
| | | |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |  |  |
| <br>**Total <br>dividends <br>and <br>distributions** | <br>**Net asset <br>value, <br>end of <br>period** | <br>**Total <br>return** | **<br>Net assets <br>at end of <br>period <br>(in thousands)** | **Gross <br>expenses** | **<sup>e</sup>**  | **Net <br>expenses** | **Net <br>expenses** | **<sup>e</sup>**  | **Net <br>investment <br>income <br>(loss)** | **Net <br>investment <br>income <br>(loss)** | **Portfolio <br>turnover <br>rate** | **Portfolio <br>turnover <br>rate** |
| $(0.90) | $13.40 | 12.71% | $70106 | 0.23 | % | % | 0.10 | % | % | 2.60 | % | 12% |
| (0.62) | 12.71 | 10.38 | 64351 | 0.22 |  |  | 0.10 |  |  | 2.46 |  | 12 |
| (0.63) | 12.07 | 15.77 | 67881 | 0.21 |  |  | 0.10 |  |  | 2.13 |  | 15 |
| (0.88) | 11.01 | (16.59) | 62013 | 0.21 |  |  | 0.10 |  |  | 1.63 |  | 18 |
| (0.60) | 14.29 | 9.78 | 81075 | 0.18 |  |  | 0.10 |  |  | 1.52 |  | 16 |

---

Nuveen Life Funds ■ **Prospectus** &nbsp;&nbsp;&nbsp;&nbsp;169

------

***Financial highlights***

#### Nuveen Life Money Market Fund

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Selected per share data** | **Selected per share data** |  |  |  |  |  |  |
|  | |  | **Gain (loss) from investment operations** | **Gain (loss) from investment operations** | **Gain (loss) from investment operations** | **Gain (loss) from investment operations** |  |  |  |
|  | |  |  |  |  |  | **Less distributions from** | **Less distributions from** | **Less distributions from** |
|  | <br>**For the <br>year <br>ended** | **Net asset <br>value, <br>beginning <br>of period** | **Net <br>investment <br>income <br>(loss)** | **<sup>a</sup>**  | **Net realized & unrealized <br>gain (loss) <br>on total <br>investments** | **Total gain (loss) from <br>investment <br>operations** | **Net <br>investment <br>income** | **Net <br>realized <br>gains** |  |
|  | 12/31/25 | $1.00 | $0.04 |  | $— | $0.04 | $(0.04 | $— |  |
|  | 12/31/24 | 1.00 | 0.05 |  |  | 0.05 | (0.05 | (0.00) | <sup>d</sup>  |
|  | 12/31/23 | 1.00 | 0.05 |  | 0.00 | 0.05 | (0.05 |  |  |
|  | 12/31/22 | 1.00 | 0.02 |  | (0.01 | 0.01 | (0.01 |  |  |
|  | 12/31/21 | 1.00 |  |  |  |  |  |  |  |
| <sup>a</sup> | Based on average shares outstanding. | Based on average shares outstanding. | Based on average shares outstanding. | Based on average shares outstanding. | Based on average shares outstanding. | Based on average shares outstanding. | Based on average shares outstanding. | Based on average shares outstanding. | Based on average shares outstanding. |
| <sup>b</sup> | Total returns are not annualized. | Total returns are not annualized. | Total returns are not annualized. | Total returns are not annualized. | Total returns are not annualized. | Total returns are not annualized. | Total returns are not annualized. | Total returns are not annualized. | Total returns are not annualized. |
| <sup>d</sup> | Value rounded to zero. | Value rounded to zero. | Value rounded to zero. | Value rounded to zero. | Value rounded to zero. | Value rounded to zero. | Value rounded to zero. | Value rounded to zero. | Value rounded to zero. |
| <sup>††</sup> | Total returns for the shares of the Fund do not include the effect of expenses attributable to the variable annuity or variable life insurance product; if they did, returns for the shares of the Fund would have been lower. | Total returns for the shares of the Fund do not include the effect of expenses attributable to the variable annuity or variable life insurance product; if they did, returns for the shares of the Fund would have been lower. | Total returns for the shares of the Fund do not include the effect of expenses attributable to the variable annuity or variable life insurance product; if they did, returns for the shares of the Fund would have been lower. | Total returns for the shares of the Fund do not include the effect of expenses attributable to the variable annuity or variable life insurance product; if they did, returns for the shares of the Fund would have been lower. | Total returns for the shares of the Fund do not include the effect of expenses attributable to the variable annuity or variable life insurance product; if they did, returns for the shares of the Fund would have been lower. | Total returns for the shares of the Fund do not include the effect of expenses attributable to the variable annuity or variable life insurance product; if they did, returns for the shares of the Fund would have been lower. | Total returns for the shares of the Fund do not include the effect of expenses attributable to the variable annuity or variable life insurance product; if they did, returns for the shares of the Fund would have been lower. | Total returns for the shares of the Fund do not include the effect of expenses attributable to the variable annuity or variable life insurance product; if they did, returns for the shares of the Fund would have been lower. | Total returns for the shares of the Fund do not include the effect of expenses attributable to the variable annuity or variable life insurance product; if they did, returns for the shares of the Fund would have been lower. |

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170&nbsp;&nbsp;&nbsp;&nbsp; **Prospectus** ■ Nuveen Life Funds

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*(concluded)*

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Ratios and supplemental data** | **Ratios and supplemental data** | **Ratios and supplemental data** | **Ratios and supplemental data** |  |  | |
| | | |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | |
| <br>**Total <br>dividends <br>and <br>distributions** | <br>**Net asset <br>value, <br>end of <br>period** | <br>**Total <br>return** | **<br>Net assets <br>at end of <br>period <br>(in thousands)** | **Gross <br>expenses** | **Net <br>expenses** | **Net <br>expenses** | **Net <br>investment <br>income <br>(loss)** | **Net <br>investment <br>income <br>(loss)** | <br>**Portfolio <br>turnover <br>rate** |
| $(0.04) | $1.00 | 4.21% | $141332 | 0.19 | % | 0.15 | % | 4.12 | % |
| (0.05) | 1.00 | 5.17 | 132601 | 0.21 |  | 0.15 |  | 5.05 |  |
| (0.05) | 1.00 | 5.02 | 131909 | 0.20 |  | 0.15 |  | 4.91 |  |
| (0.01) | 1.00 | 1.46 | 133926 | 0.21 |  | 0.15 |  | 1.55 |  |
|  | 1.00 | 0.00 | 96930 | 0.22 |  | 0.06 |  | 0.00 |  |

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Nuveen Life Funds ■ **Prospectus** &nbsp;&nbsp;&nbsp;&nbsp;171

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### For more information about Nuveen Life Funds
**Statement of Additional Information ("SAI").** The Funds' SAI contains more information about certain aspects of the Funds. [A current SAI](#xdocumentxm2) has been filed with the SEC and is incorporated into this Prospectus by reference. This means that the Funds' SAI is legally a part of the Prospectus.

**Annual and Semi-annual Reports.** The Funds' annual and semi-annual reports and Form N-CSR provide additional information about the Funds' investments. In the Funds' annual report, you will find a discussion of the market conditions and investment strategies that significantly affected the Funds' performance during the preceding fiscal year. In the Funds' Form N-CSR, you will find the Funds' annual and semi-annual financial statements.

**Requesting documents.** You can request a copy of the Funds' SAI, these reports, and other information such as the Funds' financial statements, without charge, or contact the Funds for any other purpose, in any of the following ways:

Over the Internet:

www.nuveen.com

By telephone:

Call 800-257-8787

In writing:

Nuveen Life Funds

730 Third Avenue

New York, NY 10017-3206

The reports and other information are also available through the EDGAR Database on the SEC's Internet website at www.sec.gov. Copies of the information can also be obtained, upon payment of a duplicating fee, by electronic request at the following e-mail address: publicinfo@sec.gov.

If you have any questions about the Nuveen Life Funds or your variable contract, please call us at 800-257-8787.

<br> 1940 Act File No. 811-08961 MPR-LFPRO-0526P

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| | |
|:---|:---|
| ![](img_dc1f4a8618ee4m2.jpg) | **Statement of<br>Additional<br>Information** |

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#### MAY 1, 2026

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| | |
|:---|:---|
| **Fund** | **Ticker** |
| Nuveen Life Growth Equity Fund | TLGQX |
| Nuveen Life Core Equity Fund | TLGWX |
| Nuveen Life International Equity Fund | TLINX |
| Nuveen Life Large Cap Value Fund | TLLVX |
| Nuveen Life Real Estate Securities Select Fund | TLRSX |
| Nuveen Life Small Cap Equity Fund | TLEQX |
| Nuveen Life Large Cap Responsible Equity Fund | TLCHX |
| Nuveen Life Stock Index Fund | TLSTX |
| Nuveen Life Core Bond Fund  | TLBDX |
| Nuveen Life Balanced Fund | TLBAX |
| Nuveen Life Money Market Fund | TLMXX |

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This Statement of Additional Information ("SAI") contains additional information that you should consider before investing in any of the above-listed series, which are investment portfolios or "Funds" of the TIAA-CREF Life Funds (the "Trust"). The SAI is not a prospectus but is incorporated by reference into and made a part of the prospectuses of the series of the Trust dated May 1, 2026 (each, a "Prospectus"). The SAI should be read carefully in conjunction with the Prospectuses. The Prospectuses may be obtained, without charge, by writing the Funds at Nuveen Life Funds, 730 Third Avenue, New York, NY 10017-3206 or by calling

877-518-9161.

This SAI describes 11 Funds.

**Capitalized terms used, but not defined, herein have the same meaning as in the Prospectuses. The Funds' audited financial statements for the fiscal year ended [December 31, 2025](http://www.sec.gov/ix?doc=/Archives/edgar/data/0001068204/000119312526096058/d83091dncsr.htm) are incorporated into this SAI by reference to the Funds' Form N-CSR. The Funds will furnish you, without charge, a copy of the Annual Report or Form N-CSR on request by calling 800-257-8787.**

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#### Table of contents

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| | |
|:---|:---|
| [**Investment objectives, policies, restrictions and risks**](#x1xm2)[**3**](#x1xm2)<br>[**Disclosure of portfolio holdings**](#x2xm2)[**41**](#x2xm2)<br>[**Management**](#x3xm2)[**42**](#x3xm2)<br>[**Proxy voting policies**](#x4xm2)[**57**](#x4xm2)<br>[**Principal holders of securities**](#x5xm2)[**58**](#x5xm2)<br>[**Investment advisory and other services**](#x6xm2)[**59**](#x6xm2)<br>[**Personal trading policy**](#x7xm2)[**61**](#x7xm2)<br>[**Information about the Funds' portfolio management**](#x8xm2)[**61**](#x8xm2)<br>[**Advisors and TIAA**](#x9xm2)[**64**](#x9xm2) | [**History and description of the Funds**](#x10xm2)[**64**](#x10xm2)<br>[**Pricing of shares**](#x11xm2)[**66**](#x11xm2)<br>[**Brokerage allocation**](#x12xm2)[**69**](#x12xm2)<br>[**Tax status**](#x13xm2)[**71**](#x13xm2)<br>[**Legal matters**](#x14xm2)[**72**](#x14xm2)<br>[**Experts**](#x15xm2)[**72**](#x15xm2)<br>[**Other information**](#x16xm2)[**72**](#x16xm2)<br>[**Financial statements**](#x17xm2)[**72**](#x17xm2)<br>[**Appendix A: Nuveen proxy voting guidelines and policies**](#x18xm2)[**73**](#x18xm2) |

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2&nbsp;&nbsp;&nbsp;&nbsp; **Statement of Additional Information** 

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### Investment objectives, policies, restrictions and risks
The investment objectives and policies of each of the eleven Funds of the Trust described in this SAI are discussed in their respective Prospectuses.

Under the Investment Company Act of 1940, as amended (the "1940 Act"), any fundamental policy of a registered investment company may not be changed without the vote of a majority of the outstanding voting securities (as defined in the 1940 Act) of that series. However, the investment objective of each Fund as described in its Prospectus, and its non-fundamental investment restrictions as described in "Investment policies" below, may be changed by the Board of Trustees of the Trust (the "Board of Trustees" or the "Board") at any time without shareholder approval. The Trust is an open-end management investment company.

In addition, with respect to the Balanced Fund, because this Fund invests in shares of other Funds in the Trust and potentially in series of the Nuveen Funds and in other affiliated and unaffiliated investment pools and products (the "Underlying Funds"), investors in the Balanced Fund will be affected by an Underlying Fund's investment strategies in direct proportion to the allocation of its assets among the Underlying Funds. The following discussion of investment policies and restrictions supplements the descriptions in the Prospectuses of the Funds, as well as the prospectuses of the Underlying Funds with respect to the Balanced Fund.

Each Fund, other than the Core Equity Fund and Growth Equity Fund, is classified as "diversified" within the meaning of the 1940 Act, as set forth in Restriction #4 below. However, the Stock Index Fund may become non-diversified under the 1940 Act without the approval of Fund shareholders solely as a result of a change in relative market capitalization or index weighting of one or more constituents of its benchmark index. Therefore, this Fund has a different diversification-related policy than the other Funds as noted in Restriction #4 below. The Core Equity Fund and Growth Equity Fund are classified as "non-diversified" within the meaning of the 1940 Act, as interpreted or modified by regulatory authorities having jurisdiction, from time to time. Investment in a "non-diversified" fund, such as the Core Equity Fund or Growth Equity Fund, may involve greater risk than investment in a "diversified" fund because losses resulting from an investment in a single issuer may represent a larger portion of the total assets of a non-diversified fund. In addition, each Fund has qualified and intends to continue to meet the diversification requirements of Subchapter M of Chapter 1 of the Internal Revenue Code of 1986, as amended (the "Code").

Unless otherwise noted, each of the following investment policies and risk considerations applies to each Fund.

#### Fundamental policies
The following restrictions are fundamental policies of each Fund:

1. The Fund will not issue senior securities except as Securities and Exchange Commission ("SEC") regulations permit;

2. The Fund will not borrow money, except: (a) it may purchase securities on margin, as described in Restriction #7 below; and (b) from banks (only in amounts not in excess of 33¹/<sub>3</sub>% of the market value of the Fund's assets at the time of borrowing) and, from other sources, for temporary purposes (only in amounts not exceeding 5%, or such greater amount as may be permitted by law, of the Fund's total assets taken at market value at the time of borrowing);

3. The Fund will not underwrite the securities of other companies, except to the extent that it may be deemed an underwriter in connection with the disposition of securities from its portfolio;

Restriction #4 is a fundamental policy of each Fund (other than the Core Equity Fund and Growth Equity Fund):

4. With respect to the Stock Index Fund, the Fund will not, with respect to at least 75% of the value of its total assets, invest more than 5% of its total assets in the securities of any one issuer, other than securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities, or hold more than 10% of the outstanding voting securities of any one issuer, except as may be necessary to approximate the composition of its benchmark index.

With respect to each other Fund, the Fund will not, with respect to at least 75% of the value of its total assets, invest more than 5% of its total assets in the securities of any one issuer, other than securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities, or hold more than 10% of the outstanding voting securities of any one issuer;

5. The Fund will not purchase real estate or mortgages directly;

6. The Fund will not purchase commodities or commodities contracts, except to the extent financial contracts (such as futures) are purchased as described herein; and

7. The Fund will not purchase any security on margin except that the Fund may obtain such short-term credit as may be necessary for the clearance of purchases and sales of portfolio securities.

The following restriction is a fundamental policy of each Fund (other than the Stock Index Fund):

8. The Fund will not lend any security or make any other loan if, as a result, more than 33¹/<sub>3</sub>% of its total assets would be lent to other parties, but this limit does not apply to repurchase agreements.

The following restriction is a fundamental policy of each Fund (other than the Real Estate Securities Select Fund):

**Statement of Additional Information** &nbsp;&nbsp;&nbsp;&nbsp;3

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9. The Fund will not invest in an industry if after giving effect to that investment the Fund's holdings in that industry would exceed 25% of its total assets; however, this restriction does not apply to investments in obligations issued or guaranteed by the U.S. Government, its agencies or instrumentalities.

With respect to this restriction, the Balanced Fund may invest more than 25% of its assets in any one Underlying Fund. For concentration purposes, the Balanced Fund will look through to the holdings of its affiliated Underlying Funds to assess its industry concentration. Currently, neither the Balanced Fund nor any of its Underlying Funds, other than the Real Estate Securities Select Fund, concentrates, or intends to concentrate, its investments in a particular industry.

The following restriction is a fundamental policy of the Stock Index Fund:

10. The Fund will not make loans, except: (a) that the Fund may make loans of portfolio securities not exceeding 33¹/<sub>3</sub>% of the value of its total assets, which are collateralized by either cash, U.S. Government securities, or other means permitted by applicable law, equal to at least the market value of the loaned securities, as reviewed daily; (b) loans through entry into repurchase agreements; (c) privately placed debt securities may be purchased; (d) participation interests in loans, and similar investments, may be purchased; or (e) through an interfund loan program with affiliated investment companies, to the extent permitted by applicable SEC regulations.

With the exception of percentage restrictions relating to borrowings, if a percentage restriction is adhered to at the time of investment, a later increase or decrease in percentage beyond the specified limit resulting from a change of values of portfolio securities will not be considered a violation by the Fund.

The Real Estate Securities Select Fund has a policy of investing more than 25% of its total assets in securities of issuers in the real estate industry.

Consistent with the 1940 Act, Restriction #4 does not restrict a Fund's investment in securities of other investment companies.

#### Investment policies
The following policies and restrictions are non-fundamental policies of each Fund. These restrictions may be changed by the Board without the approval of Fund shareholders. Since the Balanced Fund invests primarily in shares of other investment companies, rather than investing directly in individual securities, the investment policies listed below are applicable to the Underlying Funds of the Trust (but not necessarily to other Underlying Funds unless specifically noted below) in which the Balanced Fund invests.

In executing the investment strategies of certain Funds that do not employ an express environmental, responsible, governance, social or impact investment objective, portfolio management teams may consider in their discretion certain environmental, social, governance, climate, sustainability and other related factors to the extent any of these factors are deemed financially relevant from an investment perspective. Whether and the degree to which any of these factors are considered largely depends on the particular portfolio management team, strategy, asset classes, securities, and other factors, which could vary.

**Non-Equity Investments of the Equity and Real Estate Securities Select Funds.** The Growth Equity, Core Equity, International Equity, Large Cap Value, Small Cap Equity, Stock Index, and Large Cap Responsible Equity Funds (collectively, the "Equity Funds") and the Real Estate Securities Select Fund invest primarily in equity securities. The Equity Funds may also serve as the equity allocation of the Underlying Funds for the Balanced Fund. The Equity Funds and Real Estate Securities Select Fund may, in addition to stocks, hold other types of securities with equity characteristics, such as convertible bonds, preferred stock, warrants and depository receipts or rights for such securities. Pending more permanent investments or to use cash balances effectively, these Funds may hold the same types of money market instruments as held by money market funds, as well as other short-term instruments. These other instruments are the same type of instruments a money market fund may hold, but they have longer maturities than the instruments allowed in money market funds, or otherwise do not meet the requirements for "Eligible Securities" (as defined in Rule 2a-7 under the 1940 Act).

When market conditions warrant, the Equity Funds and the Real Estate Securities Select Fund may invest directly in investment-grade debt securities similar to those the Core Bond Fund may invest in. The Equity Funds and the Real Estate Securities Select Fund may also hold debt securities that they acquire because of mergers, recapitalizations or otherwise.

The Equity Funds and the Real Estate Securities Select Fund also may invest in options and futures, as well as other financial instruments, such as equity swaps and equity-linked fixed-income securities, so long as these are consistent with their investment objectives and regulatory requirements, except that such instruments will not be subject to the Large Cap Responsible Equity Fund's environmental, social and governance ("ESG") criteria.

These investments and other Fund investment strategies are discussed in detail below.

**Temporary Defensive Positions.** The Funds may take temporary defensive positions. During periods when Teachers Advisors, LLC ("Advisors"), the investment adviser for the Funds, believes there are unstable market, economic, political or currency conditions domestically or abroad, Advisors may assume, on behalf of a Fund, a temporary defensive posture and (1) without limitation, hold cash and/or invest in money market instruments, or (2) restrict the securities markets in which the Fund's

4&nbsp;&nbsp;&nbsp;&nbsp; **Statement of Additional Information** 

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assets will be invested by investing those assets in securities markets deemed by Advisors to be conservative in light of the Fund's investment objective and policies. Under normal circumstances, each Fund may invest a portion of its total assets in cash or money market instruments for cash management purposes, pending investment in accordance with the Fund's investment objective and policies and to meet operating expenses. To the extent that each Fund holds cash or invests in money market instruments, it may not achieve its investment objective. Cash assets are generally not income-generating and would impact a Fund's performance.

**Credit Facility and Inter-Fund Borrowing and Lending.** Certain Funds (the "Participating Funds"), along with certain other funds managed by Advisors or Nuveen Fund Advisors, LLC ("Participating Funds"), are parties to a 364-day, approximately $2.7 billion credit agreement with a group of lenders (the "Credit Agreement"), which expires in June 2026, unless extended or renewed. A Participating Fund may borrow under the Credit Agreement to meet shareholder redemptions and for other lawful temporary purposes. Borrowing results in interest expense and being a Participating Fund results in other fees and expenses, which may increase a Participating Fund's net expenses and reduce such Fund's return. In addition, borrowing by a Participating Fund may create leverage by increasing such Fund's investment exposure. This will result in any changes in a Participating Fund's net asset value ("NAV"), either positive or negative, being greater than they would have been if such Fund had not borrowed. Participating Funds have been allocated different first priority portions of the committed amount of the credit facility based primarily on the expected likelihood and extent of the need to borrow under the Credit Agreement. Administration, legal, arrangement, upfront and undrawn fees under the Credit Agreement are allocated among Participating Funds based upon these first priority portions of the aggregate commitment available to them and other factors deemed relevant by Advisors and the Board of each Participating Fund, while fees on any amounts drawn by a Participating Fund under the Credit Agreement are borne by that Participating Fund.

Additionally, the SEC has granted an exemptive order (the "Order") permitting the Funds to participate in an inter-fund lending facility whereby the participating Funds may directly lend to and borrow money from each other for temporary purposes (e.g., to satisfy redemption requests or to cover unanticipated cash shortfalls) (the "Inter-Fund Program"). Certain accounts or series of College Retirement Equities Fund ("CREF"), TIAA-CREF Funds ("TCF") and TIAA Separate Account VA-1 ("VA-1") may also participate in the Inter-Fund Program, and each such account or series, as well as the Funds, each of which is managed by Advisors or an affiliate of Advisors, is considered to be a "Fund" for the purpose of the description of the Inter-Fund Program in this section. The Inter-Fund Program is subject to a number of conditions, including, among other things, the requirements that: (i) no Fund may borrow or lend money through the Inter-Fund Program unless it receives a more favorable interest rate than is available from a bank or other financial institution for a comparable transaction; (ii) no Fund may borrow on an unsecured basis through the Inter-Fund Program unless the Fund's outstanding borrowings from all sources immediately after the inter-fund borrowing total 10% or less of its total assets; provided that if the borrowing Fund has a secured borrowing outstanding from any other lender, including but not limited to another Fund, the inter-fund loan must be secured on at least an equal priority basis with at least an equivalent percentage of collateral to loan value; (iii) if a Fund's total outstanding borrowings immediately after an inter-fund borrowing would be greater than 10% of its total assets, the Fund may borrow through the inter-fund loan on a secured basis only; (iv) no Fund may lend money if the loan would cause its aggregate outstanding loans through the Inter-Fund Program to exceed 15% of its current net assets at the time of the loan; (v) a Fund's inter-fund loans to any one Fund shall not exceed 5% of the lending Fund's net assets; (vi) the duration of inter-fund loans will be limited to the time required to receive payment for securities sold, but in no event more than seven days; and (vii) each inter-fund loan may be called on one business day's notice by a lending Fund and may be repaid on any day by a borrowing Fund. In addition, a Fund may participate in the Inter-Fund Program only if and to the extent that such participation is consistent with the Fund's investment objective and investment policies, including the fundamental investment policies on borrowing and lending set forth above, and authorized by its portfolio manager(s). The Board has approved the Funds' participation in the Inter-Fund Program and is responsible for ongoing oversight of the Inter-Fund Program, as required by the Order.

The limitations detailed above and the other conditions of the Order permitting the Inter-Fund Program are designed to minimize the risks associated with the Inter-Fund Program for both the lending Fund and the borrowing Fund. However, no borrowing or lending activity is without risk. When a Fund borrows money from another Fund, there is a risk that the loan could be called on one day's notice or not renewed, in which case the Fund may have to borrow from a bank at a higher rate or take other actions to pay off such loan if an inter-fund loan is not available from another Fund. Any delay in repayment to a lending Fund could result in a lost investment opportunity or additional costs.

**Additional Risks Resulting From Market or Other Events and Government Intervention in Financial Markets and Regulatory Matters.** National and regional economies and financial markets are becoming increasingly interconnected, which increases the possibilities that conditions in one country, region or market might adversely impact issuers in a different country, region or market. Changes in legal, political, regulatory, tax and economic conditions may cause fluctuations in markets and securities prices around the world, which could negatively impact the value of a Fund's investments. Major economic or political disruptions, particularly in large economies, may have global negative economic and market repercussions. Events such as war (for example, the ongoing armed conflict between Russia and Ukraine, as well as that between Israel and Hamas and other militant groups in the Middle East, and the conflict with Iran), terrorism, natural and environmental disasters and the spread of

**Statement of Additional Information** &nbsp;&nbsp;&nbsp;&nbsp;5

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infectious illnesses or other public health emergencies, conflicts, social unrest, recessions, inflation, rapid interest rate changes, changes in economic or other policies, governmental intervention including trade policies, immigration restrictions and reductions in federal spending and supply chain disruptions may adversely affect the global economy and the markets and issuers in which a Fund invests. Additionally, the spread of infectious outbreaks, epidemics or pandemics have caused volatility, severe market dislocations and liquidity constraints in many markets, including markets for the investments the Funds hold, and have, at times, adversely affected the Funds' investments and operations. These events could reduce consumer demand or economic output, result in market closures, travel restrictions or quarantines, and generally have a significant impact on the economy. These events could also impair the information technology and other operational systems upon which a Fund's service providers, including Advisors, rely, and could otherwise disrupt the ability of employees of a Fund's service providers to perform essential tasks on behalf of a Fund.

U.S. and global markets, in recent years, have experienced increased volatility, including as a result of the failures of certain U.S. and non-U.S. banks, which could be harmful to the Funds and issuers in which they invest. For example, if a bank in which a Fund or an issuer in which a Fund invests has an account that fails, any cash or other assets in bank accounts may be temporarily inaccessible or permanently lost by the Fund or issuer. If a bank that provides a subscription line credit facility, asset-based facility, other credit facility and/or other services to an issuer fails, the issuer could be unable to draw funds under its credit facilities or obtain replacement credit facilities or other services from other lending institutions with similar terms. Even if banks remain solvent, continued volatility in the banking sector could cause or intensify an economic recession, increase the costs of capital and banking services or result in the issuers in which the Funds invest being unable to obtain or refinance indebtedness at all or on as favorable terms as could otherwise have been obtained. Market conditions and legislative or regulatory responses, as well as a changing interest rate environment, can contribute to decreased market liquidity and erode the value of certain holdings. Market volatility and uncertainty and/or a downturn in market and economic and financial conditions, as a result of developments in the banking industry or otherwise (including as a result of delayed access to cash or credit facilities), could have an adverse impact on the Funds and issuers in which they invest.

Changing interest rate environments (whether downward or upward) impact the various sectors of the economy in different ways. During periods when interest rates are low (or negative), a Fund's yield (or total return) may also be low and fall below zero. Very low or negative interest rates may magnify interest rate risk. The U.S. Federal Reserve (the "Fed") has increased interest rates significantly over recent periods and has over more recent periods decreased interest rates meaningfully. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility and may detract from Fund performance to the extent a Fund is exposed to such interest rates and/or volatility.

Governments or their agencies may also acquire distressed assets from financial institutions and acquire ownership interests in those institutions. The implications of government ownership and disposition of these assets are unclear, and such a program may have positive or negative effects on the liquidity, valuation and performance of a Fund's portfolio holdings. Furthermore, volatile financial markets can expose a Fund to greater market and liquidity risk and potential difficulty in valuing portfolio holdings, as well as potentially higher portfolio turnover and related transaction costs. Advisors will monitor developments and seek to manage each Fund in a manner consistent with achieving its investment objective, but there can be no assurance that Advisors will be successful in doing so.

In November 2022, the SEC proposed rule amendments which, among other things, would require funds to adopt swing pricing in order to mitigate dilution of shareholders' interests in a fund by requiring the adjustment of fund NAV per share to pass on costs stemming from shareholder purchase or redemption activity. In addition, the proposed rule would amend the existing liquidity rule framework. The proposal's impact on the Funds will not be known unless and until any final rulemaking is adopted.

On February 25, 2025, the SEC extended the compliance date applicable to the clearing mandate for Treasury repo transactions. Under the extended compliance date, market participants, absent an exemption, will be required to clear Treasury repo transactions under the rule beginning June 30, 2027. The clearing mandate is expected to result in each Fund being required to clear all or substantially all of its Treasury repo transactions as of the compliance date, and may necessitate expenditures by each Fund that trades in Treasury repo transactions in connection with entering into new agreements with sponsoring members and taking other actions to comply with the new requirements. Advisors will monitor developments in the Treasury repo transactions market as the implementation period progresses.

In December 2023, the SEC adopted rule amendments providing that any covered clearing agency ("CCA") for U.S. Treasury securities require that every direct participant of the CCA (which generally would be a bank or broker-dealer) submit for clearance and settlement all eligible secondary market transactions in U.S. Treasury securities to which it is a counterparty. The clearing mandate includes in its scope all repurchase or reverse repurchase agreements of such direct participants collateralized by U.S. Treasury securities (collectively, "Treasury repo transactions") of a type accepted for clearing by a registered CCA, including both bilateral Treasury repo transactions and triparty Treasury repo transactions where a bank agent provides custody, collateral management and settlement services.

The Treasury repo transactions of registered funds with any direct participants of a CCA will be subject to the mandatory clearing requirement. Currently, the Fixed Income Clearing Corporation ("FICC") is the only CCA for U.S. Treasury securities. FICC currently operates a "Sponsored Program" for clearing of Treasury repo transactions pursuant to which a registered fund may

6&nbsp;&nbsp;&nbsp;&nbsp; **Statement of Additional Information** 

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enter into a clearing arrangement with a "sponsoring member" bank or broker-dealer that is a direct participant of FICC as a "sponsored member" of FICC.

In August 2024, the SEC adopted amendments to the reporting requirements on Form N-PORT and Form N-CEN. Under the amendments, funds must file Form N-PORT reports on a monthly basis within 30 days of month end, and each report will be made public 60 days after month end. Additionally, funds will be required to identify and provide certain information about liquidity service providers on Form N-CEN, including the asset classes for which the liquidity service provider provided liquidity classifications and whether the provider was hired or terminated during the period. The compliance date for these amendments was November 17, 2025. On April 16, 2025, the SEC extended the compliance date for Form N-PORT amendments to November 17, 2027. On February 18, 2026, the SEC then extended the compliance date for Form N-PORT reporting requirements related to the Names Rule to November 17, 2027 for fund groups with net assets of $10 billion or more. In addition, on February 18, 2026, the SEC proposed amendments to certain reporting requirements on Form N-PORT that would, if adopted, provide that monthly reports must be filed within 45 days of month end and reduce the frequency of publication of reports on Form N-PORT from monthly (within 60 days of each month end) to quarterly (within 60 days after fiscal quarter end).

Until any policy or regulatory changes are made, it is not possible to predict the impact such changes may have on the value of portfolio holdings of a Fund, the issuers thereof or Teachers Insurance and Annuity Association of America ("TIAA") (or their affiliates). Financial entities, such as investment companies and investment advisers, are generally subject to extensive government regulation and intervention. Actions by governments, including legislation or regulation may change the way in which a Fund itself is regulated. Such legislation or regulation may also affect the expenses incurred directly by a Fund and the value of its investments, and could limit or preclude a Fund's ability to achieve its investment objective. Government regulation may change frequently and may have significant adverse consequences. Moreover, government regulation may have unpredictable and unintended effects.

The value of a Fund's holdings is also generally subject to the risk of future local, national, or global economic disturbances based on unknown weaknesses in the markets in which a Fund invests. For example, any public health emergency could reduce consumer demand or economic output, result in market closures, travel restrictions or quarantines, and generally have a significant impact on the economy, which in turn could adversely affect a Fund's investments. In the event of such a disturbance, issuers of securities held by a Fund may experience significant declines in the value of their assets and even cease operations, or may receive government assistance accompanied by increased restrictions on their business operations or other government intervention. In addition, it is not certain that the U.S. Government will intervene in response to a future market disturbance and the effect of any such future intervention cannot be predicted. It is difficult for issuers to prepare for the impact of future financial downturns and/or changes in economic or other policies, although companies can seek to identify and manage future uncertainties through risk management programs.

**Money Market Funds.** The Money Market Fund is a "government money market fund," as defined in the applicable rules governing money market funds, and as such invests at least 99.5% of its total assets in cash, U.S. Government securities and/or repurchase agreements that are collateralized fully by cash or U.S. Government securities. With respect pursuant to Rule 2a-7, a money market fund that satisfies the applicable diversification requirements of Rule 2a-7 shall be deemed to have satisfied the diversification requirements of the 1940 Act and the rules adopted thereunder. As a "government" money market fund, the Money Market Fund is exempt from the provisions under Rule 2a-7 relating to mandatory and discretionary liquidity fees (although the Fund would be permitted to rely on the ability to impose discretionary (but not mandatory) liquidity fees after providing at least sixty days' prior notice to shareholders).

**Distressed and Defaulted Securities in a Workout Arrangement.** In the event that a Fund holds distressed or defaulted securities of an issuer, Advisors may determine that it is in the best interest of Fund shareholders to pursue a workout arrangement with the issuer, which may involve making loans to the issuer, purchasing bonds, equity or other interests of the issuer, or taking other related or similar steps involving the investment of additional monies.

Certain Funds may make a loan to an entity suffering severe economic distress, oftentimes in or near bankruptcy. It is generally more time-consuming and expensive for a troubled entity to issue additional bonds, instead of borrowing, as a means of obtaining liquidity in times of severe financial distress. Making a loan to such an entity may allow the entity to remain a "going concern" and enable it to eventually both repay the loan as well as be in better position to pay interest and principal on the pre-existing securities held by a Fund. Absent a loan, a Fund may be forced to liquidate the entity's assets, which can reduce recovery value.

In the course of pursuing such a workout arrangement, Advisors may acquire material non-public information regarding an issuer, which may limit its ability to purchase or sell securities or otherwise to participate in an investment opportunity for a Fund.

**Illiquid Investments.** The Funds (except the Money Market Fund) have implemented a written liquidity risk management program (the "Liquidity Risk Program"), as required by applicable SEC regulation, reasonably designed to assess and manage the Funds' liquidity risk. As a result of its designation as Liquidity Risk Program administrator by the Board, Advisors is also responsible for determining the liquidity of investments held by each Fund. Each Fund (except the Money Market Fund) may invest up to 15% of its net assets, measured at the time of investment, in illiquid investments that are assets. The Money

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Market Fund may not acquire any illiquid investment if, immediately after the acquisition, the Fund would have invested more than 5% of its total assets in illiquid investments. With respect to the Balanced Fund, the Fund will generally focus on the redemption practices of the underlying funds in which it invests when determining the Fund's compliance with the 15% limit on illiquid investments and only look through to the underlying funds' investments if the Fund has reason to believe that an underlying fund may not be able to meet its redemption requests. Illiquid investments are those that are not reasonably expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. Investments may be illiquid because of, among other factors, the absence of a trading market or distress in a trading market, making it difficult to value the investments or dispose of them promptly at the value at which they are carried. Investments in illiquid investments or holding securities that have become illiquid pose risks of potential delays in resale. Limitations on or delays in resale may have an adverse effect on the marketability of portfolio securities, and it may be difficult for the Funds to dispose of illiquid investments promptly or to sell such investments for the value at which they are carried, if at all, or at any price within the desired time frame. The Funds may receive distressed prices and incur higher transaction costs when selling illiquid investments. There is also a risk that unusually high redemption requests, including redemption requests from certain large shareholders (such as institutional investors), asset allocation changes, or other unusual market conditions may make it difficult for a Fund to sell investments in sufficient time to allow it to meet redemptions. Redemption requests could require a Fund to sell illiquid investments at reduced prices or under unfavorable conditions, which may negatively impact a Fund's performance. The regulations adopted by the SEC may limit a Fund's ability to invest in illiquid investments, which may adversely affect a Fund's performance and ability to achieve its investment objective.

**Inflation/Deflation Risk.** A Fund's investments may be subject to inflation risk, which is the risk that the real value (i.e., nominal price of the asset adjusted for inflation) of assets or income from investments will be less in the future as inflation decreases the purchasing power and value of money (i.e., as inflation increases, the real value of a Fund's assets can decline). Inflation rates may change frequently and significantly as a result of various factors, including unexpected shifts in the domestic or global economy and changes in monetary or economic policies (or expectations that these policies may change), and a Fund's investments may not keep pace with inflation, which would generally adversely affect the real value of Fund shareholders' investments in the Fund. This risk is generally greater for fixed-income instruments with longer durations.

Deflation risk is the risk that prices throughout the economy decline over time. Deflation may have an adverse effect on the creditworthiness of issuers and may make issuer default more likely, which may result in a decline in the value of a Fund's assets.

**Restricted Securities.** The Funds may invest in restricted securities. A restricted security is one that has a contractual restriction on resale or cannot be resold publicly until it is registered under the Securities Act of 1933, as amended (the "1933 Act"). From time to time, restricted securities can be considered illiquid under the Funds' Liquidity Risk Program. However, purchases by a Fund of securities of foreign issuers offered and sold outside the United States may not be considered illiquid even though they are restricted. The Board of Trustees has designated Advisors to determine the value and liquidity of restricted securities and other investments held by each Fund.

**Preferred Stock.** The Funds (other than the Money Market Fund) can invest in preferred stock consistent with their investment objectives. Preferred stock pays dividends at a specified rate and generally has preference over common stock in the payment of dividends and the liquidation of the issuer's assets but is junior to the debt securities of the issuer in those same respects. Unlike interest payments on debt securities, dividends on preferred stock are generally payable at the discretion of the issuer's board of directors, and shareholders may suffer a loss of value if dividends are not paid. Preferred shareholders generally have no legal recourse against the issuer if dividends are not paid. The market prices of preferred stocks are subject to changes in interest rates and are more sensitive to changes in the issuer's creditworthiness than are the prices of debt securities. Under ordinary circumstances, preferred stock does not carry voting rights.

**Small and Medium Capitalization Companies.** Some Funds may invest in common stocks of issuers with small or medium market capitalizations. An investment in common stocks of issuers with small or medium market capitalizations generally involves greater risk and price volatility than an investment in common stocks of larger, more established companies. This increased risk may be due to the greater business risks of their small or medium size, limited markets and financial resources, narrow product lines and frequent lack of management depth. The securities of small and medium capitalization companies are often traded in the over-the-counter market, and might not be traded in volumes typical of securities traded on a national securities exchange. Thus, the securities of small and medium capitalization companies are likely to be less liquid and subject to more abrupt or erratic market movements than securities of larger, more established companies.

**Initial Public Offerings ("IPOs").** Some Funds may invest a portion of their assets in securities of companies offering shares in IPOs. IPOs may have a magnified performance impact on a Fund with a small asset base. The impact of IPOs on a Fund's performance likely will decrease as the Fund's asset size increases. IPOs may not be consistently available to a Fund for investing, particularly as the Fund's asset base grows. Because IPO shares frequently are volatile in price, a Fund may hold IPO shares for a very short period of time. This may increase the portfolio turnover of a Fund and may lead to increased expenses for the Fund, such as commissions and transaction costs. By selling shares, a Fund may realize taxable gains it will

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subsequently distribute to shareholders. In addition, the market for IPO shares can be speculative and/or inactive for extended periods of time. The limited number of shares available for trading in some IPOs may make it more difficult for a Fund to buy or sell significant amounts of shares without an unfavorable impact on prevailing prices. Holders of IPO shares (including a Fund) can be affected by substantial dilution in the value of the IPO issuer's shares, by sales of additional shares and by concentration of control in existing management and principal shareholders.

A Fund's investment in IPO shares may include the securities of unseasoned companies (companies with less than three years of continuous operations), which present risks considerably greater than common stocks of more established companies. These companies may have limited operating histories and their prospects for profitability may be uncertain. These companies may be involved in new and evolving businesses and may be vulnerable to competition and changes in technology, markets and economic conditions. These companies may also be more dependent on key managers and third parties and may have limited product lines.

**Options and Futures.** Each of the Funds (other than the Money Market Fund) may engage in options (puts and calls) and futures strategies to the extent permitted by the SEC and the Commodity Futures Trading Commission ("CFTC"). Advisors intends to use options and futures contracts for a variety of purposes. These purposes include the following: (i) hedging; (ii) cash management; (iii) risk management; (iv) seeking to stay fully invested; (v) seeking to increase total return; (vi) seeking to reduce transaction costs; (vii) seeking to simulate an investment in equity or debt securities or other investments; (viii) seeking to add value by using derivatives to more efficiently implement portfolio positions when derivatives are favorably priced relative to equity or debt securities or other investments; and (ix) for other purposes.

Options and futures transactions may increase a Fund's transaction costs and portfolio turnover rate and will be initiated only when consistent with the Fund's investment objective.

**Options.** Options-related activities could include: (1) the sale of call option contracts (including covered call options) and the purchase of call option contracts, to close out a position acquired through the sale of such options; (2) buying put option contracts (including covered put options) and selling put option contracts, including to close out a position acquired through the purchase of such options; and (3) selling call option contracts or buying put option contracts on groups of securities and on futures on groups of securities, and buying similar call option contracts or selling put option contracts, including to close out a position acquired through a sale of such options. This list of options-related activities is not intended to be exclusive, and the Funds may engage in other types of options transactions consistent with their investment objectives and policies and applicable law.

A call option is a short-term contract (generally for nine months or less) that gives the purchaser of the option the right but not the obligation to purchase the underlying security at a fixed exercise price at any time (American style) or at a set time (European style) prior to the expiration of the option regardless of the market price of the security during the option period. As consideration for the call option, the purchaser pays the seller a premium, which the seller retains whether or not the option is exercised. The seller of a call option has the obligation, upon the exercise of the option by the purchaser, to sell the underlying security at the exercise price. Selling a call option would benefit the seller if, over the option period, the underlying security declines in value or does not appreciate above the aggregate of the exercise price and the premium. However, the seller risks an "opportunity loss" of profits if the underlying security appreciates above the aggregate value of the exercise price and the premium.

A Fund may close out a position acquired through selling a call option by buying a call option on the same security with the same exercise price and expiration date as the call option that it had previously sold on that security. Depending on the premium for the call option purchased by a Fund, the Fund will realize a profit or loss on the transaction on that security.

A put option is a similar short-term contract that gives the purchaser of the option the right to sell the underlying security at a fixed exercise price at any time prior to the expiration of the option regardless of the market price of the security during the option period. As consideration for the put option, the purchaser pays the seller a premium, which the seller retains whether or not the option is exercised. The seller of a put option has the obligation, upon the exercise of the option by the purchaser, to purchase the underlying security at the exercise price. The buying of a covered put contract limits the downside exposure for the investment in the underlying security. The risk of purchasing a put option is that the market price of the underlying stock prevailing on the expiration date may be above the option's exercise price. In that case, the option would expire worthless and the entire premium would be lost.

Selling a put or call option may require the payment of initial and variation margin, and adverse market movements against the underlying security or instrument may require the seller to make additional margin payments. A Fund may have to sell securities or other instruments at a time when it may be disadvantageous to do so to meet margin and settlement payment requirements in connection with the sale of put or call options.

A Fund may close out a position acquired through buying a put option by selling an identical put option on the same security with the same exercise price and expiration date as the put option that it had previously bought on the security. Depending on the premium for the put option purchased by a Fund, the Fund would realize a profit or loss on the transaction.

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In addition to options (both calls and puts) on individual securities, there are also options on groups of securities, such as the options on the Standard & Poor's 100 Index, which are traded on the Chicago Board Options Exchange. There are also options on the futures of groups of securities such as the Standard & Poor's 500 Index and the New York Stock Exchange Composite Index. The selling of such calls can be used in anticipation of, or in, a general market or market sector decline that may adversely affect the market value of a Fund's portfolio of securities. To the extent that a Fund's portfolio of securities changes in value in correlation with a given stock index, the sale of call options on the futures of that index would substantially reduce the risk to the portfolio of a market decline, and, by so doing, provide an alternative to the liquidation of securities positions in the portfolio with resultant transaction costs. A risk in all options, particularly the relatively new options on groups of securities and on the futures on groups of securities, is a possible lack of liquidity. This will be a major consideration of Advisors before it deals in any option on behalf of a Fund.

There is another risk in connection with selling a call option on a group of securities or on the futures of groups of securities. This arises because of the imperfect correlation between movements in the price of the call option on a particular group of securities and the price of the underlying securities held in the portfolio. Unlike a covered call on an individual security, where a large movement on the upside for the call option will be offset by a similar move on the underlying stock, a move in the price of a call option on a group of securities may not be offset by a similar move in the price of securities held due to the difference in the composition of the particular group and the portfolio itself.

**Futures.** To the extent permitted by applicable regulatory authorities, the Funds (other than the Money Market Fund) may purchase and sell futures contracts on securities or other instruments, or on groups or indices of securities or other instruments. The purpose of hedging techniques using financial futures is to protect the principal value of the Fund against adverse changes in the market value of securities or instruments in its portfolio, and to obtain better returns on investments than available in the cash market. Since these are hedging techniques, the gains or losses on the futures contract normally will be offset by losses or gains, respectively, on the hedged investment. Futures contracts also may be offset prior to the future date by executing an opposite futures contract transaction.

A futures contract on an investment is a binding contractual commitment which, if held to maturity, generally will result in an obligation to make or accept delivery, during a particular future month, of the securities or instrument underlying the contract.

By purchasing a futures contract—assuming a "long" position—Advisors will legally obligate a Fund to accept the future delivery of the underlying security or instrument and pay the agreed price. By selling a futures contract—assuming a "short" position—Advisors will legally obligate a Fund to make the future delivery of the security or instrument against payment of the agreed price.

Positions taken in the futures markets are not normally held to maturity, but are instead liquidated through offsetting transactions that may result in a profit or a loss. While futures positions taken by a Fund usually will be liquidated in this manner, a Fund may instead make or take delivery of the underlying securities or instruments whenever it appears economically advantageous to a Fund to do so. A clearing corporation associated with the exchange on which futures are traded assumes responsibility for closing out positions and guarantees that the sale and purchase obligations will be performed with regard to all positions that remain open at the termination of the contract.

A stock index futures contract, unlike a contract on a specific security, does not provide for the physical delivery of securities, but merely provides for profits and losses resulting from changes in the market value of the contract to be credited or debited at the close of each trading day to the respective accounts of the parties to the contract. On the contract's expiration date, a final cash settlement occurs and the futures positions are closed out. Changes in the market value of a particular stock index futures contract reflect changes in the specified index of equity securities on which the future is based.

Stock index futures may be used to hedge the equity investments of the Funds with regard to market (systematic) risk (involving the market's assessment of overall economic prospects), as distinguished from stock specific risk (involving the market's evaluation of the merits of the issuer of a particular security). By establishing an appropriate "short" position in stock index futures, Advisors may seek to protect the value of a Fund's securities portfolio against an overall decline in the market for equity securities. Alternatively, in anticipation of a generally rising market, Advisors can seek to avoid losing the benefit of apparently low current prices by establishing a "long" position in stock index futures and later liquidating that position as particular equity securities are in fact acquired. To the extent that these hedging strategies are successful, the Fund will be affected to a lesser degree by adverse overall market price movements, unrelated to the merits of specific portfolio equity securities, than would otherwise be the case.

Unlike the purchase or sale of a security, no price is paid or received by a Fund upon the purchase or sale of a futures contract. Initially, a Fund will be required to deposit in a segregated account with the broker (futures commission merchant) carrying the futures account on behalf of the Fund an amount of cash, U.S. Treasury securities, or other permissible assets equal to a percentage of the contract amount as determined by the clearinghouse. This amount is known as "initial margin." The nature of initial margin in futures transactions is different from that of margin in security transactions in that futures contract margin does not involve the borrowing of funds by the customer to finance the transactions. Rather, the initial margin is in the nature of a performance bond or good faith deposit on the contract that is returned to a Fund upon termination of the futures contract assuming all contractual obligations have been satisfied. Subsequent payments to and from the broker, called

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"variation margin," will be made on a daily basis as the price of the underlying stock index fluctuates, making the long and short positions in the futures contract more or less valuable, a process known as "marking to the market."

For example, when a Fund has purchased a stock index futures contract and the price of the underlying stock index has risen, that position will have increased in value, and the Fund will receive from the broker a variation margin payment equal to that increase in value. Conversely, where a Fund has purchased a stock index futures contract and the price of the underlying stock index has declined, the position would be less valuable and the Fund would be required to make a variation margin payment to the broker. At any time prior to expiration of the futures contract, the Fund may elect to close the position by taking an opposite position that will operate to terminate the Fund's position in the futures contract. A final determination of variation margin is then made, additional cash is required to be paid by or released to the Fund, and the Fund realizes a loss or a gain.

There are several risks in connection with the use of a futures contract as a hedging device. One risk arises because of the imperfect correlation between movements in the prices of the futures contracts and movements in the securities or instruments that are the subject of the hedge. Advisors, on behalf of a Fund, will attempt to reduce this risk by engaging in futures transactions, to the extent possible, where, in Advisors' judgment, there is a significant correlation between changes in the prices of the futures contracts and the prices of the Fund's portfolio securities or instruments sought to be hedged.

Successful use of futures contracts for hedging purposes also is subject to Advisors' ability to correctly predict movements in the direction of the market. For example, it is possible that where a Fund has sold futures to hedge its portfolio against declines in the market, the index on which the futures are written may advance and the values of securities or instruments held in the Fund's portfolio may decline. If this occurred, the Fund would lose money on the futures and also experience a decline in value in its portfolio investments. However, Advisors believes that over time the value of a Fund's portfolio will tend to move in the same direction as the market indices that are intended to correlate to the price movements of the portfolio securities or instruments sought to be hedged.

It also is possible that, for example, if a Fund has hedged against the possibility of a decline in the market adversely affecting stocks held in its portfolio and stock prices increased instead, the Fund will lose part or all of the benefit of increased value of those stocks that it has hedged because it will have offsetting losses in its futures positions. In addition, in such situations, if a Fund has insufficient cash, it may have to sell securities or instruments to meet daily variation margin requirements. Such sales may be, but will not necessarily be, at increased prices that reflect the rising market. The Fund may have to sell securities or instruments at a time when it may be disadvantageous to do so.

In addition to the possibility that there may be an imperfect correlation, or no correlation at all, between movements in the futures contracts and the portion of the portfolio being hedged, the prices of futures contracts may not correlate perfectly with movements in the underlying security or instrument due to certain market distortions. First, all transactions in the futures market are subject to margin deposit and maintenance requirements. Rather than meeting additional margin deposit requirements, investors may close futures contracts through offsetting transactions that could distort the normal relationship between the index and futures markets. Second, the margin requirements in the futures market are less onerous than margin requirements in the securities market, and as a result the futures market may attract more speculators than the securities market does. Increased participation by speculators in the futures market also may cause temporary price distortions. Due to the possibility of price distortion in the futures market and also because of the imperfect correlation between movements in the futures contracts and the portion of the portfolio being hedged, even a correct forecast of general market trends by Advisors still may not result in a successful hedging transaction over a very short time period.

**Firm Commitment Agreements and Purchase of "When-Issued" Securities.** The Funds can enter into firm commitment agreements for the purchase of securities on a specified future date. Thus, the Funds may purchase, for example, issues of fixed-income instruments on a "when-issued" basis, whereby the payment obligation, or yield to maturity, or coupon rate on the instruments may not be fixed at the time of the transaction. In addition, the Funds may invest in asset-backed securities on a delayed delivery basis. This reduces a Fund's risk of early repayment of principal, but exposes the Fund to some additional risk that the transaction will not be consummated.

When a Fund enters into a firm commitment agreement, liability for the purchase price—and the rights and risks of ownership of the securities—accrues to the Fund at the time it becomes obligated to purchase such securities, although delivery and payment occur at a later date. Accordingly, if the market price of the security should decline, the effect of the agreement would be to obligate the Fund to purchase the security at a price above the current market price on the date of delivery and payment. In addition, certain rules of the Financial Industry Regulatory Authority ("FINRA") include mandatory margin requirements that will require the Funds to post collateral in connection with their to-be-announced ("TBA") transactions. There is no similar requirement applicable to the Funds' TBA counterparties. The required collateralization of TBA trades could increase the cost of TBA transactions to the Funds and impose added operational complexity. A Fund may have to sell securities or other instruments at a time when it may be disadvantageous to do so to meet such payment requirements. A Fund must comply with the SEC rule related to the use of derivatives and certain other transactions when engaging in the transactions discussed above. See "Derivatives and Other Similar Instruments" below.

**Participatory Notes.** Some of the Funds may invest in participatory notes issued by banks or broker-dealers that are designed to replicate the performance of certain non-U.S. companies traded on a non-U.S. exchange. Participatory notes are a

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type of equity-linked derivative which generally are traded over-the-counter. Even though a participatory note is intended to reflect the performance of the underlying equity securities on a one-to-one basis so that investors will not normally gain or lose more in absolute terms than they would have made or lost had they invested in the underlying securities directly, the performance results of participatory notes will not replicate exactly the performance of the issuers or markets that the participatory notes seek to replicate due to transaction costs and other expenses. Investments in participatory notes involve risks normally associated with a direct investment in the underlying securities. In addition, participatory notes are subject to counterparty risk, which is the risk that the broker-dealer or bank that issues the notes will not fulfill its contractual obligation to complete the transaction with a Fund. Participatory notes constitute general unsecured, unsubordinated contractual obligations of the banks or broker-dealers that issue them, and a Fund is relying on the creditworthiness of such banks or broker-dealers and has no rights under a participatory note against the issuers of the securities underlying such participatory notes. There can be no assurance that the trading price or value of participatory notes will equal the value of the underlying equity securities they seek to replicate.

**Master Limited Partnerships.** Some of the Funds may invest in equity securities issued by master limited partnerships ("MLPs"). An MLP is an entity, most commonly a limited partnership that is taxed as a partnership, publicly traded and listed on a national securities exchange. Holders of common units of MLPs typically have limited control and limited voting rights as compared to holders of a corporation's common shares. Preferred units issued by MLPs are not typically listed or traded on an exchange. Holders of preferred units can be entitled to a wide range of voting and other rights. MLPs are limited by the Code to only apply to enterprises that engage in certain businesses, mostly pertaining to the use of natural resources, such as petroleum and natural gas extraction, and transportation, although some other enterprises may also qualify as MLPs.

There are certain tax risks associated with investments in MLPs. The benefit derived from an investment in an MLP is largely dependent on the MLP being treated as a partnership for federal income tax purposes. A change to current tax law, or a change in the underlying business mix of a given MLP, could result in an MLP being treated as a corporation for federal income tax purposes. If an MLP were treated as a corporation, the MLP would be required to pay federal income tax on its taxable income. This would reduce the amount of cash available for distribution by the MLP, which could result in a reduction of the value of a Fund's investment in the MLP and lower income to the Fund. Additionally, since MLPs generally conduct business in multiple states, a Fund may be subject to income or franchise tax in each of the states in which the partnership does business. The additional cost of preparing and filing the tax returns and paying the related taxes may adversely impact a Fund's return on its investment in MLPs.

Investments held by MLPs may be relatively illiquid, limiting the MLPs' ability to vary their portfolios promptly in response to changes in economic or other conditions, and MLPs may have limited financial resources. Securities of MLPs may trade infrequently and in limited volume, and they may be subject to more abrupt or erratic price movements than common shares of larger or more broadly based companies. A Fund's investment in MLPs also subjects the Fund to the risks associated with the specific industry or industries in which the MLP invests. MLPs are generally considered interest rate sensitive investments, and during periods of interest rate volatility, may not provide attractive returns. A portion of any gain or loss recognized by a Fund on a disposition of an MLP equity security may be separately computed and taxed as ordinary income or loss under the Code. Any such gain may exceed net taxable gain realized on the disposition and will be recognized even if there is a net taxable loss on the disposition.

**Royalty Trust.** Some of the Funds may invest in publicly traded royalty trusts. Royalty trusts are income-oriented equity investments that indirectly, through the ownership of trust units, provide investors (called "unit holders") with exposure to energy sector assets such as coal, oil and natural gas. A royalty trust generally acquires an interest in natural resource companies or chemical companies and distributes the income it receives to the investors of the royalty trust. A sustained decline in demand for crude oil, natural gas and refined petroleum products could adversely affect income and royalty trust revenues and cash flows. Factors that could lead to a decrease in market demand include a recession or other adverse economic conditions, an increase in the market price of the underlying commodity, higher taxes or other regulatory actions that increase costs, or a shift in consumer demand for such products. A rising interest rate environment could adversely impact the performance of royalty trusts. Rising interest rates could limit the capital appreciation of royalty trusts because of the increased availability of alternative investments at more competitive yields.

**Private Investments in Public Equity.** Some of the Funds may purchase equity securities in a private placement that are issued by issuers who have outstanding, publicly traded equity securities of the same class ("private investments in public equity" or "PIPES"). Shares in PIPES generally are not registered with the SEC until after a certain time period from the date the private sale is completed. This restricted period can last many months. Until the public registration process is completed, PIPES are restricted as to resale and a Fund cannot freely trade the securities. Generally, such restrictions cause the PIPES to be illiquid during this time. PIPES may contain provisions that the issuer will pay specified financial penalties to the holder if the issuer does not publicly register the restricted equity securities within a specified period of time, but there is no assurance that the restricted equity securities will be publicly registered, or that the registration will remain in effect.

**Special Purpose Acquisition Companies.** Some of the Funds may invest in equity securities of special purpose acquisition companies ("SPACs"). Also known as a "blank check company," a SPAC is a company with no commercial operations that is formed solely to raise capital from investors for the purpose of acquiring one or more existing private companies. SPACs often

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have pre-determined time frames to make an acquisition (typically two years) or the SPAC will liquidate. A Fund may purchase units or shares of SPACs that have completed an IPO on a secondary market, during a SPAC's IPO or through a PIPES offering. See "Private Investments in Public Equity" above for information about PIPES offerings.

Unless and until an acquisition is completed, a SPAC generally invests its assets in U.S. Government securities, money market securities and cash. Because SPACs have no operating history or ongoing business other than seeking acquisitions, the value of their securities is particularly dependent on the ability of the entity's management to identify and complete a profitable acquisition. There is no guarantee that the SPACs in which a Fund invests will complete an acquisition or that any acquisitions that are completed will be profitable. Public stockholders of SPACs such as a Fund may not be afforded a meaningful opportunity to vote on a proposed initial business combination because certain stockholders, including stockholders affiliated with the management of the SPAC, may have sufficient voting power, and a financial incentive, to approve such a transaction without support from public stockholders. As a result, a SPAC may complete a business combination even though a majority of its public stockholders do not support such a combination. An investment in a SPAC may be diluted by additional, later offerings of securities by the SPAC or by other investors exercising existing rights to purchase securities of the SPAC. Additionally, a significant portion of the funds raised by a SPAC may be expended during the search for a target acquisition or merger. Some SPACs may pursue acquisitions only within certain industries or regions, which may increase the volatility of their prices.

The private companies that SPACs acquire are often unseasoned and lack a trading history, a track record of reporting to investors and widely available research coverage. Securities of SPAC-derived companies are thus subject to extreme price volatility and speculative trading. In addition, the ownership of many SPAC-derived companies often includes large holdings by venture capital and private equity investors who seek to sell their shares in the public market in the months following a business combination transaction when shares restricted by lock-up are released, causing even greater price volatility and possible downward pressure during the time that locked-up shares are released.

#### Debt instruments generally
A debt instrument held by a Fund will be affected by general changes in interest rates that will, in turn, result in increases or decreases in the market value of the instrument. The market value of non-convertible debt instruments (particularly fixed-income instruments) in a Fund's portfolio can be expected to vary inversely to changes in prevailing interest rates. In periods of declining interest rates, the yield of a Fund holding a significant amount of debt instruments will tend to be somewhat higher than prevailing market rates, and in periods of rising interest rates, the Fund's yield will tend to be somewhat lower. In addition, when interest rates are falling, money received by such a Fund from the continuous sale of its shares will likely be invested in portfolio instruments producing lower yields than the balance of its portfolio, thereby reducing the Fund's current yield. In periods of rising interest rates, the opposite result can be expected to occur. During periods of declining interest rates, because the interest rates on adjustable-rate securities generally reset downward, their market value is unlikely to rise to the same extent as the value of comparable fixed-rate securities. Interest rate risk is generally heightened during periods when prevailing interest rates are low or negative, and during such periods, a Fund may not be able to maintain a positive yield or yields on par with historical levels. Changing interest rates may cause issuers to not make principal and interest payments on fixed-income investments when due. Additionally, changing interest rates could lead to heightened credit risk if issuers are less willing or able to make payments when due. Changes in interest rates, among other factors, may also adversely affect the liquidity of a Fund's fixed-income investments.

The market for fixed-income instruments has consistently grown over the past decades while the growth of capacity for traditional dealers to engage in fixed-income trading and provide liquidity to markets has not kept pace and in some cases has decreased. Because dealers acting as market makers provide stability to a market, a reduction in dealer inventories could potentially lead to decreased liquidity and increased volatility in the fixed-income markets. Such issues may be exacerbated during periods of economic uncertainty or market volatility (including rapid interest rate changes).

**Ratings as Investment Criteria.** Nationally Recognized Statistical Rating Organization ("NRSRO") ratings represent the opinions of those organizations as to the quality of securities that they rate. Although these ratings, which are relative and subjective and are not absolute standards of quality, are used by Advisors as one of many criteria for the selection of portfolio securities on behalf of the Funds, Advisors also relies upon its own analysis to evaluate potential investments.

Subsequent to its purchase by a Fund, an issue of securities may cease to be rated or its rating may be reduced below the minimum required for purchase by the Fund. These events will not require the sale of the securities by a Fund. However, Advisors will consider the event in its determination of whether the Fund should continue to hold the securities. To the extent that a NRSRO's rating changes as a result of a change in the NRSRO or its rating system, Advisors will attempt to use comparable ratings as standards for the Funds' investments in accordance with their investment objectives and policies.

**Certain Investment-Grade Debt Obligations**. Although obligations rated in the fourth credit category by a NRSRO or deemed to be of the same quality by Advisors using its own credit analysis, for example, are considered investment-grade, they may be viewed as being subject to greater risks than other investment-grade obligations. Obligations rated Baa by Moody's Investors Services, Inc. ("Moody's") are considered medium-grade obligations that lack outstanding investment characteristics and have

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speculative characteristics as well, while obligations rated BBB by S&P Global Ratings ("S&P") are regarded as having only an adequate capacity to pay principal and interest.

**U.S. Government Debt Securities.** Some of the Funds may invest in U.S. Government securities. These include: debt obligations of varying maturities issued by the U.S. Treasury or issued or guaranteed by the Federal Housing Administration, Farmers Home Administration, Export-Import Bank of the United States, Small Business Administration, Government National Mortgage Association ("GNMA"), General Services Administration, any of the various institutions that previously were, or currently are, part of the Farm Credit System, including the National Bank for Cooperatives, the Farm Credit Banks and the Banks for Cooperatives, Federal Home Loan Banks, Federal Home Loan Mortgage Corporation ("FHLMC"), Federal Intermediate Credit Banks, Federal Land Banks, Federal National Mortgage Association ("FNMA"), Maritime Administration, Tennessee Valley Authority and District of Columbia Armory Board. Direct obligations of the U.S. Treasury include a variety of securities that differ in their interest rates, maturities and issue dates. Certain of the foregoing U.S. Government securities are supported by the full faith and credit of the United States. These U.S. Government securities present limited credit risk compared to other types of debt securities but are not free of risk. Other U.S. Government securities are supported by the right of the agency or instrumentality to borrow an amount limited to a specific line of credit from the U.S. Treasury or by the discretionary authority of the U.S. Government or GNMA to purchase financial obligations of the agency or instrumentality, which are thus subject to a greater amount of credit risk than those supported by the full faith and credit of the United States. Still other U.S. Government securities are only supported by the credit of the issuing agency or instrumentality, which are subject to greater credit risk as compared to other U.S. Government securities. The maximum potential liability of the issuers of some U.S. Government securities may exceed then current resources, including any legal right to support from the U.S. Treasury. Because the U.S. Government is not obligated by law to support an agency or instrumentality that it sponsors, or such agency's or instrumentality's securities, a Fund only invests in U.S. Government securities when Advisors determines that the credit risk associated with the obligation is suitable for the Fund.

It is possible that issuers of U.S. Government securities will not have the funds to meet their payment obligations in the future. FHLMC and FNMA have been operating under conservatorship, with the Federal Housing Finance Administration ("FHFA") acting as their conservator, since September 2008. The FHFA and U.S. Presidential administration have made public statements regarding plans to consider ending the conservatorships. Under a letter agreement between the FHFA (in its role as conservator) and the U.S. Treasury, the FHFA is prohibited from removing its conservatorship of each enterprise until litigation regarding the conservatorship has ended and each enterprise has retained equity capital levels equal to three percent of their total assets. It is unclear how long it will be before the FHFA will be able to remove its conservatorship of the enterprises under this letter agreement. The FHFA has indicated that the conservatorship of each enterprise will end when the director of the FHFA determines that FHFA's plan to restore the enterprise to a safe and solvent condition has been completed. Under amendments to the Enterprise Regulatory Capital Framework ("ERCF"), FHLMC and FNMA have published capital disclosures that provide additional information about their capital position and capital requirements on a quarterly basis since the first quarter of 2023 and delivered their first capital plans to FHFA in May 2023. The FHFA finalized amendments to certain provisions of the ERCF in November 2023 that modify various capital requirements for FHLMC and FNMA. In the event that FHLMC or FNMA are taken out of conservatorship, it is unclear how their respective capital structure would be constructed and what impact, if any, there would be on FHLMC's or FNMA's creditworthiness and guarantees of certain mortgage-backed securities. The ERCF requires FHLMC and FNMA, upon exit from conservatorship, to maintain higher levels of capital than prior to conservatorship to satisfy their risk-based capital requirements, leverage ratio requirements, and prescribed buffer amounts. The entities are dependent upon the continued support of the U.S. Department of the Treasury and FHFA in order to continue their business operations. On January 2, 2025, FHFA and U.S. Treasury entered into a side letter agreement, under which FHFA and Treasury agreed to amend the preferred stock purchase agreements to help ensure that the eventual release from conservatorship will be orderly and to reflect certain existing practices. These factors, among others, could affect the future status and role of FHLMC and FNMA and the value of their securities and the securities which they guarantee.

Uncertainty regarding the status of negotiations in the U.S. Congress to increase the statutory debt ceiling, which may occur from time to time, may increase the risk that the U.S. Government may default on payments on certain U.S. Government securities, including those held by the Funds. In August 2023, the long-term credit rating of the United States was downgraded by S&P and Fitch Investors Service, Inc. respectively, as a result of disagreements within the U.S. Government over raising the debt ceiling to repay outstanding obligations. Similar situations in the future could result in higher interest rates, lower prices of U.S. Treasury securities and could increase the costs of various kinds of debt, which may adversely affect the Funds.

**Risks of Lower-Rated, Lower-Quality Debt Instruments.** Lower-rated debt securities (i.e., those securities rated in the fifth or lower rating categories) are sometimes referred to as "high-yield" or "junk" bonds. Each of the Funds (except for the Money Market Fund) may invest in lower-rated debt securities. These securities are considered, on balance, as predominantly speculative with respect to capacity to pay interest and repay principal in accordance with the terms of the obligation and will generally involve more credit risk than securities in the higher-rated categories. Reliance on credit ratings entails greater risks with regard to lower-rated securities than it does with regard to higher-rated securities, and Advisors' success is more dependent upon its own credit analysis with regard to lower-rated securities than is the case with regard to higher-rated

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securities. The market values of such securities tend to reflect individual corporate developments to a greater extent than do higher-rated securities, which react primarily to fluctuations in the general level of interest rates. Such lower-rated securities also tend to be more sensitive to economic conditions than are higher-rated securities. Adverse publicity and investor perceptions, whether or not based on fundamental analysis, regarding lower-rated bonds may depress prices and liquidity for such securities. To the extent a Fund invests in these securities, factors adversely affecting the market value of lower-rated securities will adversely affect the Fund's NAV. In addition, a Fund may incur additional expenses to the extent it is required to seek recovery upon a default in the payment of principal or interest on its portfolio holdings.

A Fund may have difficulty disposing of certain lower-rated securities for which there is a thin trading market. Because not all dealers maintain markets in lower-rated securities, there is no established retail secondary market for many of these securities, and Advisors anticipates that they could be sold only to a limited number of dealers or institutional investors. To the extent there is a secondary trading market for lower-rated securities, it is generally not as liquid as that for higher-rated securities. The lack of a liquid secondary market for certain securities may make it more difficult for the Funds to obtain accurate market quotations for purposes of valuing their assets. Market quotations are generally available on many lower-rated issues only from a limited number of dealers and may not necessarily represent firm bids of such dealers or prices for actual sales. When market quotations are not readily available, lower-rated securities must be fair valued by Advisors, in its role as valuation designee, in accordance with Advisors' fair valuation procedures, which have been approved by the Board of Trustees. This valuation is more difficult and judgment plays a greater role in such valuation when there are less reliable objective data available.

Any debt instrument, no matter its initial rating, may, after purchase by a Fund, have its rating lowered due to the deterioration of the issuer's financial position. Advisors may determine that an unrated security is of comparable quality to securities with a particular rating. Such unrated securities are treated as if they carried the rating of securities with which Advisors compares them.

Lower-rated debt securities may be issued by corporations in the growth stage of their development. They may also be issued in connection with a corporate reorganization or as part of a corporate takeover. Companies that issue such lower-rated securities are often highly leveraged and may not have available to them more traditional methods of financing. Therefore, the risk associated with acquiring the securities of such issuers is greater than would be the case with higher-rated securities. For example, during an economic downturn or a sustained period of rising interest rates, highly leveraged issuers of lower-rated securities may experience financial stress. During such periods, such issuers may not have sufficient revenues to meet their interest payment obligations. The issuer's ability to service its debt obligations may also be adversely affected by specific corporate developments, the issuer's inability to meet specific projected business forecasts or the unavailability of additional financing.

The risk of loss due to default by the issuer is significantly greater for the holders of lower-rated securities because such securities are generally unsecured and are often subordinated to other creditors of the issuer.

It is possible that a major economic recession could adversely affect the market for lower-rated securities. Any such recession might severely affect the market for and the values of such securities, as well as the ability of the issuers of such securities to repay principal and pay interest thereon.

The Funds (other than the Money Market Fund) may acquire lower-rated securities that are sold without registration under the federal securities laws and therefore carry restrictions on resale. The Funds may incur special costs in disposing of such securities, but will generally incur no costs when the issuer is responsible for registering the securities.

The Funds may also acquire lower-rated securities during an initial underwriting. Such securities involve special risks because they are new issues. The Funds have no arrangement with any person concerning the acquisition of such securities, and Advisors will carefully review the credit and other characteristics pertinent to such new issues. A Fund may from time to time participate on committees formed by creditors to negotiate with the management of financially troubled issuers of securities held by the Fund. Such participation may subject the Fund to expenses such as legal fees and may make the Fund an "insider" of the issuer for purposes of the federal securities laws, and, therefore, may restrict the Fund's ability to trade in or acquire additional positions in a particular security when it might otherwise desire to do so. Participation by a Fund on such committees also may expose the Fund to potential liabilities under the federal bankruptcy laws or other laws governing the rights of creditors and debtors. The Fund would participate on such committees only when Advisors believes that such participation is necessary or desirable to enforce the Fund's rights as a creditor or to protect the value of securities held by the Fund.

**Corporate Debt Securities.** A Fund may invest in corporate debt securities of U.S. and foreign issuers and/or hold its assets in these securities for cash management purposes. The investment return of corporate debt securities reflects interest earnings and changes in the market value of the security. The market value of a corporate debt obligation may be expected to rise and fall inversely with interest rates generally. There also exists the risk that the issuers of the securities may not be able to meet their obligations on interest or principal payments at the time called for by an instrument.

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**Zero Coupon Obligations**. Some of the Funds may invest in zero coupon obligations. Zero coupon securities generally pay no cash interest (or dividends in the case of preferred stock) to their holders prior to maturity. Accordingly, such securities usually are issued and traded at a deep discount from their face or par value and generally are subject to greater fluctuations of market value in response to changing interest rates than securities of comparable maturities and credit quality that pay cash interest (or dividends in the case of preferred stock) on a current basis. Although a Fund will receive no payments on its zero coupon securities prior to their maturity or disposition, it will be required for federal income tax purposes generally to include in its dividends to shareholders each year an amount equal to the annual income that accrues on its zero coupon securities. Such dividends will be paid from the cash assets of the Fund, from borrowings or by liquidation of portfolio securities, if necessary, at a time that the Fund otherwise would not have done so. To the extent a Fund is required to liquidate thinly traded securities, the Fund may be able to sell such securities only at prices lower than if such securities were more widely traded. The risks associated with holding securities that are not readily marketable may be accentuated at such time. To the extent the proceeds from any such dispositions are used by a Fund to pay distributions, the Fund will not be able to purchase additional income-producing securities with such proceeds, and as a result its current income ultimately may be reduced.

**Floating and Variable Rate Instruments.** Variable and floating rate securities provide for a periodic adjustment in the interest rate paid on the obligations. The terms of such obligations provide that interest rates are adjusted periodically based upon an interest rate adjustment index as provided in the respective obligations. The adjustment intervals may be regular, and range from daily up to annually, or may be event based, such as based on a change in the prime rate. The interest rate on a floater is a variable rate which is tied to another interest rate, such as a money market index or U.S. Treasury bill rate. The interest rate on a floater resets periodically, typically every 1–3 months. Some of the Funds may invest in floating and variable rate instruments. Income securities may provide for floating or variable rate interest or dividend payments. The floating or variable rate may be determined by reference to a known lending rate, such as a bank's prime rate, a certificate of deposit rate, Secured Overnight Financing Rate ("SOFR") or other rates based on SOFR. Alternatively, the rate may be determined through an auction or remarketing process. The rate also may be indexed to changes in the values of the interest rate of securities indexed, currency exchange rate or other commodities. Variable and floating rate securities tend to be less sensitive than fixed-rate securities to interest rate changes and to have higher yields when interest rates increase. However, during rising interest rates, changes in the interest rate of an adjustable-rate security may lag changes in market rates. The amount by which the rates are paid on an income security may increase or decrease and may be subject to periodic or lifetime caps. Fluctuations in interest rates above these caps could cause adjustable-rate securities to behave more like fixed-rate securities in response to extreme movements in interest rates.

A Fund (other than the Money Market Fund) may also invest in inverse floating rate debt instruments ("inverse floaters"). The interest rate on an inverse floater resets in the opposite direction from the market rate of interest to which the inverse floater is indexed. An inverse floating rate security may exhibit greater price volatility than a fixed-rate obligation of similar credit quality. Such securities may also pay a rate of interest determined by applying a multiple to the variable rate. The extent of increases and decreases in the value of securities whose rates vary inversely with changes in market rates of interest generally will be larger than comparable changes in the value of an equal principal amount of a fixed-rate security having similar credit quality redemption provisions and maturity.

As a result of benchmark reforms, publication of all London Interbank Offered Rate ("LIBOR") settings has ceased. All synthetic U.S. dollar LIBOR settings were discontinued at the end of September 2024. Although LIBOR is no longer published, there are potential effects related to the transition away from LIBOR or the prior use of LIBOR on a Fund, or on certain instruments in which a Fund invests, which can be difficult to ascertain, and may vary depending on factors that include, but are not limited to: (i) existing fallback or termination provisions in individual contracts and (ii) whether, how and when industry participants adopt new reference rates for affected instruments.

Any effects of the LIBOR transition process, including unforeseen effects, could result in losses to a Fund. In many cases, in the event that an instrument falls back to an alternative reference rate, including SOFR, the alternative reference rate will not perform the same as LIBOR because the alternative reference rate does not include a credit sensitive component in the calculation of the rate. These developments could negatively impact financial markets in general and present heightened risks, including with respect to a Fund's investments.

The Internal Revenue Service (the "IRS") has issued regulations regarding the tax consequences of the transition from LIBOR or another interbank offered rate ("IBOR") to a new reference rate in debt instruments and non-debt contracts. Under the regulations, alteration or modification of the terms of a debt instrument to replace an operative rate that uses a discontinued IBOR with a qualified rate (as defined in the regulations), including true up payments equalizing the fair market value of contracts before and after such IBOR transition, to add a qualified rate as a fallback rate to a contract whose operative rate uses a discontinued IBOR or to replace a fallback rate that uses a discontinued IBOR with a qualified rate would not be taxable. The IRS may provide additional guidance, with potential retroactive effect.

**Loan Participations and Assignments; Direct Loans.** Certain Funds may purchase participations and/or assignments in commercial loans. Such investments may be secured or unsecured and may pay interest at fixed or floating rates. Loan

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participations and assignments involve special types of risk, including interest rate risk, liquidity risk and the risks of being a lender.

Loan participations typically represent direct participation, together with other parties, in a loan to a corporate borrower, and generally are offered by banks or other financial institutions or lending syndicates. Certain Funds may participate in such syndications, or can buy part of a loan, becoming a part lender. When purchasing loan participations, a Fund assumes the credit risk associated with the corporate borrower and may assume the credit risk associated with an interposed bank or other financial intermediary. The loan participations in which a Fund intends to invest may not be rated by any nationally recognized rating service.

Investments in loans through a direct assignment of the financial institution's interests with respect to the loan may involve additional risks to the Funds. The purchaser of an assignment typically succeeds to all the rights and obligations under the loan agreement with the same rights and obligations as the assigning lender. Assignments may, however, be arranged through private negotiations between potential assignees and potential assignors, and the rights and obligations acquired by the purchaser of an assignment may differ from, and be more limited than, those held by the assigning lender. If a loan is foreclosed, a Fund could become part owner of any collateral, and would bear the costs and liabilities associated with owning and disposing of the collateral. In addition, it is conceivable that under emerging legal theories of lender liability, a Fund could be held liable as co-lender. It is unclear whether loans and other forms of indebtedness offer securities law protections against fraud and misrepresentation. In the absence of definitive regulatory guidance, the Funds rely on Advisors' research in an attempt to avoid situations where fraud or misrepresentation could adversely affect the Funds.

Loans may not be readily marketable and may be subject to restrictions on resale. In some cases, negotiations involved in disposing of loans may require weeks to complete. Consequently, some loans may be difficult or impossible to dispose of readily at what Advisors believes to be a fair price. In addition, valuation of illiquid loans involves a greater degree of judgment in determining a Fund's NAV than if that value were based on available market quotations, and could result in significant variations in the Fund's daily share price. At the same time, some loan interests are traded among certain financial institutions and accordingly may be deemed liquid. As the market for different types of loans develops, the liquidity of these instruments is expected to improve. However, from time to time, loans may be illiquid. Investment in loan participations and assignments are considered to be debt obligations for purposes of the Trust's investment restriction relating to the lending of funds or assets by a Fund.

A loan is often administered by an agent bank acting as agent for all holders. The agent bank administers the terms of the loan, as specified in the loan agreement. In addition, the agent bank is normally responsible for the collection of principal and interest payments from the corporate borrower and the apportionment of these payments to the credit of all institutions which are parties to the loan agreement. Unless, under the terms of the loan, a Fund has direct recourse against the corporate borrower, the Fund may have to rely on the agent bank or other financial intermediary to apply appropriate credit remedies against a corporate borrower. A financial institution's employment as agent bank might be terminated in the event that it fails to observe a requisite standard of care or becomes insolvent. A successor agent bank would generally be appointed to replace the terminated agent bank, and assets held by the agent bank under the loan agreement should remain available to holders of such indebtedness. However, if assets held by the agent bank for the benefit of a Fund were determined to be subject to the claims of the agent bank's general creditors, the Fund might incur certain costs and delays in realizing payment on a loan or loan participation and could suffer a loss of principal and/or interest. In situations involving other interposed financial institutions (e.g., an insurance company or governmental agency) similar risks may arise.

Purchasers of loans depend primarily upon the creditworthiness of the corporate borrower for payment of principal and interest. If a Fund does not receive scheduled interest or principal payments on such indebtedness, the Fund's share price and yield could be adversely affected. Loans that are fully secured offer a Fund more protection than an unsecured loan in the event of non-payment of scheduled interest or principal. However, there is no assurance that the liquidation of collateral from a secured loan would satisfy the corporate borrower's obligation, or that the collateral can be liquidated. In the event of the bankruptcy of a borrower, a Fund could experience delays or limitations in its ability to realize the benefits of any collateral securing a loan.

Certain Funds may invest in loan participations and assignments with credit quality comparable to that of issuers of its securities investments. Indebtedness of companies whose creditworthiness is poor involves substantially greater risks, and may be highly speculative. Some companies may never pay off their indebtedness, or may pay only a small fraction of the amount owed. Consequently, when investing in indebtedness of companies with poor credit, a Fund bears a substantial risk of losing the entire amount invested. The Funds may make investments in loan participations and assignments to achieve capital appreciation, rather than to seek income.

For purposes of limits on a Fund's total assets invested in any one issuer and the amount of a Fund's total assets that are invested in issuers within the same industry, a Fund generally will treat the corporate borrower as the "issuer" of indebtedness held by the Fund. In the case of loan participations where a bank or other lending institution serves as a financial intermediary between a Fund and the corporate borrower, if the participation does not shift to the Fund the direct debtor-creditor relationship with the corporate borrower, SEC interpretations require the Fund to treat both the lending bank or other lending institution and

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the corporate borrower as "issuers." Treating a financial intermediary as an issuer of indebtedness may restrict a Fund's ability to invest in indebtedness related to a single financial intermediary, or a group of intermediaries engaged in the same industry, even if the underlying borrowers represent many different companies and industries.

Loans are not traded on an exchange or similar market but through a secondary market comprised of dealers and other institutional participants. Loans are generally subject to extended settlement periods and may take more than seven days to settle. During this period, a Fund may seek other sources of liquidity including the use of an overdraft facility with the Funds' custodian or by borrowing under a credit agreement to which the Funds are parties.

Certain loans may not be considered securities under the federal securities laws. In such circumstances, fewer legal protections may be available with respect to a Fund's investment in loans. In particular, if a loan is not considered a security under the federal securities laws, certain legal protections normally available to securities investors under the federal securities laws, such as those against fraud and misrepresentation, may not be available.

To the extent permitted by applicable law, a Fund may also make one or more direct loans, which may be secured or unsecured, to a commercial borrower (each, a "Direct Loan"). To the extent it makes a Direct Loan, a Fund would negotiate the terms of such Direct Loan with the borrower pursuant to a private transaction. The Fund will base its determination of whether or not to make a Direct Loan on, among other factors, Advisors' assessment of the borrower's creditworthiness, as well as any collateral received by the Fund or recourse available to the Fund in the event of untimely or non-payment of interest and repayment of principal to the Fund. By making one or more Direct Loans, a Fund would be exposed to the risk that the borrower will default or become insolvent. In such instances, the Fund may lose money. Direct Loans also expose a Fund to liquidity and interest rate risk. Direct Loans are not publicly traded, may not have a secondary market, and may be illiquid. The absence of a secondary market may impact a Fund's ability to sell and/or value its Direct Loans. A Fund's performance with respect to a Direct Loan will depend, in part, on the Fund's (or Advisors', on the Fund's behalf) ability to negotiate advantageous terms with a borrower.

**Foreign Debt Obligations.** The debt obligations of foreign governments and entities may or may not be supported by the full faith and credit of the foreign government. A Fund may buy securities issued by certain "supra-national" entities, which include entities designated or supported by governments to promote economic reconstruction or development, international banking organizations and related government agencies. Examples are the International Bank for Reconstruction and Development (more commonly known as the "World Bank"), the Asian Development Bank and the Inter-American Development Bank.

The governmental members of these supra-national entities are "stockholders" that typically make capital contributions and may be committed to make additional capital contributions if the entity is unable to repay its borrowings. A supra-national entity's lending activities may be limited to a percentage of its total capital, reserves and net income. There can be no assurance that the constituent foreign governments will continue to be able or willing to honor their capitalization commitments for those entities.

**Structured or Indexed Securities (including Exchange-Traded Notes, Equity-Linked Notes and Inflation-Indexed Bonds).** Some of the Funds may invest in structured or indexed securities. The value of the principal of and/or interest on such securities is based on a reference such as a specific currency, interest rate, commodity, index or other financial indicator (the "Reference") or the relative change in two or more References. The interest rate or the principal amount payable upon maturity or redemption may be increased or decreased depending upon changes in the applicable Reference. The terms of the structured or indexed securities may provide that in certain circumstances no principal is due at maturity and, therefore, may result in a loss of a Fund's investment. Structured or indexed securities may be positively or negatively indexed, so that appreciation of the Reference may produce an increase or a decrease in the interest rate or value of the security at maturity. In addition, changes in interest rates or the value of the security at maturity may be some multiple of the change in the value of the Reference. Consequently, structured or indexed securities may entail a greater degree of market risk than other types of debt securities. Structured or indexed securities may also be more volatile, have lower overall liquidity and be more difficult to accurately price than less complex securities. Structured and indexed securities are generally subject to the same risks as other fixed-income securities in addition to the special risks associated with linking the payment of principal and/or interest payments (or other payable amounts) to the performance of a Reference.

A Fund may also invest in inflation-indexed bonds. Inflation-indexed bonds are fixed-income securities whose principal value is periodically adjusted according to the rate of inflation. Two structures are common. The U.S. Treasury and some other issuers use a structure that accrues inflation into the principal value of the bond. Most other issuers pay out the Consumer Price Index ("CPI") accruals as part of a semi-annual coupon.

If the periodic adjustment rate measuring inflation falls, the principal value of inflation-indexed bonds will be adjusted downward, and consequently the interest payable on these securities (calculated with respect to a smaller principal amount) will be reduced. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of a U.S. Treasury inflation-indexed bond, even during a period of deflation, although the inflation-adjusted principal received could be less than the inflation-adjusted principal that had accrued to the bond at the time of purchase. However, the current market value of the bonds is not guaranteed and will fluctuate. A Fund may also invest in other inflation-related bonds which may or

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may not provide a similar guarantee. If a guarantee of principal is not provided, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

The value of inflation-indexed bonds is expected to change in response to changes in real interest rates. Real interest rates in turn are tied to the relationship between nominal interest rates and the rate of inflation. Therefore, if the rate of inflation rises at a faster rate than nominal interest rates, real interest rates might decline, leading to an increase in value of inflation-indexed bonds. In contrast, if nominal interest rates increase at a faster rate than inflation, real interest rates might rise, leading to a decrease in value of inflation-indexed bonds.

While these securities are expected to be protected from long-term inflationary trends, short-term increases in inflation may lead to a decline in value. If interest rates rise due to reasons other than inflation (for example, due to changes in currency exchange rates), investors in these securities may not be protected to the extent that the increase is not reflected in the bond's inflation measure.

The periodic adjustment of U.S. inflation-indexed bonds is tied to the Consumer Price Index for All Urban Consumers ("CPI-U"), which is not seasonally adjusted and which is calculated monthly by the U.S. Bureau of Labor Statistics. The CPI-U is a measurement of changes in the cost of living, made up of components such as housing, food, transportation and energy. Inflation-indexed bonds issued by a foreign government are generally adjusted to reflect a comparable inflation index calculated by that government. There can be no assurance that the CPI-U or any foreign inflation index will accurately measure the real rate of inflation in the prices of goods and services. Moreover, there can be no assurance that the rate of inflation in a foreign country will be correlated to the rate of inflation in the United States.

**Convertible Securities. Convertible securities generally have less potential for gain or loss than common stocks. Convertible securities generally provide yields higher than the underlying common stocks, but generally lower than comparable non-convertible securities. Because of this higher yield, convertible securities generally sell at prices above their "conversion value," which is the current market value of the stock to be received upon conversion. The difference between this conversion value and the price of convertible securities will vary over time depending on changes in the value of the underlying common stocks and interest rates. When the underlying common stocks decline in value, convertible securities will tend not to decline to the same extent because of the interest or dividend payments and the repayment of principal at maturity for certain types of convertible securities. However, securities that are convertible other than at the option of the holder generally do not limit the potential for loss to the same extent as securities convertible at the option of the holder. When the underlying common stocks rise in value, the value of convertible securities may also be expected to increase. At the same time, however, the difference between the market value of convertible securities and their conversion value will narrow, which means that the value of convertible securities will generally not increase to the same extent as the value of the underlying common stocks. Because convertible securities may also be interest rate sensitive, their value may increase as interest rates fall and decrease as interest rates rise. Convertible securities are also subject to credit risk, and are often lower-quality securities.**

**Contingent Capital Securities**. Contingent capital securities (sometimes referred to as "CoCos") are issued primarily by non-U.S. financial institutions, which have loss absorption mechanisms benefiting the issuer built into their terms. CoCos generally provide for mandatory conversion into the common stock of the issuer or a write-down of the principal amount or value of the CoCos upon the occurrence of certain "triggers." These triggers are generally linked to regulatory capital thresholds or regulatory actions calling into question the issuing banking institution's continued viability as a going concern. Equity conversion or principal write-down features are tailored to the issuer and its regulatory requirements and, unlike traditional convertible securities, conversions are not voluntary.

A trigger event for CoCos would likely be the result of, or related to, the deterioration of the issuer's financial condition (e.g., a decrease in the issuer's capital ratio) and status as a going concern. In such a case, with respect to CoCos that provide for conversion into common stock upon the occurrence of the trigger event, the market price of the issuer's common stock received by a Fund will have likely declined, perhaps substantially, and may continue to decline, which may adversely affect the Fund's NAV. Further, the issuer's common stock would be subordinate to the issuer's other classes of securities and therefore would worsen a Fund's standing in a bankruptcy proceeding. In addition, because the common stock of the issuer may not pay a dividend, investors in these instruments could experience a reduced income rate, potentially to zero. In view of the foregoing, CoCos are often rated below investment-grade and are subject to the risks of high-yield securities.

CoCos may be subject to an automatic write-down (i.e*.*, the automatic write-down of the principal amount or value of the securities, potentially to zero, and the cancellation of the securities) under certain circumstances, which could result in a Fund losing a portion or all of its investment in such securities. In addition, a Fund may not have any rights with respect to repayment of the principal amount of the securities that has not become due or the payment of interest or dividends on such securities for any period from (and including) the interest or dividend payment date falling immediately prior to the occurrence of such automatic write-down. An automatic write-down could also result in a reduced income rate if the dividend or interest payment is based on the security's par value. Coupon payments on CoCos may be discretionary and may be cancelled by the issuer for any reason or may be subject to approval by the issuer's regulator and may be suspended in the event there are insufficient distributable reserves.

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In certain scenarios, investors in CoCos may suffer a loss of capital ahead of equity holders or when equity holders do not. The prices of CoCos may be volatile. There is no guarantee that a Fund will receive a return of principal on CoCos. Any indication that an automatic write-down or conversion event may occur can be expected to have a material adverse effect on the market price of CoCos.

#### Mortgage-backed and asset-backed securities
**Mortgage-Backed and Asset-Backed Securities Generally.** Some of the Funds may invest in mortgage-backed and asset-backed securities, which represent direct or indirect participation in, or are collateralized by and payable from, mortgage loans secured by real property or instruments derived from such loans. Mortgage-backed securities include various types of mortgage-related securities such as government stripped mortgage-related securities, adjustable-rate mortgage-related securities and collateralized mortgage obligations. Some of the Funds may also invest in asset-backed securities, which represent participation in, or are secured by and payable from, assets such as motor vehicle installment sales contracts, installment loan contracts, leases of various types of real and personal property, receivables from revolving credit (i.e., credit card) agreements and other categories of receivables. These assets are typically pooled and securitized by governmental, government-related or private organizations through the use of trusts and special purpose entities established specifically to hold assets and to issue debt obligations backed by those assets. Asset-backed or mortgage-backed securities are normally created or "sponsored" by banks or other financial institutions or by certain government-sponsored enterprises such as FNMA or FHLMC.

Payments or distributions of principal and interest may be guaranteed up to certain amounts and for certain time periods by letters of credit or pool insurance policies issued by a financial institution unaffiliated with the trust or corporation. Other credit enhancements also may exist. With respect to the Large Cap Responsible Equity Fund, Advisors does not take into consideration whether the sponsor of an asset-backed security in which the Fund invests meets the Fund's screening criteria. That is because asset-backed securities represent interests in pools of loans, and not of the ongoing business enterprise of the sponsor. It is therefore possible that the Fund could invest in an asset-backed or mortgage-backed security sponsored by a bank or other financial institution in which the Fund could not invest directly.

**Mortgage Pass-Through Securities.** Some of the Funds may invest in mortgage pass-through securities. Mortgage-related securities represent pools of mortgage loans assembled for sale to investors by various governmental agencies, such as GNMA, by government-related organizations, such as FNMA and FHLMC, as well as by private issuers, such as commercial banks, savings and loan institutions, mortgage bankers and private mortgage insurance companies.

Interests in pools of mortgage-related securities differ from other forms of debt securities, which normally provide for periodic payment of interest in fixed amounts with principal payments at maturity or specified call dates. Instead, these securities provide a monthly payment which consists of both interest and principal payments. In effect, these payments are a "pass-through" of the monthly payments made by the individual borrowers on their residential or commercial mortgage loans, net of any fees paid to the issuer or guarantor of such securities. Additional payments are caused by repayments of principal resulting from the sale of the underlying property, refinancing or foreclosure, net of fees or costs which may be incurred. Some mortgage-related securities are described as "modified pass-through." These securities entitle the holder to receive all interest and principal payments owed on the mortgage pool, net of certain fees, at the scheduled payment dates regardless of whether or not the mortgagor actually makes the payment.

Under the direction of FHFA, GNMA and FHLMC have entered into a joint initiative to develop a common securitization platform for the issuance of a uniform Mortgage-Backed Security (the "Single Security Initiative"), which would generally align the characteristics of FNMA and FHLMC certificates. The Single Security Initiative launched in June 2019, and is intended to maximize liquidity for both FNMA and FHLMC mortgage-backed securities in the TBA market. While the initial effects of the

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issuance of a uniform Mortgage-Backed Security on the market for mortgage-related securities have been relatively minimal, the long-term effects that the Single Security Initiative may have on the market for mortgage-backed securities are uncertain.

**Collateralized Mortgage Obligations ("CMOs").** CMOs are structured into multiple classes, each bearing a different stated maturity. Similar to a bond, interest and prepaid principal are paid, in most cases, on a monthly basis. Actual maturity and average life will depend upon the prepayment experience of the collateral. CMOs provide for a modified form of call protection through a de facto breakdown of the underlying pool of mortgages according to how quickly the loans are repaid. Monthly payment of principal received from the pool of underlying mortgages, including prepayments, is first returned to investors holding the shortest maturity class. Investors holding the longer maturity classes receive principal only after the first class has been retired. An investor is partially guarded against a sooner than desired return of principal because of the sequential payments.

In a typical CMO transaction, a corporation ("issuer") issues multiple series (e.g., A, B, C, Z) of CMO bonds ("Bonds"). Proceeds of the Bond offering are used to purchase mortgages or mortgage pass-through certificates ("Collateral"). The Collateral is pledged to a third-party trustee as security for the Bonds.

Principal and interest payments from the Collateral are used to pay principal on the Bonds in the order A, B, C, Z. The Series A, B, and C Bonds all bear current interest. Interest on the Series Z Bond is accrued and added to principal and a like amount is paid as principal on the Series A, B, or C Bond currently being paid off. When the Series A, B, and C Bonds are paid in full, interest and principal on the Series Z Bond begin to be paid currently. With some CMOs, the issuer serves as a conduit to allow loan originators (primarily builders or savings and loan associations) to borrow against their loan portfolios.

The average maturity of pass-through pools of mortgage-related securities in which some of the Funds may invest varies with the maturities of the underlying mortgage instruments. In addition, a pool's stated maturity may be shortened by unscheduled payments on the underlying mortgages. Factors affecting mortgage prepayments include the level of interest rates, general economic and social conditions, developments in the commercial or residential real estate markets, location of the mortgaged property and age of the mortgage. For example, in periods of falling interest rates, the rate of prepayment tends to increase, thereby shortening the actual average life of the mortgage-related security. Conversely, when interest rates are rising, the rate of prepayment tends to decrease, thereby lengthening the actual average life of the mortgage-related security. Accordingly, it is not possible to accurately predict the average life of a particular pool. Reinvestment of prepayments may occur at higher or lower rates than originally expected. Therefore, the actual maturity and realized yield on pass-through or modified pass-through mortgage-related securities will vary based upon the prepayment experience of the underlying pool of mortgages. For purposes of calculating the average life of the assets of the relevant Fund, the maturity of each of these securities will be the average life of such securities based on the most recent estimated annual prepayment rate.

**Asset-Backed Securities Unrelated to Mortgage Loans.** Some of the Funds may invest in asset-backed securities that are unrelated to mortgage loans. These include, but are not limited to, credit card securitizations, auto and equipment lease and loan securitizations and rate reduction bonds. The performance of such investments are affected by, among other things, general economic conditions. Changes in economic conditions may adversely affect the performance and market value of such investments. In the case of credit card securitizations, it is typical to have a revolving master trust issue "soft bullet" maturities representing a fractional interest in trusts whose assets consist of revolving credit card receivables. Auto and equipment lease and loan securitizations reference specific static asset pools whereby monthly payments of principal and interest are passed through directly to certificate holders typically in order of seniority. The ultimate performance of these securities is a function of both the creditworthiness of the borrowers as well as recovery obtained on collateral foreclosed upon by the respective trust(s). Increases in unemployment, decreases in home values or the values of other consumer assets or lack of availability of credit may lead to increased default rates and may also be accompanied by decreased consumer demand for automobiles and declining values of automobiles securing outstanding automobile loan contracts, which weakens collateral coverage and increases the amount of a loss in the event of default. Rate reduction bonds represent a secured interest in future rate recovery on stranded utility assets that may result from, for example, storm damages or environmental costs. Typically these costs are recouped over time from a broad rate payer base. The performance of these securities would depend primarily upon a continuance of sufficient rate base to repay the notes in the specified time frame and a stable regulatory environment.

**Mortgage Dollar Rolls.** Some of the Funds may enter into mortgage "dollar rolls" in which the Fund sells securities for delivery in the current month and simultaneously contracts with a counterparty to repurchase either similar or substantially identical securities on a specified future date. To be considered "substantially identical," the securities returned to a Fund generally must: (1) be collateralized by the same types of underlying mortgages; (2) be issued by the same agency and be part of the same program; (3) have the same original stated maturity; (4) have identical net coupon rates; (5) have identical form and type so as to provide the same risks and rights; and (6) satisfy "good delivery" requirements, meaning that the aggregate principal amounts of the securities delivered and received back must be within 2.5% of the initial amount delivered. The Fund loses the right to receive principal and interest paid on the securities sold. However, the Fund would benefit to the extent of any price received for the securities sold and the lower forward price for the future purchase (often referred to as the "drop") plus the interest earned on the short-term investment awaiting the settlement date of the forward purchase. Unless such benefits exceed the income and gain or loss due to mortgage repayments that would have been realized on the securities sold as part of the mortgage dollar roll, the use of this technique will diminish the investment performance of the Fund compared with what

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such performance would have been without the use of mortgage dollar rolls. A Fund must comply with the SEC rule related to the use of derivatives and certain other transactions when engaging in the transactions discussed above. See "Derivatives and Other Similar Instruments" below. The benefits derived from the use of mortgage dollar rolls may depend upon Advisors' ability to correctly predict mortgage prepayments and interest rates. There is no assurance that mortgage dollar rolls can be successfully employed. In connection with mortgage dollar roll transactions, a Fund could receive securities with investment characteristics that are different than those originally sold by the Fund, which may adversely affect the sensitivity of the Fund to changes in interest rates.

**Collateralized Debt Obligations.** Some of the Funds may invest in Collateralized Debt Obligations ("CDOs"). Similar to CMOs, CDOs are debt obligations typically issued by a private special-purpose entity and collateralized principally by debt securities (including, for example, high-yield, high-risk bonds, structured finance securities including asset-backed securities, CDOs, mortgage-backed securities and real estate investment trusts ("REITs")) or corporate loans. The special purpose entity typically issues one or more classes (sometimes referred to as "tranches") of rated debt securities, one or more unrated classes of debt securities that are generally treated as equity interests, and a residual equity interest. The tranches of CDOs typically have different interest rates, projected weighted average lives and ratings, with the higher rated tranches paying lower interest rates. One or more forms of credit enhancement are almost always necessary in a CDO structure to obtain the desired credit ratings for the most highly rated debt securities issued by the CDO. The types of credit enhancement used include "internal" credit enhancement provided by the underlying assets themselves, such as subordination, excess spread and cash collateral accounts, and hedges provided by interest rate swaps, and "external" credit enhancement provided by third parties, principally financial guaranty insurance issued by monoline insurers. Despite this credit enhancement, CDO tranches can experience substantial losses due to actual defaults, increased sensitivity to defaults due to collateral default and the disappearance of lower rated protecting tranches, market anticipation of defaults, and investor aversion to CDO securities as a class. CDOs can be less liquid than other publicly held debt issues, and require additional structural analysis.

#### Other investment policies
**Securities Lending.** Subject to the Funds' fundamental investment policies relating to loans of portfolio securities set forth above, each Fund may lend its securities. The Funds may lend their securities to brokers and dealers that are not affiliated with TIAA, are registered with the SEC and are members of FINRA, and also to certain other financial institutions. All loans will be fully collateralized. Any borrower of a Fund's portfolio securities must maintain acceptable collateral, marked to market daily, with the Fund's custodian (or a sub-custodian or a special "tri-party" custodian). In connection with the lending of its securities, a Fund will receive as collateral cash, securities issued or guaranteed by the U.S. Government (e.g., Treasury securities), or other collateral permitted by applicable law, which at all times while the loan is outstanding will be maintained in amounts equal to at least 102% of the current market value of the outstanding loaned securities for U.S. equities and fixed-income assets and 105% for non-U.S. equities, or such lesser percentage as may be permitted by the SEC (including a decline in the value of the collateral) (not to fall below 100% of the market value of the loaned securities not including a decline in the value of the collateral), as reviewed daily. Cash collateral received by a Fund will generally be invested in high-quality short-term instruments, or in one or more funds maintained by the securities lending agent for the purpose of investing cash collateral, including a fund that qualifies as a "government money market fund" under the SEC rules governing money market funds. Investment of cash collateral in a fund that qualifies as a "government money market fund" will not be subject to any applicable ESG criteria of a Fund. During the term of the loan, a Fund will continue to have investment risks with respect to the securities being loaned, as well as risk with respect to the investment of the cash collateral, and the Fund may lose money as a result of the investment of such collateral. Voting rights may pass with the loaned securities, but a Fund will retain the right to call any security in anticipation of any material vote. A Fund also bears the risk that the reinvestment of collateral will result in a principal loss. Finally, there is the risk that the price of the securities will increase while they are on loan and the collateral will not be adequate to cover their value. In addition, a Fund could suffer a loss if the loan terminates and the Fund is forced to liquidate investments at a loss in order to return the cash collateral to the borrower.

By lending its securities, a Fund will receive amounts equal to the interest or dividends paid on the securities loaned and, in addition, will expect to receive a portion of the income generated by the short-term investment of cash received as collateral or, alternatively, where securities or letter of credit are used as collateral, a lending fee paid directly to the Fund by the borrower of the securities. Under certain circumstances, a portion of the lending fee may be paid or rebated to the borrower by the Fund. Such loans will be terminable by the Fund at any time and will not be made to affiliates of TIAA. A Fund may terminate a loan of securities in order to regain record ownership of, and to exercise beneficial rights related to, the loaned securities, including, but not necessarily limited to, voting or subscription rights or certain tax benefits, and Advisors may, in the exercise of its fiduciary duties, terminate a loan in the event that a vote of holders of those securities is required on a material matter. A Fund may pay reasonable fees to persons unaffiliated with the Fund for services, for arranging such loans, or for acting as securities lending agent (each an "Agent"). Loans of securities will be made only to firms deemed creditworthy. In lending its securities, a Fund bears the market risk with respect to the investment of collateral and the risk the borrower or Agent may default on its contractual obligations to the Fund. Each Agent bears the risk that the borrower may default on its obligation to return the

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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 loaned securities have not been returned. Substitute payments for dividends received by a Fund for securities loaned out by the Fund will not be considered as qualified dividend income or as eligible for the corporate dividend received deduction. Each Agent is authorized to engage a third-party bank as a special "tri-party" custodian for securities lending activities and enter into a separate custodian undertaking with each applicable borrower under the Funds' securities lending program.

During the fiscal year ended December 31, 2025, the Agent for each applicable Fund provided various services to the Fund, including locating borrowers, monitoring daily the value of the loaned securities and collateral, requiring additional collateral from borrowers as necessary, cash collateral management, qualified dividend management, negotiation of loan terms, selection of securities to be loaned, recordkeeping and account servicing, monitoring dividend activity and material proxy votes relating to loaned securities, and arranging for return of loaned securities to the Fund at loan termination.

For the fiscal year ended December 31, 2025 for the following Funds, the table below reflects the dollar amounts of income received and the compensation paid to an Agent, including any share of revenue generated by the securities lending program paid to an Agent ("revenue split"), related to the securities lending activities of each such Fund in existence during the period:

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | **Fees and/or compensation for securities lending activities and related services** | **Fees and/or compensation for securities lending activities and related services** | **Fees and/or compensation for securities lending activities and related services** | **Fees and/or compensation for securities lending activities and related services** | **Fees and/or compensation for securities lending activities and related services** | **Fees and/or compensation for securities lending activities and related services** | | |
|  | <br>**Fund** | <br>**Gross <br>income <br>from <br>securities <br>lending <br>activities** | **Fees paid to <br>securities <br>lending agent <br>from a <br>revenue split** | **Fees paid for <br>any cash <br>collateral <br>management <br>service <br>that are not <br>included in the <br>revenue split** | **Administrative <br>fees not <br>included in <br>revenue split** | **Indemnification <br>fees not <br>included in <br>revenue split** | **Rebates <br>(paid to <br>borrowers)** | **Other <br>fees not <br>included in <br>revenue split** | <br>**Aggregate <br>fees/ <br>compensation <br>for securities <br>lending <br>activities** | <br>**Net <br>income from <br>securities <br>lending <br>activities** |
|  | Nuveen Life Growth Equity Fund  | $47947  | $3682  | $129  | $—  | $—  | $1799  | $—  | $5610  | $42337  |
|  | Nuveen Life International Equity Fund  | 24923  | 477  | 173  | —  | —  | 18791  | —  | 19441  | 5482  |
|  | Nuveen Life Large Cap Value Fund  | 857  | 69  | —  | —  | —  | —  | —  | 69  | 788  |
|  | Nuveen Life Small Cap Equity Fund  | 43894  | 1829  | 231  | —  | —  | 20800  | —  | 22860  | 21034  |
|  | Nuveen Life Stock Index Fund  | 114745  | 3023  | 739  | —  | —  | 76214  | —  | 79976  | 34769  |
|  | Nuveen Life Core Bond Fund  | 59034  | 598  | 454  | —  | —  | 51105  | —  | 52157  | 6877  |
| \* | Including fees deducted from a pooled cash collateral reinvestment vehicle. | Including fees deducted from a pooled cash collateral reinvestment vehicle. | Including fees deducted from a pooled cash collateral reinvestment vehicle. | Including fees deducted from a pooled cash collateral reinvestment vehicle. | Including fees deducted from a pooled cash collateral reinvestment vehicle. | Including fees deducted from a pooled cash collateral reinvestment vehicle. | Including fees deducted from a pooled cash collateral reinvestment vehicle. |  |  |  |

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Regulations adopted by federal banking regulators under the Dodd-Frank Wall Street Reform and Consumer Protection Act require that certain qualified financial contracts ("QFCs") with counterparties that are part of U.S. or foreign global systemically important banking organizations be amended to include contractual restrictions on close-out and cross-default rights. QFCs include, but are not limited to, securities contracts, commodities contracts, forward contracts, repurchase agreements, securities lending agreements and swap agreements, as well as related master agreements, security agreements, credit enhancements, and reimbursement obligations. If a covered counterparty of a Fund or certain of the covered counterparty's affiliates were to become subject to certain insolvency proceedings, the Fund may be temporarily unable to exercise certain default rights, and the QFC may be transferred to another entity. These requirements may impact a Fund's credit and counterparty risks.

**Repurchase Agreements.** Repurchase agreements are one of several short-term vehicles the Funds can use to manage cash balances effectively. In a repurchase agreement, the Funds buy an underlying debt instrument on the condition that the seller agrees to buy it back at a fixed price and time (usually no more than a week and never more than a year). Repurchase agreements have the characteristics of loans, and will be fully collateralized (either with physical securities or evidence of book entry transfer to the account of the custodian bank) at all times. During the term of the repurchase agreement, the Fund entering into the agreement retains the security subject to the repurchase agreement as collateral securing the seller's repurchase obligation, continually monitors the market value of the security subject to the agreement, and requires the Fund's seller to deposit with the Fund additional collateral equal to any amount by which the market value of the security subject to the repurchase agreement falls below the resale amount provided under the repurchase agreement. Each Fund will enter into repurchase agreements only with member banks of the Fed, or with primary dealers in U.S. Government securities or their wholly owned subsidiaries whose creditworthiness has been reviewed and found satisfactory by Advisors and who have, therefore, been determined to present minimal credit risk.

Securities underlying repurchase agreements will be limited to certificates of deposit, commercial paper, bankers' acceptances, or obligations issued or guaranteed by the U.S. Government or its agencies or instrumentalities, in which the Fund entering into the agreement may otherwise invest.

If a seller of a repurchase agreement defaults and does not repurchase the security subject to the agreement, the Fund entering into the agreement would look to the collateral underlying the seller's repurchase agreement, including the securities subject to the repurchase agreement, for satisfaction of the seller's obligation to the Fund. In such event, the Fund might incur

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disposition costs in liquidating the collateral and might suffer a loss if the value of the collateral declines. In addition, if bankruptcy proceedings are instituted against a seller of a repurchase agreement, realization upon the collateral may be delayed or limited.

**Swap Transactions.** Each Fund (other than the Money Market Fund) may, to the extent permitted by the applicable state and federal regulatory authorities, enter into privately negotiated "swap" transactions with other financial institutions in order to take advantage of investment opportunities generally not available in public markets (generally known as an over-the-counter, "OTC" or "uncleared" swap). In general, these transactions involve "swapping" a return based on certain securities, instruments, or financial indices with another party, such as a commercial bank, in exchange for a return based on different securities, instruments, or financial indices.

By entering into a swap transaction, a Fund may be able to protect the value of a portion of its portfolio against declines in market value. Each Fund (other than the Money Market Fund) may also enter into swap transactions to facilitate implementation of allocation strategies between different market segments or countries or to take advantage of market opportunities that may arise from time to time. A Fund may be able to enhance its overall performance if the return offered by the other party to the swap transaction exceeds the return swapped by the Fund. However, there can be no assurance that the return a Fund receives from the counterparty to the swap transaction will exceed the return it swaps to that party.

While the Funds will only enter into swap transactions with counterparties considered creditworthy (and will monitor the creditworthiness of parties with which they enter into swap transactions), a risk inherent in swap transactions is that the other party to the transaction may default on its obligations under the swap agreement. In times of general market turmoil, the creditworthiness of even large, well-established counterparties may decline rapidly. If the other party to a swap transaction defaults on its obligations, the Fund entering into the agreement would be limited to the agreement's contractual remedies. There can be no assurance that a Fund will succeed when pursuing its contractual remedies. To minimize a Fund's exposure in the event of default, it will usually enter into swap transactions on a net basis (i.e., the parties to the transaction will net the payments payable to each other before such payments are made). When a Fund enters into swap transactions on a net basis, the net amount of the excess, if any, of the Fund's obligations over its entitlements with respect to each such swap agreement will be accrued on a daily basis. A Fund must comply with the SEC rule related to the use of derivatives and certain other transactions when engaging in the transactions discussed above. See "Derivatives and Other Similar Instruments" below.

Additionally, certain standardized swaps must now be cleared through a clearinghouse that serves as a central counterparty (generally known as a "cleared" swap). Certain swaps subject to the clearing requirement must also be executed on a designated contract market or swap execution facility. Exchange trading and central clearing are intended to reduce counterparty credit risk and increase liquidity, but it does not make cleared swap transactions risk-free. Depending on the size of a Fund and other factors, the margin required under the rules of a clearinghouse and by a clearing member may be in excess of the collateral required to be posted by the Fund to support its obligations under a similar uncleared swap. However, the CFTC and other applicable regulators have adopted rules imposing certain margin requirements, including minimums, on uncleared swaps which may result in a Fund and its counterparties posting higher amounts for uncleared swaps.

In addition to other swap transactions, certain Funds may purchase and sell Contracts for Difference ("CFDs"). A CFD is a form of equity swap in which its value is based on the fluctuating value of some underlying asset (e.g., shares of a particular stock or a stock index). A CFD is a contract between two parties, buyer and seller, stipulating that the seller will pay to the buyer the difference between the nominal value of the underlying stock at the opening of the contract and the stock's value at the close of the contract. The size of the contract and the contract's expiration date are typically negotiated by the parties to the CFD transaction. CFDs enable a Fund to take short or long positions on an underlying stock and thus potentially capture gains on movements in the share prices of the stock without the need to own the underlying stock.

By entering into a CFD transaction, a Fund could incur losses because it would face many of the same types of risks as owning the underlying equity security directly. For example, a Fund might buy a short position in a CFD and the contract value at the close of the transaction may be greater than the contract value at the opening of the transaction. This may be due to, among other factors, an increase in the market value of the underlying equity security. In such a situation, the Fund would have to pay the difference in value of the contract to the seller of the CFD. As with other types of swap transactions, CFDs also carry counterparty risk, i.e., the risk that the counterparty to the CFD transaction may be unable or unwilling to make payments or to otherwise honor its financial obligations under the terms of the contract. If the counterparty were to do so, the value of the contract, and of the Fund's shares, may be reduced.

Entry into a swap or CFD transaction may, in certain circumstances, require the payment of initial margin and adverse market movements against the underlying stock may require the buyer to make additional margin payments and make settlement payments. A Fund may have to sell securities or instruments at a time when it may be disadvantageous to do so to meet such payment requirements.

Certain Funds may also invest in credit default swaps ("CDS"). CDS are contracts in which the buyer makes a payment or series of payments to the seller in exchange for a payment if the reference security or asset (e.g., a bond or an index) undergoes a "credit event" (e.g., a default). CDS share many risks common to other types of swaps and derivatives, including credit risk, counterparty risk and market risk. Certain Funds may also invest in credit default swap indices ("CDX"). A CDX is a

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portfolio of credit default swaps with similar characteristics such as credit default swaps on high-yield bonds. Certain CDX indices are subject to mandatory central clearing and exchange trading, which may reduce counterparty credit risk and increase liquidity compared to other CDS or CDX transactions. In addition, there may be disputes between the buyer and seller of a CDS agreement or within the swaps market as a whole as to whether a credit event has occurred or what the payment should be. Such disputes could result in litigation or other delays, and the outcome could be adverse for the buyer or seller.

Swap agreements may be illiquid and, in such circumstances, could be subject to the limitations on illiquid investments. See "Illiquid Investments" above.

To the extent that there is an imperfect correlation between the return on a Fund's obligation to its counterparty under the swap and the return on related assets in its portfolio, the swap transaction may increase the Fund's financial risk. No Fund will enter into a swap transaction that is inconsistent with its investment objective, policies and strategies. The Funds (other than the Money Market Fund) may engage in swap transactions to hedge or manage the risks associated with assets held in, or to facilitate the implementation of portfolio strategies of purchasing and selling assets for, the Fund, to manage their cash flow more efficiently and to seek to increase total return.

**Derivatives and Other Similar Instruments.** Under Rule 18f-4, which regulates a registered investment company's use of derivatives and certain other investments, a registered investment company's derivatives exposure is limited through a value-at-risk test and the rule requires the adoption and implementation of a derivatives risk management program for certain derivatives users. However, subject to certain conditions, limited derivatives users (as defined in Rule 18f-4) are not subject to the full requirements of Rule 18f-4. In addition, under Rule 18f-4, a Fund is permitted to invest in when-issued securities, and the transaction will be deemed not to involve a senior security, provided that (i) the Fund intends to physically settle the transaction and (ii) the transaction will settle within 35 days of its trade date (the "Delayed-Settlement Securities Provision"). A Fund may otherwise engage in such transactions that do not meet the conditions of the Delayed-Settlement Securities Provision so long as the Fund treats any such transaction as a "derivatives transaction" for purposes of compliance with the rule. Rule 18f4 could limit a Fund's ability to engage in certain derivatives transactions and/or increase the costs of such derivatives transactions, which could adversely affect the value or performance of the Fund.

The Funds (other than the Money Market Fund) may also use futures contracts, options on futures contracts and swaps as hedging techniques to manage their cash flow more effectively and to seek to increase total return. These instruments will, however, only be used in accordance with certain CFTC exemptive provisions that permit Advisors to claim an exclusion from the definition of a "commodity pool operator" under the Commodity Exchange Act with regard to the Funds. Advisors has claimed an exclusion from the definition of the term "commodity pool operator" under the Commodity Exchange Act and the regulations thereunder and, therefore, is not currently subject to registration or regulation as a commodity pool operator with regard to the Funds. If the exclusion becomes unavailable, a Fund may incur additional expenses.

**Investment Companies.** Subject to certain exceptions and limitations, each Fund may invest up to 5% of its assets in any single investment company and up to 10% of its assets in all other investment companies in the aggregate. However, no Fund can hold more than 3% of the total outstanding voting stock of any single investment company. These restrictions would not apply to the Balanced Fund or any Fund that the Trust introduces in the future that invests substantially all of its assets in the securities of the Underlying Funds. When a Fund invests in another investment company, it bears a proportionate share of expenses charged by the investment company in which it invests. Registered investment companies may invest in an underlying fund in excess of these percentage limits imposed by the 1940 Act in reliance on certain exemptions, such as Rule 12d1-4 under the 1940 Act. When a Fund serves as an underlying fund in reliance on Rule 12d1-4, or in reliance on Section 12(d)(1)(G) of the 1940 Act while relying on Rule 12d1-4 to invest in other investment companies, such Fund's or Underlying Fund's ability to invest in other investment companies and private funds will generally be limited to 10% of the Fund's or Underlying Fund's assets. Each Fund is required to comply with Rule 12d1-4. Complying with the requirements of Rule 12d1-4 may adversely impact a Fund's investment strategies and operations, as well as those of the Underlying Funds in which the Fund invests.

Note that any Fund that serves as an underlying fund investment for an affiliated fund of funds pursuant to Section 12(d)(1)(G) of the 1940 Act has a policy not to, in turn, rely on Sections 12(d)(1)(F) or (G) to invest in other affiliated or unaffiliated funds beyond the limits of Sections 12(d)(1)(A) or (B).

**Exchange-Traded Funds.** Additionally, certain Funds may invest in other investment companies, which may include exchange-traded funds ("ETFs"), for cash management, investment exposure or defensive purposes. ETFs generally seek to track the performance of an equity, fixed-income or balanced index by holding in its portfolio either the contents of the index or a representative sample of the securities in the index. Some ETFs, however, select securities consistent with the ETF's investment objectives and policies without reference to the composition of an index. Typically, a Fund would purchase ETF shares to obtain exposure to all or a portion of the stock or bond market. An investment in an ETF generally presents the same primary risks as an investment in a conventional stock, bond or balanced mutual fund (i.e., one that is not exchange-traded) that has the same investment objective, strategies, and policies. The price of an ETF can fluctuate within a wide range, and a Fund could lose money investing in an ETF if the prices of the securities owned by the ETF go down. In addition, ETFs are subject to the following risks that do not apply to conventional mutual funds: (1) the market price of the ETF's shares may trade at a discount or premium to their NAV; (2) an active trading market for an ETF's shares may not develop or be maintained; or

**Statement of Additional Information** &nbsp;&nbsp;&nbsp;&nbsp;25

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(3) trading of an ETF's shares may be halted if the listing exchange's officials deem such action appropriate, the shares are de-listed from the exchange, or the activation of market-wide "circuit breakers" (which are tied to large decreases in stock prices) halts stock trading generally. Most ETFs are investment companies. As with other investment companies, when a Fund invests in an ETF, it will bear certain investor expenses charged by the ETF. Generally, a Fund will treat an investment in an ETF as an investment in the type of security or index to which the ETF is attempting to provide investment exposure. For example, an investment in an ETF that attempts to provide the return of the equity securities represented in the Russell 3000<sup>®</sup> Index will be considered as an equity investment by the Fund. ETFs used for cash management purposes will not be subject to the Large Cap Responsible Equity Fund's ESG criteria, but may be subject to other ESG criteria.

**Exchange-Traded Notes ("ETNs") and Equity-Linked Notes ("ELNs").** A Fund may purchase shares of ETNs or ELNs. ETNs and ELNs are fixed-income securities with principal and/or interest payments (or other payments) linked to the performance of referenced currencies, interest rates, commodities, indices or other financial indicators (each, a "Reference"), or linked to the performance of a specified investment strategy (such as an options or currency trading program). ETNs are traded on an exchange, while ELNs are not. Often, ETNs and ELNs are structured as uncollateralized medium-term notes. Typically, a Fund would purchase ETNs or ELNs to obtain exposure to all or a portion of the financial markets or specific investment strategies. Because ETNs and ELNs are structured as fixed-income securities, they are generally subject to the risks of fixed-income securities, including (among other risks) the risk of default by the issuer of the ETN or ELN. The price of an ETN or ELN can fluctuate within a wide range, and a Fund could lose money investing in an ETN or ELN if the value of the Reference or the performance of the specified investment strategy goes down. In addition, ETNs and ELNs are subject to the following risks that do not apply to most fixed-income securities: (1) the market price of the ETNs or ELNs may trade at a discount to the market price of the Reference or the performance of the specified investment strategy; (2) an active trading market for ETNs or ELNs may not develop or be maintained; or (3) trading of ETNs may be halted if the listing exchange's officials deem such action appropriate, the ETNs are de-listed from the exchange or the activation of market-wide "circuit breakers" (which are tied to large decreases in stock prices) halts stock trading generally.

When a Fund invests in an ETN or ELN, it will bear certain investor expenses charged by these products. While ETNs and ELNs are structured as fixed-income obligations, rather than as investment companies, they generally provide exposure to a specified market sector or index like ETFs, but are also subject to the general risks of fixed-income securities, including risk of default by their issuers.

Generally, a Fund will treat an investment in an ETN or ELN as an investment in the type of security or index to which the ETN or ELN is attempting to provide investment exposure. For example, an investment in an ELN that attempts to provide the return of the equity securities represented in the Russell 3000 Index will be considered as an equity investment by a Fund, and not a fixed-income investment.

**Borrowing.** Each Fund may generate cash by borrowing money from banks (no more than 33<sup>1</sup>/<sub>3</sub>% of the market value of its assets at the time of borrowing), rather than through the sale of portfolio securities, when such borrowing appears more attractive for the Fund. Each Fund may also borrow money from other sources temporarily (no more than 5% of the total market value of its assets at the time of borrowing), when, for example, the Fund needs to meet liquidity requirements caused by greater than anticipated redemptions. See "Fundamental policies" above.

#### Currency transactions
The value of a Fund's assets (other than the Money Market Fund) as measured in U.S. dollars may be affected favorably or unfavorably by changes in foreign currency exchange rates and exchange control regulations, and the Fund may incur costs in connection with conversions between various currencies. To manage the impact of such factors on NAVs, the Funds (other than the Money Market Fund) may engage in foreign currency transactions in connection with their investments in foreign securities.

The Funds will conduct their currency exchange transactions either on a spot (i.e., cash) basis at the rate prevailing in the currency exchange market, or through forward contracts to purchase or sell foreign currencies. A forward currency contract involves an obligation to purchase or sell a specific currency at a future date, which may be any fixed number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. These contracts are entered into with large commercial banks or other currency traders that are participants in the interbank market.

By entering into a forward contract for the purchase or sale of foreign currency involved in an underlying security transaction, a Fund is able to protect itself against possible loss between trade and settlement dates for that purchase or sale resulting from an adverse change in the relationship between the U.S. dollar and such foreign currency. This practice is sometimes referred to as "transaction hedging." In addition, when it appears that a particular foreign currency may suffer a substantial decline against the U.S. dollar, a Fund may enter into a forward contract to sell an amount of foreign currency approximating the value of some or all of its portfolio securities denominated in such foreign currency. This practice is sometimes referred to as "portfolio hedging." Similarly, when it appears that the U.S. dollar may suffer a substantial decline against a foreign currency, a Fund may enter into a forward contract to buy that foreign currency for a fixed dollar amount. Although such transactions tend to minimize the risk of loss due to a decline in the value of the hedged currency, they also may limit any potential gain that might result should the value of such currency increase.

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The Funds (other than the Money Market Fund) may also hedge their foreign currency exchange rate risk by engaging in currency financial futures, options and "cross-hedge" transactions. In "cross-hedge" transactions, a Fund holding securities denominated in one foreign currency will enter into a forward currency contract to buy or sell a different foreign currency (one that generally tracks the currency being hedged with regard to price movements). Such cross-hedges are expected to help protect a Fund against an increase or decrease in the value of the U.S. dollar against certain foreign currencies.

The Funds (other than the Money Market Fund) may hold a portion of their respective assets in bank deposits denominated in foreign currencies, so as to facilitate investment in foreign securities as well as protect against currency fluctuations and the need to convert such assets into U.S. dollars (thereby also reducing transaction costs). Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supra-national entities such as the International Monetary Fund, or by the imposition of currency controls or other political developments in the United States or abroad. To the extent these monies are converted back into U.S. dollars, the value of the assets so maintained will be affected favorably or unfavorably by changes in foreign currency exchange rates and exchange control regulations.

The forecasting of short-term currency market movement is extremely difficult and whether a short-term hedging strategy will be successful is highly uncertain. Moreover, it is impossible to correctly forecast with absolute precision the market value of portfolio securities at the expiration of a foreign currency forward contract. Accordingly, a Fund may be required to buy or sell additional currency on the spot market (and bear the expense of such transaction) if Advisors' predictions regarding the movement of foreign currency or securities markets prove inaccurate. In addition, the use of cross-hedging transactions may involve special risks, and may leave a Fund in a less advantageous position than if such a hedge had not been established. Because foreign currency forward contracts are privately negotiated transactions, there can be no assurance that a Fund will have flexibility to rollover the foreign currency forward contract upon its expiration if it desires to do so. Additionally, there can be no assurance that the other party to the contract will perform its obligations thereunder. Entry into a foreign currency transaction may, in certain circumstances, require the payment of initial margin, and adverse market movements against the underlying currency may require a Fund to make additional margin payments and make settlement payments. A Fund may have to sell securities or other instruments at a time when it may be disadvantageous to do so to meet such payment requirements.

Foreign currency transactions may also be used for non-hedging purposes and involve complex transactions with risks in addition to direct investments in securities or currencies, including leverage risk and the risks associated with derivatives in general, currencies and investments in foreign and emerging markets. Certain Funds may use foreign currency derivatives to gain or adjust exposure to currencies and securities markets or attempt to increase income or gain to a Fund. There is no guarantee that these strategies will succeed and their use may subject a Fund to greater volatility and loss. Foreign currency derivatives may sometimes increase or leverage a Fund's exposure to a particular market risk. Successful use of foreign currency transactions by a Fund depends upon the ability of Advisors to predict correctly movements in the direction of interest and currency rates and other factors affecting markets for securities or currencies. If the expectations of Advisors are not met, a Fund may be in a worse position than if a foreign currency transaction had not been pursued.

**Real estate securities**

As described more fully in its Prospectus, the Real Estate Securities Select Fund will invest primarily in the equity and fixed-income securities of companies that are principally engaged in or related to the real estate industry, including those that own significant real estate assets, such as REITs. Certain other Funds may also invest in REITs and other real-estate-related securities. An issuer is principally "engaged in" or principally "related to" the real estate industry if at least 50% of its total assets, gross income, or net profits are attributable to ownership, construction, management or sale of residential, commercial or industrial real estate, or to products or services related to the real estate industry. Issuers engaged in the real estate industry include equity REITs (which directly own real estate), mortgage REITs (which make short-term construction or real estate development loans or invest in long-term mortgages or mortgage pools), real estate brokers and developers, homebuilders, companies that manage real estate and companies that own substantial amounts of real estate. Businesses related to the real estate industry include manufacturers and distributors of building supplies and financial institutions that make or service mortgage loans.

The Real Estate Securities Select Fund generally invests in common stocks, but may also, without limitation, invest in preferred stock, convertible securities, rights and warrants, and debt securities of issuers that are principally engaged in or related to the real estate industry, as well as publicly traded limited partnerships that are principally engaged in or related to the real estate industry. In addition to these securities, the Real Estate Securities Select Fund may invest up to 20% of its total assets in equity and debt securities of issuers that are not principally engaged in or related to the real estate industry, including debt securities and convertible preferred stock and convertible debt securities rated in the fifth or lower categories by a NRSRO. If held by the Real Estate Securities Select Fund in significant amounts, such lower-rated debt securities would increase financial risk and income volatility. The Real Estate Securities Select Fund may make investments or engage in investment practices that involve special risks, which include convertible securities, "when-issued" securities, securities issued on a

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delayed-delivery basis, options on securities and securities indices, financial futures contracts and options thereon, restricted securities, illiquid investments, repurchase agreements, structured or indexed securities and lending portfolio securities.

Investments in the securities of companies that own, construct, manage or sell residential, commercial or industrial real estate will be subject to all of the risks associated with the ownership of real estate. These risks include, among others: declines in the value of real estate, negative changes in the climate for real estate, risks related to local, regional, national and global economic conditions, the availability of and economic cost associated with financing properties, overbuilding and increased competition, decreases in property revenues, changes in prevailing interest rates and lending standards, property taxes and operating expenses, overconcentration of properties by geography, sector or tenant mix, changes in zoning laws, casualty or condemnation losses, limitations on rents, tenant defaults, population shifts and other demographic changes, increase in vacancies (potentially for extended periods), reduced demand for real estate space as well as maintenance, tenant improvement costs and costs to convert properties for other uses, changing preferences (such as for remote work arrangements), changes in neighborhood values or the appeal of properties to tenants, fluctuation in property values due to geographically specific health issues, leveraging of interests in real estate, uninsured losses at properties due to terrorism, natural disasters or acts of violence, and costs resulting from the cleanup of environmental problems. The occurrence of any of the foregoing developments would likely increase default risk for the properties and loans underlying these investments as well as impact the value of, and income generated by, these investments. These developments could also result in reduced liquidity for such real-estate-related investments.

**REIT-Related Risks.** REITs will generally not be liable for federal corporate income taxes as long as they continue to distribute no less than 100% of their taxable income, and meet certain Code requirements. To maintain REIT status, a REIT must distribute at least 90% of its taxable income each year and satisfy certain asset diversification and income tests.

In addition to the risks discussed above, equity REITs may be affected by changes in the value of the underlying property of the trusts, while mortgage REITs may be affected by changes in the quality of any credit extended. Moreover, changes in consumer behavior that affect the use of commercial spaces could negatively impact the value of properties underlying certain REITs. Both equity and mortgage REITs are dependent upon management skill and may not be diversified themselves. REITs are also subject to heavy cash flow dependency, defaults by borrowers, self-liquidation, and the possibility of failing to qualify for the special tax treatment discussed above, or failing to meet other applicable regulatory requirements. The value of a REIT may be affected by changes in interest rates. In general, during periods of high interest rates, REITs may lose some of their appeal for investors who may be able to obtain higher yields from other income-producing investments, such as long-term bonds. Rising interest rates generally increase the cost of financing for real estate projects, which could cause the value of an equity REIT to decline. For example, the value of these securities may decline when interest rates rise and will also be affected by the real estate market and by the management or development of the underlying properties, which may also be subject to mortgage loans and the underlying mortgage loans may be subject to the risks of default. During periods of declining interest rates, mortgagors may elect to prepay mortgages held by mortgage REITs, which could lower or diminish the yield on the REIT. Finally, certain REITs may be self-liquidating in that a specific term of existence is provided for in their trust document. In acquiring the securities of REITs, a Fund runs the risk that it will sell them at an inopportune time.

#### Foreign investments
As described more fully in the Prospectuses, certain of the Funds, but especially the International Equity Fund, may invest in foreign securities, including those in emerging markets. The Money Market Fund may only invest in foreign securities that are U.S. dollar denominated. In addition to the general risk factors discussed in the Prospectuses and below, there are a number of country- or region-specific risks and other considerations that may adversely affect these investments. Many of the risks are more pronounced for investments in emerging market countries, as described below.

**General.** Since foreign companies may not be subject to accounting, auditing or financial reporting practices, disclosure and other requirements comparable to those applicable to U.S. companies, there may be less publicly available information about a foreign company than about a U.S. company, and it may be difficult to interpret the information that is available. There may be difficulties in obtaining or enforcing judgments against foreign issuers and it also is often more difficult to keep currently informed of corporate actions which affect the prices of portfolio securities. In certain countries, there is less government supervision and regulation of stock exchanges, brokers and listed companies than in the United States. Volume and liquidity in most foreign markets are less than in the United States, and securities of many foreign companies have lower overall liquidity and are more volatile than securities of comparable U.S. companies. Notwithstanding the fact that each Fund generally intends to acquire the securities of foreign issuers only where there are public trading markets, investments by a Fund in the securities of foreign issuers may tend to increase the risks with respect to the liquidity of the Fund's portfolio and the Fund's ability to meet a large number of shareholder redemption requests should there be economic or political turmoil in a country in which the Fund has a substantial portion of its assets invested or should relations between the United States and foreign countries deteriorate markedly. Securities may trade at price/earnings multiples higher than comparable U.S. securities and such levels may not be sustainable. Fixed commissions on some foreign securities exchanges are higher than negotiated commissions on U.S. exchanges, although the Funds endeavor to achieve the most favorable net results on their portfolio transactions.

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Foreign markets have different clearance and settlement procedures, and in certain markets there have been times when settlements have been unable to keep pace with the volume of securities transactions, making it difficult to conduct these transactions. Settlement practices for transactions in foreign markets may differ from those in the U.S. markets. Such differences include delays beyond periods customary in the United States and practices, such as delivery of securities prior to receipt of payment, which increase the likelihood of "failed settlement." The inability of a Fund to make intended security purchases due to settlement problems could cause the Fund to miss attractive investment opportunities. Losses to the Fund due to subsequent declines in the value of portfolio securities, or liabilities arising out of the Fund's inability to fulfill a contract to sell these securities, could result from failed settlements. In addition, evidence of securities ownership may be uncertain in many foreign countries. As a result, there is a risk that a Fund's trade details could be incorrectly or fraudulently entered at the time of the transaction, resulting in a loss to the Fund.

With respect to certain foreign countries, there is the possibility of expropriation or confiscatory taxation, political or social instability, or diplomatic developments that could affect the Fund's investments in those countries. The economies of some countries differ unfavorably from the U.S. economy in such respects as growth of national product, rate of inflation, capital reinvestment, resource self-sufficiency, and balance of payments position. In addition, the internal politics of some foreign countries are not as stable as in the United States. Governments in certain foreign countries continue to participate to a significant degree, through ownership interest or regulation, in their respective economies. Action by these governments could have a significant effect on market prices of securities and payment of dividends. The economies of many foreign countries are heavily dependent upon international trade and are accordingly affected by protective trade barriers, including the imposition of tariffs, the economic conditions of their trading partners and/or other circumstances or conditions that may impact international trade (e.g., impacts on trade routes on account of regional or global conflicts). The enactment by these trading partners of protectionist trade legislation could have a significant adverse effect upon the securities markets of such countries.

Armed conflict, terrorism and related geopolitical risks have led, and may in the future lead, to increased short-term market volatility and may have adverse long-term effects on world economies and markets generally.

**Investment and Repatriation Restrictions.** Foreign investment in the securities markets of certain foreign countries is restricted or controlled to varying degrees. These restrictions limit and, at times, preclude investment in certain of such countries (especially emerging market countries) and increase the cost and expenses of Funds investing in them. These restrictions may take the form of prior governmental approval, limits on the amount or type of securities held by foreigners, and limits on the types of companies in which foreigners may invest. Additional or different restrictions may be imposed at any time by these or other countries in which the Funds invest. In addition, the repatriation (i.e., remitting back to the United States) of both investment income and capital from several foreign countries is restricted and controlled under certain regulations, including in some cases the need for certain government consents. The Funds could be adversely affected by delays in or a refusal to grant any required governmental registration or approval for repatriation.

**Taxes.** The dividends and interest payable on certain of the Funds' foreign portfolio securities may be subject to foreign withholding and, in some cases, other taxes, thus reducing the net amount of income available for distribution to the Funds' shareholders.

**Emerging Market Securities.** An "emerging market security" is a security that is principally traded on a securities exchange of an emerging market or that is issued by an issuer that is located or has primary operations in an emerging market.

**Emerging Markets.** The International Equity Fund is subject to risks associated with Emerging Markets. Investments in companies domiciled in emerging market countries may be subject to potentially higher risks than investments in companies in developed countries. The term "emerging market" describes any country or market that is generally considered to be emerging or developing by major organizations in the international financial community, such as the International Finance Corporation, or by financial industry analysts like MSCI, Inc., which compiles the MSCI Emerging Markets Index, and J.P. Morgan Chase & Co., which compiles several fixed-income emerging markets benchmarks; or other countries or markets with similar emerging characteristics. Emerging markets can include every nation in the world except the United States, Canada, Japan, Australia, New Zealand and most nations located in Western Europe. Notwithstanding the foregoing, the fixed-income portfolio management team generally views Israel as an emerging market.

Risks of investing in emerging markets and emerging market securities include: (i) less social, political and economic stability; (ii) the smaller size of the markets for these securities and the currently low or nonexistent volume of trading that results in a lack of liquidity and in greater price volatility; (iii) the lack of publicly available information, including reports of payments of dividends or interest on outstanding securities, and less stringent regulation of accounting, auditing, financial reporting and recordkeeping requirements, which could render financial information and related audits to be unreliable and unverifiable, increase the potential for market manipulation and affect a Fund's ability to evaluate potential portfolio companies; (iv) certain national policies that may restrict a Fund's investment opportunities, including restrictions on investment in issuers or industries deemed sensitive to national interests; (v) local taxation; (vi) the absence of developed structures governing private or foreign investment or allowing for judicial redress for injury to private property; (vii) the absence until recently, in certain countries, of a capital structure or market-oriented economy; (viii) the possibility that recent favorable economic developments in certain countries may be slowed or reversed by unanticipated political or social events as well as armed

**Statement of Additional Information** &nbsp;&nbsp;&nbsp;&nbsp;29

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conflicts in these countries; (ix) restrictions that may make it difficult or impossible for the Fund to vote proxies, exercise shareholder rights, pursue legal remedies, and obtain judgments in foreign courts; (x) the risk of uninsured loss due to lost, stolen, or counterfeit stock certificates; (xi) possible losses through the holding of securities in domestic and foreign custodial banks and depositories; (xii) heightened opportunities for governmental corruption; (xiii) large amounts of foreign debt to finance basic governmental duties that could lead to restructuring or default; (xiv) limited legal remedies for investors in emerging markets (including derivative litigation) and a limited ability of U.S. authorities (e.g., SEC and U.S. Department of Justice) to enforce certain regulatory or legal obligations or otherwise bring actions against bad actors; (xv) heavy reliance on exports that may be severely affected by global economic downturns; and (xvi) the risk of man-made or natural disasters. Additionally, the degree of cooperation between issuers in emerging market countries with foreign and U.S. financial regulators may vary significantly. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is highly uncertain. Changes in exchange rates and interest rates and the imposition of sanctions could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent the Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact a Fund's liquidity and performance.

In addition, some countries in which the Funds may invest have experienced substantial, and in some periods, extremely high rates of inflation for many years. Inflation and rapid fluctuations in inflation rates have had and may continue to have negative effects on the economies and securities markets of certain countries. Further, the economies of emerging market countries generally are heavily dependent upon international trade and, accordingly, have been and may continue to be adversely affected by trade barriers, exchange controls, managed adjustments in relative currency values and other protectionist measures imposed or negotiated by the countries with which they trade.

Governments of many emerging market countries have become overly reliant on the international capital markets and other forms of foreign credit to finance large public spending programs that cause huge budget deficits. As a result of either an inability to pay or submission to political pressure, certain of these governments have sought to restructure their loan and/or bond obligations, have declared a temporary suspension of interest payments, or have defaulted (in part or full) on their outstanding debt obligations. These events have adversely affected the values of securities issued by such governments and corporations domiciled in these emerging market countries and have negatively affected not only their cost of borrowing but also their ability to borrow in the future. The economic and political environment has presented significant challenges to the economies of emerging markets, including, among others, rising inflation, food insecurity, subdued employment growth, and economic setback caused by supply chain disruption and the reduction in exports.

The risks outlined above are often more pronounced in "frontier markets" in which a Fund may invest. Frontier markets are those emerging markets that are considered to be among the smallest, least mature and least liquid, and as a result, the risks of investing in emerging markets are magnified in frontier markets. This magnification of risks is the result of a number of factors, including: government ownership or control of parts of the private sector and of certain companies; trade barriers; exchange controls; managed adjustments in relative currency values and other protectionist measures imposed or negotiated by the countries with which frontier market countries trade; less uniformity in accounting and reporting requirements; unreliable securities valuation; greater risk associated with custody of securities; and the relatively new and unsettled securities laws in many frontier market countries. In addition, the markets of frontier countries typically have low trading volumes, leading to a greater potential for extreme price volatility and illiquidity. This volatility may be further increased by the actions of a few large investors. For example, a substantial increase or decrease in cash flows of mutual funds investing in these markets could significantly affect local securities prices and, therefore, the NAV of a Fund. All of these factors may make investing in frontier market countries significantly riskier than investing in other countries, including more developed and traditional emerging market countries, and any one of them could cause the NAV of a Fund's shares to decline.

**Investment in Canada.** The United States is Canada's largest trading partner and foreign investor, and developments in U.S. economic and other policies do have a significant impact on the Canadian economy as well as political landscape. The expanding economic and financial integration of the United States, Canada, and Mexico through the United States-Mexico-Canada Agreement ("USMCA") has made, and will likely continue to make, the Canadian economy and securities market more sensitive to North American trade patterns. Any disruption in the continued operation of USMCA or any trade policy changes may have a significant and adverse impact on Canada's economic outlook and the value of a Fund's investments in Canada. Growth has continued to slow in recent years for certain sectors of the Canadian economy, particularly energy extraction and manufacturing. Forecasts on growth remain modest. Oil prices have fluctuated greatly over time and the enduring volatility in the relative strength of the Canadian dollar against the U.S. dollar from time to time may negatively affect Canada's exporting industries. Decreasing imports from Asian and European Union ("EU") producers, new or changing trade regulations, changes in exchange rates or a recession of the Chinese or EU economies may have an adverse impact on the economy of Canada.

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Canada's parliamentary system of government is, in general, stable. However, one of the provinces, Quebec, does have a separatist party whose objective is to achieve sovereignty and increased self-governing legal and financial powers. In addition, the Canadian market is relatively concentrated in issuers involved in the production and distribution of natural resources such as forest products, metals, agricultural products, and energy related products like oil, gas, and hydroelectricity. Accordingly, changes in the supply and demand of such commodity resources, both domestically and internationally, can have a significant effect on Canadian market performance.

**Investment in Europe.** The EU is an intergovernmental and supra-national union of certain European countries, known as member states. A key activity of the EU is the establishment and administration of a common single market, consisting of, among other things, a single currency and a common trade policy. The most widely used currency in the EU (and the unit of currency of the European Economic and Monetary Union ("EMU")) is the euro, which is in use in many of the member states. In addition to adopting a single currency, EMU member states generally no longer control their own monetary policies. Instead, the authority to direct monetary policy is exercised by the European Central Bank and, as a result, EMU member states are significantly affected by fiscal and monetary policies implemented by the EMU and European Central Bank.

While economic and monetary convergence in the EU may offer new opportunities for those investing in the region, investors should be aware that the success of the EU is not wholly assured. Europe must grapple with a number of challenges, any one of which could threaten the survival of this monumental undertaking. Many disparate economies continue to adjust to a unified monetary system, the absence of exchange rate flexibility, and the loss of economic sovereignty. Europe's economies are diverse, its governments are decentralized, and its cultures differ widely. As member states unify their economic and monetary policies, movements in European markets will lose the benefit of diversification within the region. High unemployment could pose political risk. One or more member states might exit the union, placing the currency and banking system in jeopardy. Major issues currently facing the EU relate to its membership, structure, procedures and policies; they include the adoption, abandonment or adjustment of the constitutional treaty, the EU's enlargement to the south and east, and resolving the EU's problematic fiscal and democratic accountability. Any or all of these challenges may affect the value of a Fund's investments economically tied to the EU.

The EU has been extending its influence to the south and east. For former Iron Curtain member states, membership serves as a strong political impetus to employ tight fiscal and monetary policies. Nevertheless, several entrants that most recently joined the EU are former Soviet satellites that remain burdened to various extents by the inherited inefficiencies of centrally planned economies similar to that which existed under the old Soviet Union.

In addition, certain member states in the EU have had to accept assistance from supra-governmental agencies such as the International Monetary Fund and the European Financial Stability Facility. The European Central Bank has also intervened to purchase eurozone debt in order to seek to stabilize markets and reduce borrowing costs. Responses to these financial problems by European governments, central banks and others, including austerity measures and reforms, may not work, may result in social unrest, and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world.

The EU's economy may grow further as more countries join. However, the EU's economic growth has been below that of the United States most years since 1990, and the economic performance of certain of its key members is a matter of serious concern to policy makers. Although economic conditions vary among EU member states, there is continued concern about national level support for the euro and the accompanying coordination of fiscal and wage policy of EU member states.

Further, it is possible that the euro could be abandoned in the future by EU member states that have already adopted its use, and the effects of such an abandonment or a member state's forced expulsion from the euro on that member state, on the EMU, and on global markets are impossible to predict and could be negative. The exit of any member state out of the euro would likely have a significant destabilizing effect on all eurozone countries and their economies and a negative effect on the global economy as a whole. In addition, under these circumstances, it may be difficult to value investments denominated in euros or in a replacement currency.

In a June 2016 referendum, citizens of the UK voted to leave the EU. On January 31, 2020, the UK withdrew from the EU. Negotiators representing the UK and EU signed a trade agreement on December 30, 2020 on the terms governing certain aspects of the EU's and UK's relationship, the EU-UK Trade and Cooperation Agreement (the "TCA"). The TCA became effective May 1, 2021. Notwithstanding the TCA, the UK's post-transition framework will likely continue to develop and could result in increased volatility and illiquidity and potentially lower economic growth. It is not possible to anticipate the longer term impact to the economic, legal, political, regulatory and social framework that will result from any agreements between the UK and the EU. The effects will depend, in part, on whether the UK is able to negotiate agreements to retain access to EU markets including, but not limited to, trade and finance agreements. In addition, such agreements may lead to ongoing political, regulatory and economic uncertainty and periods of exacerbated volatility in both the UK and in wider European markets for some time.

The UK's withdrawal from the EU may have a destabilizing impact on the EU to the extent other member states similarly seek to withdraw from the union and may cause additional market disruption globally and introduce new legal and regulatory uncertainties. The UK's withdrawal could result in lower growth for companies in the UK, EU and globally, which could have an

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adverse effect on the value of a Fund's investments. A Fund may make investments in the UK, other EU members and in non-EU countries that are directly or indirectly affected by the exit of the UK from the EU. Any or all of these challenges may affect the value of a Fund's investments economically tied to the UK or EU and may have an adverse effect on the Fund's performance. Additionally, the willingness or ability of financial and other counterparties to enter into transactions may be affected by the UK's withdrawal.

An increasingly assertive Russia poses its own set of risks for the EU, as evidenced by the Russian invasion of Ukraine in February 2022 and the ongoing Russian-Ukraine conflict. Opposition to EU expansion to members of the former Soviet bloc may prompt more intervention by Russia in the affairs of its neighbors. This interventionist stance may carry various negative consequences, including direct effects, such as export restrictions on Russia's natural resources, Russian support for separatist groups of pro-Russian parties located in EU countries, Russian interference in the internal political affairs of current or potential EU members or the EU itself, externalities of ongoing conflict, such as an influx of refugees from various affected countries, or collateral damage to foreign assets in conflict zones, all of which could negatively impact EU economic activity.

**Investment in Eastern Europe**. Investing in the securities of Eastern European issuers involves risks not usually associated with investing in the more developed markets of Western Europe. Changes occurring in Eastern Europe today could have long-term potential consequences. These changes could result in rising standards of living, lower manufacturing costs, growing consumer spending and substantial economic growth.

Political and economic reforms may not have eliminated the possibility of a return to centrally planned economies and state-owned industries. Investments in Eastern European countries may involve risks of nationalization, expropriation and confiscatory taxation. In many of the countries of Eastern Europe, there is no stock exchange or formal market for securities. Such countries may also have government exchange controls, currencies with no recognizable market value relative to the established currencies of Western market economies, little or no experience in trading in securities, no accounting or financial reporting standards, a lack of a banking and securities infrastructure to handle such trading and a legal tradition which does not recognize rights in private property.

Eastern European markets are particularly sensitive to social, political, economic, and currency events in Russia and may suffer heavy losses as a result of their trading and investment links to the Russian economy and currency. Russia also may attempt to assert its influence in the region through economic or even military measures. The ongoing conflict between Russia and Ukraine poses great risk to Eastern European countries' economic stability. In particular, the value and liquidity of securities issued by Ukrainian companies have been adversely affected and the disruption to the Russian economy as a result of sanctions imposed on Russia by the U.S. and EU may hurt Eastern European countries with close trade links to Russia. Eastern European markets will be significantly affected by the fiscal and monetary controls of the EMU. Changes in regulations on trade, decreasing imports or exports, changes in the exchange rate of the euro and recessions among European countries may have a significant adverse effect on the economies of other European countries including those of Eastern Europe.

Several Eastern European countries on the periphery of the EU have recently been the destination for a surge of refugees and migrants fleeing global conflict zones. While these countries have borne many of the direct costs of managing the flow of refugees and migrants seeking resettlement in Europe, they have also faced significant international criticism over their treatment of migrants and refugees which may affect foreign investor confidence in the attractiveness of such markets.

**Investment in Saudi Arabia.** The Saudi Arabian government exerts substantial influence over many aspects of the private sector. While the political situation in Saudi Arabia is generally stable, future political instability or instability in the larger Middle East region (including with respect to the conflict with Iran within the region) could adversely impact the economy of Saudi Arabia, particularly with respect to foreign investments. Instability may be caused by military developments, government interventions in the marketplace, terrorism, extremist attitudes, attempted social or political reforms, religious differences, or other factors. Certain issuers located in Saudi Arabia may operate in, or have dealings with, countries subject to sanctions and/or embargoes imposed by the U.S. Government and the United Nations and/or countries identified by the U.S. Government as state sponsors of terrorism. Investments in Saudi Arabia are also subject to the risk of expropriation or nationalization of assets or the risk of restrictions on foreign investments and repatriation of capital.

Saudi Arabian issuers may be impacted by the significant ties in the Saudi Arabian economy to petroleum exports. As a result, changes within the petroleum industry could have a significant impact on the overall health of the Saudi Arabian economy. Additionally, the Saudi Arabian economy relies heavily on foreign labor, and changes in the availability of this labor supply could have an adverse effect on the economy.

The ability of foreign investors to invest in Saudi Arabian issuers is relatively new and untested, and such ability may be revoked or restricted by the government of Saudi Arabia in the future, which may materially affect a Fund. A Fund may be unable to obtain or maintain the required licenses, which would affect the Fund's ability to buy and sell securities at full value. Additionally, a Fund's ownership of any single issuer listed on the Saudi Arabian Stock Exchange may be limited by the Saudi Arabia Capital Market Authority ("CMA"). The securities markets in Saudi Arabia may not be as developed as those in other countries. As a result, securities markets in Saudi Arabia are subject to greater risks associated with market volatility, lower market capitalization, lower trading volume, illiquidity, inflation, greater price fluctuations, uncertainty regarding the existence of

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trading markets, governmental control and heavy regulation of labor and industry. Major disruptions or regulatory changes may occur in the Saudi Arabian market, which could negatively impact a Fund.

A Fund's ability to invest in Saudi Arabian securities depends on the ability of Advisors and/or the Fund to maintain its respective status as a Foreign Portfolio Manager and/or a Qualified Foreign Investor ("QFI"), as applicable, with the CMA and, if applicable, a Fund as a client of a QFI who has been approved by the CMA ("QFI Client"). QFI regulations and local market infrastructure are relatively new and have not been tested and the CMA may discontinue the QFI regime at any time. Any change in the QFI system generally, including the possibility of Advisors or a Fund losing its Foreign Portfolio Manager, QFI and/or QFI Client status, as applicable, may adversely affect the Fund.

There may also be a limited number of brokers who can provide services to a Fund that invests in Saudi Arabian securities, which may have an adverse impact on the prices, quantity or timing of Fund transactions. The limited number of brokers may impact a Fund's ability to achieve best execution on securities transactions, make the Fund more susceptible to credit loss or trading disruptions in the event of a default or business disruptions by one or more of the available brokers, disrupt the operations of the Fund and cause the Fund to incur losses due to the acts or omissions of its brokers in the execution or settlement of any transaction or in the transfer of any funds or securities.

**Investment in Russia**. Russia has experienced political, social and economic turbulence as a result of decades of Communist rule. In addition, there is a heightened risk of political corruption and weak and variable government oversight. To date, many of the country's economic reform initiatives have not yet been implemented or successful. In this environment, there is always the risk that the nation's government will abandon the current program of economic reform and replace it with drastically different political and economic policies that would be detrimental to the interests of foreign investors.

Along with the general risks of investing in emerging markets, investing in the Russian market is subject to significant risks due to the less developed state of Russia's banking system and its settlement, clearing and securities registration processes as compared to more developed markets. With the implementation of the National Settlement Depository in Russia ("NSD") as a recognized central securities depository, title to Russian equities is now based on the records of the NSD and not the local registrars. The implementation of the NSD is generally expected to decrease the risk of loss in connection with recording and transferring title to securities; however, loss may still occur. Moreover, changes in Russian laws and regulations have and could continue to require the transfer of securities from the NSD to registrars or other parties outside of standard custodial arrangements. To the extent that a Fund suffers a loss relating to title or corporate actions relating to its portfolio securities, it may be difficult for the Fund to enforce its rights or otherwise remedy the loss.

There is relatively little long-term historical data on the Russian securities market because it is relatively new, and a substantial proportion of securities transactions in Russia are privately negotiated outside of stock exchanges. The inexperience of the Russian securities market and the limited volume of trading in securities in the market may make obtaining accurate prices on portfolio securities from independent sources more difficult than in more developed markets. Additionally, because of less stringent auditing and financial reporting standards that apply to companies operating in Russia, there is little solid corporate information available to investors. Investments in Russia may be subject to the risk of nationalization or expropriation of assets. Regional armed conflict and its collateral economic and market effects may also pose risks for investments in Russia. As a result, it may be difficult to assess the value or prospects of an investment in Russian companies.

The United States and the regulatory bodies of certain other countries, as well as the EU, have imposed economic sanctions against Russia in response to recent military actions. The imposition of sanctions and other similar measures and the threat of additional sanctions could, among other things, have further adverse consequences, including a decline in the value and/or liquidity of securities issued by Russia or companies located in or economically tied to Russia, downgrades in the credit ratings of Russian securities or those of companies located in or economically tied to Russia, devaluation of Russia's currency, and increased market volatility and disruption in Russia and throughout the world. Sanctions and other similar measures, including banning Russia from global payment systems that facilitate cross-border payments, could limit or prevent a Fund from buying and selling securities (in Russia and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact a Fund's liquidity and performance. In particular, U.S. sanctions prohibit any "new investment" in Russia which is defined to include any new purchases of Russian securities. U.S. persons also are required to freeze securities issued by certain Russian entities identified on the List of Specially Designated Nationals, which includes several large publicly traded Russian banks and other companies. Russia has issued various countermeasures that affect the ability of non-Russian persons to trade in Russian securities which may prohibit a Fund from selling or transacting in these securities and potentially impact the Fund's liquidity. Moreover, disruptions caused by Russian military action or other actions (including cyberattacks and espionage) or resulting actual and threatened responses to such activity, including cyberattacks on the Russian government, Russian companies, or Russian individuals, including politicians, may impact Russia's economy and Russian issuers of securities in which a Fund invests. The Russian military action, as well as the resulting sanctions and negative consumer and investor sentiment, could have a severe negative and long-term impact on Russia's economy. The scope and magnitude of the sanctions and negative sentiment could make it difficult for Russia's economy to recover even if the sanctions were to be lifted.

The EU could also broaden, strengthen and/or otherwise change existing sanctions. These sanctions, or even the threat of further sanctions, could impair a Fund's ability to invest in securities it views as attractive investment opportunities or to sell

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securities or other financial instruments as needed to meet shareholder redemptions. Such sanctions may result in the decline of the value and liquidity profile of Russian securities, a weakening of the ruble or other adverse consequences to the Russian economy. Sanctions, as well as other political actions, could also result in Russia taking countermeasures or retaliatory actions which may further impair the value and liquidity of Russian securities or depositary receipts tied to Russian securities. Such retaliatory measures include prohibiting individuals and companies from sanctioned countries from obtaining loans, transferring securities, and engaging in certain foreign currency transactions. Additional retaliatory sanctions may be imposed in the future. The impact that sanctions and countermeasures have are highly uncertain at this time. These and any related events could have a significant impact on Fund performance and the value of Fund investments.

**Investment in Latin America.** The history of certain Latin American countries has been characterized by political, economic and social instability, intervention by the military in civilian and economic spheres, and political corruption. For investors, this has meant additional risk caused by periods of regional conflict, political corruption, totalitarianism, protectionist measures, nationalizations, hyperinflation, debt crises, sudden and large currency devaluation, and military intervention. However, there have been changes in this regard, particularly in the past decade. Democracy is becoming well established in some countries. A move to a more mature and accountable political environment is well under way. Domestic economies have been deregulated, privatization of state-owned companies has progressed, and foreign trade restrictions have been relaxed. Nonetheless, to the extent that events such as those listed above that increase the risk of investment in this region continue in the future, they could reverse favorable trends toward market and economic reform, privatization, and removal of trade barriers, and result in significant disruption in securities markets.

Economies of most Latin American countries are highly dependent on commodity exports and, for certain countries, oil exports. Fluctuations in commodity and oil prices and currency rates can therefore have a pronounced effect on Latin American countries' economies. The 2008–2009 worldwide economic downturn and the effects of the COVID-19 pandemic have in the past weakened demand for commodities and oil, and led to recession or economic difficulties in these countries. Certain Latin American countries recently have shown signs of recovery and have entered into regional trade agreements.

For example, USMCA has facilitated economic and financial integration among the United States, Canada and Mexico. However, any disruption and uncertainty regarding USMCA may have a significant and adverse impact on Mexico's outlook and the value of a Fund's investments in securities economically tied to Mexico. More broadly, the prices of oil and other commodities are in the midst of a period of high volatility driven, in part, by a continued slowdown in growth in China and the conflict in Ukraine. If growth in China remains slow, the conflict in Ukraine continues or if global economic conditions worsen, Latin American countries may face significant economic difficulties. Thus, there can be no assurance that any recent growth will be sustained and that Latin American countries will not face further recessionary pressures.

Most Latin American countries have experienced, at one time or another, and including for some, continue to experience severe and persistent levels of inflation, including in some cases, hyperinflation. This has, in turn, led to high interest rates, extreme measures by governments to keep inflation in check, and a generally debilitating effect on economic growth. For example, recent political instability in Venezuela has resulted in social unrest and a massive disruption in the Venezuelan economy, including a deep recession and near hyperinflation. Although inflation in many countries has lessened, there is no guarantee it will remain at lower levels.

Investments in or exposure to Venezuela may increase a Fund's overall liquidity risk and may subject a Fund to legal, regulatory, political, currency, security, expropriation and/or nationalization of assets, and economic risk specific to Venezuela. Natural resources are abundant in Venezuela, and its economy is heavily dependent on the export of natural resources to key trading partners. Any act of terrorism, an armed conflict or a breakdown of a key trading relationship that disrupts the production or export of natural resources will likely negatively affect the Venezuelan economy. The U.S. has imposed economic sanctions, which consist of asset freezes and sectoral sanctions, on certain Venezuelan individuals and Venezuelan corporate entities, as well as certain securities issued by the Venezuelan government. These sanctions, or the threat of further sanctions, may result in the decline of the value and liquidity of Venezuelan securities, a weakening of the bolivar, or other adverse consequences to the Venezuelan economy. Additional sanctions against Venezuela may be imposed by the U.S. or other countries in the future. These factors and others may significantly reduce the value of creditors' claims against the Venezuelan government, state-owned enterprises, and private business in Venezuela. Enforcing these claims may also require protracted negotiation or litigation. In January 2026, the U.S. Government took direct action in Venezuela, including an incursion that resulted in the removal of its president, and the extent of future U.S. Government intervention is uncertain. The downstream impacts and effects of any such actions are also uncertain, including the potential for retributive actions by the Venezuelan government or its allies, further instability in the country, a further weakening of the bolivar or other adverse consequences to the Venezuelan economy.

Certain Latin American countries may experience sudden and large adjustments in their currency which, in turn, can have a disruptive and negative effect on foreign investors. Certain Latin American countries may impose restrictions on the free conversion of their currency into foreign currencies, including the U.S. dollar. There is no significant foreign exchange market for many currencies and it would, as a result, be difficult for the Funds to engage in foreign currency transactions designed to protect the value of the Funds' interests in securities denominated in such currencies.

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Almost all of the region's economies have become highly dependent upon foreign credit and loans from external sources to fuel their state-sponsored economic plans. Government plans for modernization have exhausted these resources with little benefit accruing to the economy and most countries have been forced to restructure their loans or risk default on their debt obligations. In addition, interest on the debt is subject to market conditions and may reach levels that would impair economic activity and create a difficult and costly environment for borrowers. Accordingly, these governments may be forced to reschedule or freeze their debt repayment, which could negatively affect the market for Latin American securities. Latin American economies that depend on foreign credit and loans may also face significant economic difficulties if the Fed raises interest rates, which could potentially jeopardize various countries' ability to service debt obligations or to service such obligations in a timely manner. Any ongoing or future deterioration of global economic conditions may reduce demand for exports from Latin America and limit the availability of foreign credit for some countries in the region.

**Investment in Japan.** Government-industry cooperation, a strong work ethic, mastery of high technology, emphasis on education, and a comparatively small defense allocation helped Japan advance with extraordinary speed to become one of the largest economic powers along with the United States and the EU. Despite its impressive history, investors face special risks when investing in Japan.

The growth of Japan's economy has recently lagged that of its Asian neighbors and other major developed countries. Since the early 2000s, Japan's economic growth rate has remained low relative to other advanced economies and may remain low in the future. The Japanese economy is heavily reliant on international trade and has been adversely affected in the past by trade tariffs, other protectionist measures, competition from emerging economies, and the economic conditions of its trading partners. In addition, China has become an important trading partner with Japan, and therefore, changes in China's growth rates may significantly impact the Japanese economy. The animosity between Japan and other Asian countries, such as China and Korea, may affect the trading relations between these countries. China's territorial ambition over Taiwan may negatively impact Japan's relationship with China given Japan's historical and economic interests in Taiwan. In recent years, a territorial dispute between China and Japan over the Senkaku Islands has heightened, which may result in further discord between the two countries. Japan is also heavily dependent on oil and other commodity imports, and higher commodity prices could therefore have a negative impact on the Japanese economy. Although Japan has recently worked to reduce its dependence on oil by encouraging energy conservation and the use of alternative fuels, there is no guarantee that this trend will continue. The yen has had a history of unpredictable and volatile movements against the U.S. dollar; a weakening yen hurts U.S. investors holding yen-denominated securities. The Japanese stock market has also experienced wild swings in value over time and has often been considered significantly overvalued. Furthermore, Japan's economic growth rate could be impacted by the Bank of Japan's monetary policies, changing interest rates and global inflation, tax increases, budget deficits and volatility in the yen.

Beginning in the late 1990s, the nation's financial institutions were successfully overhauled under the strong leadership of the government. The successful financial sector reform coincided with a Japanese economic recovery, which had set the stage for a comparatively brighter outlook for Japanese companies. However, Japan has an aging workforce and has experienced a significant population decline in recent years. Japan's labor market appears to be undergoing fundamental structural changes, as a labor market traditionally accustomed to lifetime employment adjusts to meet the need for increased labor mobility, which may affect Japan's economic competitiveness.

Japan is susceptible to natural disasters such as earthquakes and tsunamis, and a Fund's investment in Japan may be more likely to be affected by such events than its investments in other geographic regions. There are special risks associated with investments in Japan, including foreign trade policy, regional economic disruption, government debt, aging and shrinking of the population, an uncertain financial sector, economic, political or social instability, low domestic consumption and certain corporate structural weaknesses.

**Investment in Asia Other Than Japan**. The political history of some Asian countries has been characterized by political uncertainty, intervention by the military in civilian and economic spheres, regional conflicts and government corruption. Such developments, if they continue to occur, could reverse favorable trends toward market and economic reform, privatization, and removal of trade barriers and result in significant disruption in securities markets. The economies of many countries in the region are heavily dependent on international trade and are accordingly affected by protective trade barriers and the economic conditions of their trading partners, principally, the United States, Japan, China and the EU.

Unlike in the United States, the currencies of certain Asian countries are not determined by the market but are instead managed at artificial levels to the U.S. dollar. This type of system can lead to sudden and large adjustments in the currency which, in turn, can have a disruptive and negative effect on foreign investors. Certain Asian countries also may restrict the free conversion of their currency into foreign currencies, including the U.S. dollar. There is no significant foreign exchange market for certain currencies and it would, as a result, be difficult for the Funds to engage in foreign currency transactions designed to protect the value of the Funds' interests in securities denominated in such currencies.

Asian countries have historically been prone to natural disasters, such as droughts, floods and tsunamis, and the region's economies may be affected by such environmental events in the future. Given the particular vulnerability of the region to the effects of climate change, disruptions in international efforts to address climate-related issues may have a disproportionate

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impact on a Fund's investments in the region. A Fund's investment in or exposure to Asian countries is, therefore, subject to the risk of such events.

By investing in securities or instruments that are economically tied to the People's Republic of China ("PRC") excluding Hong Kong, Macau and Taiwan for the purpose of this disclosure or other developing market Asian countries, a Fund is subject to certain risks in addition to those generally applicable to investment in foreign and emerging markets. In many Asian securities markets, including but not limited to the PRC qualified foreign institutional investors program ("QFII") based on recent PRC regulatory developments, there is a high concentration of market capitalization and trading volume in a small number of issuers representing a limited number of industries, as well as a high concentration of investors and financial intermediaries. Many of these markets also may be affected by developments with respect to more established markets in the region. Special risks associated with investments in the PRC include exposure to currency fluctuations, less liquidity, expropriation, confiscatory taxation, nationalization and exchange control regulations (including currency blockage). Inflation and rapid fluctuations in inflation and interest rates have had, and may continue to have, negative effects on the economy and securities markets of PRC, Hong Kong and Taiwan. Brokers in developing market Asian countries typically are fewer in number and less well capitalized than brokers in the United States. A number of Asian companies are also highly dependent on foreign loans for their operation, which could impose strict repayment term schedules and require significant economic and financial restructuring. In addition, there is a lack of clarity and more frequent changes in the laws and regulations in certain Asian countries compared to more developed international markets, and there could potentially be a lack of consistency in interpreting and applying the relevant regulations. These factors may severely restrict a Fund's ability to pursue its investment objective or strategies, may result in fewer investment opportunities for a Fund and may have an adverse impact on the investment performance of a Fund.

Investment in securities or instruments that are economically tied to the PRC is also subject to the risk of political instability in the PRC. Including those risks associated with investing in emerging markets, a Fund's investment in or exposure to the PRC is also subject to risks associated with, among other things, (a) inefficiencies resulting from erratic growth; (b) the unavailability of consistently reliable economic or financial data; (c) potentially high rates of inflation; (d) dependence on exports and international trade; (e) relatively high levels of asset price volatility; (f) potential shortage of liquidity and limited accessibility by foreign investors (including as a result of sanctions); (g) greater competition from regional economies and territorial and other disputes with other countries; (h) fluctuations in currency exchange rates or currency devaluation by the PRC government or central bank, particularly in light of the relative lack of currency hedging instruments and controls on the ability to exchange local currency for U.S. dollars; (i) the relatively small size and absence of operating history of many PRC companies; (j) the developing nature of the legal and regulatory framework for securities markets, custody arrangements and commerce; (k) uncertainty and potential changes with respect to the rules and regulations of the QFII program and other market access programs through which such investments are made; (l) the commitment of the PRC government to continue with its economic reforms; (m) the fact that Chinese regulators may suspend trading in Chinese issuers (or permit such issuers to suspend trading) during market disruptions, and that such suspensions may be widespread and increase the risk of market manipulation; (n) different regulatory and audit requirements related to the quality of financial statements of Chinese issuers; (o) limitations on the ability to inspect the quality of audits performed in China, particularly the Public Company Accounting Oversight Board's ("PCAOB's") lack of access to inspect PCAOB-registered accounting firms in China; (p) limitations on the ability of U.S. authorities to enforce actions against non-U.S. companies and non-U.S. persons; and (q) limitations on the rights and remedies of investors as a matter of law. In addition, certain securities are, or may in the future become, restricted, and a Fund may be forced to sell such restricted security and incur a loss as a result. In addition, certain securities are, or may in the future become, restricted and a Fund may be forced to sell such restricted security and incur a loss as a result. In addition, the relationship between the PRC and Taiwan is particularly sensitive, and hostilities between the PRC and Taiwan may present a risk to a Fund's investment in either the PRC or Taiwan. Moreover, as demonstrated by past protests in Hong Kong over political, economic, and legal freedoms, and the PRC government's response to them, political uncertainty exists within Hong Kong and there is no guarantee that additional protests will not arise in the future. Hostilities between the PRC and Hong Kong may present a risk to a Fund's investment in the PRC or Hong Kong.

There also exists control on foreign investment in the PRC and limitations on repatriation of invested capital. Under the QFII program, which is a market access program through which PRC investments are made available, or through investments in companies listed on exchanges outside of the PRC that provide exposure to companies that are based or operated in the PRC, there are certain regulatory restrictions imposed, particularly on (without limitation) investment scope, repatriation of funds, foreign shareholding limit and account structure. Although the relevant regulations have recently been revised to relax regulatory restrictions on the onshore capital management by QFIIs (including but not limited to removing the investment quota limit and simplifying routine repatriation of investment proceeds), it is a new development and there is no guarantee that the relaxation of such restrictions under the current QFII regulations will be maintained in the future. On the other hand, the recently amended QFII regulations are also enhancing ongoing supervision on QFIIs in terms of information disclosure among other aspects. In particular, QFIIs are required to procure their underlying clients (such as any Fund investing in PRC securities via the QFII program) to comply with PRC disclosure of interests rules and make the required disclosure on behalf of such underlying investors. As a result of PRC regulatory requirements, a Fund may be limited in its ability to invest in securities or instruments

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tied to the PRC and/or may be required to liquidate its holdings in securities or instruments tied to the PRC, including at an inopportune time. Under certain instances, such involuntary liquidations may result in losses for a Fund. In addition, securities exchanges in the PRC typically have the right to suspend or limit trading in any security traded on the relevant exchange. The PRC government or relevant PRC regulators may also implement policies that may adversely affect the PRC financial markets. Such suspensions, limitations or policies may have a negative impact on the performance of a Fund's investments.

The PRC has historically been prone to natural or human disasters such as droughts, floods, pandemics, epidemics, earthquakes and tsunamis, and the region's economy may be affected by such environmental events in the future. A Fund's investment in the PRC is, therefore, subject to the risk of such events.

Investments in the PRC may subject a Fund's investments to a number of PRC tax rules, and the application of many of those rules may be uncertain. Moreover, the PRC has implemented a number of tax reforms in recent years, and may amend or revise its existing tax laws and/or procedures in the future, possibly with retroactive effect. Changes in applicable PRC tax law could reduce the after-tax profits of the Funds, directly or indirectly, including by reducing the after-tax profits of companies in the PRC in which a Fund invests. PRC taxes that may apply to a Fund's investments include income tax or withholding tax on dividends, interest or gains earned by the Fund, business tax and stamp duty. Uncertainties in the PRC tax rules could result in unexpected tax liabilities for the Funds. In addition, because the PCAOB is generally restricted from inspecting the audit work and practices of registered accountants in the PRC, there is the risk that material accounting and financial information about PRC issuers may be unavailable or unreliable. The PCAOB signed a Statement of Protocol with the China Securities Regulatory Commission and the Ministry of Finance of the PRC to grant the PCAOB access to inspect and investigate registered public accounting firms in mainland China and Hong Kong completely, consistent with U.S. law. To the extent the PCAOB remains unable to inspect audit work papers and practices of the PCAOB-registered accounting firms in China with respect to their audit work of U.S. reporting companies, such inability may impose significant additional risks associated with investments in China. Further, to the extent a Fund invests in the securities of a company whose securities become subject to a trading prohibition, the Fund's ability to transact in such securities, and the liquidity of the securities, as well as their market price, would likely be adversely affected. Foreign companies listed on U.S. exchanges, including offshore companies that utilize a variable interest entity ("VIE") structure, also could face delisting or other ramifications for failure to meet the requirements of the listing exchange, the SEC, the PCAOB or other United States regulators, which could adversely affect the liquidity or value of the securities and have negative implications for U.S. investors and result in significant investment losses.

**Variable Interest Entities**. A Fund may invest in companies based or operated in the PRC by investing through legal structures known as VIEs. Certain PRC companies have used VIEs in order to facilitate foreign investment without distributing ownership of the PRC-based companies primarily due to the PRC governmental restrictions on non-PRC ownership of companies in certain industries and sectors. In such cases, the PRC-based operating company typically establishes an offshore company in another jurisdiction, and the offshore company enters into contractual arrangements (such as powers of attorney, equity pledge agreements, and other exclusive services or business cooperation agreements) with the PRC-based operating company. These contractual arrangements are intended to give the offshore company the ability to exercise power over and obtain economic rights from the PRC-based operating company. Shares of the offshore company, in turn, are listed and traded on exchanges outside of the PRC and are available to non-PRC investors such as a Fund. This arrangement allows non-PRC investors to hold stock in the offshore company, rather than the PRC-based operating company, to obtain economic exposure without direct equity ownership.

On February 17, 2023, the China Securities Regulatory Commission ("CSRC") released the "Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Companies" (the "Trial Measures"), which went into effect on March 31, 2023. The Trial Measures and its implementing guidelines require Chinese companies that pursue listings outside of mainland China, including those that do so using the VIE structure, to make a filing with the CSRC. While the Trial Measures and its implementing guidelines do not prohibit the use of VIE structures, this does not serve as a formal endorsement either. There is a risk that the PRC may cease to allow VIEs at any time or impose new restrictions on the structure, such as penalties, revocation of business and operating licenses or forfeiture of ownership interests. Investments involving a VIE may also pose additional risks because such investments are made through a company whose interests in the underlying operating company are established through contract rather than through direct equity ownership. For example, the non-PRC offshore company's contractual arrangement may be less effective than direct equity ownership, and the company may incur substantial costs to enforce the terms of the arrangements. If the parties to the contractual arrangements do not meet their obligations as intended or there are effects on the enforceability of these arrangements from changes in PRC law or practice, a breach of the contractual arrangement between the listed company and VIE, or if any physical instruments are used without authorization (such as PRC chops and seals), the listed company may lose control over the PRC-based operating company, and investments in the listed company's securities may suffer significant economic losses. Also, the terms of such arrangements may be deemed unenforceable in the PRC, thus limiting (or eliminating) the remedies and rights available to the non-PRC offshore company and its investors and potentially resulting in significant economic losses with little or no recourse available. Such legal uncertainty may also be exploited against the interests of the offshore company and its investors. Further, the interests of the equity owners of the operating company may conflict with the interests of the investors of the offshore company, and the fiduciary duties

**Statement of Additional Information** &nbsp;&nbsp;&nbsp;&nbsp;37

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of the officers and directors of the operating company may differ from, or conflict with, the fiduciary duties of the officers and directors of the offshore company. Any of the foregoing risks and events could negatively impact a Fund's performance and NAV.

**China A-Shares and China Stock Connect Risk**. The following risks are in addition to the risks described under "Investment in Asia Other Than Japan" and "Emerging Markets." Certain Funds may invest in eligible renminbi ("RMB")-denominated shares of mainland China-based companies that trade on Chinese stock markets such as the Shanghai Stock Exchange and the Shenzhen Stock Exchange (referred to as "China A-Shares") through the Shanghai and Shenzhen-Hong Kong Stock Connect programs ("Stock Connect"). Stock Connect allows non-Chinese investors (such as the Funds) to purchase certain PRC-listed equities via brokers in Hong Kong. There are significant risks and limitations inherent in investing in China A-Shares through Stock Connect. For example, a Fund's investment in China A-Shares may only be traded through Stock Connect and is not otherwise transferable. Further, the list of eligible China A-Shares may change from time to time. When a China A-Shares issue is recalled from the scope of securities eligible for trading through Stock Connect, a Fund invested in such China A-Shares issue traded through Stock Connect may only sell, not buy, the China A-Shares issue, which may adversely affect the Fund's investment strategy.

Stock Connect is not subject to individual investment quotas but market-wide daily and aggregate investment quotas apply to all Stock Connect participants. Once a daily quota limit is reached, orders to purchase additional China A-Shares of such issuance through Stock Connect will be rejected. Once such daily quotas are used up, acceptance of the corresponding buy orders will be immediately suspended and no further buy orders will be accepted for the remainder of the trading day. Buy orders which have been accepted will not be affected by the using up of the daily quota, while sell orders will continue to be accepted. Such quotas, which are subject to change from time to time, may restrict or preclude a Fund from investing in China A-Shares on a timely basis, which could affect the Fund's ability to effectively pursue its investment strategy. Further, an investor cannot purchase and sell the same security on the same trading day, which may restrict a Fund's ability to invest in China A-Shares through Stock Connect and to enter into or exit trades where it is advantageous to do so on the same trading day. In addition, because Stock Connect trades are routed through Hong Kong brokers and the Hong Kong Stock Exchange, Stock Connect is affected by trading holidays in either the PRC or Hong Kong, and there are trading days in the PRC when Stock Connect investors will not be able to trade. As a result, prices of Stock Connect may fluctuate at times when a Fund is unable to add to or exit its position, which could adversely affect the Fund's investment performance. Both the PRC and Hong Kong regulators are permitted, independently of each other, to suspend Stock Connect (or to permit such issues to suspend trading) in response to certain market conditions. Stock Connect trades are settled in RMB and investors must have timely access to a reliable supply of RMB in Hong Kong, which cannot be guaranteed.

Stock Connect regulations provide that investors enjoy the rights and benefits of Shanghai Stock Exchange equities purchased through Stock Connect, but the nominee structure under Stock Connect requires that China A-Shares be held through the Hong Kong Securities Clearing Company ("HKSCC"), as nominee for investors. A Fund's ownership of China A-Shares will be reflected on the custodian's records but the Fund itself will have only beneficial rights in such China A-Shares, and the mechanisms that beneficial owners may use to enforce their rights are untested. For instance, courts in China have limited experience in applying the concept of beneficial ownership and the law surrounding beneficial ownership will continue to evolve. A Fund may not be able to participate in corporate actions affecting Stock Connect securities due to time constraints or for other operational reasons. Similarly, a Fund will not be able to vote in shareholders' meetings except through HKSCC and will not be able to attend shareholders' meetings. Taken together with Stock Connect's omnibus clearing structure, this structure may limit Advisors' ability to effectively manage a Fund and may expose the Fund to the credit risk of its custodian or to greater risk of expropriation. While certain aspects of the Stock Connect trading process are subject to Hong Kong law, PRC rules applicable to share ownership will apply.

Additionally, China generally has less established legal, accounting and financial reporting systems than those in more developed markets, which may reduce the scope or quality of financial information relating to Chinese issuers. China A-Shares traded via Stock Connect are subject to risks associated with the legal and technical framework of Stock Connect. The trading, settlement and information technology ("IT") systems required to operate Stock Connect are continuing to evolve. If relevant Stock Connect systems fail to function properly, trading in China A-Shares on Stock Connect could be disrupted. Further, in the event of high trading volume or unexpected market conditions, Stock Connect may be available on a limited basis.

The risks related to investments in China A Shares through Stock Connect are heightened to the extent that a Fund invests in China A Shares listed on the Science and Technology Innovation Board of the Shanghai Stock Exchange ("STAR Market") and/or the ChiNext Market of the Shenzhen Stock Exchange ("ChiNext Market"). Listed companies on the STAR Market and ChiNext Market are usually of an emerging nature with smaller operating scale. They are subject to higher fluctuation in stock prices and liquidity. It may be more common and faster for companies listed on the STAR Market and ChiNext Market to delist.

**China Bond Connect Risk**. There are risks associated with a Fund's investment in Chinese government bonds and other PRC-based debt instruments traded on the China Interbank Bond Market ("CIBM") through the Bond Connect program. Bond Connect refers to the arrangement between Hong Kong and the PRC that enables Hong Kong and overseas investors to trade various types of debt securities in each other's bond markets through connection between the relevant respective financial

38&nbsp;&nbsp;&nbsp;&nbsp; **Statement of Additional Information** 

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infrastructure institutions. Such trading is subject to a number of restrictions that may affect a Fund's investments and returns. For example, investments made through Bond Connect are subject to order, clearance and settlement procedures that are relatively untested in the PRC, which could pose risks to a Fund. Furthermore, securities purchased through Bond Connect will be held on behalf of ultimate investors (such as a Fund) via a book entry omnibus account in the name of the Hong Kong Monetary Authority Central Money Markets Unit maintained with either the China Central Depository & Clearing Co. ("CCDC") or the Shanghai Clearing House ("SCH"), each a PRC-based custodian. A Fund's ownership interest in Bond Connect securities will not be reflected directly in book entry with CCDC or SCH and will instead only be reflected on the books of its Hong Kong sub-custodian. This recordkeeping system also subjects a Fund to various risks, such as the risks of settlement delays and counterparty default of the Hong Kong sub-custodian, or the risk that the Fund may have a limited ability to enforce rights as a bondholder. While the ultimate investors hold a beneficial interest in Bond Connect securities, the mechanisms that beneficial owners may use to enforce their rights are untested and courts in the PRC have limited experience in applying the concept of beneficial ownership. As such, a Fund may not be able to participate in corporate actions affecting its rights as a bondholder, such as timely payment of distributions, due to time constraints or for other operational reasons. Bond Connect trades are settled in RMB and investors must have timely access to a reliable supply of RMB in Hong Kong, which cannot be guaranteed. Furthermore, securities purchased through Bond Connect generally may not be sold, purchased or otherwise transferred other than through Bond Connect in accordance with applicable rules.

A primary feature of Bond Connect is the application of the home market's laws and rules applicable to investors in Chinese fixed-income instruments. Therefore, a Fund's investments in securities through Bond Connect are generally subject to Chinese securities regulations and listing rules, among other restrictions. Such securities may lose their eligibility at any time, in which case they could be sold but could no longer be purchased through Bond Connect. A Fund will not benefit from access to Hong Kong investor compensation funds, which are designed to protect against defaults of trades, when investing through Bond Connect. Bond Connect adheres to the trading calendar of CIBM, and as such, trading can be undertaken on days on which the CIBM is open for trade, regardless of whether it is a public holiday in Hong Kong. As a result, prices of securities purchased through Bond Connect may fluctuate at times when a Fund is unable to add to or exit its position (for example, in situations where intermediaries are not available to assist with trades) and, therefore, may limit the Fund's ability to trade when it would be otherwise attractive to do so.

The Bond Connect program may be subject to further interpretation, guidance and regulatory change. The trading, settlement and IT systems required for non-Chinese investors in Bond Connect are continuing to evolve. In the event that the relevant systems do not function properly, trading through Bond Connect could be disrupted. A Fund's ability to trade through Bond Connect (and hence to pursue its investment strategy) may therefore be adversely affected. There can be no assurance that further regulations will not affect the availability of securities in the program, the frequency of redemptions or other limitations. In addition, the application and interpretation of the laws and regulations of Hong Kong and the PRC, and the rules, policies or guidelines published or applied by relevant regulators and exchanges in respect of the Bond Connect program are uncertain, and they may have an adverse effect on a Fund's performance.

Potential lack of liquidity due to low trading volume of certain Fund investments in securities through Bond Connect may result in prices of certain fixed-income securities traded on such market fluctuating significantly, which may expose a Fund to liquidity risks. The bid and offer spreads of the prices of securities through Bond Connect may be large, and the Funds may therefore incur significant trading and realization costs and may even suffer losses when disposing of such investments.

**Depositary Receipts.** The Equity Funds and the Real Estate Securities Select Fund can invest in American, European and Global Depositary Receipts ("ADRs," "EDRs" and "GDRs," respectively). They are alternatives to the purchase of the underlying securities in their national markets and currencies. Although their prices are quoted in U.S. dollars, they do not eliminate all the risks of foreign investing.

ADRs represent the right to receive securities of foreign issuers deposited in a domestic bank or a foreign correspondent bank. To the extent that a Fund acquires ADRs through banks which do not have a contractual relationship with the foreign issuer of the security underlying the ADR to issue and service such ADRs, there may be an increased possibility that the Fund would not become aware of, and be able to respond to, corporate actions such as stock splits or rights offerings involving the foreign issuer in a timely manner. In addition, the lack of information may result in inefficiencies in the valuation of such instruments. However, by investing in ADRs rather than directly in the stock of foreign issuers, a Fund will avoid currency risks during the settlement period for either purchases or sales. In general, there is a large, liquid market in the United States for ADRs quoted on a national securities exchange or the national market system, including the NASDAQ Stock Market, Inc. ("NASDAQ"). The information available for ADRs is subject to the accounting, auditing and financial reporting standards of the domestic market or exchange on which they are traded, which standards are more uniform and more exacting than those to which many foreign issuers may be subject.

EDRs and GDRs are receipts evidencing an arrangement with a non-U.S. bank similar to that for ADRs and are designed for use in non-U.S. securities markets. EDRs and GDRs are not necessarily quoted in the same currency as the underlying security.

**Other Investment Techniques and Opportunities.** The Funds may take certain actions with respect to merger proposals, tender offers, conversion of equity-related securities and other investment opportunities with the objective of enhancing

**Statement of Additional Information** &nbsp;&nbsp;&nbsp;&nbsp;39

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the portfolio's overall return, regardless of how these actions may affect the weight of the particular securities in the Funds' portfolios.

**Industry Concentration.** With the exception of the Real Estate Securities Select Fund, none of the Funds will concentrate more than 25% of its total assets in any one industry.

**Special Risks Related to Cybersecurity.** With the increased use of technologies such as the internet to conduct business, the Funds and their service providers (including, but not limited to, the Funds' custodian, transfer agent and financial intermediaries) are susceptible to cybersecurity risks. In general, cybersecurity attacks can result from infection by computer viruses or other malicious software or from deliberate actions or unintentional events, including gaining unauthorized access through hacking or other means to digital systems, networks, or devices that are used to service the Funds' operations in order to misappropriate assets or sensitive information, corrupt data, or cause operational disruption. Cybersecurity attacks can also be carried out in a manner that does not require gaining unauthorized access, including by carrying out a "denial-of-service" attack on a Fund or its service providers' websites. In addition, authorized persons could inadvertently or intentionally release confidential or proprietary information stored on the Trust's or a Fund's systems.

Cybersecurity failures by Advisors or its affiliated investment advisers, other service providers, or the issuers of the portfolio securities in which a Fund invests have the ability to result in disruptions to and impacts on business operations. Such disruptions or impacts may result in financial losses, interference with the Funds' ability to calculate their NAVs, barriers to trading, Fund shareholders' inability to transact business with a Fund, violations of applicable federal and state privacy or other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, or additional compliance costs. The Funds and their service providers may also maintain sensitive information (including relating to personally identifiable information of investors) and a cybersecurity breach may cause such information to be lost or improperly accessed, used or disclosed. The Funds may incur additional, incremental costs to prevent and mitigate the risks of cybersecurity attacks or incidents in the future. The Funds and their shareholders could be negatively impacted by such attacks or incidents. Although Advisors and its affiliated investment advisers have established business continuity plans and risk-based processes and controls to address such cybersecurity risks, there are inherent limitations in such plans and systems in part due to the evolving nature of technology and cybersecurity attack tactics. The use of cloud-based service providers could heighten or change these risks. In addition, work-from-home arrangements by the Funds, Advisors or their service providers could increase all of the above risks, create additional data and information accessibility concerns, and make the Funds, Advisors or their service providers more susceptible to operational disruptions, any of which could adversely impact their operations. As a result, it is possible that the Funds, Advisors or its affiliated investment advisers or a Fund's service providers will not be able to adequately identify or prepare for all cybersecurity attacks. In addition, the Funds cannot directly control the cybersecurity plans or systems implemented by their service providers or issuers in which they invest.

**Liquidation of Funds.** The Board of Trustees may determine to close and/or liquidate a Fund at any time. In the event of the liquidation of a Fund, shareholders may receive a liquidating distribution in cash or in-kind equal to their proportionate interest in the Fund, or substitution of their investment in the Fund for investment in a comparable investment company. A shareholder of a liquidating Fund will not be entitled to any refund or reimbursement of expenses borne, directly or indirectly, by the shareholder (such as shareholder account fees (if any) or fund operating expenses), and a shareholder may receive an amount in liquidation less than the shareholder's original investment.

**Portfolio Turnover.** Generally, the transactions in which a Fund engages are reflected in the Fund's portfolio turnover rate (although the Money Market Fund does not have a portfolio turnover rate). The rate of portfolio turnover is calculated by dividing the lesser of the amount of purchases or sales of portfolio securities during the fiscal year by the monthly average of the value of the Fund's portfolio securities (excluding from the computation all securities, including options, with maturities at the time of acquisition of one year or less). A high rate of portfolio turnover generally involves correspondingly greater brokerage commission expenses, which must be borne directly by the Fund and ultimately by the Fund's shareholders. However, because portfolio turnover is not a limiting factor in determining whether or not to sell portfolio securities, a particular investment may be sold at any time, if investment judgment or account operations make a sale advisable.

The Funds do not have fixed policies on portfolio turnover although, because a higher portfolio turnover rate will increase brokerage costs, Advisors will carefully weigh the added costs of short-term investment against the gains anticipated from such transactions.

For the year ended December 31, 2025, the portfolio turnover rate of one Fund changed significantly from its portfolio turnover rate in 2024.

The Life Core Equity Fund's portfolio turnover rate increased to 103% for the twelve-month period ended December 31, 2025, as compared to 43% for the twelve-month period ended December 31, 2024. The increase in portfolio turnover was primarily attributable to an unusually volatile market environment characterized by regulatory, geopolitical, and macroeconomic uncertainty.

No portfolio turnover rate is calculated for the Money Market Fund due to the short maturities of the instruments purchased.

40&nbsp;&nbsp;&nbsp;&nbsp; **Statement of Additional Information** 

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### Disclosure of portfolio holdings
The Funds have adopted a portfolio holdings disclosure policy that governs the dissemination of a Fund's portfolio holdings. In accordance with this policy, a Fund may provide portfolio holdings information to third parties no earlier than the time a report is filed with the SEC that is required to contain such information or one day after the information is posted on the Fund's publicly accessible website, www.nuveen.com. A complete list of portfolio holdings information is generally made available on the Fund's website ten business days after the end of the month. Additionally, the Fund publishes on the website a list of its top ten holdings as of the end of each month, approximately two to five business days after the end of the month for which the information is current. This information will remain available on the website at least until the Fund files with the SEC its Form N-CSR or Form N-PORT for the period that includes the date as of which the website information is current.

Additionally, a Fund may disclose portfolio holdings information that has not been included in a filing with the SEC or posted on the Fund's website (i.e., non-public portfolio holdings information) only if there is a legitimate business purpose for doing so and if the recipient is required, either by explicit agreement or by virtue of the recipient's duties to the Fund as an agent or service provider, to maintain the confidentiality of the information and to not use the information in an improper manner (e.g., personal trading). In this context, portfolio holdings information does not include summary information from which the identity of the Fund's specific portfolio holdings cannot reasonably be derived. A Fund may disclose on an ongoing basis non-public portfolio holdings information in the normal course of its investment and administrative operations to various service providers, including, but not limited to, Nuveen and TIAA employees, fund accounting agents, auditors, custodians, pricing vendors, financial printers, proxy voting agents, securities lending agents, counsel to the Funds or the independent trustees, regulatory authorities, stock exchanges and other listing organizations. Also, Advisors may transmit to service providers non-public portfolio holdings information to enable Advisors to perform portfolio attribution analysis using third-party systems and software programs. Advisors may also provide certain portfolio holdings information to broker-dealers from time to time in connection with the purchase or sale of securities or requests for price quotations or bids on one or more securities. In providing this information, reasonable precautions are taken in an effort to avoid potential misuse of the disclosed information, including limitations on the scope of the portfolio holdings information disclosed, when appropriate. The Funds and Advisors do not receive compensation or other consideration in exchange for the disclosure of portfolio holdings.

Non-public portfolio holdings information may be provided to other persons if approved by a Managing Director in the Legal Department or Secretary of the Funds upon a determination that there is a legitimate business purpose for doing so, the disclosure is consistent with the interests of the shareholders of the Fund, and the recipient is obligated to maintain the confidentiality of the information and not misuse it, which includes a prohibition on trading on such non-public information. Notification must be provided to the Funds' Chief Compliance Officer prior to the holdings information being released.

Compliance officers of the Funds and Advisors periodically monitor overall compliance with the policy to ascertain whether portfolio holdings information is disclosed in a manner that is consistent with the Funds' policies.

There is no assurance that the Funds' policies on portfolio holdings information will protect a Fund from the potential misuse of portfolio holdings information by individuals or firms in possession of such information.

The following parties currently receive non-public portfolio holdings information regarding one or more of the Funds on an ongoing basis pursuant to the various arrangements described above: Advent; Adviser Compliance Associates, LLC; Alphasense, Inc.; Bank of America PriceServe; Barclays Capital, Inc., BARRA; Bloomberg Finance, L.P.; Broadridge Investor Communication Solutions, Inc.; Broadridge Systems; Chapman and Cutler, LLP; Citibank, N.A., Command Financial Press; Compliance Solutions Strategies; Confluence NXT; Donnelley Financial Solutions; Eagle Investment Systems, LLC; Electra Information Systems; Ernst & Young; FactSet Research Systems Inc.; Financial Graphic Services; Glass, Lewis & Co., LLC; Houlihan Lokey Financial Advisors, Inc.; ICE Benchmark Administration Limited; ICE Data Services; IHS Markit, Ltd., ISS; Investortools; Lipper, Inc., a Reuters Company; Moody's; Morningstar, Inc.; Northern Trust Corp; Omgeo, LLC; PricewaterhouseCoopers LLP; PricingDirect Inc.; Refinitiv; Ridgeline, Inc.; Rimes Technologies Corporation; Sherpa Funds Technology Pte Ltd.; SS&C; State Street Bank and Trust Co.; Strategic Insight and Wolters Kluwer.

With respect to the Money Market Fund, complete portfolio holdings are filed with the SEC on a monthly basis through Form N-MFP and are made publicly available on the SEC's website approximately five business days after the end of each month. In addition, the Money Market Fund posts on its website, no later than the fifth business day of the month, a schedule of its portfolio investments as of the last business day of the previous month. You can request more frequent portfolio holdings information, subject to the Funds' policy as stated above, by writing to the Funds at Nuveen Life Funds, 730 Third Avenue, New York, NY 10017-3206.

In addition, the Funds or Advisors may distribute certain portfolio attribution analyses and related data and commentary ("Portfolio Data"). Specifically, the Funds or Advisors may provide oral or written information about the Funds, including, but not limited to, how each Fund's investments are divided among: various sectors; industries; countries; value and growth stocks; small-, mid- and large-cap stocks; and various asset classes such as stocks, bonds, currencies and cash; as well as types of bonds, bond maturities, bond coupons and bond credit quality ratings. Portfolio Data may also include information on how these various weightings and factors contributed to Fund performance including the attribution of a Fund's return by asset class,

**Statement of Additional Information** &nbsp;&nbsp;&nbsp;&nbsp;41

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sector, industry and country, among other factors, as well as how various factors impacted Fund performance as compared to its benchmark. Portfolio Data may also include various financial characteristics of a Fund or its underlying portfolio securities, including, but not limited to, alpha, beta, R-squared, duration, maturity, information ratio, Sharpe ratio, earnings growth, payout ratio, price/book value, projected earnings growth, return on equity, standard deviation, tracking error, weighted average quality, market capitalization, percent debt to equity, price to cash flow, dividend yield or growth, default rate, portfolio turnover and risk and style characteristics.

Portfolio Data may be based on a Fund's most recent quarter-end portfolio, month-end portfolio or some other interim period, so long as that portfolio has been made publicly available. Portfolio Data may be provided to members of the press, participants in the Fund, persons considering investing in the Fund, or representatives of such participants or potential participants, such as consultants, financial intermediaries, fiduciaries of a 401(k) plan or a trust and their advisers and rating and ranking organizations. While the Funds or Advisors will provide Portfolio Data to persons upon appropriate request, the content and nature of the information provided to any person or category of persons may differ. Please contact the Funds for information about obtaining Portfolio Data. The Funds or Advisors may restrict access to any or all Portfolio Data in their sole discretion, including, but not limited to, if the Funds or Advisors believe the release of such Portfolio Data may be harmful to a Fund.

Advisors serves as investment adviser to various other funds and accounts that may have investment objectives, strategies and portfolio holdings that are substantially similar to or overlap with those of the Funds, and in some cases, these funds may publicly disclose portfolio holdings on a more frequent basis than is required for the Funds. As a result, it is possible that other market participants may use such information for their own benefit, which could negatively impact the Funds' execution of purchase and sale transactions.

### Management
The Trust is governed by its Board, which oversees the Trust's business and affairs. The Board delegates the day-to-day management of the Funds to Advisors and the officers of the Trust (see below). The number of trustees of the Trust is twelve, all of whom are not interested persons of the Funds as defined in Section 2(a)(19) of the 1940 Act (referred to herein as "independent trustees"). None of the independent trustees has ever been a trustee, director or employee of, or consultant to, Advisors or its affiliates. The names, business addresses and years of birth of the Trustees and officers of the Funds, their principal occupations and other affiliations during the past five years, the number of portfolios each Trustee oversees and other directorships they hold are set forth below. Except as noted in the table below, the Trustees of the Trust are directors or trustees, as the case may be, of 217 Nuveen-sponsored registered investment companies (the "Nuveen Funds"), which include 146 open-end mutual funds, including the Funds (the "Nuveen Mutual Funds"), 44 closed-end funds and 27 exchange-traded funds.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, address and <br>year of birth** | **Position(s) held <br>with Trust** | **Term of office <br>and length of <br>time served with <br>the Trust** | **Principal occupation(s) during past 5 years** | **Number of <br>portfolios <br>in fund <br>complex <br>overseen by <br>Trustee** | **Other directorships held by Trustee during past 5 years** |
| **Independent <br>Trustees:** |  |  |  |  |  |
| Joseph A. Boateng<br>333 West Wacker Drive <br>Chicago, IL 60606<br>1963 | Trustee | Term—Indefinite. Length of Service— Since 2019. | Chief Investment Officer, Casey Family Programs (since 2007); formerly, Director of U.S. Pension Plans, Johnson & Johnson (2002-2006). | 209 | Board Member, Lumina Foundation (since 2018) and Waterside School (since 2021); Board Member (2012-2019) and Emeritus Board Member (since 2020), Year-Up Puget Sound; Former Investment Advisory Committee Member and Chair (2007-2024), Seattle City Employees' Retirement System; Investment Committee Member (since 2012), The Seattle Foundation; Trustee (2018-2023), the College Retirement Equities Fund; Manager (2019-2023), TIAA Separate Account VA-1. |
| Michael A. Forrester<br>333 West Wacker Drive <br>Chicago, IL 60606<br>1967 | Trustee | Term—Indefinite. Length of Service— Since 2007. | Formerly, Chief Executive Officer (2014–2021) and Chief Operating Officer (2007–2014), Copper Rock Capital Partners, LLC. | 209 | Director, Aflac Incorporated (since 2025); Trustee, Dexter Southfield School (since 2019); Member (since 2020), Governing Council of the Independent Directors Council (IDC); Trustee, the College Retirement Equities Fund and Manager, TIAA Separate Account VA-1 (2007-2023). |
| Thomas J. Kenny<br>333 West Wacker Drive <br>Chicago, IL 60606<br>1963 | Trustee | Term—Indefinite. Length of Service— Since 2011. | Formerly, Advisory Director (2010–2011), Partner (2004–2010), Managing Director (1999–2004) and Co-Head of Global Cash and Fixed Income Portfolio Management Team (2002–2010), Goldman Sachs Asset Management. | 209 | Chairman of the Board (since 2025), Apeel Sciences; Director (since 2015) and Chair of the Finance and Investment Committee (since 2018), Aflac Incorporated; Director (since 2018), ParentSquare; formerly, Director (2021-2022) and Finance Committee Chair (2016-2022), Sansum Clinic; formerly, Advisory Board Member (2017-2019), B'Box; formerly, Member (2011-2012), the University of California at Santa Barbara Arts and Lectures Advisory Council; formerly, Investment Committee Member (2012-2020), Cottage Health System; formerly, Board member (2009-2019) and President of the Board (2014-2018), Crane Country Day School; Trustee (2011-2023) and Chairman (2017-2023), the College Retirement Equities Fund; Manager (2011-2023) and Chairman (2017-2023), TIAA Separate Account VA-1. |
| Amy B. R. Lancellotta<br>333 West Wacker Drive <br>Chicago, IL 60606<br>1959 | Trustee | Term—Indefinite. Length of Service— Since 2024. | Formerly, Managing Director, IDC (supports the fund independent director community and is part of the Investment Company Institute (ICI), which represents regulated investment companies) (2006-2019); formerly, various positions with ICI (1989-2006). | 209 | Formerly, President (2023-2025) and Member (2020-2025) of the Board of Directors, Jewish Coalition Against Domestic Abuse (JCADA). |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, address and <br>year of birth** | **Position(s) held <br>with Trust** | **Term of office <br>and length of <br>time served with <br>the Trust** | **Principal occupation(s) during past 5 years** | **Number of <br>portfolios <br>in fund <br>complex <br>overseen by <br>Trustee** | **Other directorships held by Trustee during past 5 years** |
| Joanne T. Medero<br>333 West Wacker Drive <br>Chicago, IL 60606<br>1954 | Trustee | Term—Indefinite. Length of Service— Since 2024. | Formerly, Managing Director, Government Relations and Public Policy (2009-2020) and Senior Advisor to the Vice Chairman (2018-2020), BlackRock, Inc. (global investment management firm); formerly, Managing Director, Global Head of Government Relations and Public Policy, Barclays Group (IBIM) (investment banking, investment management businesses) (2006-2009); formerly, Managing Director, Global General Counsel and Corporate Secretary, Barclays Global Investors (global investment management firm) (1996-2006); formerly, Partner, Orrick, Herrington & Sutcliffe LLP (law firm) (1993-1995); formerly, General Counsel, Commodity Futures Trading Commission (government agency overseeing U.S. derivatives markets) (1989-1993); formerly, Deputy Associate Director/Associate Director for Legal and Financial Affairs, Office of Presidential Personnel, The White House (1986-1989). | 209 | Member (since 2019) of the Board of Directors, Baltic-American Freedom Foundation (seeks to provide opportunities for citizens of the Baltic states to gain education and professional development through exchanges in the U.S.). |
| Albin F. Moschner<br>333 West Wacker Drive <br>Chicago, IL 60606<br>1952 | Trustee | Term—Indefinite. Length of Service— Since 2024. | Founder and Chief Executive Officer, Northcroft Partners, LLC (management consulting) (since 2012); formerly, held positions at Leap Wireless International, Inc., (consumer wireless service) including Consultant (2011-2012), Chief Operating Officer (2008-2011) and Chief Marketing Officer (2004-2008); formerly, President, Verizon Card Services division of Verizon Communications, Inc.(telecommunications services) (2000-2003); formerly, President, One Point Services at One Point Communications (telecommunications services) (1999-2000); formerly, Vice Chairman of the Board, Diba, Incorporated (internet technology provider) (1996-1997); formerly, various executive positions (1991-1996) and Chief Executive Officer (1995-1996) of Zenith Electronics Corporation (consumer electronics).  | 209 | Formerly, Chairman (2019) and Director (2012-2019), USA Technologies, Inc. (a provider of solutions and services to facilitate electronic payment transactions); formerly, Director, Wintrust Financial Corporation (1996-2016). |
| John K. Nelson<br>333 West Wacker Drive <br>Chicago, IL 60606<br>1962 | Trustee | Term—Indefinite. Length of Service— Since 2024. | Formerly, Senior External Advisor to the Financial Services practice of Deloitte Consulting LLP. (2012-2014); Chief Executive Officer of ABN AMRO Bank N.V., North America, and Global Head of the Financial Markets Division (2007-2008), with various executive leadership roles in ABN AMRO Bank N.V. between 1996 and 2007. | 209 | Formerly, Member of Board of Directors (2008-2023) of Core12 LLC (private firm which develops branding, marketing and communications strategies for clients); formerly, Member of the President's Council (2010-2019) of Fordham University; formerly, Director (2009-2018) of the Curran Center for Catholic American Studies; formerly, Trustee and Chairman of The Board of Trustees of Marian University (2011-2013). |

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44&nbsp;&nbsp;&nbsp;&nbsp; **Statement of Additional Information** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, address and <br>year of birth** | **Position(s) held <br>with Trust** | **Term of office <br>and length of <br>time served with <br>the Trust** | **Principal occupation(s) during past 5 years** | **Number of <br>portfolios <br>in fund <br>complex <br>overseen by <br>Trustee** | **Other directorships held by Trustee during past 5 years** |
| Loren M. Starr<br>333 West Wacker Drive <br>Chicago, IL 60606<br>1961 | Trustee | Term—Indefinite. Length of Service— Since 2022. | Independent Consultant/Advisor (since 2021); formerly, Vice Chair, Senior Managing Director (2020–2021), Chief Financial Officer, Senior Managing Director (2005–2020), Invesco Ltd. | 209 | Director (since 2023) and Chair of the Board (since 2025), formerly, Chair of the Audit Committee (2024-2025), AMG; formerly, Chair and Member of the Board of Directors (2014-2021), Georgia Leadership Institute for School Improvement (GLISI); formerly, Chair and Member of the Board of Trustees (2014-2018), Georgia Council on Economic Education (GCEE); Trustee, the College Retirement Equities Fund and Manager, TIAA Separate Account VA-1 (2022-2023). |
| Matthew Thornton III<br>333 West Wacker Drive <br>Chicago, IL 60606<br>1958 | Trustee | Term—Indefinite. Length of Service— Since 2024. | Formerly, Executive Vice President and Chief Operating Officer (2018-2019), FedEx Freight Corporation, a subsidiary of FedEx Corporation ("FedEx") (provider of transportation, e-commerce and business services through its portfolio of companies); formerly, Senior Vice President, U.S. Operations (2006-2018), Federal Express Corporation, a subsidiary of FedEx. | 209 | Member of the Board of Directors (since 2014), The Sherwin-Williams Company (paints, coatings and related products); Member of the Board of Directors (since 2020), Crown Castle International (provider of communications infrastructure); Member of the Executive Leadership Council (ELC) (since 2014). |
| Terence J. Toth<br>333 West Wacker Drive <br>Chicago, IL 60606<br>1959 | Trustee | Term—Indefinite. Length of Service— Since 2024. | Formerly, Co-Founding Partner, Promus Capital (investment advisory firm) (2008-2017); formerly, Director of Quality Control Corporation (manufacturing) (2012- 2021); formerly, Director, Fulcrum IT Service LLC (information technology services firm to government entities) (2010-2019); formerly, Director, LogicMark LLC (health services) (2012-2016); formerly, Director, Legal & General Investment Management America, Inc. (asset management) (2008-2013); formerly, CEO and President, Northern Trust Global Investments (financial services) (2004-2007); Executive Vice President, Quantitative Management & Securities Lending (2000-2004); prior thereto, various positions with Northern Trust Company (financial services) (since 1994). | 209 | Formerly, Chair and Member of the Board of Directors (2021-2024), Kehrein Center for the Arts (philanthropy); Member of the Board of Directors (since 2008), Catalyst Schools of Chicago (philanthropy); Member of the Board of Directors (since 2012), formerly, Investment Committee Chair (2017-2022), Mather Foundation (philanthropy); formerly, Member (2005-2016), Chicago Fellowship Board (philanthropy); formerly, Member, Northern Trust Mutual Funds Board (2005-2007), Northern Trust Global Investments Board (2004-2007), Northern Trust Japan Board (2004-2007), Northern Trust Securities Inc. Board (2003-2007) and Northern Trust Hong Kong Board (1997-2004). |
| Margaret L. Wolff<br>333 West Wacker Drive <br>Chicago, IL 60606<br>1955 | Trustee | Term—Indefinite. Length of Service— Since 2024. | Formerly, Of Counsel (2005-2014), Skadden, Arps, Slate, Meagher & Flom LLP (Mergers & Acquisitions Group) (legal services). | 209 | Member of the Board of Trustees (since 2005), New York-Presbyterian Hospital; Member of the Board of Trustees (since 2004) formerly, Chair (2015-2022), The John A. Hartford Foundation (philanthropy dedicated to improving the care of older adults); formerly, Member (2005-2015) and Vice Chair (2011-2015) of the Board of Trustees of Mt. Holyoke College; formerly, Member of the Board of Directors (2013-2017) of Travelers Insurance Company of Canada and The Dominion of Canada General Insurance Company (each, a part of Travelers Canada, the Canadian operation of The Travelers Companies, Inc.).  |

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**Statement of Additional Information** &nbsp;&nbsp;&nbsp;&nbsp;45

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, address and <br>year of birth** | **Position(s) held <br>with Trust** | **Term of office <br>and length of <br>time served with <br>the Trust** | **Principal occupation(s) during past 5 years** | **Number of <br>portfolios <br>in fund <br>complex <br>overseen by <br>Trustee** | **Other directorships held by Trustee during past 5 years** |
| Robert L. Young<br>333 West Wacker Drive <br>Chicago, IL 60606<br>1963 | Chair of the Board and Trustee | Term—Indefinite. Length of Service— Since 2024. | Formerly, Chief Operating Officer and Director, J.P. Morgan Investment Management Inc. (financial services) (2010-2016); formerly, President and Principal Executive Officer (2013-2016) and Senior Vice President and Chief Operating Officer (2005-2010), of J.P. Morgan Funds; formerly, Director and various officer positions for J.P. Morgan Investment Management Inc. (formerly, JPMorgan Funds Management, Inc. and formerly, One Group Administrative Services) and JPMorgan Distribution Services, Inc. (financial services) (formerly, One Group Dealer Services, Inc.) (1999-2017). | 209 | None. |

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46&nbsp;&nbsp;&nbsp;&nbsp; **Statement of Additional Information** 

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| | | | |
|:---|:---|:---|:---|
| **Name, business address and <br>year of birth** | **Position(s) held <br>with the Trust** | **Term of office <br>and length of <br>time served with <br>the Trust** | **Principal occupation(s) during past five years** |
| **Officers of the Trust:** | **Officers of the Trust:** |  |  |
| Brett E. Black<br>333 West Wacker Drive <br>Chicago, IL 60606<br>1972 | Chief Compliance Officer | Term—Indefinite <br>Length of Service— <br>Since 2025 | Managing Director, Chief Compliance Officer of Nuveen; formerly, Vice President (2014-2022), Chief Compliance Officer and Anti-Money Laundering Compliance Officer (2017-2022) of BMO Funds, Inc. |
| Marc Cardella<br>8500 Andrew Carnegie Blvd. <br>Charlotte, NC 28262<br>1984 | Vice President and Controller | Term—Indefinite <br>Length of Service— <br>Since 2024  | Senior Managing Director, Head of Public Investment Finance of Nuveen; Senior Managing Director of Nuveen Fund Advisors, LLC, Nuveen Asset Management, LLC, Teachers Advisors, LLC and TIAA-CREF Investment Management, LLC, Managing Director of Teachers Insurance and Annuity Association of America and TIAA SMA Strategies LLC; Principal Financial Officer, Principal Accounting Officer and Treasurer of TIAA Separate Account VA-1 and the College Retirement Equities Fund; Senior Managing Director, Brooklyn Artificial Intelligence, Inc. and Brooklyn Investment Group, LLC.  |
| Joseph T. Castro<br>333 West Wacker Drive <br>Chicago, IL 60606<br>1964 | Vice President  | Term—Indefinite <br>Length of Service— <br>Since 2025 | Executive Vice President, Chief Risk and Compliance Officer, formerly, Senior Managing Director and Head of Compliance, Nuveen; Executive Vice President, formerly, Senior Managing Director, Nuveen Securities, LLC; Senior Managing Director, Nuveen Fund Advisors, LLC, and Nuveen, LLC. |
| Mark J. Czarniecki<br>901 Marquette Avenue <br>Minneapolis, MN 55402<br>1979 | Vice President and Assistant Secretary | Term—Indefinite <br>Length of Service— <br>Since 2024 | Managing Director and Assistant Secretary of Nuveen Securities, LLC and Nuveen Fund Advisors, LLC; Managing Director and Associate General Counsel of Nuveen; Managing Director, Assistant Secretary and Associate General Counsel of Nuveen Asset Management, LLC; has previously held various positions with Nuveen; Managing Director, Associate General Counsel and Assistant Secretary of Teachers Advisors, LLC and TIAA-CREF Investment Management, LLC; Managing Director, Assistant General Counsel and Assistant Secretary, Brooklyn Artificial Intelligence, Inc. and Brooklyn Investment Group, LLC. |
| Jordan M. Farris<br>333 West Wacker Drive <br>Chicago, IL 60606<br>1980 | Chief Administrative Officer | Term—Indefinite <br>Length of Service— <br>Since 2024 | Head of Public Product Strategy and Development, Global Wealth, of Nuveen; Managing Director of Nuveen Fund Advisors, LLC; has previously held various positions with Nuveen. |
| Jeremy D. Franklin<br>8500 Andrew Carnegie Blvd. <br>Charlotte, NC 28262<br>1983 | Vice President and Assistant Secretary | Term—Indefinite <br>Length of Service— <br>Since 2020 | Managing Director and Assistant Secretary, Nuveen Fund Advisors, LLC; Managing Director, Associate General Counsel and Assistant Secretary, Nuveen Asset Management, LLC, Teachers Advisors, LLC and TIAA-CREF Investment Management, LLC; Vice President and Associate General Counsel, Teachers Insurance and Annuity Association of America; Vice President and Assistant Secretary, TIAA-CREF Life Funds; Vice President, Associate General Counsel and Assistant Secretary, TIAA Separate Account VA-1 and College Retirement Equities Fund; has previously held various positions with TIAA. |
| Diana R. Gonzalez<br>8500 Andrew Carnegie Blvd. <br>Charlotte, NC 28262<br>1978 | Vice President and Assistant Secretary | Term—Indefinite <br>Length of Service— <br>Since 2024 | Vice President and Assistant Secretary of Nuveen Fund Advisors, LLC; Vice President, Associate General Counsel and Assistant Secretary of Nuveen Asset Management, LLC, Teachers Advisors, LLC and TIAA-CREF Investment Management, LLC; Vice President and Associate General Counsel of Nuveen. |
| Nathaniel T. Jones<br>333 West Wacker Drive <br>Chicago, IL 60606<br>1979 | Vice President | Term—Indefinite <br>Length of Service— <br>Since 2024 | Senior Managing Director, Head of Public Product of Nuveen; President, formerly, Senior Managing Director, of Nuveen Fund Advisors, LLC; has previously held various positions with Nuveen; Chartered Financial Analyst. |
| Brian H. Lawrence<br>8500 Andrew Carnegie Blvd. <br>Charlotte, NC 28262<br>1982 | Vice President and Assistant Secretary | Term—Indefinite <br>Length of Service— <br>Since 2024 | Vice President and Associate General Counsel of Nuveen; Vice President, Associate General Counsel and Assistant Secretary of Teachers Advisors, LLC and TIAA-CREF Investment Management, LLC; formerly, Corporate Counsel of Franklin Templeton (2018-2022). |
| Tina M. Lazar<br>333 West Wacker Drive <br>Chicago, IL 60606<br>1961 | Vice President | Term—Indefinite <br>Length of Service— <br>Since 2024 | Managing Director of Nuveen Securities, LLC. |
| Brian J. Lockhart<br>333 West Wacker Drive <br>Chicago, IL 60606<br>1974 | Vice President | Term—Indefinite <br>Length of Service— <br>Since 2024 | Senior Managing Director and Head of Investment Oversight of Nuveen; Senior Managing Director of Nuveen Fund Advisors, LLC; has previously held various positions with Nuveen; Chartered Financial Analyst and Certified Financial Risk Manager.  |

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**Statement of Additional Information** &nbsp;&nbsp;&nbsp;&nbsp;47

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| | | | |
|:---|:---|:---|:---|
| **Name, business address and <br>year of birth** | **Position(s) held <br>with the Trust** | **Term of office <br>and length of <br>time served with <br>the Trust** | **Principal occupation(s) during past five years** |
| John M. McCann<br>8500 Andrew Carnegie Blvd. <br>Charlotte, NC 28262<br>1975 | Vice President and Assistant Secretary | Term—Indefinite <br>Length of Service— <br>Since 2015 | Senior Managing Director, Division General Counsel of Nuveen; Senior Managing Director, General Counsel and Secretary of Nuveen Fund Advisors, LLC; Senior Managing Director, Associate General Counsel and Assistant Secretary of Nuveen Asset Management, LLC, Teachers Advisors LLC and TIAA-CREF Investment Management, LLC; Managing Director and Assistant Secretary of TIAA SMA Strategies LLC; Managing Director, Associate General Counsel and Assistant Secretary of College Retirement Equities Fund, TIAA Separate Account VA-1, TIAA-CREF Funds, TIAA-CREF Life Funds, Teachers Insurance and Annuity Association of America and Nuveen Alternative Advisors LLC; Senior Managing Director, Associate General Counsel and Assistant Secretary, Brooklyn Artificial Intelligence, Inc. and Brooklyn Investment Group, LLC; has previously held various positions with Nuveen/TIAA. |
| Kevin J. McCarthy<br>333 West Wacker Drive <br>Chicago, IL 60606<br>1966 | Vice President and Assistant Secretary | Term—Indefinite <br>Length of Service— <br>Since 2018  | Executive Vice President, Secretary and General Counsel of Nuveen Investments, Inc.; Executive Vice President and Assistant Secretary of Nuveen Securities, LLC and Nuveen Fund Advisors, LLC; Executive Vice President and Secretary of Nuveen Asset Management, LLC, Teachers Advisors, LLC, TIAA-CREF Investment Management, LLC and Nuveen Alternative Investments, LLC; Executive Vice President, Associate General Counsel and Assistant Secretary of TIAA-CREF Funds and TIAA-CREF Life Funds; has previously held various positions with Nuveen/TIAA; Vice President and Secretary of Winslow Capital Management, LLC; Executive Vice President, Brooklyn Artificial Intelligence, Inc. and Brooklyn Investment Group, LLC; formerly, Vice President (2007-2021) and Secretary (2016-2021) of NWQ Investment Management Company, LLC and Santa Barbara Asset Management, LLC.  |
| R. Tanner Page<br>333 West Wacker Drive <br>Chicago, IL 60606<br>1985 | Vice President and Treasurer | Term—Indefinite <br>Length of Service— <br>Since 2025 | Managing Director, formerly, Vice President of Nuveen; has previously held various positions with Nuveen. |
| William A. Siffermann<br>333 West Wacker Drive <br>Chicago, IL 60606<br>1975 | Vice President | Term—Indefinite <br>Length of Service— <br>Since 2024 | Senior Managing Director of Nuveen. |
| Mark L. Winget<br>333 West Wacker Drive <br>Chicago, IL 60606<br>1968 | Vice President and Assistant Secretary | Term—Indefinite <br>Length of Service— <br>Since 2024 | Vice President and Assistant Secretary of Nuveen Securities, LLC and Nuveen Fund Advisors, LLC; Vice President, Associate General Counsel and Assistant Secretary of Teachers Advisors, LLC and TIAA-CREF Investment Management, LLC and Nuveen Asset Management, LLC; Vice President and Associate General Counsel of Nuveen; Vice President, Associate General Counsel and Assistant Secretary, Brooklyn Artificial Intelligence, Inc. and Brooklyn Investment Group, LLC. |
| Rachael Zufall<br>8500 Andrew Carnegie Blvd. <br>Charlotte, NC 28262<br>1973 | Vice President and Secretary | Term—Indefinite <br>Length of Service— <br>Since 2014  | Managing Director and Assistant Secretary of Nuveen Fund Advisors, LLC; Managing Director, Associate General Counsel and Assistant Secretary of the College Retirement Equities Fund, TIAA Separate Account VA-1, TIAA-CREF Funds and TIAA-CREF Life Funds; Managing Director, Associate General Counsel and Assistant Secretary of Teacher Advisors, LLC and TIAA-CREF Investment Management, LLC; Managing Director of Nuveen, LLC and of TIAA. |

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48&nbsp;&nbsp;&nbsp;&nbsp; **Statement of Additional Information** 

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#### Board leadership structure and risk oversight
The Board of Trustees (including the Board of Trustees of the Trust) or the Board of Directors (as the case may be, each is referred to hereafter as the "Board" or "Board of Trustees" and the directors or trustees of the Nuveen Funds, as applicable, are each referred to herein as "trustees") oversees the operations and management of the Nuveen Funds, including the duties performed for the Nuveen Funds by Advisors or its affiliates. The Board has adopted a unitary board structure. A unitary board consists of one group of trustees who serve on the board of every fund in the Nuveen Fund complex (except with respect to certain Nuveen Funds where certain trustees may instead serve as consultants, as indicated in the "Independent Trustees" table included herein). In adopting a unitary board structure, the trustees seek to provide effective governance through establishing a board, the overall composition of which will, as a body, possess the appropriate skills, diversity (including, among other things, gender, race and ethnicity), independence and experience to oversee the Nuveen Funds' business. With this overall framework in mind, when the Board, through its Nominating and Governance Committee discussed below, seeks nominees for the Board, the trustees consider, not only the candidate's particular background, skills and experience, among other things, but also whether such background, skills and experience enhance the Board's diversity and at the same time complement the Board given its current composition and the mix of skills and experiences of the incumbent trustees. The Nominating and Governance Committee believes that the Board generally benefits from diversity of background (including, among other things, gender, race and ethnicity), skills, experience and views among its members, and considers this a factor in evaluating the composition of the Board, but has not adopted any specific policy on diversity or any particular definition of diversity.

The Board believes the unitary board structure enhances good and effective governance, particularly given the nature of the structure of the investment company complex. Funds in the same complex generally are served by the same service providers and personnel and are governed by the same regulatory scheme which raises common issues that must be addressed by the trustees across the fund complex (such as compliance, valuation, liquidity, brokerage, trade allocation or risk management). The Board believes it is more efficient to have a single board review and oversee common policies and procedures which increases the Board's knowledge and expertise with respect to the many aspects of fund operations that are complex-wide in nature. The unitary structure also enhances the Board's influence and oversight over the investment adviser and other service providers.

In an effort to enhance the independence of the Board, the Board also has a Chair that is an independent trustee. The Board recognizes that a chair can perform an important role in setting the agenda for the Board, establishing the boardroom culture, establishing a point person on behalf of the Board for Fund management, and reinforcing the Board's focus on the long-term interests of shareholders. The Board recognizes that a chair may be able to better perform these functions without any conflicts of interests arising from a position with Fund management. Accordingly, the trustees have elected Mr. Young to serve as independent Chair of the Board. Specific responsibilities of the Chair include: (i) coordinating with Fund management in the preparation of the agenda for each meeting of the Board; (ii) presiding at all meetings of the Board and of the shareholders; and (iii) serving as a liaison with other trustees, the Trust's officers and other Fund management personnel, and counsel to the independent trustees. The Chair performs such other duties as the Board may from time to time determine.

Although the Board has direct responsibility over various matters (such as advisory contracts and underwriting contracts), the Board also exercises certain of its oversight responsibilities through several committees that it has established and which report back to the full Board. The Board believes that a committee structure is an effective means to permit trustees to focus on particular operations or issues affecting the Nuveen Funds, including risk oversight. More specifically, with respect to risk oversight, the Board has delegated matters relating to valuation, compliance and investment risk to certain committees (as summarized below). In addition, the Board believes that the periodic rotation of trustees among the different committees allows the trustees to gain additional and different perspectives of the Nuveen Funds' operations. The Board has established seven standing committees: the Executive Committee, the Dividend Committee, the Audit Committee, the Compliance, Risk Management and Regulatory Oversight Committee, the Nominating and Governance Committee, the Investment Committee and the Open-End Funds Committee. The Board may also from time to time create ad hoc committees to focus on particular issues as the need arises. The membership and functions of the standing committees are summarized below. For more information on the Board, please visit www.nuveen.com/fundgovernance.

The Executive Committee, which may meet between regular meetings of the Board, is authorized to exercise all of the powers of the Board. The members of the Executive Committee are Mr. Young, Chair, Mr. Kenny, Mr. Nelson and Ms. Wolff. During the fiscal year ended December 31, 2025, the Executive Committee met four times.

The Audit Committee assists the Board in the oversight and monitoring of the accounting and financial reporting policies, processes and practices of the Nuveen Funds, and the audits of the financial statements of the Nuveen Funds; the quality and integrity of the financial statements of the Nuveen Funds; the Nuveen Funds' compliance with legal and regulatory requirements relating to the Nuveen Funds' financial statements; the independent auditors' qualifications, performance and independence; and the Valuation Policy of the Nuveen Funds and the internal valuation group of Advisors, as valuation designee for the Nuveen Funds. It is the responsibility of the Audit Committee to select, evaluate and replace any independent auditors (subject only to

**Statement of Additional Information** &nbsp;&nbsp;&nbsp;&nbsp;49

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Board approval and, if applicable, shareholder ratification) and to determine their compensation. The Audit Committee is also responsible for, among other things, overseeing the valuation of securities comprising the Nuveen Funds' portfolios. The Audit Committee is also primarily responsible for the oversight of the Valuation Policy and actions taken by Advisors, as valuation designee of the Funds, through its internal valuation group, which provides regular reports to the committee, reviews any issues relating to the valuation of the Nuveen Funds' securities brought to its attention and considers the risks to the Nuveen Funds in assessing the possible resolutions to these matters. The Audit Committee may also consider any financial risk exposures for the Nuveen Funds in conjunction with performing its functions.

To fulfill its oversight duties, the Audit Committee regularly meets with Fund management to discuss the Nuveen Funds' annual and semi-annual reports and has regular meetings with the external auditors for the Nuveen Funds and Advisors' internal audit group. In assessing financial risk disclosure, the Audit Committee also may review in a general manner the processes the Board or other Board committees have in place with respect to risk assessment and risk management as well as compliance with legal and regulatory matters relating to the Nuveen Funds' financial statements. The Audit Committee operates under a written charter adopted and approved by the Board. Members of the Audit Committee shall be independent (as set forth in the charter) and free of any relationship that, in the opinion of the trustees, would interfere with their exercise of independent judgment as an Audit Committee member. The members of the Audit Committee are Mr. Nelson, Chair, Mr. Boateng, Ms. Lancellotta, Mr. Starr, Mr. Toth, Mr. Thornton and Ms. Wolff, each of whom is an independent trustee of the Funds. Mr. Boateng, Mr. Nelson and Mr. Starr have each been designated as an "audit committee financial expert" as defined by the rules of the SEC. During the fiscal year ended December 31, 2025, the Audit Committee met thirteen times.

The Nominating and Governance Committee is responsible for seeking, identifying and recommending to the Board qualified candidates for election or appointment to the Board. In addition, the Nominating and Governance Committee oversees matters of corporate governance, including the evaluation of Board performance and processes, the assignment and rotation of committee members, and the establishment of corporate governance guidelines and procedures, to the extent necessary or desirable, and matters related thereto. The committee recognizes that as demands on the Board evolve over time (such as through an increase in the number of funds overseen or an increase in the complexity of the issues raised), the committee must continue to evaluate the Board and committee structures and their processes and modify the foregoing as may be necessary or appropriate to continue to provide effective governance. Accordingly, the Nominating and Governance Committee has a separate meeting each year to, among other things, review the Board and committee structures, their performance and functions, and recommend any modifications thereto or alternative structures or processes that would enhance the Board's governance of the Nuveen Funds.

In addition, the Nominating and Governance Committee, among other things, makes recommendations concerning the continuing education of trustees; monitors performance of legal counsel; establishes and monitors a process by which security holders are able to communicate in writing with members of the Board; and periodically reviews and makes recommendations about any appropriate changes to trustee compensation. In the event of a vacancy on the Board, the Nominating and Governance Committee receives suggestions from various sources, including shareholders, as to suitable candidates. Suggestions should be sent in writing to William Siffermann, Manager of Fund Board Relations, Nuveen, LLC, 333 West Wacker Drive, Chicago, IL 60606. The Nominating and Governance Committee sets appropriate standards and requirements for nominations for new trustees and reserves the right to interview any and all candidates and to make the final selection of any new trustees. In considering a candidate's qualifications, each candidate must meet certain basic requirements, including relevant skills and experience, time availability (including the time requirements for due diligence meetings with sub-advisers and service providers) and, if qualifying as an independent trustee candidate, independence from Advisors and other service providers, including any affiliates of these entities. These skill and experience requirements may vary depending on the current composition of the Board, since the goal is to ensure an appropriate range of skills, diversity and experience, in the aggregate. Accordingly, the particular factors considered and weight given to these factors will depend on the composition of the Board and the skills and backgrounds of the incumbent trustees at the time of consideration of the nominees. All candidates, however, must meet high expectations of personal integrity, independence, governance experience and professional competence. All candidates must be willing to be critical within the Board and with Fund management and yet maintain a collegial and collaborative manner toward other Board members. The Nominating and Governance Committee operates under a written charter adopted and approved by the Board. This committee is composed of the independent trustees of the Nuveen Funds. Accordingly, the members of the Nominating and Governance Committee are Mr. Young, Chair, Mr. Boateng, Mr. Forrester, Mr. Kenny, Ms. Lancellotta, Ms. Medero, Mr. Moschner, Mr. Nelson, Mr. Starr, Mr. Thornton, Mr. Toth and Ms. Wolff. During the fiscal year ended December 31, 2025 the Nominating and Governance Committee met six times.

The Dividend Committee is authorized to declare distributions (with subsequent ratification by the Board) on the Nuveen Funds' shares, including, but not limited to, regular and special dividends, capital gains and ordinary income distributions. The Dividend Committee operates under a written charter adopted by the Board. The members of the Dividend Committee are Mr. Thornton, Chair, Mr. Kenny, Mr. Forrester, Ms. Lancellotta and Mr. Nelson. During the fiscal year ended December 31, 2025, the Dividend Committee met eight times.

50&nbsp;&nbsp;&nbsp;&nbsp; **Statement of Additional Information** 

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The Compliance, Risk Management and Regulatory Oversight Committee (the "Compliance Committee") is responsible for the oversight of compliance issues, risk management and other regulatory matters affecting the Nuveen Funds that are not otherwise the jurisdiction of the other committees. The Board has adopted and periodically reviews policies and procedures designed to address the Nuveen Funds' compliance and risk matters. As part of its duties, the Compliance Committee reviews the policies and procedures relating to compliance matters and recommends modifications thereto as necessary or appropriate to the full Board; develops new policies and procedures as new regulatory matters affecting the Nuveen Funds arise from time to time; evaluates or considers any comments or reports from examinations from regulatory authorities and responses thereto; and performs any special reviews, investigations or other oversight responsibilities relating to risk management, compliance and/or regulatory matters as requested by the Board.

In addition, the Compliance Committee is responsible for risk oversight, including, but not limited to, the oversight of general risks related to investments which are not reviewed by other committees, such as liquidity and derivatives usage; risks related to product structure elements, such as leverage; techniques that may be used to address the foregoing risks, such as hedging and swaps and Fund operational risk and risks related to the overall operation of the TIAA/Nuveen enterprise and, in each case, the controls designed to address or mitigate such risks. In assessing issues brought to the Compliance Committee's attention or in reviewing a particular policy, procedure, investment technique or strategy, the Compliance Committee evaluates the risks to the Nuveen Funds in adopting a particular approach compared to the anticipated benefits to the Nuveen Funds and their shareholders. In fulfilling its obligations, the Compliance Committee meets on a quarterly basis. The Compliance Committee receives written and oral reports from the Nuveen Funds' Chief Compliance Officer ("CCO") and meets privately with the CCO at each of its quarterly meetings. The CCO also provides an annual report to the full Board regarding the operations of the Nuveen Funds' and service providers' compliance programs as well as any recommendations for modifications thereto. Certain matters not addressed at the committee level may be addressed by another committee or directly by the full Board. The Compliance Committee operates under a written charter adopted and approved by the Board. The members of the Compliance Committee are Ms. Medero, Chair, Mr. Forrester, Mr. Kenny, Mr. Moschner, Mr. Starr and Mr. Young. During the fiscal year ended December 31, 2025, the Compliance Committee met four times.

The Investment Committee is responsible for the oversight of Nuveen Fund performance, investment risk management and other portfolio-related matters affecting the Nuveen Funds which are not otherwise the jurisdiction of the other Board committees. As part of such oversight, the Investment Committee reviews each Nuveen Fund's investment performance and investment risks, which may include, but is not limited to, an evaluation of Nuveen Fund performance relative to investment objectives, benchmarks and peer group; a review of risks related to portfolio investments, such as exposures to particular issuers, market sectors, or types of securities, as well as consideration of other factors that could impact or are related to Nuveen Fund performance; and an assessment of Nuveen Fund objectives, policies and practices as such may relate to Nuveen Fund performance. In assessing issues brought to the Investment Committee's attention or in reviewing an investment policy, technique or strategy, the Investment Committee evaluates the risks to the Nuveen Funds in adopting or recommending a particular approach or resolution compared to the anticipated benefits to the Nuveen Funds and their shareholders.

In fulfilling its obligations, the Investment Committee receives quarterly reports from the investment oversight and the investment risk groups at Nuveen, including from Advisors. Such groups also report to the full Board on a quarterly basis and the full Board participates in further discussions with Fund management at its quarterly meetings regarding matters relating to Nuveen Fund performance and investment risks, including with respect to the various drivers of performance and Nuveen Fund use of leverage and hedging. Accordingly, the Board directly and/or in conjunction with the Investment Committee oversees the investment performance and investment risk management of the Nuveen Funds. The Investment Committee operates under a written charter adopted and approved by the Board. This Investment Committee is composed of the independent trustees of the Nuveen Funds. Accordingly, the members of the Investment Committee are Mr. Boateng, Chair, Mr. Forrester, Mr. Kenny, Ms. Lancellotta, Ms. Medero, Mr. Moschner, Mr. Nelson, Mr. Starr, Mr. Thornton, Mr. Toth, Ms. Wolff and Mr. Young. During the fiscal year ended December 31, 2025, the Investment Committee met four times.

The Open-End Funds Committee is responsible for assisting the Board in the oversight and monitoring of the Nuveen Funds that are registered as open-end management investment companies ("Open-End Funds"). The committee may review and evaluate matters related to the formation and the initial presentation to the Board of any new Open-End Fund and may review and evaluate any matters relating to any existing Open-End Fund. The Open-End Funds Committee operates under a written charter adopted and approved by the Board. The members of the Open-End Funds Committee are Mr. Forrester, Chair, Mr. Boateng, Ms. Lancellotta, Ms. Medero, Mr. Starr, Mr. Toth and Mr. Young. During the fiscal year ended December 31, 2025, the Open-End Funds Committee met four times.

#### Board diversification and Trustee qualifications
In determining that a particular trustee was qualified to serve on the Board, the Board has considered each trustee's background, skills, experience and other attributes in light of the composition of the Board with no particular factor controlling. The Board believes that trustees need to have the ability to critically review, evaluate, question and discuss information

**Statement of Additional Information** &nbsp;&nbsp;&nbsp;&nbsp;51

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provided to them, and to interact effectively with Fund management, service providers and counsel, in order to exercise effective business judgment in the performance of their duties, and the Board believes each trustee satisfies this standard. An effective trustee may achieve this ability through his or her educational background; business, professional training or practice; public service or academic positions; experience from service as a board member or executive of investment funds, public companies or significant private or not-for-profit entities or other organizations; and/or other life experiences. Accordingly, set forth below is a summary of the experiences, qualifications, attributes, and skills that led to the conclusion, as of the date of this document, that each trustee should continue to serve in that capacity. References to the experiences, qualifications, attributes and skills of directors are pursuant to requirements of the SEC, do not constitute holding out of the Board or any director as having any special expertise or experience and shall not impose any greater responsibility or liability on any such person or on the Board by reason thereof.

*Joseph A. Boateng*

Since 2007, Mr. Boateng has served as the Chief Investment Officer for Casey Family Programs. He was previously Director of U.S. Pension Plans for Johnson & Johnson (2002-2006) and was a member, including Chair of the Seattle City Employees' Retirement System Investment Advisory Committee (2007-2024). Mr. Boateng is a board member of the Lumina Foundation, Waterside School and the Freedom Fund, a philanthropic organization. He is an emeritus board member of Year Up Puget Sound and a member of The Seattle Foundation's Investment Committee. Mr. Boateng previously served on the Board of Trustees for the College Retirement Equities Fund from 2018 to 2023 and on the Management Committee for TIAA Separate Account VA-1 from 2019 to 2023. Mr. Boateng received a B.S. from the University of Ghana and an M.B.A. from the University of California, Los Angeles.

*Michael A. Forrester*

From 2007 to 2021, Mr. Forrester held various positions with Copper Rock Capital Partners, LLC ("Copper Rock"), including Chief Executive Officer (2014-2021), Chief Operating Officer ("COO") (2007-2014) and Board Member (2007-2021). Mr. Forrester is currently a member of the Independent Directors Council Governing Council of the Investment Company Institute. He also serves as a Director of Aflac Incorporated and is on the Board of Trustees of the Dexter Southfield School. Mr. Forrester previously served on the Board of Trustees for the College Retirement Equities Fund and on the Management Committee for TIAA Separate Account VA-1 from 2007 to 2023. Mr. Forrester has a B.A. from Washington and Lee University.

*Thomas J. Kenny*

Mr. Kenny served as an Advisory Director (2010-2011), Partner (2004-2010), Managing Director (1999-2004) and Co-Head (2002-2010) of Goldman Sachs Asset Management's Global Cash and Fixed Income Portfolio Management team, having worked at Goldman Sachs since 1999. Mr. Kenny is a Director and the Chair of the Finance and Investment Committee of Aflac Incorporated, Chairman of the Board of Apeel Sciences and a Director of ParentSquare. He is a former Director and Finance Committee Chair for the Sansum Clinic; former Advisory Board Member, B'Box; former Member of the University of California at Santa Barbara Arts and Lectures Advisory Council; former Investment Committee Member, Cottage Health System; and former President of the Board of Crane Country Day School. Mr. Kenny previously served on the Board of Trustees (2011-2023) and as Chairman (2017-2023) for the College Retirement Equities Fund and on the Management Committee (2011-2023) and as Chairman (2017-2023) for TIAA Separate Account VA-1. He received a B.A. from the University of California, Santa Barbara, and an M.S. from Golden Gate University. He is also a Chartered Financial Analyst.

*Amy B. R. Lancellotta*

After 30 years of service, Ms. Lancellotta retired at the end of 2019 from the Investment Company Institute (ICI), which represents regulated investment companies on regulatory, legislative and securities industry initiatives that affect funds and their shareholders. From November 2006 until her retirement, Ms. Lancellotta served as Managing Director of ICI's Independent Directors Council (IDC), which supports fund independent directors in fulfilling their responsibilities to promote and protect the interests of fund shareholders. At IDC, Ms. Lancellotta was responsible for all ICI and IDC activities relating to the fund independent director community. In conjunction with her responsibilities, Ms. Lancellotta advised and represented IDC, ICI, independent directors and the investment company industry on issues relating to fund governance and the role of fund directors. She also directed and coordinated IDC's education, communication, governance and policy initiatives. Prior to serving as Managing Director of IDC, Ms. Lancellotta held various other positions with ICI beginning in 1989. Before joining ICI, Ms. Lancellotta was an associate at two Washington, D.C. law firms. In addition, she served as President, from 2023 to 2025, and was a member, from 2023 to 2025, of the Board of Directors of the Jewish Coalition Against Domestic Abuse (JCADA), an organization that seeks to end power-based violence, empower survivors and ensure safe communities. Ms. Lancellotta received a B.A. degree from Pennsylvania State University in 1981 and a J.D. degree from the National Law Center, George Washington University (currently known as George Washington University Law School) in 1984.

52&nbsp;&nbsp;&nbsp;&nbsp; **Statement of Additional Information** 

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*Joanne T. Medero*

Ms. Medero has over 30 years of financial services experience and, most recently, from December 2009 until her retirement in July 2020, she was a Managing Director in the Government Relations and Public Policy Group at BlackRock, Inc. (BlackRock). From July 2018 to July 2020, she was also Senior Advisor to BlackRock's Vice Chairman, focusing on public policy and corporate governance issues. In 1996, Ms. Medero joined Barclays Global Investors (BGI), which merged with BlackRock in 2009. At BGI, she was a Managing Director and served as Global General Counsel and Corporate Secretary until 2006. Then, from 2006 to 2009, Ms. Medero was a Managing Director and Global Head of Government Relations and Public Policy at Barclays Group (IBIM), where she provided policy guidance and directed legislative and regulatory advocacy programs for the investment banking, investment management and wealth management businesses. Before joining BGI, Ms. Medero was a Partner at Orrick, Herrington & Sutcliffe LLP from 1993 to 1995, where she specialized in derivatives and financial markets regulation issues. Additionally, she served as General Counsel of the Commodity Futures Trading Commission (CFTC) from 1989 to 1993 and, from 1986 to 1989, she was Deputy Associate Director/Associate Director for Legal and Financial Affairs at The White House Office of Presidential Personnel. Further, from 2006 to 2010, Ms. Medero was a member of the CFTC Global Markets Advisory Committee and she has been actively involved in financial industry associations, serving as Chair of the Steering Committee of the SIFMA (Securities Industry and Financial Markets Association) Asset Management Group (2016-2018) and Chair of the CTA (Commodity Trading Advisor), CPO (Commodity Pool Operator) and Futures Committee of the Managed Funds Association (2010-2012). Ms. Medero also chaired the Corporations, Antitrust and Securities Practice Group of The Federalist Society for Law and Public Policy (from 2010 to 2022 and 2000 to 2002). In addition, since 2019, she has been a member of the Board of Directors of the Baltic-American Freedom Foundation, which seeks to provide opportunities for citizens of the Baltic States to gain education and professional development through exchanges in the United States. Ms. Medero received a B.A. degree from St. Lawrence University in 1975 and a J.D. degree from the National Law Center, George Washington University (currently known as George Washington University Law School) in 1978.

*Albin F. Moschner* 

Mr. Moschner is a consultant in the wireless industry and, in July 2012, founded Northcroft Partners, LLC, a management consulting firm that provides operational, management and governance solutions. Prior to founding Northcroft Partners, LLC, Mr. Moschner held various positions at Leap Wireless International, Inc., a provider of wireless services, where he was a consultant from February 2011 to July 2012, Chief Operating Officer from July 2008 to February 2011, and Chief Marketing Officer from August 2004 to June 2008. Before he joined Leap Wireless International, Inc., Mr. Moschner was President of the Verizon Card Services division of Verizon Communications, Inc. from 2000 to 2003, and President of One Point Services at One Point Communications from 1999 to 2000. Mr. Moschner also served at Zenith Electronics Corporation as Director, President and Chief Executive Officer from 1995 to 1996, and as Director, President and Chief Operating Officer from 1994 to 1995. Mr. Moschner was Chairman of the Board (2019) and a member of the Board of Directors (2012-2019) of USA Technologies, Inc. and, from 1996 until 2016, he was a member of the Board of Directors of Wintrust Financial Corporation. In addition, he is emeritus (since 2018) of the Advisory Boards of the Kellogg School of Management (1995-2018) and the Archdiocese of Chicago Financial Council (2012-2018). Mr. Moschner received a Bachelor of Engineering degree in Electrical Engineering from The City College of New York in 1974 and a Master of Science degree in Electrical Engineering from Syracuse University in 1979.

*John K. Nelson* 

Mr. Nelson formerly served on the Board of Directors of Core12, LLC from 2008 to 2023, a private firm that develops branding, marketing, and communications strategies for clients. Mr. Nelson has extensive experience in global banking and markets, having served in several senior executive positions with ABN AMRO Holdings N.V. and its affiliated entities and predecessors, including LaSalle Bank Corporation from 1996 to 2008, ultimately serving as Chief Executive Officer of ABN AMRO N.V. North America. During his tenure at the bank, he also served as Global Head of its Financial Markets Division, which encompassed the bank's Currency, Commodity, Fixed Income, Emerging Markets, and Derivatives businesses. He was a member of the Foreign Exchange Committee of the Federal Reserve Bank of the United States and during his tenure with ABN AMRO served as the bank's representative on various committees of The Bank of Canada, European Central Bank, and The Bank of England. Mr. Nelson previously served as a senior, external advisor to the financial services practice of Deloitte Consulting LLP (2012-2014). At Fordham University, he served as a director of The President's Council (2010- 2019) and previously served as a director of The Curran Center for Catholic American Studies (2009-2018). He served as a trustee and Chairman of The Board of Trustees of Marian University (2011-2013). Mr. Nelson is a graduate of Fordham University, holding a BA in Economics and an MBA in Finance.

*Loren M. Starr*

**Statement of Additional Information** &nbsp;&nbsp;&nbsp;&nbsp;53

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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). Mr. Starr received a B.A. and a B.S. from Columbia College, an M.B.A. from Columbia Business School, and an M.S. from Carnegie Mellon University.

*Matthew Thornton III*

Mr. Thornton has over 40 years of broad leadership and operating experience from his career with FedEx Corporation ("FedEx"), which, through its portfolio of companies, provides transportation, e-commerce and business services. In November 2019, Mr. Thornton retired as Executive Vice President and Chief Operating Officer of FedEx Freight Corporation (FedEx Freight), a subsidiary of FedEx, where, from May 2018 until his retirement, he had been responsible for day-to-day operations, strategic guidance, modernization of freight operations and delivering innovative customer solutions. From September 2006 to May 2018, Mr. Thornton served as Senior Vice President, U.S. Operations at Federal Express Corporation (FedEx Express), a subsidiary of FedEx. Prior to September 2006, Mr. Thornton held a range of positions of increasing responsibility with FedEx, including various management positions. In addition, Mr. Thornton currently (since 2014) serves on the Board of Directors of The Sherwin-Williams Company, where he is a member of the Audit Committee and the Nominating and Corporate Governance Committee, and the Board of Directors of Crown Castle International (since 2020), where he is a member of the Strategy Committee and the Compensation Committee. Mr. Thornton is a member (since 2014) of the Executive Leadership Council (ELC), the nation's premier organization of global black senior executives. He is also a member of the National Association of Corporate Directors (NACD). Mr. Thornton has been recognized by Black Enterprise on its 2017 list of the Most Powerful Executives in Corporate America and by Ebony on its 2016 Power 100 list of the world's most influential and inspiring African Americans. Mr. Thornton received a B.B.A. degree from the University of Memphis in 1980 and an M.B.A. from the University of Tennessee in 2001.

*Terence J. Toth* 

Mr. Toth was a Co-Founding Partner of Promus Capital (2008-2017). From 2012 to 2021, he was a Director of Quality Control Corporation, from 2010 to 2019, he was a Director of Fulcrum IT Service LLC and from 2012 to 2016, he was a Director of LogicMark LLC. From 2008 to 2013, he was a Director of Legal & General Investment Management America, Inc. From 2004 to 2007, he was Chief Executive Officer and President of Northern Trust Global Investments, and Executive Vice President of Quantitative Management & Securities Lending from 2000 to 2004. He also formerly served on the Board of the Northern Trust Mutual Funds. He joined Northern Trust in 1994 after serving as Managing Director and Head of Global Securities Lending at Bankers Trust (1986 to 1994) and Head of Government Trading and Cash Collateral Investment at Northern Trust from 1982 to 1986. He formerly served as Chair of the Board of the Kehrein Center for the Arts (2021-2024) and is on the Board of Catalyst Schools of Chicago (since 2008). He is on the Mather Foundation Board (since 2012) and was Chair of its Investment Committee from 2017 to 2022. Mr. Toth graduated with a Bachelor of Science degree from the University of Illinois, and received his MBA from New York University. In 2005, he graduated from the CEO Perspectives Program at Northwestern University.

*Margaret L. Wolff* 

Ms. Wolff retired from Skadden, Arps, Slate, Meagher & Flom LLP in 2014 after more than 30 years of providing client service in the Mergers & Acquisitions Group. During her legal career, Ms. Wolff devoted significant time to advising boards and senior management on U.S. and international corporate, securities, regulatory and strategic matters, including governance, shareholder, fiduciary, operational and management issues. From 2013 to 2017, she was a Board member of Travelers Insurance Company of Canada and The Dominion of Canada General Insurance Company (each of which is a part of Travelers Canada, the Canadian operation of The Travelers Companies, Inc.). Ms. Wolff has been a trustee of New York-Presbyterian Hospital since 2005 and, since 2004, she has served as a trustee of The John A. Hartford Foundation (a philanthropy dedicated to improving the care of older adults) where she formerly served as Chair from 2015 to 2022. From 2005 to 2015, she was a trustee of Mt. Holyoke College and served as Vice Chair of the Board from 2011 to 2015. Ms. Wolff received her Bachelor of Arts from Mt. Holyoke College and her Juris Doctor from Case Western Reserve University School of Law.

*Robert L. Young* 

Mr. Young, the Nuveen Funds' Independent Chair, has more than 30 years of experience in the investment management industry. From 1997 to 2017, he held various positions with J.P. Morgan Investment Management Inc. ("J.P. Morgan Investment") and its affiliates (collectively, "J.P. Morgan"). Most recently, he served as Chief Operating Officer and Director of

54&nbsp;&nbsp;&nbsp;&nbsp; **Statement of Additional Information** 

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J.P. Morgan Investment (from 2010 to 2016) and as President and Principal Executive Officer of the J.P. Morgan Funds (from 2013 to 2016). As Chief Operating Officer of J.P. Morgan Investment, Mr. Young led service, administration and business platform support activities for J.P. Morgan's domestic retail mutual fund and institutional commingled and separate account businesses, and co-led these activities for J.P. Morgan's global retail and institutional investment management businesses. As President of the J.P. Morgan Funds, Mr. Young interacted with various service providers to these funds, facilitated the relationship between such funds and their boards, and was directly involved in establishing board agendas, addressing regulatory matters, and establishing policies and procedures. Before joining J.P. Morgan, Mr. Young, a former Certified Public Accountant (CPA), was a Senior Manager (Audit) with Deloitte & Touche LLP (formerly, Touche Ross LLP), where he was employed from 1985 to 1996. During his tenure there, he actively participated in creating, and ultimately led, the firm's midwestern mutual fund practice. Mr. Young holds a Bachelor of Business Administration degree in Accounting from the University of Dayton and, from 2008 to 2011, he served on the Investment Committee of its Board of Trustees.

#### Board compensation
&nbsp;&nbsp;&nbsp;&nbsp; The following table shows, for each independent trustee, (1) the aggregate compensation (including deferred amounts), as well as any amounts related to special, ad hoc committees that are temporary in nature and not expected to be long-term, ongoing compensation, paid by the Funds for the fiscal year ended December 31, 2025, (2) the amount of total compensation paid by the Funds that has been deferred, and (3) the total compensation (including deferred amounts), as well as any amounts related to special, ad hoc committees that are temporary in nature and not expected to be long-term, ongoing compensation, paid to each trustee by the Nuveen Funds during the fiscal year ended December 31, 2025. Pursuant to the Board's deferred compensation plan, a portion of the independent trustees' compensation may be deferred and treated as though an equivalent dollar amount has been invested in shares of one or more eligible Nuveen Funds. The amount of total compensation that has been deferred provided below represents the total deferred fees payable from the Funds, including fees deferred under the Trust's different deferred compensation plans prior to January 1, 2024.

**Statement of Additional Information** &nbsp;&nbsp;&nbsp;&nbsp;55

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Name** | **Aggregate compensation from the registrant<sup>1</sup>** | **Amount of total compensation <br>that has been deferred<sup>2</sup>** | **Total compensation from <br>Nuveen Funds Paid to Trustee<sup>1</sup>** |
|  | Joseph A. Boateng | $764  | $191  | $487250  |
|  | Michael A. Forrester | 766  | 766  | 488500  |
|  | Thomas J. Kenny | 845  | 182  | 538500  |
|  | Amy B. R. Lancellotta | 834  | 130  | 532000  |
|  | Joanne T. Medero | 749  | 169  | 477250  |
|  | Albin F. Moschner | 778  | —  | 496000  |
|  | John K. Nelson | 811  | —  | 517250  |
|  | Loren M. Starr | 778  | 69  | 496000  |
|  | Matthew Thornton III | 828  | —  | 528250  |
|  | Terence J. Toth | 741  | —  | 472250  |
|  | Margaret L. Wolff | 854  | 256  | 544750  |
|  | Robert L. Young | 996  | 648  | 636000  |
| <sup>1</sup> | Compensation figures include cash and amounts deferred under both the long-term compensation plan and optional deferred compensation plan described below, as well as amounts related to special, ad hoc working groups that are temporary in nature and not expected to be long-term, ongoing compensation. | Compensation figures include cash and amounts deferred under both the long-term compensation plan and optional deferred compensation plan described below, as well as amounts related to special, ad hoc working groups that are temporary in nature and not expected to be long-term, ongoing compensation. | Compensation figures include cash and amounts deferred under both the long-term compensation plan and optional deferred compensation plan described below, as well as amounts related to special, ad hoc working groups that are temporary in nature and not expected to be long-term, ongoing compensation. | Compensation figures include cash and amounts deferred under both the long-term compensation plan and optional deferred compensation plan described below, as well as amounts related to special, ad hoc working groups that are temporary in nature and not expected to be long-term, ongoing compensation. |
| <sup>2</sup> | Amounts deferred under the long-term compensation plan described below. | Amounts deferred under the long-term compensation plan described below. | Amounts deferred under the long-term compensation plan described below. | Amounts deferred under the long-term compensation plan described below. |

---

Prior to January 1, 2026, independent trustees received a $350,000 annual retainer, plus they received (a) an annual retainer of $35,000 for membership on the Audit Committee and Compliance, Risk Management and Regulatory Oversight Committee, respectively; (b) an annual retainer of $30,000 for membership on the Investment Committee; and (c) an annual retainer of $25,000 for membership on the Dividend Committee, Nominating and Governance Committee and Open-End Funds Committee, respectively. In addition to the payments described above, the Chair of the Board received $150,000 annually; the chairs of the Audit Committee and the Compliance, Risk Management and Regulatory Oversight Committee received $35,000 annually; the chair and/or the co-chair of the Investment Committee received $30,000 annually; and the chairs of the Dividend Committee, the Nominating and Governance Committee and the Open-End Funds Committee received $25,000 annually. Trustees were paid either $1,000 or $2,500 for any ad hoc meetings of the Board or its Committees depending upon the meeting's length and immediacy. For any special assignment committees, the chair and/or co-chair were paid a quarterly fee starting at $1,250 and members were paid a quarterly fee starting at $5,000. The annual retainers, fees and expenses of the Board were allocated among the funds in the Nuveen Fund complex in an equitable manner, although a minimum amount may have been established to be allocated to each fund. In certain instances, fees and expenses were allocated only to those funds that were discussed at a given meeting.

Effective January 1, 2026, independent trustees receive a $355,000 annual retainer, plus they receive (a) an annual retainer of $35,000 for membership on the Audit Committee, Compliance, Risk Management and Regulatory Oversight Committee and Investment Committee, respectively; and (b) an annual retainer of $25,000 for membership on the Dividend Committee, Nominating and Governance Committee and Open-End Funds Committee, respectively. In addition to the payments described above, the Chair of the Board receives $160,000 annually; the chairs of the Audit Committee, the Compliance, Risk Management and Regulatory Oversight Committee and the Investment Committee receive $35,000 annually; and the chairs of the Dividend Committee, the Nominating and Governance Committee and the Open-End Funds Committee receive $25,000 annually. Trustees will be paid either $1,000 or $2,500 for any ad hoc meetings of the Board or its Committees depending upon the meeting's length and immediacy. For any special assignment committees, the chair and/or co-chair will be paid a quarterly fee starting at $1,250 and members will be paid a quarterly fee starting at $5,000. The annual retainers, fees and expenses of the Board are allocated among the funds in the Nuveen Fund complex in an equitable manner, although a minimum amount may be established to be allocated to each fund. In certain instances, fees and expenses will be allocated only to those funds that are discussed at a given meeting.

The Trust does not have a retirement or pension plan. The Trust is a participant in a deferred compensation plan (the "Deferred Compensation Plan") that permits any independent trustee to elect to defer receipt of all or a portion of his or her compensation as an independent trustee. The deferred compensation of a participating trustee is credited to a book reserve account of the participating Nuveen Funds when the compensation would otherwise have been paid to the trustee. The value of the trustee's deferral account at any time is equal to the value that the account would have had if contributions to the account had been invested and reinvested in shares of one or more of the eligible Nuveen Funds. An independent trustee may elect to receive distributions in a lump sum or annual installments over a period of two to 20 years. No participating Nuveen Fund will be liable for any other fund's obligations to make distributions under the Deferred Compensation Plan. Prior to January 1, 2024, the Trust was a participant in different deferred compensation plans.

56&nbsp;&nbsp;&nbsp;&nbsp; **Statement of Additional Information** 

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#### Share ownership
The information in the table below discloses the dollar ranges of (i) each trustee's beneficial ownership in each Fund, and (ii) each trustee's aggregate beneficial ownership in all funds within the Nuveen Funds complex, including in each case the value of fund shares elected by the trustee in the trustees' deferred compensation plan(s) then in effect, based on the value of fund shares as of December 31, 2025:

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| | | |
|:---|:---|:---|
| **Name** | **Dollar range of equity securities in the Funds<sup>1</sup>** | **Aggregate dollar range of equity securities in<br>all registered investment companies overseen<br>in family of investment companies<sup>1</sup>** |
| Joseph A. Boateng |  | Over $100,000 |
| Michael A. Forrester | Nuveen Life International Equity: $50,000-$100,000  | Over $100,000 |
|  | Nuveen Life Money Market: $1–10,000 |  |
| Thomas J. Kenny |  | Over $100,000 |
| Amy B. R. Lancellotta |  | Over $100,000 |
| Joanne T. Medero |  | Over $100,000 |
| Albin F. Moschner |  | Over $100,000 |
| John K. Nelson |  | Over $100,000 |
| Loren M. Starr |  | Over $100,000 |
| Matthew Thornton III |  | Over $100,000 |
| Terence J. Toth |  | Over $100,000 |
| Margaret L. Wolff |  | Over $100,000 |
| Robert L. Young |  | Over $100,000 |

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<sup>1</sup> Includes notional amounts allocated under both the long-term compensation plan and optional deferred compensation plan described below.

As of March 31, 2026, the officers and trustees of the Trust, in the aggregate, owned less than 1% of the shares of each of the Funds.

Other than as noted in the table below, as of March 31, 2026, none of the independent trustees or their immediate family members owned, beneficially, or of record, any securities in (i) an investment adviser or principal underwriter of the Funds or (ii) a person (other than a registered investment company) directly or indirectly controlling, controlled by, or under common control with an investment adviser or principal underwriter of the Funds.

The table below presents information on trustees who own securities in companies (other than investment companies) that are advised by entities that are under common control with Advisors as of September 30, 2025:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name of Trustee** | **Name of**<br>**Owners/Relationships**<br>**to Trustee** | **Companies<sup>(2)</sup>** | **Title of**<br>**Class** | **Value of**<br>**Securities<sup>(3)</sup>** | **Percent of**<br>**Class<sup>(4)</sup>** |
| Thomas J. Kenny | Thomas Joseph Kenny 2021 Trust (Mr. Kenny is Initial Trustee and Settlor.) | Global Timber Resources LLC |  | $36259 | 0.01% |
|  | KSHFO, LLC<sup>(1)</sup> | Global Timber Resources Investor Fund, LP |  | $554300 | 6.01% |
|  | KSHFO, LLC<sup>(1)</sup> | TIAA-CREF Global <br>Agriculture II LLC |  | $784700 | 0.05% |
|  | KSHFO, LLC<sup>(1</sup> | Global Agriculture II AIV <br>(US) LLC |  | $685556 | 0.17% |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Mr. Kenny owns 6.6% of KSHFO, LLC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Advisors, as well as the investment advisers to these Companies, are indirectly commonly controlled by Nuveen, LLC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) These amounts reflect the current value of holdings as of September 30, 2025. As of the date of this SAI, that is the most recent information available regarding the Companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) These percentages reflect the overall amount committed to invest in the Companies, not current ownership percentages.

### Proxy voting policies
The Trust has adopted policies and procedures to govern the Funds' voting of proxies of portfolio companies. The Trust seeks to use proxy voting as a tool to promote positive returns for long-term shareholders. The Trust believes that sound

**Statement of Additional Information** &nbsp;&nbsp;&nbsp;&nbsp;57

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corporate governance practices and responsible corporate behavior create the framework from which public companies can be managed in the long-term interests of shareholders.

As a general matter, the Trust's Board has delegated to Advisors responsibility for voting proxies of the Funds' portfolio companies in accordance with the Nuveen Proxy Voting Policies, attached as an Appendix to this SAI.

Advisors has a dedicated team of professionals responsible for reviewing and voting proxies. In analyzing a proposal, in addition to exercising their professional judgment, these professionals utilize various sources of information to enhance their ability to evaluate the proposal. These sources may include research from third-party proxy advisory firms and other consultants, various corporate governance-focused organizations, related publications and Nuveen investment professionals. Based on their analysis of proposals and guided by the Nuveen Proxy Voting Policies, these professionals then vote in a manner intended solely to advance the best interests of the Funds' shareholders. Occasionally, when a proposal relates to issues not addressed in the Nuveen Proxy Voting Policies, Advisors may seek guidance from the Trust's Board or a designated committee thereof.

The Trust and Advisors believe that they have implemented policies, procedures and processes designed to prevent conflicts of interest from influencing proxy voting decisions. These include (i) oversight by the Board or a designated committee thereof; (ii) a clear separation of proxy voting functions from external client relationship and sales functions; and (iii) the active monitoring of required annual disclosures of potential conflicts of interest by individuals who have direct roles in executing or influencing the Funds' proxy voting (e.g., Advisors' proxy voting professionals, a Trustee, or a senior executive of the Trust, Advisors or Advisors' affiliates) by Advisors' legal and compliance professionals.

There could be rare instances in which an individual who has a direct role in executing or influencing the Funds' proxy voting (e.g., Advisors' proxy voting professionals, a Trustee, or a senior executive of the Trust, Advisors or Advisors' affiliates) is either a director or executive of a portfolio company or may have some other association with a portfolio company. In such cases, this individual is required to recuse himself or herself from all decisions related to proxy voting for that portfolio company.

A record of all proxy votes cast for the Funds for the 12-month period ended June 30 can be obtained, free of charge, at www.nuveen.com, and on the SEC's website at www.sec.gov.

### Principal holders of securities
TIAA, a life insurance company organized under the laws of the State of New York, as well as certain of its insurance separate accounts, owned the following percentages of the shares of each Fund as of March 31, 2026. TIAA and such insurance separate accounts are each located at 730 Third Avenue, New York, NY 10017-3206. To the knowledge of the Funds, no other person owns beneficially or of record 5% or more of any of the Funds' shares.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **TIAA shares** | **TIAA Separate Account VA-5 shares** | **TIAA Separate Account VLI-1 shares** | **TIAA Separate Account VLI-2 shares** | **Nuveen Life Balanced Fund shares** |
| Nuveen Life Growth Equity Fund | 0% | 82% | 9% | 6% | 3% |
| Nuveen Life Core Equity Fund | 0 | 87 | 8 | 2 | 3 |
| Nuveen Life International Equity Fund | 0 | 83 | 9 | 4 | 4 |
| Nuveen Life Large Cap Value Fund | 0 | 86 | 6 | 2 | 6 |
| Nuveen Life Real Estate Securities Select Fund | 0 | 89 | 8 | 1 | 2 |
| Nuveen Life Small Cap Equity Fund | 0 | 87 | 5 | 6 | 2 |
| Nuveen Life Large Cap Responsible Equity Fund | 0 | 96 | 3 | 1 | 0 |
| Nuveen Life Stock Index Fund | 0 | 76 | 18 | 5 | 1 |
| Nuveen Life Core Bond Fund | 0 | 78 | 4 | 2 | 16 |
| Nuveen Life Balanced Fund | 0 | 93 | 4 | 3 | 0 |
| Nuveen Life Money Market Fund | 0 | 81 | 11 | 8 | 0 |

---

Any person owning more than 25% of a Fund's shares may be considered a "controlling person" of that Fund. A controlling person's vote could have a more significant effect on matters presented to shareholders for approval than the vote of other Fund shareholders.

#### Underwriter
The shares of the Funds are offered continuously by Nuveen Securities, LLC ("Nuveen Securities"), which is registered with the SEC as a broker-dealer and is a member of FINRA. Nuveen Securities is the principal underwriter for shares of the Funds, although it is not obligated to sell any specific amount of shares of the Funds. No commissions are paid in connection with the distribution of the shares of the Funds. The principal business address of Nuveen Securities is 333 West Wacker Drive, Chicago, IL 60606-1286.

Please note that Nuveen Securities does not have a customer relationship with you solely by virtue of acting as distributor for the Funds. Nuveen Securities does not offer or provide investment monitoring, make investment decisions for you, or hold customer accounts or assets.

58&nbsp;&nbsp;&nbsp;&nbsp; **Statement of Additional Information** 

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### Investment advisory and other services

#### Investment advisory services
Investment advisory and related services for the Funds are provided by personnel of Advisors, which is registered with the SEC under the Investment Advisers Act of 1940 ("Advisers Act"). Advisors manages the investment and reinvestment of the assets of the Funds, subject to the oversight of the Board of Trustees. Advisors performs research, makes recommendations and places orders for the purchase and sale of securities. Advisors also provides or oversees the provision of portfolio accounting, custodial, compliance, administrative and related services for the assets of the Funds.

TIAA, an insurance company, holds all of the shares of Nuveen, LLC ("Nuveen"), the investment management arm of TIAA. Nuveen, in turn, holds all of the shares of Nuveen Finance, LLC, which holds all of the shares of Advisors. Nuveen Finance, LLC also holds all the shares of Nuveen Holdings 1, Inc., which holds all the shares of Nuveen Holdings, Inc., which holds all the shares of Nuveen Investments, Inc., which holds all the shares of Nuveen Securities, the principal underwriter of the Trust. All of the foregoing are affiliates of the Trust and Advisors.

Nuveen Fund Advisors, LLC ("Nuveen Fund Advisors"), Nuveen Asset Management, LLC ("Nuveen Asset Management"), Advisors and Investment Management are each wholly owned subsidiaries of Nuveen. Advisors currently serves as sub-adviser to certain funds managed by Nuveen Fund Advisors. As a result of their common ownership by Nuveen and, ultimately, TIAA, Nuveen Fund Advisors, Nuveen Asset Management, Advisors and Investment Management are considered affiliated persons under common control, and the registered investment companies managed by each are considered to be part of the same group of investment companies.

Advisors manages each Fund according to an investment advisory agreement with the Trust (the "Advisory Agreement"). Under the Advisory Agreement, fees are calculated daily and paid monthly to Advisors. They are calculated as a percentage of the average value of the daily net assets for each Fund, and are accrued daily proportionately at 1/365th (1/366th in a leap year) of the rates set forth in the Prospectus.

For the advisory services and facilities furnished by Advisors, each of the Funds has agreed to pay an annual advisory fee at a rate set forth in the Prospectus under "Management of the Funds–The Funds' investment adviser."

Each Fund's advisory fee, other than the advisory fee of the Nuveen Life Large Cap Responsible Equity Fund, Nuveen Life Stock Index Fund, Nuveen Life Balanced Fund and Nuveen Life Money Market Fund, is divided into two components—a complex-level fee based on the aggregate amount of all eligible Nuveen Fund assets and a specific fund-level fee based only on the amount of assets within such Fund. This pricing structure enables Fund shareholders to benefit from growth in the assets within the respective Fund as well as from growth in the amount of complex-wide assets managed by Advisors and Nuveen Fund Advisors. For the Nuveen Life Large Cap Responsible Equity Fund, Nuveen Life Stock Index Fund, Nuveen Life Balanced Fund and Nuveen Life Money Market Fund, the advisory fee schedule consists of one component, a Fund-level fee, based on the amount of assets within a Fund.

Each Fund has agreed to pay an annual fund-level advisory fee, payable monthly, based upon the average daily net assets of such Fund as set forth in the Prospectus.

For each Fund subject to the complex-level fee, each such Fund's complex-level fee is payable monthly and is additive to the Fund-level fee. The 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 such 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 such Fund that are not eligible assets, those assets are subject to the maximum complex-level fee rate (0.1600%). As of May 1, 2026, 31% of the net assets of each such 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:

#### Complex-level asset

#### breakpoint level\* Complex-level fee
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the first $124.3 billion……………………………………………………………. 0.1600%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For the next $75.7 billion…………………………………………………………….. 0.1350%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the next $200 billion…………………………………………………………….. 0.1325%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For eligible assets over $400 billion…………………………………………………….. 0.1300%

\* The complex-level fee is calculated based upon the aggregate daily "eligible assets" of all Nuveen-branded closed-end funds and Nuveen Mutual Funds. Except as described below, eligible assets include the net 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 Advisors (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 Advisors-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

**Statement of Additional Information** &nbsp;&nbsp;&nbsp;&nbsp;59

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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 March 31, 2026, the effective complex-level fee rate for each Fund subject to the complex-level fee was 0.1592%.

Furthermore, Advisors has contractually agreed to reimburse the Funds for total expenses that exceed certain amounts as stated in the Prospectuses through at least April 30, 2027 for the Funds. For the Funds' prior three fiscal years, the table below reflects the total dollar amount of fees paid to Advisors by each Fund:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **December 31, 2025** | **December 31, 2024** | **December 31, 2023** |
| Nuveen Life Growth Equity Fund | $850344  | $789306  | $624416  |
| Nuveen Life Core Equity Fund | 951973  | 936018  | 753492  |
| Nuveen Life International Equity Fund | 835587  | 734995  | 659051  |
| Nuveen Life Large Cap Value Fund | 383529  | 378238  | 345477  |
| Nuveen Life Real Estate Securities Select Fund | 312963  | 333598  | 339793  |
| Nuveen Life Small Cap Equity Fund | 312784  | 312534  | 276548  |
| Nuveen Life Large Cap Responsible Equity Fund | 149132  | 143575  | 123447  |
| Nuveen Life Stock Index Fund | 529054  | 502988  | 425004  |
| Nuveen Life Core Bond Fund | 619775  | 602414  | 580143  |
| Nuveen Life Balanced Fund | 66705  | 66971  | 63990  |
| Nuveen Life Money Market Fund | 144279  | 133457  | 130036  |

---

#### Other services
Additionally, Advisors provides or oversees the provision of portfolio accounting, custodial, compliance, administrative and related services for the assets of the Funds pursuant to an Administrative Services Agreement. Under this agreement, the Funds pay to Advisors the allocated cost of certain compliance and administrative services that Advisors provides to the Funds on an at-cost basis. The table below reflects the amounts paid to Advisors by the Funds for these compliance and administrative services for the prior three fiscal years:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Fund administration fees** | **Fund administration fees** | **Fund administration fees** | **Compliance fees** | **Compliance fees** | **Compliance fees** |
| <br>**Fund** | **December 31, 2025** | **December 31, 2024** | **December 31, 2023** | **December 31, 2025** | **December 31, 2024** | **December 31, 2023** |
| Nuveen Life Growth Equity Fund | $8583  | $15098  | $12032  | $1983  | $3063  | $3232  |
| Nuveen Life Core Equity Fund | 8657  | 15306  | 12186  | 1999  | 3107  | 3281  |
| Nuveen Life International Equity Fund | 8497  | 14933  | 12034  | 1960  | 3029  | 3228  |
| Nuveen Life Large Cap Value Fund | 8247  | 14526  | 11663  | 1904  | 2946  | 3140  |
| Nuveen Life Real Estate Securities Select Fund | 8187  | 14406  | 11568  | 1889  | 2921  | 3125  |
| Nuveen Life Small Cap Equity Fund | 8196  | 14411  | 11571  | 1893  | 2922  | 3112  |
| Nuveen Life Large Cap Responsible Equity Fund | 8308  | 14583  | 11697  | 1915  | 2960  | 3147  |
| Nuveen Life Stock Index Fund | 10797  | 19311  | 15382  | 2493  | 3920  | 4153  |
| Nuveen Life Core Bond Fund | 8631  | 15284  | 12324  | 1992  | 3098  | 3328  |
| Nuveen Life Balanced Fund | 7853  | 14273  | 12059  | 1812  | 2898  | 3073  |
| Nuveen Life Money Market Fund | 8456  | 14852  | 11995  | 1951  | 3010  | 3223  |

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#### Custodian, transfer agent and fund accounting agent
State Street Bank and Trust Company ("State Street"), One Congress Street, Suite 1, Boston, MA 02114-2016, acts as custodian for the Trust and the Funds. As custodian, State Street is responsible for the safekeeping of the Funds' portfolio securities. State Street also acts as fund accounting agent for the Trust and the Funds.

SS&C GIDS, Inc. ("SS&C GIDS"), 2000 Crown Colony Drive, Quincy, MA 02169, acts as the transfer and dividend-paying agent for the Funds.

60&nbsp;&nbsp;&nbsp;&nbsp; **Statement of Additional Information** 

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#### Independent registered public accounting firm
PricewaterhouseCoopers LLP ("PwC"), One North Wacker Drive, Chicago, Illinois 60606, independent registered public accounting firm, has been selected as auditors for the Funds. In addition to audit services, PwC provides assistance on accounting, tax and related matters.

### Personal trading policy
The Trust, Advisors and Nuveen Securities have adopted Codes of Ethics ("codes") under applicable SEC rules. These codes govern the personal trading activities and related conduct of certain employees, or "access persons" of the Trust, Advisors and Nuveen Securities, as well as members of their households. While access persons are generally permitted to invest in securities (excluding, for certain access persons, purchases of municipal securities as defined under Section 3(a)(29) of the Securities Exchange Act of 1934) that may also be purchased or held by the Funds, they are also generally required to preclear and/or report all transactions involving reportable securities covered under the codes. In addition, access persons are required to maintain their accounts at approved brokers so that their reportable accounts, transactions and holdings information can be monitored by Compliance. Such reportable accounts, transactions and holdings are regularly reviewed, and certified to, by each access person.

### Information about the Funds' portfolio management

#### Structure of compensation for portfolio managers
Portfolio managers are primarily compensated through a combination of base salary and variable compensation ("VC"). Portfolio managers have a VC target which is expressed as a percentage of their base salary. A portfolio manager's actual VC award could be higher or lower than the VC target depending on several factors, including (i) Nuveen's total VC pool based on company performance, (ii) the portion of the pool allocated to the line of business/function across Nuveen, (iii) individual performance rating, and (iv) individual total compensation relative to internal peers and external market.

To calibrate the performance review process, scorecards are utilized, when applicable, to provide a consistent approach across teams and sectors for evaluating individual portfolio manager performance ratings. The scorecard considers both quantitative and qualitative criteria. Quantitative metrics are weighted more heavily and focus on sustained, long-term fund performance by assessing one, three, and five-year performance results versus peer groups and benchmarks. Qualitative metrics are subject to manager discretion and internal peer reviews. Because a greater emphasis is placed on the quantitative metrics, positive Fund performance generally results in better overall performance ratings and subsequently higher VC.

Once the VC award is determined, it is allocated to two components – annual cash award and TIAA Long Term Performance Plan ("LTPP") award; the portion of VC aligned to each of these components is based on a progressive rate scale with higher deferral percentages as a portfolio manager's total compensation increases. A portion of a portfolio manager's LTPP award may be allocated to the PM Plan – which is intended to align portfolio manager compensation to the performance of the Fund(s) they manage. As a subplan to LTPP, the PM Plan awards follow LTPP vesting and payment terms, with payment amount based on the most recent annual valuations of the Fund(s) preceding payment. Management reviews PM Plan Fund alignments and allocation percentages on an annual basis to ensure portfolio managers are not incentivized to take undue risks with the Funds they manage.

Additionally, portfolio managers may be included in the Profits Interest program, which is a long-term, equity-like compensation program based on the future value of the organization and is intended to drive desired behaviors that achieve strong investment results, grow the business, and manage costs. The Profits Interest program has a five-year vesting period that serves as an important retention mechanism.

There are generally no differences between the methods used to determine compensation with respect to the Funds and the Other Accounts shown in the table below.

#### Additional information regarding portfolio managers
The chart below includes information relating to the portfolio managers listed in the Prospectuses, such as other accounts managed by them (registered investment companies, unregistered pooled investment vehicles and other accounts), total assets in those accounts, and the dollar range of equity securities owned in each of the following Funds they manage, as of December 31, 2025 (except as otherwise noted).

**Statement of Additional Information** &nbsp;&nbsp;&nbsp;&nbsp;61

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Number of other accounts managed** | **Number of other accounts managed** | **Number of other accounts managed** | **Total assets in other accounts managed (millions)** | **Total assets in other accounts managed (millions)** | **Total assets in other accounts managed (millions)** | | |
|  | <br>**Name of portfolio manager** | **Registered <br>investment <br>companies** | **Other pooled <br>investment <br>vehicles** | **<br>Other <br>accounts** | **Registered <br>investment <br>companies** | **Other pooled <br>investment <br>vehicles** | **<br>Other <br>accounts** | <br>**Dollar range of equity securities owned in Fund** | <br>**\*<sup>†</sup>** |
|  | **Nuveen Life Growth Equity Fund** |  |  |  |  |  |  |  |  |
|  | Karen Hiatt  | 3  | 1  | 0  | $51928  | $44  | $0  | $0 |  |
|  | Scott M. Tonneson  | 4  | 2  | 659  | $52079  | $66  | $590  | $0 |  |
|  | **Nuveen Life Core Equity Fund** |  |  |  |  |  |  |  |  |
|  | Evan Staples  | 4  | 2  | 2  | $11913  | $76  | $78  | $10001 - $50000 |  |
|  | Valerie Grant  | 2  | 1  | 0  | $7109  | $38  | $0  | $500001 - $1000000 |  |
|  | **Nuveen Life International Equity Fund** |  |  |  |  |  |  |  |  |
|  | John Tribolet  | 4  | 2  | 1  | $43000  | $113  | $20  | $0 |  |
|  | Gregory Mancini  | 2  | 2  | 1  | $8245  | $113  | $20  | $0 |  |
|  | **Nuveen Life Large Cap Value Fund** |  |  |  |  |  |  |  |  |
|  | Charles Carr  | 1  | 1  | 0  | $6183  | $54  | $0  | $0 |  |
|  | Rossana Ivanova  | 1  | 1  | 0  | $6183  | $54  | $0  | $50001 - $100000 |  |
|  | **Nuveen Life Real Estate Securities Select Fund** |  |  |  |  |  |  |  |  |
|  | Benjamin T. Kerl  | 7  | 7  | 5  | $5628  | $1540  | $726  | $0 |  |
|  | Griffin Bazor  | 1  | 0  | 0  | $2538  | $0  | $0  | $0 |  |
|  | **Nuveen Life Small Cap Equity Fund** |  |  |  |  |  |  |  |  |
|  | Pei Chen  | 4  | 2  | 2  | $6534  | $209  | $265  | $0 |  |
|  | Max Kozlov  | 5  | 2  | 2  | $7885  | $209  | $265  | $0 |  |
|  | Nan Zhang  | 2  | 2  | 2  | $5529  | $209  | $265  | $0 |  |
|  | **Nuveen Life Large Cap Responsible Equity Fund** |  |  |  |  |  |  |  |  |
|  | Philip James (Jim) Campagna  | 26  | 6  | 9  | $212258  | $11045  | $3077  | $0 |  |
|  | Darren Tran  | 26  | 6  | 9  | $212258  | $11045  | $3077  | $0 |  |
|  | Nazar Romanyak  | 26  | 6  | 9  | $212258  | $11045  | $3077  | $0 |  |
|  | **Nuveen Life Stock Index Fund** |  |  |  |  |  |  |  |  |
|  | Philip James (Jim) Campagna  | 26  | 6  | 9  | $211421  | $11045  | $3077  | $0 |  |
|  | Darren Tran  | 26  | 6  | 9  | $211421  | $11045  | $3077  | $0 |  |
|  | Nazar Romanyak  | 26  | 6  | 9  | $211421  | $11045  | $3077  | $0 |  |
|  | **Nuveen Life Core Bond Fund** |  |  |  |  |  |  |  |  |
|  | Jason O'Brien  | 3  | 1  | 94  | $22625  | $32  | $4285  | $1 - $10000 |  |
|  | Joseph Higgins  | 4  | 2  | 34  | $27045  | $817  | $710  | $0 |  |
|  | Peter Agrimson  | 11  | 2  | 5  | $38078  | $328  | $537  | $0 |  |
|  | **Nuveen Life Balanced Fund** |  |  |  |  |  |  |  |  |
|  | John Cunniff  | 1  | 12  | 0  | $135247  | $108  | $0  | $10001 - $50000 |  |
|  | Steve Sedmak  | 0  | 12  | 1  | $0  | $108  | $13  | $0 |  |
|  | Jeff Sun  | 0  | 12  | 0  | $0  | $108  | $0  | $0 |  |
|  | **Nuveen Life Money Market Fund** |  |  |  |  |  |  |  |  |
|  | Chad Kemper  | 5  | 1  | 246  | $24362  | $296  | $15706  | $0 |  |
|  | Andrew Hurst  | 2  | 0  | 0  | $12824  | $0  | $0  | $0 |  |
| \* | Includes notional amounts awarded in connection with long-term compensation awards described above. | Includes notional amounts awarded in connection with long-term compensation awards described above. | Includes notional amounts awarded in connection with long-term compensation awards described above. | Includes notional amounts awarded in connection with long-term compensation awards described above. | Includes notional amounts awarded in connection with long-term compensation awards described above. | Includes notional amounts awarded in connection with long-term compensation awards described above. | Includes notional amounts awarded in connection with long-term compensation awards described above. |  |  |
| <sup>†</sup> | Because shares of the Funds are sold only in offerings to insurance company separate accounts, portfolio managers cannot directly own shares in the Funds. In order to own shares in the Funds, a portfolio management team member would need to own a variable life insurance policy or variable annuity contract. | Because shares of the Funds are sold only in offerings to insurance company separate accounts, portfolio managers cannot directly own shares in the Funds. In order to own shares in the Funds, a portfolio management team member would need to own a variable life insurance policy or variable annuity contract. | Because shares of the Funds are sold only in offerings to insurance company separate accounts, portfolio managers cannot directly own shares in the Funds. In order to own shares in the Funds, a portfolio management team member would need to own a variable life insurance policy or variable annuity contract. | Because shares of the Funds are sold only in offerings to insurance company separate accounts, portfolio managers cannot directly own shares in the Funds. In order to own shares in the Funds, a portfolio management team member would need to own a variable life insurance policy or variable annuity contract. | Because shares of the Funds are sold only in offerings to insurance company separate accounts, portfolio managers cannot directly own shares in the Funds. In order to own shares in the Funds, a portfolio management team member would need to own a variable life insurance policy or variable annuity contract. | Because shares of the Funds are sold only in offerings to insurance company separate accounts, portfolio managers cannot directly own shares in the Funds. In order to own shares in the Funds, a portfolio management team member would need to own a variable life insurance policy or variable annuity contract. | Because shares of the Funds are sold only in offerings to insurance company separate accounts, portfolio managers cannot directly own shares in the Funds. In order to own shares in the Funds, a portfolio management team member would need to own a variable life insurance policy or variable annuity contract. | Because shares of the Funds are sold only in offerings to insurance company separate accounts, portfolio managers cannot directly own shares in the Funds. In order to own shares in the Funds, a portfolio management team member would need to own a variable life insurance policy or variable annuity contract. | Because shares of the Funds are sold only in offerings to insurance company separate accounts, portfolio managers cannot directly own shares in the Funds. In order to own shares in the Funds, a portfolio management team member would need to own a variable life insurance policy or variable annuity contract. |

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#### Potential conflicts of interest of Advisors and portfolio managers
Certain portfolio managers of the Funds also manage other registered investment companies or unregistered investment pools and investment accounts, including accounts for TIAA, its affiliated investment advisers, or other client or proprietary accounts (collectively, "Accounts"), which may raise potential conflicts of interest. Advisors and its affiliated investment advisers have put in place policies and procedures designed to mitigate any such conflicts. Additionally, TIAA or its affiliates may be involved in certain investment opportunities that have the effect of restricting or limiting Fund participation in such investment opportunities. Such conflicts and mitigating policies and procedures include the following:

**TIAA**. TIAA or its affiliates, including Nuveen, sponsor an array of financial products for retirement and other investment goals, and provide services worldwide to a diverse customer base. Accordingly, from time to time, a Fund may be restricted from purchasing or selling securities, or from engaging in other investment activities because of regulatory, legal or contractual

62&nbsp;&nbsp;&nbsp;&nbsp; **Statement of Additional Information** 

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restrictions that arise due to an Account's investments and/or the internal policies of TIAA or its affiliates designed to comply with such restrictions. As a result, there may be periods, for example, when Advisors will not initiate or recommend certain types of transactions in certain securities or instruments with respect to which investment limits have been reached.

The investment activities of TIAA or its affiliates may also limit the investment strategies and rights of the Funds. For example, in certain circumstances where the Funds invest in securities issued by companies that operate in certain regulated industries, in certain emerging or international markets, or are subject to corporate or regulatory ownership definitions, or invest in certain futures and derivative transactions, there may be limits on the aggregate amount invested by TIAA or its affiliates for the Funds and Accounts that may not be exceeded without the grant of a license or other regulatory or corporate consent. If certain aggregate ownership thresholds are reached or certain transactions undertaken, the ability of Advisors, on behalf of the Funds or Accounts, to purchase or dispose of investments or exercise rights or undertake business transactions may be restricted by regulation or otherwise impaired. As a result, Advisors, on behalf of the Funds or Accounts, may limit purchases, sell existing investments, or otherwise restrict or limit the exercise of rights (including voting rights) when Advisors, in its sole discretion, deems it appropriate in light of potential regulatory or other restrictions on ownership or other consequences resulting from reaching investment thresholds.

**Conflicting Positions**. Investment decisions made for the Funds may differ from, and may conflict with, investment decisions made by Advisors or any of its affiliated investment advisers for Accounts due to differences in investment objectives, investment strategies, account benchmarks, client risk profiles and other factors. As a result of such differences, if an Account were to sell a significant position in a security while a Fund maintained its position in that security, the market price of such security could decrease and adversely impact a Fund's performance. In the case of a short sale, the selling Account would benefit from any decrease in price.

Conflicts may also arise in cases where one or more Funds or Accounts are invested in different parts of an issuer's capital structure. For example, a Fund (or an Account) could acquire debt obligations of a company while an Account (or a Fund) acquires an equity investment in the same company. In negotiating the terms and conditions of any such investments, Advisors (or, in the case of an Account, an affiliated investment adviser) may find that the interests of the debt-holding Fund (or Account) and the equity-holding Account (or Fund) may conflict. If that issuer encounters financial problems, decisions over the terms of the workout could raise conflicts of interest (including, for example, conflicts over proposed waivers and amendments to debt covenants). For example, debt-holding Funds (or Accounts) may be better served by a liquidation of an issuer in which they could be paid in full, while equity-holding Accounts (or Funds) might prefer a reorganization of the issuer that would have the potential to retain value for the equity holders. As another example, holders of an issuer's senior securities may be able to act to direct cash flows away from junior security holders, and both the junior and senior security holders may be a Fund (or an Account). Any of the foregoing conflicts of interest will be discussed and resolved on a case-by-case basis pursuant to policies and procedures designed to mitigate any such conflicts. Any such discussions will factor in the interests of the relevant parties and applicable laws and regulations. Advisors may seek to avoid such conflicts, and, as a result, Advisors may choose not to make such investments on behalf of the Funds, which may adversely affect the Funds' performance if similarly attractive opportunities are not available or identified.

**Allocation of Investment Opportunities**. Even where Accounts have similar investment mandates as a Fund, Advisors or its affiliated investment advisers may determine that investment opportunities, strategies or particular purchases or sales are appropriate for one or more Accounts, but not for a Fund, or are appropriate for a Fund but in different amounts, terms or timing than is appropriate for an Account. As a result, the amount, terms or timing of an investment by a Fund may differ from, and performance may be lower than, investments and performance of an Account.

**Aggregation and Allocation of Orders**. Advisors and its affiliated investment advisers may aggregate orders of the Funds and Accounts, in each case consistent with the applicable adviser's policy to seek best execution for all orders. Although aggregating orders is a common means of reducing transaction costs for participating Accounts and Funds, Advisors or its affiliated investment advisers may be perceived as causing one Fund or Account to participate in an aggregated transaction in order to increase Advisors' or its affiliated investment advisers' overall allocation of securities in that transaction or future transactions. Allocations of aggregated trades may also be perceived as creating an incentive for Advisors to disproportionately allocate securities expected to increase in value to certain Accounts at the expense of a Fund. In addition, a Fund may bear the risk of potentially higher transaction costs if aggregated trades are only partially filled or if orders are not aggregated at all.

Advisors and its affiliated investment advisers have adopted procedures designed to mitigate the foregoing conflicts of interest by treating each Fund and Account they advise fairly and equitably over time in the allocation of investment opportunities and the aggregation and allocation of orders. The procedures also are designed to mitigate conflicts in potentially inconsistent trading and provide guidelines for trading priority. Moreover, Advisors' or its affiliated investment advisers' trading activities are subject to supervisory review and compliance monitoring to help address and mitigate conflicts of interest and ensure that Funds and Accounts are being treated fairly and equitably over time.

For example, in allocating investment opportunities, a portfolio manager considers an Account's or Fund's investment objectives, investment restrictions, cash position, need for liquidity, sector concentration and other objective criteria. In addition, orders for the same single security are generally aggregated with other orders for the same single security received at

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the same time. If aggregated orders are fully executed, each participating Account or Fund is allocated its pro rata share on an average price and trading cost basis. In the event the order is only partially filled, each participating Account or Fund receives a pro rata share. Portfolio managers are also subject to restrictions on potentially inconsistent trading of single securities. Subject to approval, portfolio managers with (i) an actively overweight position in any long-only Fund or Account are generally precluded from selling short the same security in any long/short Account that such portfolio manager also manages; or (ii) a short position in any long/short Account will generally be precluded from taking an actively overweight long position in the same security in any long-only Fund or Account that such portfolio manager also manages. Portfolio managers who manage long/short strategy Accounts are permitted to hold long and short positions in various securities within such accounts in accordance with the Account's investment objective, guidelines, and restrictions.

Advisors' procedures also address basket trades (orders comprised of more than a single security) used in quantitative and index strategies. Basket trades are commonly processed separately from other orders and are generally not aggregated with orders for the same security in other baskets, or with single security orders for the same name.

**Research.** Advisors allocates brokerage commissions to brokers who provide execution and research services for the Funds and some or all of Advisors' other clients. Such research services may not always be utilized in connection with the Funds or other client Accounts that may have provided the commission or a portion of the commission paid to the broker providing the services. Advisors is authorized to pay, on behalf of the Funds, higher brokerage fees than another broker might have charged in recognition of the value of brokerage or research services provided by the broker. Advisors has adopted procedures with respect to these so-called "soft dollar" arrangements, including the use of brokerage commissions to pay for brokers' in-house and non-proprietary research, the process for allocating brokerage, and Advisors' practices regarding the use of third-party soft dollars.

**IPO Allocation.** Advisors has adopted procedures designed to ensure that it allocates IPOs to the Funds and Advisors' other clients in a fair and equitable manner, consistent with its fiduciary obligations to its clients.

**Compensation.** The compensation paid to Advisors for managing the Funds, as well as certain other clients, is based on a percentage of assets under management, whereas the compensation paid to Advisors for managing certain other clients is based on cost. However, no client currently pays Advisors a performance-based fee. Nevertheless, Advisors may be perceived as having an incentive to allocate securities that are expected to increase in value to accounts in which Advisors has a proprietary interest or to certain other accounts in which Advisors receives a larger asset-based fee.

**Portfolio Construction Risk.** Advisors may be influenced by potential conflicts of interest in its construction and management of the Balanced Fund's portfolio. The Balanced Fund serves as an investment vehicle for variable annuity contracts offered by an affiliated insurance company to Advisors, under which the insurance company has financial exposure for certain benefits to its contractholders. The insurance company's exposure under these contracts may be affected by the Balanced Fund's performance, and this may influence Advisors' investment decisions in managing the Fund. However, Advisors seeks to implement the Balanced Fund's portfolio construction and management in a manner that is in the best interests of the Fund and that is consistent with the Fund's investment objective and strategies.

### Advisors and TIAA
Advisors is a wholly owned indirect subsidiary of TIAA. The main offices of both TIAA and Advisors are at 730 Third Avenue, New York, New York 10017-3206. TIAA is a stock life insurance company, organized under the laws of the State of New York. It was founded on March 4, 1918, by the Carnegie Foundation for the Advancement of Teaching. TIAA is the companion organization of CREF, the first company in the United States to issue a variable annuity. Together, TIAA and CREF form the principal retirement system for the nation's education and research communities and one of the largest retirement systems in the world, based on assets under management. As of December 31, 2025, TIAA's total statutory admitted assets were approximately $380 billion; the combined net assets for CREF, TIAA and other entities within the TIAA organization totaled approximately $1.506 trillion.

### History and description of the Funds
The Trust was organized as a Delaware statutory trust on August 13, 1998, and is registered with the SEC as an "open-end" management investment company. As a Delaware statutory trust, the Trust's operations are governed by its Declaration of Trust dated August 13, 1998, as amended (the "Declaration"). A copy of the Trust's Certificate of Trust, dated August 13, 1998, is on file with the Office of the Secretary of State of the State of Delaware.

#### Indemnification of shareholders
Generally, Delaware statutory trust shareholders are not personally liable for obligations of the Delaware statutory trust under Delaware law. The Delaware Statutory Trust Act ("DSTA") provides that a shareholder of a Delaware statutory trust shall be entitled to the same limitation of liability extended to shareholders of private for-profit corporations. The Declaration of Trust

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expressly provides that the Trust has been organized under the DSTA and that the Declaration of Trust is to be governed by and interpreted in accordance with Delaware law. It is nevertheless possible that a Delaware statutory trust, such as the Trust, might become a party to an action in another state whose courts refuse to apply Delaware law, in which case shareholders of the Trust could possibly be subject to personal liability.

To guard against this risk, the Declaration of Trust (i) contains an express disclaimer of shareholder liability for acts or obligations of the Trust and provides that notice of such disclaimer may be given in each agreement, obligation and instrument entered into or executed by the Trust or its Trustees, (ii) provides for the indemnification out of property of the Trust of any shareholders held personally liable for any obligations of the Trust or any series thereof, and (iii) provides that the Trust shall, upon request, assume the defense of any claim made against any shareholder for any act or obligation of the Trust and satisfy any judgment thereon. Thus, the risk of a Trust shareholder incurring financial loss beyond their investment because of shareholder liability is limited to circumstances in which all of the following factors are present: (1) a court refuses to apply Delaware law; (2) the liability arose under tort law or, if not, no contractual limitation of liability was in effect; and (3) the Trust itself would be unable to meet its obligations. In light of the DSTA, the nature of the Trust's business, and the nature of its assets, the risk of personal liability to a shareholder of a series of the Trust is remote.

#### Indemnification of Trustees
The Declaration of Trust further provides that the Trust shall indemnify each of its Trustees and officers against liabilities and expenses reasonably incurred by them, in connection with, or arising out of, any action, suit or proceeding threatened against or otherwise involving such Trustee or officer, directly or indirectly, by reason of being or having been a Trustee or officer of the Trust. In addition, each of the Trustees has entered into an Indemnification Agreement with the Trust, which provides indemnification protections to the maximum extent permitted under applicable state law or federal law, including the 1940 Act. Neither the Declaration of Trust nor the Indemnification Agreement authorizes the Trust to indemnify any Trustee or officer against any liability to which he or she would otherwise be subject by reason of or for willful misfeasance, bad faith, gross negligence or reckless disregard of such person's duties.

#### Limitation of Fund liability
All persons dealing with a Fund must look solely to the property of that particular Fund for the enforcement of any claims against that Fund, as neither the Trustees, officers, agents nor shareholders assume any personal liability for obligations entered into on behalf of a Fund or the Trust. No Fund is liable for the obligations of any other Fund.

#### Shareholder meetings and voting rights
Under the Declaration of Trust, the Trust is not required to hold annual meetings to elect Trustees or for other purposes. It is not anticipated that the Trust will hold shareholders' meetings unless required by law or the Declaration of Trust, although the Trust may do so periodically. The Trust will be required to hold a meeting to elect Trustees to fill any existing vacancies on the Board if, at any time, fewer than 50% of the Trustees holding office were elected by the shareholders of the Trust. The Trust may also hold special meetings to change fundamental policies, approve a management agreement, or for other purposes. The Funds will mail proxy materials to shareholders for these meetings, and the Trust encourages shareholders who cannot attend to vote by proxy.

With regard to matters for which the 1940 Act requires a shareholder vote, the separate account which issues the variable contracts funded by the Funds, as the legal owner of the shares of the Funds, typically votes fund shares in accordance with instructions received from contractowners (or annuitants or beneficiaries thereunder) having a voting interest in the separate account. Shares held by the separate account for which no instructions are received are generally voted by the separate account for or against any proposition, or in abstention, in the same proportion as the shares for which instructions have been received. You should refer to the separate account prospectus, which accompanies this Prospectus, describing your contract and the separate account, for more information on your voting rights.

#### Shares
The Trust is authorized to issue an unlimited number of shares of beneficial interest in the Funds. Shares are divided into and may be issued in a designated series representing beneficial interests in one of the Fund's investment portfolios.

Each share of a series issued and outstanding is entitled to participate equally in dividends and distributions declared by such series and, upon liquidation or dissolution, in net assets allocated to such series remaining after satisfaction of outstanding liabilities. The shares of each series, when issued, will be fully paid and non-assessable and have no preemptive or conversion rights.

Each share (including fractional shares) is entitled to one vote for each dollar of NAV represented by the share on all matters to which the holder of that share is entitled to vote. The shares do not have cumulative voting rights.

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#### Additional Funds
Pursuant to the Declaration of Trust, the Trustees may establish additional Funds (technically, "series" of shares) in the Trust without shareholder approval. The establishment of additional Funds does not affect the interests of current shareholders in the existing Funds.

### Pricing of shares
The share price of each Fund and Underlying Fund is determined based on such Fund's NAV. Rule 2a-5 ("Rule 2a-5") under the 1940 Act provides that a market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that a fund can access on the measurement date, provided that a quotation will not be deemed to be readily available if it is not reliable. Securities for which market quotations are not readily available must be valued at fair value as determined in good faith by the Board of Trustees. The Board of Trustees has designated Advisors as the valuation designee pursuant to Rule 2a-5 to perform fair value determinations for the Funds and Underlying Funds. Advisors, as the valuation designee, is responsible for periodically assessing any material risks associated with the determination of the fair value of a Fund's or an Underlying Fund's investments; establishing and applying fair value methodologies; testing the appropriateness of fair value methodologies; and overseeing and evaluating third-party pricing services. Valuing securities at fair value involves greater reliance on judgment than valuing securities that have readily available market quotations. Accordingly, there can be no assurance that the determination of a security's fair value in accordance with a Fund's or an Underlying Fund's valuation procedures will in fact approximate the price at which a Fund or an Underlying Fund could sell that security at that time. The assets of each Fund and Underlying Fund are valued as of the close of each valuation day in the following manner:

#### Investments for which market quotations are readily available
Investments for which market quotations are readily available are valued at the market value of such investments, determined as follows:

#### Equity securities
Equity securities listed or traded on a national market or exchange are valued based on their sale price on such market or exchange at the close of business (generally 4:00 p.m. Eastern Time) on the date of valuation, or at the mean of the closing bid and asked prices if no sale is reported. For securities traded on NASDAQ, the official closing price quoted by NASDAQ for that security is used. Equity securities that are traded on neither a national securities exchange nor on NASDAQ are valued at the last sale price at the close of business on the New York Stock Exchange ("NYSE"), NYSE Arca Equities or NYSE American (collectively, the "NYSE Exchanges") (normally 4:00 p.m. Eastern Time or such earlier time that is the latest close of a regular (or core) trading session of any of the NYSE Exchanges), if a last sale price is available, or otherwise at the mean of the closing bid and ask prices. Such an equity security may also be valued at fair value by Advisors as determined in good faith using procedures approved by the Board of Trustees if events materially affecting its value occur between the time its price is determined and the time a Fund's or an Underlying Fund's NAV is calculated.

#### Foreign investments
Investments traded on a foreign exchange or in foreign markets are valued at the last sale price or official closing price reported on the local exchange where traded and converted to U.S. dollars at the prevailing rates of exchange on the date of valuation. Since the trading of investments on a foreign exchange or in foreign markets is normally completed before the end of a valuation day, such valuation does not take place contemporaneously with the determination of the valuation of certain other investments held by the Fund or Underlying Fund for purposes of calculating the NAV. Because events affecting the value of foreign investments occur between the time their share price is determined and the time when a Fund's or Underlying Fund's NAV is calculated, such investments will be valued at fair value by Advisors as determined in good faith using procedures approved by the Board of Trustees. For these securities, the Fund or Underlying Fund uses a fair value pricing service approved by Advisors, the valuation designee. This pricing service employs quantitative models to value foreign equity securities in order to adjust for stale pricing, which occurs between the close of certain foreign exchanges and the close of the NYSE Exchanges. Fair value pricing is subjective in nature and the use of fair value pricing by the Fund or Underlying Fund may cause the NAV of the Fund's or Underlying Fund's shares to differ significantly from the NAV that would have been calculated using market prices at the close of the foreign exchange on which a portfolio security is primarily traded.

#### Debt securities
Generally, debt securities for which market quotations are readily available are valued based on the most recent bid price or the equivalent quoted yield for such securities (or those of comparable maturity, quality and type), although certain debt securities, such as municipal securities, broadly syndicated loans and collateralized loan obligations, are valued based on the most recent mid price, which is generally the average of the most recent bid and ask prices. These values will be derived

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utilizing an independent pricing service except when it is believed that the prices do not accurately reflect the security's fair value.

Values for debt securities, including money market instruments (other than those in the Money Market Fund), may also be derived from a pricing matrix that has various types of debt securities along one axis and various maturities along the other.

All debt securities may also be valued at fair value by Advisors as determined in good faith using procedures approved by the Board of Trustees. The use of a price derived from a pricing matrix is a method of fair value pricing.

#### Special valuation procedures for the Money Market Fund
For the Money Market Fund, all of its assets are valued on the basis of amortized cost in an effort to maintain a constant NAV per share of $1.00. The Board has determined that such valuation is in the best interests of the Fund and its shareholders. Under the amortized cost method of valuation, securities are valued at cost on the date of their acquisition, and thereafter a constant accretion of any discount or amortization of any premium to maturity is assumed. While this method provides certainty in valuation, it may result in periods in which value as determined by amortized cost is higher or lower than the price the Fund would receive if it sold the security. During such periods, the quoted yield to investors may differ somewhat from that obtained by a similar fund that uses available market quotations to value all of its securities.

The Board of Trustees has established procedures reasonably designed, taking into account current market conditions and the Money Market Fund's investment objective, to stabilize the NAV per share for purposes of sales and redemptions at $1.00. These procedures include review by the Board of Trustees, at such intervals as it deems appropriate, to determine the extent, if any, to which the NAV per share calculated by using available market quotations deviates by more than ¼ of one percent from $1.00 per share. In the event such deviation should exceed ¼ of one percent, the Board of Trustees will promptly consider initiating corrective action. If the Board of Trustees believes that the extent of any deviation from a $1.00 amortized cost price per share may result in material dilution or other unfair results to new or existing shareholders, it will take such steps as it considers appropriate to eliminate or reduce these consequences to the extent reasonably practicable. Such steps may include: (1) selling securities prior to maturity; (2) shortening the average maturity of the Fund; (3) withholding or reducing dividends; or (4) utilizing a NAV per share determined from available market quotations. Even if these steps were taken, the Money Market Fund's NAV might still decline.

#### Options and futures
Portfolio investments underlying options are valued as described above. Stock options written by a Fund or Underlying Fund are valued at the last quoted sale price, or at the closing bid price if no sale is reported for the day of valuation as determined on the principal exchange on which the option is traded. The value of a Fund's or Underlying Fund's net assets will be increased or decreased by the difference between the premiums received on writing options and the costs of liquidating such positions measured by the closing price of the options on the date of valuation.

For example, when a Fund or Underlying Fund writes a call option, the amount of the premium is included in the Fund's or Underlying Fund's assets and an equal amount is included in its liabilities. The liability thereafter is adjusted to the current market value of the call. Thus, if the current market value of the call exceeds the premium received, the excess would be unrealized depreciation; conversely, if the premium exceeds the current market value, such excess would be unrealized appreciation. If a call expires or if the Fund or Underlying Fund enters into a closing purchase transaction, it realizes a gain (or a loss if the cost of the transaction exceeds the premium received when the call was written) without regard to any unrealized appreciation or depreciation in the underlying securities, and the liability related to such call is extinguished. If a call is exercised, the Fund or Underlying Fund realizes a gain or loss from the sale of the underlying securities and the proceeds of the sale are increased by the premium originally received.

A premium paid on the purchase of a put will be deducted from a Fund's or Underlying Fund's assets and an equal amount will be included as an investment and subsequently adjusted to the current market value of the put. For example, if the current market value of the put exceeds the premium paid, the excess would be unrealized appreciation; conversely, if the premium exceeds the current market value, such excess would be unrealized depreciation.

Stock and bond index futures, and options thereon, which are traded on commodities exchanges, are valued at their last sale prices as of the close of such commodities exchanges.

#### Investments for which market quotations are not readily available
Portfolio securities or other assets for which market quotations are not readily available will be valued at fair value as determined by Advisors in good faith using procedures approved by the Board of Trustees. For more information about the Funds' fair value pricing procedures, see "Calculating share price" in the Prospectus.

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### Frequent Trading Policy
The Funds, other than the Money Market Fund, are intended as long-term investments and not as short-term trading vehicles. The Funds have adopted the following Frequent Trading Policy.

**Definition of a Round Trip.** A Round Trip trade is the purchase and subsequent redemption from an investment account holding of Fund shares, including exchange transactions, or a redemption and then subsequent purchase within an investment account that holds Fund shares, including exchange transactions.

**Round Trip trade limitations.** The Funds limit the frequency of Round Trip trades that may be placed in an investment account that holds Fund shares by a contractowner. Subject to certain exceptions noted below, the Funds limit a contractowner to two Round Trips per trailing 60-day period. Upon completion of a second Round Trip, the contractowner's account will not be permitted to exchange in or purchase additional shares for a period of 90 days.

**Enforcement.** Trades placed in violation of the foregoing policies are subject to rejection or cancellation by the Funds. The Funds may also bar a contractowner (who has violated these policies from future allocations to investment accounts that hold Fund shares and may restrict the contractowner's existing investment account transactions to redemptions only. The Funds reserve the right, in their sole discretion, to (a) interpret the terms and application of this Policy, (b) waive unintentional or minor violations (including transactions below certain minimum thresholds) if the Funds determine that doing so does not harm the interests of contractowners, and (c) exclude certain classes of redemptions from the application of the trading restrictions set forth above.

The Funds reserve the right to impose restrictions on purchases or exchanges that are more restrictive than those stated above if they determine, in their sole discretion, that a proposed transaction or series of transactions involve market timing or excessive trading that is likely to be detrimental to the Funds. The Funds may modify or suspend the Frequent Trading Policy without notice during periods of market stress or other unusual circumstances.

The ability of the Funds to implement the Frequent Trading Policy for separate accounts or omnibus accounts at certain financial intermediaries may be dependent on receiving from those insurance companies or intermediaries sufficient contractowner information to permit monitoring of trade activity and enforcement of the Funds' Frequent Trading Policy. In addition, the Funds may rely on an insurance company's or financial intermediary's policy to restrict market timing and excessive trading if the Funds believe that the policy is reasonably designed to prevent market timing that is detrimental to the Funds. Such policy may be more or less restrictive than the Funds' Policy. The Funds cannot ensure that these insurance companies or financial intermediaries will in all cases apply the Funds' policy or their own policies, as the case may be, to accounts under their control.

**Exclusions from the Frequent Trading Policy.** As stated above, certain redemptions are eligible for exclusion from the Frequent Trading Policy, including: (i) redemptions or exchanges by contractowners investing through the fee-based platforms of certain insurance companies or financial intermediaries (where the insurance company or intermediary charges an asset-based or comprehensive "wrap" fee for its services) that are effected by the insurance companies or financial intermediaries in connection with systematic portfolio rebalancing; (ii) when there is a verified trade error correction, which occurs when an insurance company or dealer firm sends a trade to correct an earlier trade made in error and then the insurance company or firm sends an explanation to the Funds confirming that the trade is actually an error correction; (iii) in the event of total disability (as evidenced by a determination by the federal Social Security Administration) of the contractowner (including a registered joint owner) occurring after the purchase of the shares being redeemed; (iv) in the event of the death of the contractowner (including a registered joint owner); (v) redemptions made pursuant to a systematic redemption plan, up to 1% monthly, 3% quarterly, 6% semiannually or 12% annually of an account's NAV depending on the frequency of the plan as designated by the contractowner; (vi) redemptions that were purchased through a systematic purchase program; (vii) involuntary redemptions caused by operation of law; (viii) redemptions in connection with a payment of account or plan fees; (ix) redemptions or exchanges by any "fund of funds" advised by Advisors; and (x) redemptions in connection with the exercise of a Fund's right to redeem all shares in an account that does not maintain a certain minimum balance or that the Board has determined may have material adverse consequences to a Fund.

In addition, the following redemptions of shares by an employer-sponsored qualified defined contribution retirement plan are excluded from the Frequent Trading Policy: (i) partial or complete redemptions in connection with a distribution without penalty under Section 72(t) of the Code from a retirement plan: (a) upon attaining age 59½; (b) as part of a series of substantially equal periodic payments; or (c) upon separation from service and attaining age 55; (ii) partial or complete redemptions in connection with a qualifying loan or hardship withdrawal; (iii) complete redemptions in connection with termination of employment, plan termination, transfer to another employer's plan or IRA or changes in a plan's recordkeeper; and (iv) redemptions resulting from the return of an excess contribution. Also, the following redemptions of shares held in an IRA account are excluded from the application of the Frequent Trading Policy: (i) redemptions made pursuant to an IRA systematic withdrawal based on the contractowner's life expectancy including, but not limited to, substantially equal periodic payments described in Code Section 72(t)(A)(iv) prior to age 59½; and (ii) redemptions to satisfy required minimum distributions from an IRA account due to a contractowner reaching the qualified age based on applicable laws and regulations.

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### Brokerage allocation
Advisors is responsible for decisions to buy and sell securities for the Funds as well as for selecting brokers and, where applicable, negotiating the amount of the commission rate paid. It is the intention of Advisors to place brokerage orders with the objective of obtaining the best execution. In evaluating best execution for transactions, Advisors considers a number of factors, including, without limitation, the following: best price; the nature of the security being traded; the nature and character of the markets for the security to be purchased or sold; the likely market impact of the transaction based on the nature of the transaction; the skill of the executing broker; the liquidity being provided by the broker; the broker-dealer's settlement and clearance capability; the reputation and financial condition of the broker-dealer; the costs of processing information; the nature of price discovery in different markets; the laws and regulations governing investment advisers; and other factors deemed appropriate by Advisors. When purchasing or selling securities traded on the over-the-counter market, Advisors generally will execute the transactions with a broker engaged in making a market for such securities. When Advisors deems the purchase or sale of a security to be in the best interests of one or more Funds, its personnel may, consistent with its fiduciary obligations, decide either to buy or to sell a particular security for the Fund(s) at the same time as for other funds that it may be managing, or that may be managed by its affiliated investment advisers. In that event, allocation of the securities purchased or sold, as well as the expenses incurred in the transaction, will be made in an equitable manner.

Transactions on equity exchanges, commodities markets and other agency transactions involve the payment of negotiated brokerage commissions. Such commissions vary among different brokers. Transactions in foreign investments also have negotiated commission rates and they are for the most part the same for all brokers in a particular country with a few exceptions. Trades are regularly monitored for best execution purposes by the equity trading desk.

Advisors' fixed-income traders select the broker-dealers (sell-side) with whom they do business independent of any research, strategy pieces or trade recommendations provided to Advisors. The vast majority of institutional fixed-income trading is conducted over-the-counter rather than on exchanges, with set prices plus commissions. Fixed-income trading is based on the risk-taking practice of market making by sell-side firms, which attempt to capture the bid/ask spread on trades where capital is committed (principal model) or on a pre-negotiated spread concession for riskless principal trades (agency model).

Advisors does not use a voting system to rate fixed-income broker-dealers with the intent of using those rankings to direct or allocate trades. The directive to Advisors' fixed-income traders, and the conventional trading construct within the fixed-income market, is based on the practice of fiduciary efforts to achieve best execution. The research, credit opinions and relative value trade recommendations provided by Advisors' sell-side counterparts are evaluated, but there is no direct linkage between that evaluation and Advisors' selection of a particular broker-dealer for trade execution. When selecting a broker, the traders follow established trading protocols for data aggregation, price discovery, inventory mining and information protection and conduct an assessment of counterparty performance. The protocol incorporates Advisors' knowledge of and experience with select broker-dealers with respect to providing liquidity, namely the highest bid price or lowest offer price for a particular security.

Every broker is formally approved by the Equity or Fixed-Income Best Execution Committee, as appropriate, which is comprised of representatives from trading, portfolio management, compliance and law. Risk management also reviews the creditworthiness of all brokers.

Consistent with best execution, Advisors may place orders with brokers providing research services even if lower commissions may be available from brokers not providing such services. With respect to equity securities, Advisors has adopted a policy embodying the concepts of Section 28(e) under the Securities Exchange Act of 1934, which provides a safe harbor allowing an investment adviser to cause a client to pay a higher commission to a broker that also provides research services than the commission another broker would charge (generally referred to as the use of "soft dollars"). To utilize soft dollars, the adviser must determine in good faith that the commission paid is reasonable in relation to the value of the brokerage and research services provided and that, over time, each client paying soft dollars receives some benefit from the research obtained through the use of soft dollars. An adviser may make such a determination based upon either the particular transaction involved or the overall responsibilities of the adviser with respect to the accounts over which it exercises investment discretion. Therefore, specific research may not necessarily benefit all accounts paying commissions to such broker. Research obtained through soft dollars may be developed by the broker or a third party, where the obligation to pay is between the broker and the third party. In such cases the research will be paid for through a Commission Sharing Arrangement ("CSA") or similar arrangement.

With respect to the Funds, Advisors may only use soft dollars to pay for research with intellectual content. Such research includes, but is not limited to, investment or market-related reports (including analyses and reports that relate to issuers, industries, securities, economic factors and trends, and portfolio strategies), access to investment or market-related conferences, meetings with company management, access to a broker's research staff and the use of investment or market-related consulting services. It does not include market data services or trading software or tools.

Fixed-income trades on behalf of the Funds are not allocated to generate soft dollar credits, but, at times, a broker may send Advisors unsolicited proprietary research that was based on their assessment of the fixed-income trading volume executed with that broker. Similarly, trades on behalf of the Funds that follow an index or quantitative strategy, or execution-only trades, will

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not generate soft dollars, but, at times, a broker may send Advisors unsolicited proprietary research that is based, in part, on such trading volume.

The Board and Advisors have agreed that Advisors will compensate each Fund for all of its soft dollar costs. This arrangement may only be changed with Board approval. Additionally, Advisors will report to the Board, or a designated Committee of the Board, at least annually regarding soft dollar usage by the Funds, including soft dollars attributable to each Fund.

As part of Nuveen Equities (the integrated equity investment teams of Advisors and certain of its affiliated investment advisers, including Investment Management (the "Nuveen Equities Affiliates")), soft dollar credits generated by Nuveen Equities Affiliates are aggregated into a single pool, and research is allocated among the respective Nuveen Equities Affiliates based on factors such as asset size of the team's equity strategy.

Research or services obtained for one Fund may be used by Advisors in managing other Funds and the accounts of other investment company clients and advisory clients of Advisors. Research or services obtained for the Trust also may be used by Advisors' affiliated investment advisers, including Investment Management, for the benefit of their respective clients, and vice versa.

All soft dollars paid by the Funds during the fiscal year ended December 31, 2025 were fully compensated by Advisors.

The aggregate amount of brokerage commissions paid by the following Funds for the prior fiscal years ended December 31, 2025, December 31, 2024 and December 31, 2023, was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **December 31, 2025** | **December 31, 2024** | **December 31, 2023** |
| Nuveen Life Growth Equity Fund | $29032  | $33099  | $32142  |
| Nuveen Life Core Equity Fund | 69727  | 36066  | 28359  |
| Nuveen Life International Equity Fund | 44788  | 25659  | 43919  |
| Nuveen Life Large Cap Value Fund | 7427  | 14558  | 15177  |
| Nuveen Life Real Estate Securities Select Fund | 13840  | 16863  | 12774  |
| Nuveen Life Small Cap Equity Fund | 21311  | 18138  | 18539  |
| Nuveen Life Large Cap Responsible Equity Fund | 2528  | 2092  | 1586  |
| Nuveen Life Stock Index Fund | 3420  | 4728  | 3117  |

---

Brokerage commissions paid by a Fund may vary substantially from year to year as a result of changing asset levels throughout the year, portfolio turnover rates, differences in shareholder purchase and redemption activity, varying market conditions and other factors.

During the fiscal year ended December 31, 2025, certain of the Funds acquired securities of certain regular brokers or dealers (as such term is defined under Rule 10b-1 of the 1940 Act) or their parents. These entities and the value of a Fund's aggregate holdings in the securities of those entities, as of December 31, 2025, are set forth below:

#### REGULAR BROKER OR DEALER BASED ON BROKERAGE COMMISSIONS PAID

---

| | | |
|:---|:---|:---|
| **Fund** | **Broker** | **Holdings (US$)** |
| **Nuveen Life International Equity Fund** | BANCO SANTANDER SA | 4945112  |
|  | SUMITOMO MITSUI FINANCIAL GR | 4277468  |
| **Nuveen Life Large Cap Responsible Equity Fund** | JPMORGAN CHASE & CO | 2456605  |
|  | GOLDMAN SACHS GROUP INC | 1392336  |
|  | CITIGROUP INC | 1326999  |
|  | MORGAN STANLEY | 1296502  |
| **Nuveen Life Stock Index Fund** | JPMORGAN CHASE & CO | 12422548  |
|  | BANK OF AMERICA CORP | 5190350  |
|  | WELLS FARGO & CO | 4157838  |
|  | GOLDMAN SACHS GROUP INC | 3666309  |
|  | CITIGROUP INC | 2939654  |
|  | MORGAN STANLEY | 2902260  |
|  | SCHWAB (CHARLES) CORP | 2411228  |
|  | STATE STREET CORP | 517846  |
|  | FIFTH THIRD BANCORP | 442495  |
|  | RAYMOND JAMES FINANCIAL INC | 411753  |
|  | STIFEL FINANCIAL CORP | 185075  |
|  | JEFFERIES FINANCIAL GROUP INC | 137388  |
|  | PIPER SANDLER COS | 92741  |

---

The Growth Equity, Core Equity, Large Cap Value, Real Estate Securities Select, Small Cap Equity, Balanced, Core Bond and Money Market Funds did not hold any securities as of year-end of their regular broker-dealers based on commissions paid in 2025.

70&nbsp;&nbsp;&nbsp;&nbsp; **Statement of Additional Information** 

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#### REGULAR BROKER OR DEALER BASED ON ENTITIES ACTING AS PRINCIPALS

---

| | | |
|:---|:---|:---|
| **Fund** | **Broker** | **Holdings (US$)** |
| **Nuveen Life Large Cap Responsible Equity Fund** | JPMORGAN CHASE & CO | 2456605  |
| **Nuveen Life Stock Index Fund** | BANK OF AMERICA CORP | 5190350  |
|  | GOLDMAN SACHS GROUP INC | 3666309  |
|  | JPMORGAN CHASE & CO | 12422548  |

---

#### Directed brokerage
In accordance with the 1940 Act, the Funds have adopted a policy prohibiting the Funds from compensating brokers or dealers for the sale or promotion of Fund shares by the direction of portfolio securities transactions for the Funds to such brokers or dealers. In addition, Advisors has instituted policies and procedures so that Advisors' personnel do not violate this policy of the Funds.

### Tax status
Although the Trust is organized as a Delaware statutory trust, the Funds will not be subject to any corporate excise or franchise tax in the State of Delaware, nor will they be liable for Delaware income taxes provided that each Fund qualifies as a "regulated investment company" ("RIC") for federal income tax purposes and satisfies certain income source requirements of Delaware law. If the Funds so qualify and distribute all of their income and capital gains, they will also be exempt from the New York State franchise tax and the New York City general corporation tax, except for small minimum taxes.

Each Fund has qualified and intends to continue to qualify as a RIC under Subchapter M of Chapter 1 of the Code. In general, to qualify as a RIC: (a) at least 90% of the gross income of the Fund for the taxable year must be derived from: (1) dividends, interest, payments with respect to loans of securities, gains from the sale or other disposition of securities or foreign currencies, or other income derived with respect to its business of investing in securities; and (2) net income derived from an investment in a "qualified publicly traded partnership;" (b) the Fund must distribute to its shareholders annually 90% of its ordinary income and net short-term capital gains and 90% of its tax exempt interest income (undistributed net income may be subject to tax at the Fund level); and (c) the Fund must diversify its assets so that, at the close of each quarter of its taxable year, (i) at least 50% of the fair market value of its total (gross) assets is comprised of cash, cash items, U.S. Government securities, securities of other regulated investment companies and other securities limited in respect of any one issuer to no more than 5% of the fair market value of the Fund's total assets and 10% of the outstanding voting securities of such issuer and (ii) no more than 25% of the fair market value of its total assets is invested in the securities of any one issuer (other than U.S. Government securities and securities of other regulated investment companies), the securities of two or more issuers (other than the securities of other regulated investment companies) controlled by the Fund and engaged in the same, similar, or related trades or businesses, or the securities of one or more qualified publicly traded partnerships.

If a Fund fails to qualify as a RIC, the Fund will be subject to federal and possibly state and local corporate taxes on its taxable income and gains (without any deduction for its distributions to its shareholders) and distributions to its shareholders will constitute ordinary income to the extent of the Fund's available earnings and profits. Owners of a variable annuity or other variable insurance contracts invested in the Fund might be taxed currently on the investment earnings under their contracts and thereby lose the benefit of tax deferral. This could also happen if the Fund fails to comply with the diversification requirements required of insurance company separate accounts under Section 817(h) of the Code.

To avoid a Federal excise tax, if applicable, a Fund must declare and distribute dividends in an amount equal to at least the sum of (i) 98% of its ordinary income (as of the 12 months ended December 31), (ii) 98.2% of its capital gain net income (as of the 12 months ended October 31), and (iii) any income not distributed or taxed in prior years. Any Fund subject to the excise tax regulations intends to make the required distributions, but it cannot guarantee that it will do so. Any dividend declared by a Fund in October, November, or December of any calendar year, payable to shareholders of record on a specified date in such a month and actually paid during January of the following year, is treated as if it had been received by the shareholders on December 31 of the year in which the dividend was declared.

Each Fund may use the so-called "equalization method" of accounting to allocate a portion of its "earnings and profits," which generally equals a Fund's undistributed net investment income and realized capital gains, with certain adjustments, to redemption proceeds. This method permits a Fund to achieve more balanced distributions for both continuing and redeeming shareholders. Although using this method generally will not affect a Fund's total returns, it may reduce the amount that the Fund would otherwise distribute to continuing shareholders by reducing the effect of redemptions of Fund shares on Fund distributions to shareholders. However, the IRS has not expressly sanctioned the particular equalization method used by a Fund, and thus the Fund's use of this method may be subject to IRS scrutiny.

This discussion of the tax treatment of the Funds and their distributions is based on the federal, Delaware and New York tax laws in effect as of the date of this SAI. Contractowners should consult their tax advisers to determine the tax treatment of their investment.

**Statement of Additional Information** &nbsp;&nbsp;&nbsp;&nbsp;71

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### Legal matters
All matters of applicable state law pertaining to the Funds have been passed upon by Rachael M. Zufall, Managing Director, Associate General Counsel, of the Trust (and TIAA and CREF). Dechert LLP serves as legal counsel to the Funds and has provided advice to the Funds related to certain matters under the federal securities laws.

### Experts
The financial statements incorporated in this SAI by reference to the Trust's Form N-CSR for the fiscal year ended [December 31, 2025](http://www.sec.gov/ix?doc=/Archives/edgar/data/0001068204/000119312526096058/d83091dncsr.htm) have been so incorporated in reliance on the report of PricewaterhouseCoopers LLP, an independent registered public accounting firm, given on the authority of said firm as experts in auditing and accounting.

### Other inf ormation
This SAI and the Prospectuses for the Funds do not contain all the information set forth in the registration statement and exhibits relating thereto (including the Declaration of Trust), which have been filed with the SEC, to which reference is hereby made.

### Financial statements
The audited financial statements of the Funds are incorporated herein by reference to the Trust's Annual Report and Form N-CSR for the fiscal year ended [December 31, 2025](http://www.sec.gov/ix?doc=/Archives/edgar/data/0001068204/000119312526096058/d83091dncsr.htm). These financial statements have been filed with the SEC and the reports have been provided to all separate account contractowners. The Funds will furnish you, without charge, a copy of the Annual Reports and Form N-CSR on request.

72&nbsp;&nbsp;&nbsp;&nbsp; **Statement of Additional Information** 

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### Appendix A Nuveen proxy voting guidelines and policies

#### Nuveen proxy voting guidelines

#### Applicability
These Guidelines apply to Nuveen associates acting on behalf of Nuveen Asset Management, LLC ("NAM"), Teachers Advisors, LLC ("TAL") and TIAA-CREF Investment Management, LLC ("TCIM") (each an "Adviser" and collectively referred to as the "Advisers")

I. Introduction

Our voting practices are guided by our fiduciary obligations to our clients.

These Guidelines set forth the manner in which the Advisers intend to vote on proxy matters involving publicly traded portfolio companies held in client portfolios, and serve to assist clients, portfolio companies and other interested parties in understanding how the Advisers intend to vote on proxy-related issues.

We vote proxies in accordance with what we believe is in the best interest of our clients. In making those decisions, we are principally guided by enhancing long-term shareholder value, and may take into account many factors, including input from our investment teams and third-party research.

As indicated in these Guidelines, we monitor portfolio companies' environmental, social and governance (ESG) practices in an effort to ensure that boards consider these factors in the context of their strategic deliberations consistent with the aim of preserving and enhancing long-term shareholder value. It is our belief that a one-size-fits-all approach to proxy voting is not appropriate and we may vote differently on the same proposal given the portfolio company's individual circumstances. The Guidelines are not exhaustive and do not necessarily dictate how the Advisers will ultimately vote with respect to any proxy proposal.

The Guidelines are implemented by Nuveen's Stewardship Group and applied in consideration of the facts and circumstances of the particular proxy proposal. The Stewardship Group relies on its professional judgment informed by proprietary research and reports provided by various third-party research providers. The portfolio managers of the Advisers maintain the ultimate decision-making authority with respect to how proxies will be voted and may determine to vote contrary to the Guidelines if such portfolio manager determines it is in the best interest of the respective Adviser's clients to do so. The rationale for votes submitted contrary to the Guidelines will be documented and maintained.

The Guidelines are applicable to any publicly traded operating company held in an account that is managed by an Adviser or a Nuveen Affiliated Entity. For the avoidance of doubt, Portfolio Company excludes investment companies.

II. Accountability and transparency

#### Board of directors
Elect directors

*General Policy*: We generally vote in favor of the board's nominees but will consider withholding or voting against some or all directors in the following circumstances:

&nbsp;&nbsp;&nbsp;&nbsp;· When we conclude that the actions of directors are unlawful, unethical, negligent, or do not meet fiduciary standards of care and loyalty, or are otherwise not in the best interest of shareholders. Such actions would include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Egregious compensation practices

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Lack of responsiveness to a failed vote

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Unequal treatment of shareholders

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Adoption of inappropriate antitakeover devices, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· When a director has consistently failed to attend board and committee meetings without an appropriate rationale being provided

&nbsp;&nbsp;&nbsp;&nbsp;· Independence

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· When board independence is not in line with local market regulations or best practices

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· When a member of executive management sits on a key board committee that should be composed of only independent directors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· When directors have failed to disclose, resolve or eliminate conflicts of interest that affect their decisions

**Statement of Additional Information** &nbsp;&nbsp;&nbsp;&nbsp;73

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&nbsp;&nbsp;&nbsp;&nbsp;· Board refreshment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· When there is insufficient representation of different backgrounds, experiences, and perspectives on the board, and the company has not demonstrated its commitment to making the board more inclusive and reflective of a broad range of characteristics, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· When we determine that director tenure is excessive and there has been no recent board refreshment

Contested elections

*General Policy*: We will support the candidates we believe will represent the best interests of shareholders.

Majority vote for the election of directors

*General Policy*: We generally support shareholder resolutions asking that companies amend their governance documents to provide for director election by majority vote.

Establish specific board committees

*General Policy*: We generally vote against shareholder resolutions asking the company to establish specific board committees unless we believe specific circumstances dictate otherwise.

Annual election of directors

*General Policy*: We generally support shareholder resolutions asking that each member of the board of a publicly traded operating company stand for re-election annually.

Cumulative voting

*General Policy*: We generally do not support proposals asking that shareholders be allowed to cumulate votes in director elections, as this practice may encourage the election of special interest directors.

Separation of Chairman and Chief Executive Officer

*General Policy*: We will consider supporting shareholder resolutions asking that the roles of chairman and CEO be separated when we believe the company's board structure and operation has insufficient features of independent board leadership, such as the lack of a lead independent director. In addition, we may also support resolutions on a case-by-case basis where we believe, in practice, that there is not a bona fide lead independent director acting with robust responsibilities or the company's ESG practices or business performance suggest a material deficiency in independent influence into the company's strategy and oversight.

#### Shareholder rights
Proxy access

*General Policy*: We will consider on a case-by-case basis shareholder proposals asking that the company implement a form of proxy access. In making our voting decision, we will consider several factors, including, but not limited to: current performance of the company, minimum filing thresholds, holding periods, number of director nominees that can be elected, existing governance issues and board/management responsiveness to material shareholder concerns.

Ratification of auditor

*General Policy*: We will generally support the board's choice of auditor and believe that the auditor should be elected annually. However, we will consider voting against the ratification of an audit firm where non-audit fees are excessive, where the firm has been involved in conflict of interest or fraudulent activities in connection with the company's audit, where there has been a material restatement of financials or where the auditor's independence is questionable.

Supermajority vote requirements

*General Policy*: We will generally support shareholder resolutions asking for the elimination of supermajority vote requirements.

Dual-class common stock and unequal voting rights

*General Policy*: We will generally support shareholder resolutions asking for the elimination of dual classes of common stock or other forms of equity with unequal voting rights or special privileges.

Right to call a special meeting

*General Policy*: We will generally support shareholder resolutions asking for the right to call a special meeting. However, we believe a 25% ownership level is reasonable and generally would not be supportive of proposals to lower the threshold if it is already at that level.

74&nbsp;&nbsp;&nbsp;&nbsp; **Statement of Additional Information** 

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Right to act by written consent

*General Policy*: We will consider on a case-by-case basis shareholder resolutions requesting the right to act by written consent.

Antitakeover devices (poison pills)

*General Policy*: We will consider on a case-by-case basis proposals relating to the adoption or rescission of antitakeover devices with attention to the following criteria:

&nbsp;&nbsp;&nbsp;&nbsp;· Whether the company has demonstrated a need for antitakeover protection

&nbsp;&nbsp;&nbsp;&nbsp;· Whether the provisions of the device are in line with generally accepted governance principles

&nbsp;&nbsp;&nbsp;&nbsp;· Whether the company has submitted the device for shareholder approval

&nbsp;&nbsp;&nbsp;&nbsp;· Whether the proposal arises in the context of a takeover bid or contest for control

We will generally support shareholder resolutions asking to rescind or put to a shareholder vote antitakeover devices that were adopted without shareholder approval.

Reincorporation

*General Policy*: We will evaluate on a case-by-case basis proposals for reincorporation taking into account the intention of the proposal and the established laws of the new domicile and jurisprudence of the target domicile. We will not support the proposal if we believe the intention is to take advantage of laws or judicial interpretations that provide antitakeover protection or otherwise reduce shareholder rights.

Corporate political influence

*General Policies*:*

&nbsp;&nbsp;&nbsp;&nbsp;· We will generally support reasonable shareholder resolutions seeking disclosure or reports relating to a company's direct political contributions, including board oversight procedures.

&nbsp;&nbsp;&nbsp;&nbsp;· We will generally support reasonable shareholder resolutions seeking disclosure or reports relating to a company's charitable contributions and other philanthropic activities.

&nbsp;&nbsp;&nbsp;&nbsp;· We may consider not supporting shareholder resolutions that appear to promote a political agenda that is contrary to the long-term health of the corporation.

&nbsp;&nbsp;&nbsp;&nbsp;· We will evaluate on a case-by-case basis shareholder resolutions seeking disclosure of a company's lobbying expenditures.

Closed-end funds

We recognize that many exchange-listed closed-end funds ("CEFs") have adopted particular corporate governance practices that deviate from certain policies set forth in the Guidelines. We believe that the distinctive structure of CEFs can provide important benefits to investors but leaves CEFs uniquely vulnerable to opportunistic traders seeking short-term gains at the expense of long-term shareholders. Thus, to protect the interests of their long-term shareholders, many CEFs have adopted measures to defend against attacks from short-term oriented activist investors. As such, in light of the unique nature of CEFs and their differences in corporate governance practices from operating companies, we will consider on a case-by-case basis proposals involving the adoption of defensive measures by CEFs. This is consistent with our approach to proxy voting that recognizes the importance of case-by-case analysis to ensure alignment with investment team views, and voting in accordance with the best interest of our shareholders.

#### Compensation issues
Advisory votes on executive compensation (say on pay)

*General Policy*: We will consider on a case-by-case basis the advisory vote on executive compensation (say on pay). We expect well-designed plans that clearly demonstrate the alignment between pay and performance, and we encourage companies to be responsive to low levels of support by engaging with shareholders. We also prefer that companies offer an annual non-binding vote on executive compensation. In absence of an annual vote, companies should clearly articulate the rationale behind offering the vote less frequently.

We generally note the following red flags when evaluating executive compensation plans:

&nbsp;&nbsp;&nbsp;&nbsp;· *Undisclosed or Inadequate Performance Metrics*: We believe that performance goals for compensation plans should be disclosed meaningfully. Performance hurdles should not be too easily attainable. Disclosure of these metrics should enable shareholders to assess whether the plan will drive long-term value creation.

&nbsp;&nbsp;&nbsp;&nbsp;· *Excessive Equity Grants*: We will examine a company's past grants to determine the rate at which shares are being issued. We will also seek to ensure that equity is being offered to more than just the top executives at the company. A pattern of excessive grants can indicate failure by the board to properly monitor executive compensation and its costs.

**Statement of Additional Information** &nbsp;&nbsp;&nbsp;&nbsp;75

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&nbsp;&nbsp;&nbsp;&nbsp;· *Lack of Minimum Vesting Requirements*: We believe that companies should establish minimum vesting guidelines for senior executives who receive stock grants. Vesting requirements help influence executives to focus on maximizing the company's long-term performance rather than managing for short-term gain.

&nbsp;&nbsp;&nbsp;&nbsp;· *Misalignment of Interests*: We support equity ownership requirements for senior executives and directors to align their interests with those of shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;· *Special Award Grants*: We will generally not support mega-grants. A company's history of such excessive grant practices may prompt us to vote against the stock plans and the directors who approve them. Mega-grants include equity grants that are excessive in relation to other forms of compensation or to the compensation of other employees and grants that transfer disproportionate value to senior executives without relation to their performance. We also expect companies to provide a rationale for any other one-time awards such as a guaranteed bonus or a retention award.

&nbsp;&nbsp;&nbsp;&nbsp;· *Excess Discretion*: We will generally not support plans where significant terms of awards—such as coverage, option price, or type of awards—are unspecified, or where the board has too much discretion to override minimum vesting or performance requirements.

&nbsp;&nbsp;&nbsp;&nbsp;· *Lack of Clawback Policy*: We believe companies should establish clawback policies that permit recoupment from any senior executive who received compensation as a result of defective financial reporting, or whose behavior caused financial harm to shareholders or reputational risk to the company.

Equity-based compensation plans

*General Policy*: We will review equity-based compensation plans on a case-by-case basis, giving closer scrutiny to companies where plans include features that are not performance-based or where potential dilution or burn rate total is excessive. As a practical matter, we recognize that more dilutive broad-based plans may be appropriate for human-capital intensive industries and for small- or mid-capitalization firms and start-up companies.

We generally note the following red flags when evaluating equity incentive plans:

&nbsp;&nbsp;&nbsp;&nbsp;· *Evergreen Features*: We will generally not support option plans that contain evergreen features, which reserve a specified percentage of outstanding shares for award each year and lack a termination date.

&nbsp;&nbsp;&nbsp;&nbsp;· *Reload Options*: We will generally not support reload options that are automatically replaced at market price following exercise of initial grants.

&nbsp;&nbsp;&nbsp;&nbsp;· *Repricing Options*: We will generally not support plans that authorize repricing. However, we will consider on a case-by-case basis management proposals seeking shareholder approval to reprice options. We are likely to vote in favor of repricing in cases where the company excludes named executive officers and board members and ties the repricing to a significant reduction in the number of options.

&nbsp;&nbsp;&nbsp;&nbsp;· *Undisclosed or Inappropriate Option Pricing*: We will generally not support plans that fail to specify exercise prices or that establish exercise prices below fair market value on the date of grant.

Golden parachutes

*General Policy*: We will vote on a case-by-case basis on golden parachute proposals, taking into account the structure of the agreement and the circumstances of the situation. However, we would prefer to see a double trigger on all change-of-control agreements and no excise tax gross-up.

Shareholder resolutions on executive compensation

*General Policy*: We will consider on a case-by-case basis shareholder resolutions related to specific compensation practices. Generally, we believe specific practices are the purview of the board.

III. Guidelines for ESG shareholder resolutions

We generally support shareholder resolutions seeking reasonable disclosure of the environmental or social impact of a company's policies, operations or products. We believe that a company's management and directors should determine the strategic impact of environmental and social issues and disclose how they are dealing with these issues to mitigate risk and advance long-term shareholder value.

#### Environmental issues
Climate change

*General Policy*: We will generally support reasonable shareholder resolutions seeking disclosure of greenhouse gas emissions, the impact of climate change on a company's business activities and products and strategies designed to reduce the company's long-term impact on the global climate.

76&nbsp;&nbsp;&nbsp;&nbsp; **Statement of Additional Information** 

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Use of natural resources

*General Policy*: We will generally support reasonable shareholder resolutions seeking disclosure or reports relating to a company's use of natural resources, the impact on its business of declining resources and its plans to improve the efficiency of its use of natural resources.

Impact on ecosystems

*General Policy*: We will generally support reasonable shareholder resolutions seeking disclosure or reports relating to a company's initiatives to reduce any harmful impacts or other hazards to local, regional or global ecosystems that result from its operations or activities.

Animal welfare

*General Policy*: We will generally support reasonable shareholder resolutions asking for reports on the company's impact on animal welfare.

#### Issues related to customers
Product responsibility

*General Policy*: We will generally support reasonable shareholder resolutions seeking disclosure relating to the quality, safety and impact of a company's goods and services on the customers and communities it serves.

#### Issues related to employees and suppliers
Human capital

*General Policies*:

&nbsp;&nbsp;&nbsp;&nbsp;· We will generally support reasonable shareholder resolutions seeking disclosure or reports relating to a company's nondiscrimination policies and practices, or seeking to implement such policies, including equal employment opportunity standards.

&nbsp;&nbsp;&nbsp;&nbsp;· We will generally support reasonable shareholder resolutions seeking disclosure or reports relating to a company's workforce, board composition in terms of varied backgrounds and perspectives, and gender pay equity policies and practices.

Global labor standards

*General Policy*: We will generally support reasonable shareholder resolutions seeking a review of a company's labor standards and enforcement practices, as well as the establishment of global labor policies based upon internationally recognized standards.

#### Issues related to communities
Corporate response to health risks

*General Policy*: We will generally support reasonable shareholder resolutions seeking disclosure or reports relating to significant public health impacts resulting from a company's operations and products, as well as the risks to a company's operations and long-term growth.

Global human rights codes of conduct

*General Policy*: We will generally support reasonable shareholder resolutions seeking a review of a company's human rights standards and the establishment of global human rights policies, especially regarding company operations in conflict zones or areas of weak governance.

#### Disclosures
Nuveen Asset Management, LLC, Teachers Advisors, LLC, and TIAA-CREF Investment Management, LLC are SEC registered investment advisers and subsidiaries of Nuveen, LLC

#### Nuveen proxy voting policy

#### Applicability
This Policy applies to Nuveen associates acting on behalf of Nuveen Asset Management, LLC, ("NAM"), Teachers Advisors, LLC, ("TAL") and TIAA-CREF Investment Management, LLC ("TCIM"), (each an "Adviser" and, collectively, referred to as the "Advisers")

**Statement of Additional Information** &nbsp;&nbsp;&nbsp;&nbsp;77

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#### Policy purpose and statement
Proxy voting is the primary means by which shareholders may influence a publicly traded company's governance and operations and thus create the potential for value and positive long-term investment performance. In certain cases, the Advisers may engage with Portfolio Companies as part of their process to make informed vote decisions and generally consider various factors including insights gained through engagement where that occurs. While the Advisers may generally share their views on a particular topic, these are not for the purpose of changing control of the issuer.

When an SEC registered investment adviser has proxy voting authority, the adviser has a fiduciary duty to vote proxies in the best interests of its clients and must not subrogate its clients' interests to its own. In their capacity as fiduciaries and investment advisers, Advisers vote proxies for the Portfolio Companies held by their respective clients, including investment companies and other pooled investment vehicles, institutional and retail separate accounts, and other clients as applicable. The Advisers have adopted this Policy, the Nuveen Proxy Voting Guidelines, and the Nuveen Proxy Voting Conflicts of Interest Policy for voting the proxies of the Portfolio Companies they manage. The Advisers leverage the expertise and services of an internal group referred to as Nuveen's Stewardship Group to administer the Advisers' proxy voting. The Stewardship Group adheres to the Advisers' Proxy Voting Guidelines which are reasonably designed to ensure that the Advisers vote client securities in the best interests of the Advisers' clients.

#### Policy statement
Proxy voting is a key component of a Portfolio Company's corporate governance program and is the primary method for exercising shareholder rights and articulating Nuveen's position on the Portfolio Company's behavior in an effort to enhance long-term shareholder value. Nuveen makes informed voting decisions in compliance with Rule 206(4)-6 (the "Rule") of the Investment Advisers Act of 1940, as amended (the "Advisers Act"), and applicable laws and regulations (e.g., the Employee Retirement Income Security Act of 1974, "ERISA").

#### Enforcement
As provided in the TIAA Code of Business Conduct, all associates are expected to comply with applicable laws and regulations, as well as the relevant policies, procedures and compliance manuals that apply to Nuveen's business activities. Violation of this Policy may result in disciplinary action up to and including termination of employment.

#### Terms and definitions
**Advisory Personnel** includes the Adviser's portfolio managers and research analysts.

**Proxy Voting Guidelines** (the "Guidelines") are a set of pre-determined principles setting forth the manner in which the Advisers intend to vote on specific voting categories, and serve to assist clients, Portfolio Companies, and other interested parties in understanding how the Advisers generally intend to vote on proxy-related matters. The Guidelines are not exhaustive and do not necessarily dictate how the Advisers will ultimately vote with respect to any proposal or resolution. While the Guidelines are developed, maintained, and implemented by the Stewardship Group, and reviewed by the Nuveen Proxy Voting Committee, the portfolio managers of the Advisers maintain the ultimate authority with respect to how proxies will be voted and may determine to vote contrary to the Guidelines if such portfolio manager believes it is in the best interest of the respective Adviser's clients to do so.

**Portfolio Company** refers to any publicly traded operating company held in an account that is managed by an Adviser or a Nuveen Affiliated Entity. For the avoidance of doubt, Portfolio Company excludes investment companies.

#### Policy requirements
Investment advisers, in accordance with the Rule, are required to (i) adopt and implement written policies and procedures that are reasonably designed to ensure that proxies are voted in the best interest of clients, and address resolution of material conflicts that may arise, (ii) describe their proxy voting procedures to their clients and provide copies on request, and (iii) disclose to clients how they may obtain information on how the Advisers voted their proxies. Portfolio Companies may obtain information on how many shares the Advisers hold through regulatory filings and in public reports.

The Nuveen Proxy Voting Committee (the "Committee"), the Advisers, the Stewardship Group and Nuveen Compliance are subject to the respective requirements outlined below under "Roles and Responsibilities."

Although it is the general policy to vote all applicable proxies received in a timely fashion with respect to securities selected by an Adviser for current clients, the Adviser may refrain from voting in certain circumstances where such voting would be disadvantageous, materially burdensome or impractical, or otherwise inconsistent with the overall best interest of clients.

78&nbsp;&nbsp;&nbsp;&nbsp; **Statement of Additional Information** 

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#### Roles and responsibilities

#### Nuveen Proxy Voting Committee
The purpose of the Committee is to establish a governance framework to oversee the proxy voting activities of the Advisers in accordance with the Policy. The Committee's voting members will be comprised from Research, the Advisers, and the Stewardship Group. Non-voting members will be comprised from Nuveen Legal, Nuveen Compliance, Nuveen Advisory Product, and Nuveen Investment Risk. The Committee may invite others on a standing, routine and/or an ad hoc basis to attend Committee meetings. The CCOs of CREF, VA-1 and the Nuveen Funds shall be standing, non-voting invitees. The Committee has delegated responsibility for the implementation and ongoing administration of the Policy to the Stewardship Group, subject to the Committee's ultimate oversight and responsibility as outlined in the Committee's Proxy Voting Charter.

#### Advisers
1. Advisory Personnel maintain the ultimate decision-making authority with respect to how proxies will be voted, unless otherwise instructed by a client, and may determine to vote contrary to the Guidelines and/or a vote recommendation of the Stewardship Group if such Advisory Personnel determines it is in the best interest of the Adviser's clients to do so. The rationale for all such contrary vote determinations will be documented and maintained.

2. When voting proxies for different groups of client accounts, Advisory Personnel may vote proxies held by the respective client accounts differently depending on the facts and circumstances specific to such client accounts. The rationale for all such vote determinations will be documented and maintained.

3. Advisory Personnel must comply with the Nuveen Proxy Voting Conflicts of Interest Policy with respect to potential material conflicts of interest.

#### Nuveen Stewardship Group
1. Performs day-to-day administration of the Advisers' proxy voting processes.

2. Seeks to vote proxies in adherence to the Guidelines, which have been constructed in a manner intended to align with the best interests of clients. In applying the Guidelines, the Stewardship Group, on behalf of the Advisers, takes into account several factors, including, but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Input from Advisory Personnel

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Third-party research

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Specific Portfolio Company context, including environmental, social and governance practices, and financial performance.

3. Assists in the development of securities lending recall protocols in cooperation with the Securities Lending Committee.

4. Performs Form N-PX filings in accordance with regulatory requirements.

5. Delivers copies of the Advisers' Policy to clients and prospective clients upon request in a timely manner, as appropriate.

6. Assists with the disclosure of proxy votes as applicable on corporate websites and elsewhere as required by applicable regulations.

7. Prepares reports of proxies voted on behalf of the Advisers' investment company clients to their Boards or committees thereof, as applicable.

8. Performs an annual vote reconciliation for review by the Committee.

9. Arranges the annual service provider due diligence of proxy voting vendors, including a review of the service provider's potential conflicts of interests, and presents the results to the Committee.

10. Facilitates quarterly Committee meetings, including agenda and meeting minute preparation.

11. Complies with the Nuveen Proxy Voting Conflicts of Interest Policy with respect to potential material conflicts of interest.

12. Creates and retains certain records in accordance with Nuveen's Record Management program.

13. Oversees the proxy voting service provider with respect to its responsibilities, including making and retaining certain records as required under applicable regulation.

#### Nuveen Compliance
1. Seeks to ensure proper disclosure of Advisers' Policy to clients as required by regulation or otherwise.

2. Seeks to ensure proper disclosure to clients of how they may obtain information on how the Advisers voted their proxies.

3. Assists the Stewardship Group with arranging the annual service provider due diligence and presenting the results to the Committee.

4. Assesses regulatory developments, pronouncements and guidance notes in coordination with Legal partners to determine policy and process implications. Shares assessment results with the Committee.

**Statement of Additional Information** &nbsp;&nbsp;&nbsp;&nbsp;79

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5. Monitors for compliance with this Policy and retains records relating to its monitoring activities pursuant to Nuveen's Records Management program.

#### Nuveen Legal
1. Provides legal guidance as requested.

#### Governance

#### Review and approval
This Policy will be reviewed at least annually and will be updated sooner if substantive changes are necessary. The Policy Owner, the Committee and the Nuveen Equity and Fixed Income ("NEFI") Compliance Committee are responsible for the review and approval of this Policy.

#### Implementation
Nuveen has established the Committee to provide centralized management and oversight of the proxy voting process administered by the Stewardship Group for the Advisers in accordance with its Proxy Voting Committee Charter and this Policy.

#### Exceptions
Any request for a proposed exception or variation to this Policy will be submitted to the Committee for approval and reported to the appropriate governance committee(s), where appropriate.

#### Nuveen proxy voting conflicts of interest policy and procedures

#### Applicability
This Policy applies to Nuveen ("Nuveen") associates acting on behalf of Nuveen Asset Management, LLC ("NAM"), Teachers Advisors, LLC ("TAL") and TIAA-CREF Investment Management, LLC ("TCIM") (each an "Adviser" and collectively referred to as the "Advisers").

#### Policy purpose and statement
Proxy voting by investment advisers is subject to U.S. Securities and Exchange Commission ("SEC") rules and regulations, and for accounts subject to ERISA, U.S. Department of Labor ("DOL") requirements. These rules and regulations require policies and procedures reasonably designed to ensure proxies are voted in the best interest of clients and that such procedures set forth how the adviser addresses material conflicts that may arise between the Adviser's interests and those of its clients. The purpose of this Proxy Voting Conflicts of Interest Policy and Procedures ("Policy") is to describe how the Advisers monitor and address the risks associated with Material Conflicts of Interest arising out of business and personal relationships that could affect proxy voting decisions.

Nuveen's Stewardship Group is responsible for providing vote recommendations, based on the Nuveen Proxy Voting Guidelines (the "Guidelines"), to the Advisers and for administering the voting of proxies on behalf of the Advisers. When determining how to vote proxies, the Nuveen Stewardship Group adheres to the Guidelines, which are reasonably designed to ensure that the Advisers vote proxies in the best interests of the Advisers' clients.

Advisers may face certain potential Material Conflicts of Interest when voting proxies. The procedures set forth below have been reasonably designed to identify, monitor, and address potential Material Conflicts of Interest to ensure that the Advisers' voting decisions are based on the best interest of their clients and are not the product of a conflict.

#### Policy statement
The Advisers have a fiduciary duty to vote proxies in the best interests of their clients and must not subrogate the interests of their clients to their own.

#### Enforcement
As provided in the TIAA Code of Business Conduct, all associates are expected to comply with applicable laws and regulations, as well as the relevant policies, procedures and compliance manuals that apply to Nuveen's business activities. Violation of this Policy may result in disciplinary action up to and including termination of employment.

#### Terms and definitions
**Advisory Personnel** includes the Adviser's portfolio managers and research analysts.

80&nbsp;&nbsp;&nbsp;&nbsp; **Statement of Additional Information** 

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**Conflicts Watch List ("Watch List")** refers to a list maintained by the Stewardship Group based on the following:

1. The positions and relationships of the following categories of individuals are evaluated to assist in identifying a potential Material Conflict with a Portfolio Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. The TIAA CEO,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. The Nuveen Executive Management Team and the Nuveen Extended Leadership Team,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. The Stewardship Group members who provide proxy voting recommendations on behalf of the Advisers,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Advisory Personnel, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. Household Members of the parties listed above in Nos. 1(i)–1(iv).

The following criteria constitute a potential Material Conflict:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any individual identified above in 1(i)–1(v) who serves on a Portfolio Company's board of directors; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any individual identified above in 1(v) who serves as a senior executive\* of a Portfolio Company.

2. In addition, the following circumstances have been determined to constitute a potential Material Conflict:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Voting proxies for funds sponsored by any Adviser and/or a Nuveen Affiliated Entity (i.e., registered investment funds and other funds that require proxy voting) held in client accounts,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Voting proxies for Portfolio Companies that are direct advisory clients of the Advisers and/or the Nuveen Affiliated Entities,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Voting proxies for Portfolio Companies that have a material distribution relationship<sup>†</sup> with regard to the products or strategies of the Advisers and/or the Nuveen Affiliated Entities,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Voting proxies for Portfolio Companies that are institutional investment consultants with which the Advisers and/or the Nuveen Affiliated Entities have engaged for any material business opportunity<sup>†</sup> and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. Any other circumstance where the Stewardship Group, the Nuveen Proxy Voting Committee (the "Committee"), the Advisers, Nuveen Legal or Nuveen Compliance are aware of in which the Adviser's duty to serve its clients' interests could be materially compromised.

In addition, certain conflicts may arise when a Proxy Service Provider or their affiliate(s) have determined and/or disclosed that a relationship exists with i) a Portfolio Company ii) an entity acting as a primary shareholder proponent with respect to a Portfolio Company or iii) another party. Such relationships include, but are not limited to, the products and services provided to, and the revenue obtained from, such Portfolio Company or its affiliates. The Proxy Service Provider is required to disclose such relationships to the Advisers, and the Stewardship Group reviews and evaluates the Proxy Service Provider's disclosed conflicts of interest and associated controls annually and reports its assessment to the Committee.

**Household Member** includes any of the following who reside or are expected to reside in your household for at least 90 days a year: i) spouse or Domestic Partner, ii) sibling, iii) child, stepchild, grandchild, parent, grandparent, stepparent, and in-laws (mother, father, son, daughter, brother, sister).

**Domestic Partner** is defined as an individual who is neither a relative of, or legally married to, a Nuveen associate but shares a residence and is in a mutual commitment similar to marriage with such Nuveen associate.

**Material Conflicts of Interest ("Material Conflict")** A conflict of interest that reasonably could have the potential to influence a recommendation based on the criteria described in this Policy.

**Nuveen Affiliated Entities** refers to TIAA and entities that are under common control with the Advisers and that provide investment advisory services. TIAA and the Advisers will undertake reasonable efforts to identify and manage any potential TIAA-related conflicts of interest.

**Portfolio Company** refers to any publicly traded operating company held in an account that is managed by an Adviser or a Nuveen Affiliated Entity. For the avoidance of doubt, Portfolio Company excludes investment companies.

**Proxy Service Provider(s)** refers to any independent third-party vendor(s) who provides proxy voting administrative, research and/or recordkeeping services to Nuveen.

**Proxy Voting Guidelines (the "Guidelines")** are a set of pre-determined principles setting forth the manner in which the Advisers generally intend to vote on specific voting categories and serve to assist clients, Portfolio Companies, and other interested parties in understanding how the Advisers generally intend to vote proxy-related matters. The Guidelines are not exhaustive and do not necessarily dictate how the Advisers will ultimately vote with respect to any proposal or resolution. While the Guidelines are developed, maintained, and implemented by the Stewardship Group, and reviewed by the Nuveen Proxy Voting Committee, the portfolio managers of the Advisers maintain the ultimate authority with respect to how proxies will be voted and may determine to vote contrary to the Guidelines if such portfolio manager believes it is in the best interest of the respective Adviser's clients to do so.

**Proxy Voting Conflicts of Interest Escalation Form ("Escalation Form")** Used in limited circumstances as described below to formally document certain requests to deviate from the Guidelines, the rationale supporting the request, and the ultimate resolution.

**Statement of Additional Information** &nbsp;&nbsp;&nbsp;&nbsp;81

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____

\* Senior executives are defined as "C-suite" positions such as CEO, CFO, COO, CAO, CMO, CIO, CTO, etc.

<sup>†</sup> Such criteria are defined in a separate standard operating procedure.

#### Policy requirements
The Advisers have a fiduciary duty to vote proxies in the best interests of their clients and must not subrogate the interests of their clients to their own.

The Stewardship Group and Advisory Personnel are prohibited from being influenced in their proxy voting decisions by any individual outside the established proxy voting process. The Stewardship Group and Advisory Personnel are required to report to Nuveen Compliance any individuals or parties seeking to influence proxy votes outside the established proxy voting process.

The Stewardship Group generally seeks to vote proxies in adherence to the Guidelines. In the event that a potential Material Conflict has been identified, the Committee, the Stewardship Group, Advisory Personnel and Nuveen Compliance are required to comply with the following:

Proxies are generally voted in accordance with the Guidelines. In instances where a proxy is issued by a Portfolio Company on the Watch List, and the Stewardship Group's vote direction is in support of company management and either contrary to the Guidelines or the Guidelines require a case-by-case review, then the Stewardship Group vote recommendation is evaluated using established criteria<sup>‡</sup> to determine whether a potential conflict exists. In instances where it is determined a potential conflict exists, the vote direction shall default to the recommendation of an independent third-party Proxy Service Provider based on such provider's benchmark policy. To the extent the Stewardship Group believes there is a justification to vote contrary to the Proxy Service Provider's benchmark recommendation in such an instance, then such requests are evaluated and mitigated pursuant to an Escalation Form review process as described in the Roles and Responsibilities section below. In all cases votes are intended to be in line with the Guidelines and in the best interests of clients.

The Advisers are required to adhere to the baseline standards and guiding principles governing client and personal conflicts as outlined in the TIAA Conflicts of Interest Policy to assist in identifying, escalating and addressing proxy voting conflicts in a timely manner.

____

<sup>‡</sup> Such criteria are defined in a separate standard operating procedure.

#### Roles and responsibilities

#### Nuveen Proxy Voting Committee
1. Annually, review and approve the criteria constituting a Material Conflict involving the individuals and entities named on the Watch List.

2. Review and approve the Policy annually, or more frequently as required.

3. Review Escalation Forms as described above to determine whether the rationale of the recommendation is clearly articulated and reasonable relative to the potential Material Conflict.

4. Review Stewardship Group Material Conflicts reporting.

5. Review and consider any other matters involving the Advisers' proxy voting activities that are brought to the Committee.

#### Nuveen Stewardship Group
1. Promptly disclose Stewardship Group members' Material Conflicts to Nuveen Compliance.

2. Stewardship Group members must recuse themselves from all decisions related to proxy voting for the Portfolio Company seeking the proxy for which they personally have disclosed, or are required to disclose, a Material Conflict.

3. Compile, administer and update the Watch List promptly based on the Watch List criteria described herein as necessary.

4. Evaluate vote recommendations for Portfolio Companies on the Watch List, based on established criteria to determine whether a vote shall default to the third-party Proxy Service Provider, or whether an Escalation Form is required.

5. In instances where an Escalation Form is required as described above, the Stewardship Group reviews and processes the Form, which is then routed to Committee members for prompt approval (including the approval response deadline). Committee members review the form to determine whether a Material Conflict exists and whether the recommendation rationale is clearly articulated and reasonable relative to the existing conflict. A majority vote is required.

6. Provide Nuveen Compliance with established reporting.

7. Prepare Material Conflicts reporting to the Committee and other parties, as applicable.

8. Retain Escalation Forms and responses thereto and all other relevant documentation in conformance with Nuveen's Record Management program.

82&nbsp;&nbsp;&nbsp;&nbsp; **Statement of Additional Information** 

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#### Advisory Personnel
1. Promptly disclose Material Conflicts to Nuveen Compliance.

2. Provide input and/or vote recommendations to the Stewardship Group upon request. Advisory Personnel are prohibited from providing the Stewardship Group with input and/or recommendations for any Portfolio Company for which they have disclosed, or are required to disclose, a Material Conflict.

3. From time to time as part of the Adviser's normal course of business, Advisory Personnel may initiate an action to override the Guidelines for a particular proposal. For a proxy vote issued by a Portfolio Company on the Watch List, if Advisory Personnel request a vote against the Guidelines and in favor of Portfolio Company management, then the request will be evaluated by the Stewardship Group in accordance with their established criteria and processes described above. To the extent an Escalation Form is required, the Committee reviews the Escalation Form to determine whether the rationale of the recommendation is clearly articulated and reasonable relative to the potential Material Conflict.

#### Nuveen Compliance
1. Determine criteria constituting a Material Conflict involving the individuals and entities named on the Watch List.

2. Determine parties responsible for collection of, and providing identified Material Conflicts to, the Stewardship Group for inclusion on the Watch List.

3. Perform periodic reviews of votes where Material Conflicts have been identified to determine whether the votes were cast in accordance with this Policy.

4. Develop and maintain, in consultation with the Stewardship Group, standard operating procedures to support the Policy.

5. Perform periodic monitoring to determine adherence to the Policy.

6. Administer training to the Advisers and the Stewardship Group, as applicable, to ensure applicable associates understand Material Conflicts and disclosure responsibilities.

7. Assist the Committee with the annual review of this Policy.

#### Nuveen Legal
1. Provide legal guidance as requested.

#### Governance

#### Review and approval
This Policy will be reviewed at least annually and will be updated sooner if changes are necessary. The Policy Owner, the Committee and the NEFI Compliance Committee are responsible for the review and approval of this Policy.

#### Implementation
Nuveen has established the Committee to provide centralized management and oversight of the proxy voting process administered by the Stewardship Group for the Advisers in accordance with its Proxy Voting Committee Charter and this Policy.

#### Exceptions
Any request for a proposed exception or variation to this Policy will be submitted to the Committee for approval and reported to the appropriate governance committee(s), where appropriate.

**Statement of Additional Information** &nbsp;&nbsp;&nbsp;&nbsp;83

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![](img_5a3ad3e604fd4m2.jpg)

<br> MAI-LFSAI-0526P

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**PART C: OTHER INFORMATION**

**Item 28.** **Exhibits**

&nbsp;&nbsp;&nbsp;&nbsp;(a) (1) [Amended and Restated Declaration of Trust dated as of August 13, 1998](https://www.sec.gov/Archives/edgar/data/1068204/0000950123-98-010551.txt) . <sup>(1)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [Amendment to Declaration of Trust dated May 22, 2002](https://www.sec.gov/Archives/edgar/data/1068204/000095012302009955/y64747exv99wa.txt) . <sup>(3)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) [Amendment to Declaration of Trust dated as of October 2, 2006](https://www.sec.gov/Archives/edgar/data/1068204/000119312507087863/dex99a3.htm) . <sup>(4)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) [Amendment to Declaration of Trust dated November 12, 1998](https://www.sec.gov/Archives/edgar/data/1068204/000119312509085838/dex99a2.htm) . <sup>(6)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) [Amendment to Declaration of Trust dated February 9, 2000](https://www.sec.gov/Archives/edgar/data/1068204/000093041312002634/c68960_ex99a3.htm) . <sup>(9)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) [Amendment to Declaration of Trust dated as of October 10, 2013](https://www.sec.gov/Archives/edgar/data/1068204/000093041313004977/c75262_ex99a-5.htm) . <sup>(10)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) [Amendment to Declaration of Trust dated as of February 19, 2003](https://www.sec.gov/Archives/edgar/data/1068204/000093041315002082/c80830_ex99-a5.htm) . <sup>(13)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) [Amendment to Declaration of Trust dated as of December 3, 2019](https://www.sec.gov/Archives/edgar/data/1068204/000093041320001151/c95662_ex99-a8.htm) . <sup>(15)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) [Amendment to Declaration of Trust dated as of January 18, 2024.](https://www.sec.gov/Archives/edgar/data/1068204/000093041324001545/c108068_ex99-a9.htm) <sup>(19)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;(c) Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;(d) (1) [Form of Investment Advisory Agreement by and between Registrant and Teachers Advisors, LLC ("Advisors"), dated as of May 1, 2010](https://www.sec.gov/Archives/edgar/data/1068204/000093041310002024/c60413_ex99-d5.htm) . <sup>(7)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [Amended and Restated Administrative Services Agreement by and between Registrant and Advisors, dated as of January 2, 2012](https://www.sec.gov/Archives/edgar/data/1068204/000093041312002634/c68960_ex-d10.htm) . <sup>(9)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) [Form of Amendment to the Investment Advisory Agreement for the TIAA-CREF Life Balanced Fund by and between Registrant and Advisors, dated as of January 7, 2014](https://www.sec.gov/Archives/edgar/data/1068204/000093041314000062/c75262_ex99-d13.htm) . <sup>(11)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) [Form of Amendment to the Investment Advisory Agreement by and between Registrant and Advisors, dated as of May 1, 2014](https://www.sec.gov/Archives/edgar/data/1068204/000093041315002082/c80830_ex99-d15.htm) . <sup>(13)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) [Amendment to the Investment Advisory Agreement by and between Registrant and Advisors, dated as of May 1, 2016](https://www.sec.gov/Archives/edgar/data/1068204/000093041320001151/c95662_ex99-d5.htm) . <sup>(15)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) [Form of Amendment to the Investment Advisory Agreement by and between Registrant and Advisors, dated as of May 1, 2024.](https://www.sec.gov/Archives/edgar/data/1068204/000093041324001545/c108068_ex99-d6.htm) <sup>(19)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) [Form of Amended and Restated Expense Reimbursement Agreement by and between Registrant and Advisors, dated as of May 1, 2026. <sup>\*</sup>](c116039_ex-d7.htm)

&nbsp;&nbsp;&nbsp;&nbsp;(e) (1) [Shareholder Information Agreement between TIAA-CREF Life Insurance Company ("TC Life") and Teachers Personal Investors Services, Inc. ("TPIS") dated as of April 2, 2007](https://www.sec.gov/Archives/edgar/data/1068204/000119312507087863/dex99e4.htm) . <sup>(4)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [Amended and Restated Distribution Agreement between Registrant and TPIS, dated as of September 10, 2013](https://www.sec.gov/Archives/edgar/data/1068204/000093041314002024/c77022_ex99-e5.htm) . <sup>(12)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) [Participation Agreement among Registrant, TPIS, Advisors and TC Life, made as of February 14, 2014, to be effective retroactively to May 1, 2012](https://www.sec.gov/Archives/edgar/data/1068204/000093041314002024/c77022_ex99-e6.htm) . <sup>(12)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) [Amendment to the Amended and Restated Distribution Agreement between Registrant and TPIS, dated as of May 1, 2016](https://www.sec.gov/Archives/edgar/data/1068204/000093041320001151/c95662_ex99-e4.htm) . <sup>(15)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;(f) (1) [TIAA-CREF Non-Employee Trustee and Member Long-Term Compensation Plan as amended and restated January 1, 2008](https://www.sec.gov/Archives/edgar/data/1068204/000119312508085633/dex99f3.htm) . <sup>(5)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [TIAA-CREF Non-Employee Trustee and Member Deferred Compensation Plan as amended and restated January 1, 2008](https://www.sec.gov/Archives/edgar/data/1068204/000119312508085633/dex99f4.htm) . <sup>(5)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;(g) [Master Custodian Agreement dated November 20, 2007 between Registrant, State Street Bank and Trust Company ("State Street") and certain other parties thereto](https://www.sec.gov/Archives/edgar/data/1068204/000119312508085633/dex99g2.htm) . <sup>(5)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;(h) (1) [Investment Accounting Agreement dated November 20, 2007 between Registrant, State Street and certain other parties thereto](https://www.sec.gov/Archives/edgar/data/1068204/000119312508085633/dex99h.htm) . <sup>(5)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [Form of Transfer Agency and Service Agreement by and between Registrant and Boston Financial Data Services, Inc., dated as of July 2010](https://www.sec.gov/Archives/edgar/data/1068204/000093041311002972/c65102_ex99-h2.htm) . <sup>(8)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) [Amendment to Transfer Agency and Service Agreement by and between Registrant and DST Asset Manager Solutions, Inc., dated as of May 1, 2019](https://www.sec.gov/Archives/edgar/data/1068204/000093041320001151/c95662_ex99-h2.htm) . <sup>(15)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) [Amendment to Transfer Agency and Service Agreement by and between Registrant and DST Asset Manager Solutions, Inc., dated as of July 1, 2020](https://www.sec.gov/Archives/edgar/data/1068204/000093041321000835/c101449_ex99-h4.htm) . <sup>(16)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) [Rule 12d1-4 Funds of Funds Investment Agreement for TIAA-CREF Funds of Funds as Acquiring Funds and Nuveen Funds/ETFs as Acquired Funds between Registrant and certain Nuveen Funds dated as of January 19, 2022.](https://www.sec.gov/Archives/edgar/data/1068204/000093041322000786/c103455_ex-h5.htm) <sup>(17)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [Opinion and Consent of Rachael M. Zufall, Esq. <sup>\*</sup>](c116039_ex-i.htm)

&nbsp;&nbsp;&nbsp;&nbsp;(j) (1) [Consent of Dechert LLP <sup>\*</sup>](c116039_ex-j1.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [Consent of Independent Registered Public Accounting Firm <sup>\*</sup>](c116039_ex-j2.htm)

&nbsp;&nbsp;&nbsp;&nbsp;(k) Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;(l) (1) [Seed Money Agreements by and between Registrant and Teachers Insurance and Annuity Association of America ("TIAA"), dated November 30, 1998 and February 29, 2000](https://www.sec.gov/Archives/edgar/data/1068204/000095014600000326/0000950146-00-000326.txt) . <sup>(2)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [Seed Money Agreement by and between Registrant and TIAA, dated as of August 1, 2002](https://www.sec.gov/Archives/edgar/data/1068204/000095012302009955/y64747exv99wlw2.txt) . <sup>(3)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) [Form of Initial Investment Agreement by and between Registrant and TIAA, dated as of January 7, 2014](https://www.sec.gov/Archives/edgar/data/1068204/000093041314000062/c75262_ex-l3.htm) . <sup>(11)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;(m) Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;(n) Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;(o) Reserved

&nbsp;&nbsp;&nbsp;&nbsp;(p) (1) [Advisors and TIAA-CREF Investment Management, LLC ("TCIM") Employee Trading Supplemental Policy](https://www.sec.gov/Archives/edgar/data/1068204/000093041318001447/c90669_ex99-p4.htm) . <sup>(14)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [Nuveen Code of Ethics dated January 6, 2026. <sup>\*</sup>](c116039_ex-p2.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) [Code of Ethics for the Independent Trustees of the TIAA-CREF Life Funds.](https://www.sec.gov/Archives/edgar/data/1068204/000093041324000621/c108068_ex-p3.htm) <sup>(18)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;(q) Powers of attorney

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) [Powers of Attorney for Joseph A. Boateng, Michael A. Forrester, Thomas J. Kenny, Amy B. R. Lancellotta, Joanne T. Medero, Albin F. Moschner, John K. Nelson, Loren M. Starr, Matthew Thornton III, Terence J. Toth, Margaret L. Wolff and Robert L. Young.](https://www.sec.gov/Archives/edgar/data/1068204/000093041324000621/c108068_ex-q1.htm) <sup>(18)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;(1) Incorporated herein by reference to Pre-Effective Amendment No. 1 to the initial registration statement on Form N-1A (File
No. 333-61759) as filed with the Commission on December 9, 1998.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Incorporated herein by reference to Post-Effective Amendment No. 3 to the initial registration statement on Form N-1A (File
No. 333-61759) as filed with the Commission on March 28, 2000.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Incorporated herein by reference to Post-Effective Amendment No. 7 to the initial registration statement on Form N-1A (File
No. 333-61759) as filed with the Commission on October 25, 2002.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Incorporated herein by reference to Post-Effective Amendment No. 14 to the initial registration statement on Form N-1A (File
No. 333-61759) as filed with the Commission on April 24, 2007.

&nbsp;&nbsp;&nbsp;&nbsp;(5) Incorporated herein by reference to Post-Effective Amendment No. 15 to the initial registration statement on Form N-1A (File
No. 333-61759) as filed with the Commission on April 21, 2008.

&nbsp;&nbsp;&nbsp;&nbsp;(6) Incorporated herein by reference to Post-Effective Amendment No. 16 to the initial registration statement on Form N-1A (File
No. 333-61759) as filed with the Commission on April 23, 2009.

&nbsp;&nbsp;&nbsp;&nbsp;(7) Incorporated herein by reference to Post-Effective Amendment No. 18 to the initial registration statement on Form N-1A (File
No. 333-61759) as filed with the Commission on April 22, 2010.

&nbsp;&nbsp;&nbsp;&nbsp;(8) Incorporated herein by reference to Post-Effective Amendment No. 19 to the initial registration statement on Form N-1A (File
No. 333-61759) as filed with the Commission on April 22, 2011.

&nbsp;&nbsp;&nbsp;&nbsp;(9) Incorporated herein by reference to Post-Effective Amendment No. 22 to the initial registration statement on Form N-1A (File
No. 333-61759) as filed with the Commission on April 30, 2012.

&nbsp;&nbsp;&nbsp;&nbsp;(10) Incorporated herein by reference to Post-Effective Amendment No. 26 to the initial registration statement on Form N-1A (File
No. 333-61759) as filed with the Commission on October 17, 2013.

&nbsp;&nbsp;&nbsp;&nbsp;(11) Incorporated herein by reference to Post-Effective Amendment No. 27 to the initial registration statement on Form N-1A (File
No. 333-61759) as filed with the Commission on January 7, 2014.

&nbsp;&nbsp;&nbsp;&nbsp;(12) Incorporated herein by reference to Post-Effective Amendment No. 29 to the initial registration statement on Form N-1A (File
No. 333-61759) as filed with the Commission on April 28, 2014.

&nbsp;&nbsp;&nbsp;&nbsp;(13) Incorporated herein by reference to Post-Effective Amendment No. 31 to the initial registration statement on Form N-1A (File
No. 333-61759) as filed with the Commission on April 29, 2015.

&nbsp;&nbsp;&nbsp;&nbsp;(14) Incorporated herein by reference to Post-Effective Amendment No. 37 to the initial registration statement on Form N-1A (File
No. 333-61759) as file with the Commission on April 24, 2018.

&nbsp;&nbsp;&nbsp;&nbsp;(15) Incorporated herein by reference to Post-Effective Amendment No. 41 to the initial registration statement on Form N-1A (File
No. 333-61759) as filed with the Commission on April 23, 2020.

&nbsp;&nbsp;&nbsp;&nbsp;(16) Incorporated herein by reference to Post-Effective Amendment No. 43 to the initial registration statement on Form N-1A (File
No. 333-61759) as filed with the Commission on April 22, 2021.

&nbsp;&nbsp;&nbsp;&nbsp;(17) Incorporated herein by reference to Post-Effective Amendment No. 44 to the initial registration statement on Form N-1A (File
No. 333-61759) as filed with the Commission on April 21, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;(18) Incorporated herein by reference to Post-Effective Amendment No. 46 to the initial registration statement on Form N-1A (File
No. 333-61759) as filed with the Commission on February 16, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;(19) Incorporated herein by reference to Post-Effective Amendment No. 47 to the initial registration statement on Form N-1A (File
No. 333-61759) as filed with the Commission on April 30, 2024.

\* Filed herewith.

**Item 29.** **Persons Controlled by or Under Common Control with the Fund**

Not applicable.

**Item 30.** **Indemnification**

As a Delaware statutory trust, Registrant's operations are governed by its Declaration of Trust (the "Declaration of Trust"). Generally, Delaware statutory trust shareholders are not personally liable for obligations of the Delaware business trust under

Delaware law. The Delaware Statutory Trust Act ("DSTA") provides that a shareholder of a trust shall be entitled to the same limitation of liability extended to shareholders of private for-profit Delaware corporations. Registrant's Declaration of Trust expressly provides that it has been organized under the DSTA and that the Declaration of Trust is to be governed by Delaware law. It is nevertheless possible that a Delaware statutory trust, such as Registrant, might become a party to an action in another state whose courts refuse to apply Delaware law, in which case Registrant's shareholders could be subject to personal liability.

To protect Registrant's shareholders against the risk of personal liability, the Declaration of Trust: (i) contains an express disclaimer of shareholder liability for acts or obligations of Registrant and provides that notice of such disclaimer may be given in each agreement, obligation and instrument entered into or executed by Registrant or its Trustees; (ii) provides for the indemnification out of Trust property of any shareholders held personally liable for any obligations of Registrant or any series of Registrant; and (iii) provides that Registrant shall, upon request, assume the defense of any claim made against any shareholder for any act or obligation of Registrant and satisfy any judgment thereon. Thus, the risk of a shareholder incurring financial loss beyond his or her investment because of shareholder liability is limited to circumstances in which all of the following factors are present: (i) a court refuses to apply Delaware law; (ii) the liability arose under tort law or, if not, no contractual limitation of liability was in effect; and (iii) Registrant itself would be unable to meet its obligations. In the light of Delaware law, the nature of Registrant's business and the nature of its assets, the risk of personal liability to a shareholder is remote.

The Declaration of Trust further provides that Registrant shall indemnify each of its Trustees and officers against liabilities and expenses reasonably incurred by them, in connection with, or arising out of, any action, suit or proceeding, threatened against or otherwise involving such Trustee or officer, directly or indirectly, by reason of being or having been a Trustee or officer of Registrant. The Declaration of Trust does not authorize Registrant to indemnify any Trustee or officer against any liability to which he or she would otherwise be subject by reason of or for willful misfeasance, bad faith, gross negligence or reckless disregard of such person's duties.

Insofar as indemnification for liability arising under the Securities Act of 1933 ("Securities Act") may be permitted to Trustees, officers and controlling persons, or otherwise, Registrant has been advised that in the opinion of the Commission such indemnification may be against public policy as expressed in the Securities Act and may be, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by Registrant of expenses incurred or paid by a Trustee, officer or controlling person of Registrant in the successful defense of any action, suit or proceeding) is asserted by such Trustee, officer or controlling person in connection with the securities being registered, Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

The Trustees and officers of the Registrant are covered by joint errors and omissions insurance policies against liability and expenses of claims of wrongful acts arising out of their position with the Registrant and other Nuveen funds, subject to such policies' coverage limits, exclusions and retention.

**Item 31.** **Business and Other Connections of the Investment Adviser**

Advisors manages the Registrant and also provides investment management services to certain other registered and unregistered products. The Managing Member of Advisors is Nuveen Finance, LLC. Advisors is located at 730 Third Avenue, New York, NY 10017-3206.

**Item 32.** **Principal Underwriters**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Nuveen Securities, LLC ("Nuveen") acts as principal underwriter to the following open-end management type investment
companies: Nuveen Multistate Trust I, Nuveen Multistate Trust II, Nuveen Multistate Trust III, Nuveen Multistate Trust IV, Nuveen
Municipal Trust, Nuveen Managed Accounts Portfolios Trust, Nuveen Investment Trust, Nuveen Investment Trust II, Nuveen Investment
Trust III, Nuveen Investment Trust V, Nuveen Investment Funds, Inc., NuShares ETF Trust, TIAA-CREF Funds and the Registrant.

---

| | | |
|:---|:---|:---|
| <u>**Name and Principal**<br> **Business Address**</u> | <u>**Positions and Offices**<br> **with Nuveen Securities**</u> | <u>**Positions and Offices**<br> **with Registrant**</u> |
| Jeffrey Carlin<br> 333 West Wacker Drive<br> Chicago, IL 60606 | Chief Executive Officer |  |
| Jennifer Mangano<br> 333 West Wacker Drive<br> Chicago, IL 60606 | Vice President and Chief Financial Officer |  |
| Kevin J. McCarthy<br> 333 West Wacker Drive<br> Chicago, IL 60606 | Executive Vice President and Assistant Secretary |  |
| Lucas A. Satre<br> 333 West Wacker Drive<br> Chicago, IL 60606 | Managing Director, Secretary and General Counsel |  |
| Kehinde Akibayo<br> 333 West Wacker Drive<br> Chicago, IL 60606 | Managing Director and Controller |  |
| Shanita Smith<br> 333 West Wacker Drive<br> Chicago, IL 60606 | Managing Director and Chief Compliance Officer |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Not applicable.

**Item 33.** **Location of Accounts and Records**

See Item B.3 of the most recent TIAA-CREF Life Funds [N-CEN](https://www.sec.gov/Archives/edgar/data/1068204/000119312526108244/xslFormN-CEN_X01/primary_doc.xml) filing.

**Item 34.** **Management Services**

Not applicable.

**Item 35.** **Undertakings**

Not applicable.

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, TIAA-CREF Life Funds certifies that it meets all the requirements for effectiveness of this Registration Statement under Rule 485(b) under the Securities Act of 1933 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, duly authorized, in the City of New York, and State of New York on the 24th day of April, 2026.

---

| | |
|:---|:---|
| **TIAA-CREF LIFE FUNDS** | **TIAA-CREF LIFE FUNDS** |
| By: | /s/Jordan M. Farris |
| Name: | Jordan M. Farris |
| Title: | Chief Administrative Officer |

---

Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed below by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| Signature | Title | Date |
| /s/Jordan M. Farris | Chief Administrative Officer | April 24, 2026 |
| Jordan M. Farris | (Principal Executive Officer) |  |
| /s/Marc Cardella | Vice President and Controller | April 24, 2026 |
| Marc Cardella | (Principal Financial and Accounting Officer) |  |

---

---

| | | | |
|:---|:---|:---|:---|
| **SIGNATURE OF**<br> **TRUSTEE** | **DATE** | **SIGNATURE OF**<br> **TRUSTEE** | **DATE** |
| \* | April 24, 2026 | \* | April 24, 2026 |
| Joseph A. Boateng |  | John K. Nelson |  |
| \* | April 24, 2026 | \* | April 24, 2026 |
| Michael A. Forrester |  | Loren M. Starr |  |
| \* | April 24, 2026 | \* | April 24, 2026 |
| Thomas J. Kenny |  | Matthew Thornton III |  |
| \* | April 24, 2026 | \* | April 24, 2026 |
| Amy B. R. Lancellotta |  | Terence J. Toth |  |
| \* | April 24, 2026 | \* | April 24, 2026 |
| Joanne T. Medero |  | Margaret L. Wolff |  |
| \* | April 24, 2026 | \* | April 24, 2026 |
| Albin F. Moschner |  | Robert L. Young |  |
| /s/Rachael M. Zufall | April 24, 2026 |  |  |
| Rachael M. Zufall<br> as attorney-in-fact |  |  |  |

---

\* Signed by Rachael M. Zufall pursuant to powers of attorney previously filed with the Securities and Exchange Commission.

**EXHIBIT LIST**

(d)(7) Form of Amended and Restated Expense Reimbursement Agreement by and between Registrant and Advisors, dated as of May 1, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Opinion and Consent of Rachael M. Zufall, Esq.

(j)(1) Consent of Dechert LLP.

(j)(2) Consent of Independent Registered Public Accounting Firm.

(p)(2) Nuveen Code of Ethics dated January 6, 2026.

## Ex-99.(D)(7)

**Exhibit (d)(7)**

**TIAA-CREF LIFE FUNDS<br> AMENDED AND RESTATED<br> EXPENSE REIMBURSEMENT AGREEMENT**

This Agreement is entered into effective as of May 1, 2026 by and between TIAA-CREF Life Funds (the "Trust"), a Delaware statutory trust, and Teachers Advisors, LLC ("Advisors"), a Delaware corporation.

WHEREAS, the Trust is an open-end diversified management investment company currently consisting of a number of investment portfolios, which may consist of one or more classes (collectively, the "Funds");

WHEREAS, Advisors and the Trust have entered into an Investment Advisory Agreement (the "Investment Advisory Agreement") providing for investment advisory services to be provided by Advisors to the Funds for an investment advisory fee; and

WHEREAS**,** with respect to the Funds, the parties hereto wish to lessen the impact of the total ordinary operating expenses of the Funds (collectively, the "Total Expenses");

NOW, THEREFORE, the parties do hereby agree as follows:

1. <u>Term of Agreement</u>. With respect to each Fund, this Agreement shall continue in force until the close of business on
April 30, 2027, unless earlier terminated by written agreement of the parties hereto.

2. <u>Reimbursement of Expenses of the Funds</u>. Advisors hereby agrees to reimburse the Funds for the Total Expenses of the
Funds that exceed, on an annual basis, the percentages of average daily net assets set forth on Exhibit A, subject in all cases
to possible further reductions as a result of reductions in the complex-level fee component of the investment management fee for
each Fund subject to the complex-level fee, as detailed in the Investment Management Agreement. Total Expenses under this Agreement
shall not be construed to include interest, taxes, brokerage commissions or other transactional expenses, Acquired Fund Fees and
Expenses (as defined in the Securities and Exchange Commission's Form N-1A) or any Extraordinary Expenses incurred by a Fund.
Extraordinary Expenses shall include, but not be limited to: litigation costs and claims and other expenses not incurred in the
ordinary course of a Fund's business.

3. <u>Amount and Frequency of Reimbursements</u>. The amount of reimbursement, if any, for each Fund shall be determined monthly.
The frequency of such reimbursements shall be made from time to time as agreed upon between the Trust and Advisors.

4. <u>Assignment and Modification</u>. This Agreement may be modified or assigned only by a writing signed by all of the parties.

5. <u>Governing Law</u>. This Agreement shall be governed by and construed in accordance with the laws of the State of New York.

IN WITNESS WHEREOF, the parties have executed this Agreement effective as of the date first written above.

Teachers Advisors, LLC

---

| |
|:---|
| /s/ Rachael Zufall |
| By: Rachael Zufall |
| Title: Assistant Secretary |

---

TIAA-CREF Life Funds

On behalf of each of the Funds

---

| |
|:---|
| /s/ Marc Cardella |
| By: Marc Cardella |
| Title: Vice President and Controller |

---

**<u>Exhibit A</u>**

---

| | |
|:---|:---|
| **FUND** | **TOTAL EXPENSES** <br> **CAP** |
| Nuveen Life Growth Equity Fund | 0.52% |
| Nuveen Life Core Equity Fund | 0.52% |
| Nuveen Life International Equity Fund | 0.60% |
| Nuveen Life Large Cap Value Fund | 0.52% |
| Nuveen Life Small Cap Equity Fund | 0.53% |
| Nuveen Life Stock Index Fund | 0.09% |
| Nuveen Life Social Choice Equity Fund | 0.22% |
| Nuveen Life Real Estate Securities Select Fund | 0.57% |
| Nuveen Life Core Bond Fund | 0.35% |
| Nuveen Life Money Market Fund | 0.15% |
| Nuveen Life Balanced Fund | 0.10% |

---

## Ex-99.(I)

**Exhibit (i)**

---

| |
|:---|
| **Rachael M. Zufall**<br> Managing Director,<br> Associate General Counsel |
| 8500 Andrew Carnegie Blvd.<br> Charlotte, NC 28262<br> T 704 988-4446<br> <u>rachael.zufall@nuveen.com</u> |

---

April 24, 2026

The Board of Trustees

TIAA-CREF Life Funds

730 Third Avenue

New York, New York 10017-3206

Ladies and Gentlemen:

This opinion is furnished in connection with the filing by TIAA-CREF Life Funds (the "Trust") of Post-Effective Amendment No. 49 to the Registration Statement (File Nos. 333-61759 and 811-08961) on Form N-1A ("Registration Statement") covering an indefinite amount of securities in the form of shares in each series of the Trust (the "Shares").

I have examined, or caused to be examined, the Certificate of Trust, Declaration of Trust and other corporate records of the Trust, a good standing certificate dated as of a recent date from the Secretary of State of the State of Delaware, and the relevant statutes and regulations of the State of Delaware.

My opinion in paragraph 1 with regard to valid existence in the State of Delaware is based solely on the certification by the Secretary of State of Delaware of the Certificate of Trust and good standing certificate.

On the basis of such examination, and subject to the qualifications and assumptions herein, it is my opinion that:

1. The TIAA-CREF Life Funds is a statutory trust duly organized and validly existing under the laws of the State of Delaware.

2. Subject to the continuing effectiveness of the Registration Statement, and assuming the continued valid existence of the trust of the TIAA-CREF Life Funds under Delaware law, the Shares have been duly authorized and, when issued as contemplated by the Registration Statement, will be validly issued, fully-paid and non-assessable.

I hereby consent to the use of this opinion as an exhibit to the Registration Statement, and to the reference to my name under the heading "Legal Matters" in the Statement of Additional Information.

---

| |
|:---|
| Sincerely, |
| /s/Rachael M. Zufall |
| Rachael M. Zufall |

---

## Ex-99.(J)(1)

**Exhibit (j)(1)**

---

| | |
|:---|:---|
| ![](x2_c116039x10x1.jpg) | 1900 K Street, NW<br> Washington, DC 20006-1110<br> +1 202 261 3300 Main<br> +1 202 261 3333 Fax<br> www.dechert.com |

---

April 22, 2026

TIAA-CREF Life Funds

730 Third Avenue

New York, NY 10017-3206

Re: TIAA-CREF Life Funds (the "Trust") <br> (File Nos. 333-61759 and 811-08961)

Dear Ladies and Gentlemen:

We hereby consent to the use of our name under the caption "Legal Matters" in the Statement of Additional Information filed as a part of Post-Effective Amendment No. 49 to the Trust's Registration Statement, unless and until we revoke such consent. In giving such consent, however, we do not admit that we are within the category of persons whose consent is required by Section 7 of the Securities Act of 1933, as amended, and the rules and regulations thereunder.

Very truly yours,

<u>/s/ Dechert LLP</u>

Dechert LLP

## Ex-99.(J)(2)

**Exhibit (j)(2)**

<u>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u>

We hereby consent to the incorporation by reference in this Registration Statement on Form N-1A of TIAA-CREF Life Funds of our report dated February 27, 2026, relating to the financial statements and financial highlights of Nuveen Life Growth Equity Fund, Nuveen Life Core Equity Fund, Nuveen Life International Equity Fund, Nuveen Life Large Cap Value Fund, Nuveen Life Real Estate Securities Select Fund, Nuveen Life Small Cap Equity Fund, Nuveen Life Large Cap Responsible Equity Fund, Nuveen Life Stock Index Fund, Nuveen Life Core Bond Fund, Nuveen Life Balanced Fund and Nuveen Life Money Market Fund, which appears in TIAA-CREF Life Fund's Certified Shareholder Report on Form N-CSR for the year ended December 31, 2025. We also consent to the references to us under the headings "Experts", "Independent Registered Public Accounting Firm" and "Financial Highlights" in such Registration Statement.

/s/ PricewaterhouseCoopers LLP

Chicago, Illinois

April 23, 2026

## Ex-99.(P)(2)

**Exhibit (p)(2)**

**CODE OF ETHICS**

---

| | |
|:---|:---|
| ![](x1_c116039x15x1.jpg) | Nuveen Compliance \| 6 January 2026 |

---

**Code of Ethics** *– Americas*

**SUMMARY AND SCOPE**

**What the Code is about**

Helping to ensure that Nuveen and TIAA Employees place the interests of Nuveen clients ahead of their own personal interests.

**Who the Code applies to and what the implications are**

This Code applies to individuals in the following categories:

&nbsp;&nbsp;&nbsp;&nbsp;• Nuveen Employees based in the
 US or Canada (except employees of Nuveen Natural Capital, unless the local/ designated
 Chief Compliance Officer and Nuveen Ethics Office determine otherwise).

&nbsp;&nbsp;&nbsp;&nbsp;• Employees of any US-registered investment
 adviser who are based outside the US.

&nbsp;&nbsp;&nbsp;&nbsp;• Consultants, interns, and temporary
 workers based in the US or Canada whose contract length is 90 days or more, unless the
 Nuveen Ethics Office determines otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;• TIAA Employees, consultants, interns,
 and temporary workers designated as Access Persons by a Nuveen Funds Chief Compliance
 Officer or the Nuveen Ethics Office.

Independent directors and trustees of the CREF/VA-1 and Nuveen Fund Complex have their own Code of Ethics and are not subject to this one.

For individuals who are subject to the Code, there are two designations with different implications: Access Person and Investment Person.

**ACCESS PERSON**

All Nuveen Employees and TIAA Employees who are subject to the Code are considered Access Persons, since they have, or could have, access to non-public information about securities transactions and other investments, holdings, or recommendations for Affiliate-Advised Accounts or Portfolios.

**Key characteristics of this designation.** An individual may be considered an Access Person of multiple advisers affiliated with Nuveen, or of only one. If your regular duties give you access to non-public information, or you are an officer of a Nuveen sponsored or branded fund, your personal trading is generally monitored only against the trading activity of the specific adviser(s) or Affiliated Funds with which you are involved. For other employees, personal trading is typically monitored against the trading activities of all Nuveen US advisers.

You will generally not be permitted to execute transactions in a security on any day when an Affiliate-Advised Account or Portfolio managed by the adviser(s) that you are monitored against has a pending buy or sell order for that security at the time of your pre-clearance request.

**INVESTMENT PERSON**

An Access Person who meets any of the following criteria will in addition be considered an Investment Person:

&nbsp;&nbsp;&nbsp;&nbsp;• The Access Person is a Portfolio
 Manager, Research Analyst or Research Assistant, or they otherwise participate in making
 recommendations or decisions concerning the purchase or sale of securities in any Affiliate-Advised
 Account or Portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;• The Access Person has been designated
 an Investment Person by the affiliate Chief Compliance Officer or the Nuveen Ethics Office.

**Key characteristics of this designation.** The vast majority of Investment Persons are employees of Nuveen's investment advisers.

An Investment Person is prohibited from transacting in securities during the period starting 7 calendar days before, and ending 7 calendar days after, any trade in an Affiliate-Advised Account or Portfolio for which he/she has responsibility. In addition, an Investment Person's personal transactions will be reviewed for conflicts in the period starting 7 calendar days before, and ending 7 calendar days after, all trades by their associated investment adviser(s). In some cases, the Investment Person may be required to reverse a trade and/or forfeit an appropriate portion of any profit as determined by the Nuveen Ethics Office. These consequences can apply regardless of whether the trade was pre-cleared.

The personal trading of Investment Persons is generally only monitored against the trading activity of the specific adviser(s) for which they have been designated an Investment Person.

**Important to understand**

**Some of our affiliated investment advisers may have supplemental policies of their own that impose additional rules on the same topics covered in this Code.** Check with your manager or local/designated Chief Compliance Officer if you have questions.

---

| | |
|:---|:---|
| **Code of Ethics – Americas** | Page 2 of 9 |

---

**Personal trading is a privilege, not a right.** Nuveen and TIAA Employees are expected to follow the law and adhere to the highest standards of behavior—including with respect to personal trading. Any violation of the Code could have severe adverse effects on you, your co-workers, and Nuveen. You may be held personally liable for your conduct and be subject to fines, regulatory sanctions, and even criminal penalties.

Because Nuveen can restrict your trading or take actions such as forcing you to hold a position or to disgorge profits, personal trading carries risks beyond normal market risks.

**Some requirements in this Code apply to Household Members.** Each Household Member (see "Terms with Special Meanings" below) is subject to the same personal trading restrictions and requirements that apply to his/her related Nuveen and TIAA Employees.

**The Code does not address every ethical issue that might arise.** If you have any doubt at all after consulting the Code, contact the Nuveen Ethics Office for direction.

**The Code applies to appearance as well as substance.** Always consider how any action might appear to an outside observer (such as a client or regulator).

**You are expected to follow the Code both in letter and in spirit.** Literal compliance, such as pre-clearing a transaction, does not necessarily protect you from liability for conduct that violates the spirit of the Code. If you have questions about how to comply with this Code, consult the Nuveen Ethics Office.

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;**WHO TO CONTACT** |
| &nbsp;&nbsp;&nbsp;**Nuveen Ethics Office (Americas)**<br> nuveenethicsoffice@nuveen.com<br>|

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**TERMS WITH SPECIAL MEANINGS** |  |
| &nbsp;&nbsp;&nbsp;Within this policy, these terms are defined as follows:<br>**Affiliate-Advised Account or Portfolio** Any Affiliated Fund, or any portfolio or client account advised or sub-advised by Nuveen.<br>**Affiliated Fund** Any TIAA-CREF or Nuveen branded or sponsored open-end fund, closed-end fund, or Exchange Traded Fund (ETF), and any third-party fund advised or sub-advised by Nuveen.<br>**Automatic Investment Plan** Any program, such as a dividend reinvestment plan (DRIP), under which investment account purchases or withdrawals occur according to a predetermined schedule and allocation.<br>**Beneficial Ownership** Any interest by which you or any Household Member—directly or indirectly—derives a monetary benefit from purchasing, selling, or owning a security or account, or exercises investment discretion.<br>You have Beneficial Ownership of securities held in accounts in your own name, or any Household Member's name, and in all other accounts over which you or any Household Member exercises or may exercise investment decision-making powers, or other influence or control, including trust, partnership, estate, and corporate accounts or other joint ownership or pooling arrangements.<br>**Code** This Code of Ethics.<br>**Domestic Partner** An individual who is neither a relative of nor legally married to a Nuveen Employee, but shares a residence and is in a mutual commitment similar to marriage with such Nuveen Employee.<br>**Event Contract** A derivative contract whose payoff is based on a specified event, occurrence or value such as the value of a macroeconomic indicator or corporate earnings. Also known as a prediction or information contract. | &nbsp;&nbsp;&nbsp;**Federal Securities Laws** The applicable portions of any of the following laws, as amended, and of any rules adopted under them by the Securities and Exchange Commission or the Department of the Treasury:<br> • Securities Act of 1933.<br> • Securities Exchange Act of 1934.<br> • Investment Company Act of 1940.<br> • Investment Advisers Act of 1940.<br> • Sarbanes-Oxley Act of 2002.<br> • Title V of the Gramm-Leach-Bliley Act.<br> • The Bank Secrecy Act.<br> **Household Member** Any of the following who reside, or are expected to reside for at least 90 days a year, in the same household as a Nuveen Employee:<br>• Spouse or Domestic Partner.<br> • Sibling.<br> • Child, stepchild, grandchild.<br> • Parent, stepparent, grandparent.<br> • In-laws (mother, father, son, daughter, brother, sister).<br>**Independent Director** Any director or trustee of an Affiliated Fund who is not an "interested person" within the meaning of Section 2(a)(19) of the Investment Company Act of 1940, as amended.<br>**Managed Account** Any account, including robo-advised accounts, in which you or a Household Member has Beneficial Ownership and for which you have delegated full investment discretion in writing to a third- party broker or investment manager.<br>**Nuveen** Nuveen, LLC and all of its direct or indirect subsidiaries worldwide.<br>**Nuveen Employee** Any full- or part-time employee of Nuveen, and any consultants, interns, or temporary workers designated by the Nuveen Ethics Office.<br>|

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|:---|:---|
| &nbsp;&nbsp;&nbsp;**TERMS WITH SPECIAL MEANINGS (continued)** |  |
| &nbsp;&nbsp;&nbsp;**Private Placement** Any offering exempt from registration under the Securities Act of 1933, such as a private equity investment, hedge fund, or limited partnership. A private investment in public equity (PIPE) is also considered a Private Placement.<br>**Reportable Account** Any account for which you or a Household Member has Beneficial Ownership AND in which securities can be bought, sold, or held. This includes, among others:<br>• All brokerage, IRA, custodial, and trust accounts.<br> • All Managed Accounts.<br> • All 529 College Savings Plan accounts.<br> • Any TIAA 401(k) plan account.<br> • Any 401(k) plan account that permits transactions in any Reportable Security.<br> • Any direct holding in an Affiliated Fund.<br> • Any health savings account (HSA) that permits the purchase of any security.<br> • Any employee stock purchase plan (ESPP) or employee stock ownership plan (ESOP).<br> The following are NOT considered Reportable Accounts:<br>• Charitable giving accounts.<br> • Accounts held directly with a mutual fund complex or mutual fund-only platform, and not held at a bank or broker-dealer, in which open-end, non-Affiliated Funds are the only possible investment.<br> • Any cash management account with a broker in which a security cannot be purchased or sold.<br> • Any accounts that can invest only in cryptocurrency such as Bitcoin or Ethereum.<br> **Reportable Security** Any security EXCEPT:<br>• Direct obligations of the US government (indirect obligations, such as Fannie Mae and Freddie Mac securities, are reportable). | &nbsp;&nbsp;&nbsp;&nbsp;• Certificates of deposit, bankers' acceptances, commercial paper, and high quality short-term debt (including repurchase agreements).<br> • Money market funds.<br> • Open-end funds that are not Affiliated Funds.<br> • Note that closed-end funds are Reportable Securities.<br> • Note that direct investments in cryptocurrency, such as Bitcoin, are not considered to be a security and are therefore not reportable.<br> **Reportable Transaction** Any transaction involving a Reportable Security EXCEPT:<br>• Transactions in Managed Accounts. Section 16 Persons: Transactions involving Nuveen closed-end funds in any of your Managed Accounts are reportable.<br> • Transactions under an Automatic Investment Plan; note that transactions that override the pre-set schedule or allocation are reportable.<br> • Dividends.<br> • Interest Accrued.<br> **Section 16 Person** Section 16 of the Exchange Act and the rules thereunder impose certain obligations on persons specified in section 30(h) of the Investment Company Act of 1940, as well as insiders of any public company that trades on a national stock exchange (such as a Nuveen closed-end fund). For purposes of Section 16, an "insider" is:<br>• A director of a public company.<br> • A designated officer of a public company.<br> • A person who beneficially owns 10% or more of any class of equity security that is registered under Section 12 of the Exchange Act.<br> • A portfolio manager of a Nuveen closed-end fund.<br> Persons subject to Section 16 include, but are not limited to, portfolio managers of the Nuveen closed-end funds.<br>**TIAA Employee** Any full- or part-time employee of TIAA, and any consultants, interns, and temporary workers designated by the Nuveen Ethics Office.<br>|

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**GENERAL RESTRICTIONS AND REQUIREMENTS**

**BASIC PRINCIPLES**

&nbsp;&nbsp;&nbsp;&nbsp;1. Never abuse a client's
 trust, rights, or interests.

This means you must never do any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Engage in any plan or action,
 or use any device, that would defraud or deceive a client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Make any material statements of fact that are incorrect or
 misleading, either as to what they include or omit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Engage in any manipulative practice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Use your position (including
 any knowledge or access to opportunities you have gained by virtue of your position)
 to personal advantage or to a client's disadvantage. This would include, for example,
 front-running or tailgating (trading directly before or after the execution of a large
 client trade order), or any attempt to influence a client's trading to enhance
 the value of your personal holdings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Conduct personal trading in any
 way that could be inconsistent with your fiduciary duties to a client (even if it does
 not technically violate the Code).

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Handle conflicts of interest appropriately.** This applies not only to actual conflicts of
 interest, but also to any situation that might appear to an outside observer to be improper
 or a breach of fiduciary duty.

&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Keep confidential information confidential.** Always properly safeguard any confidential
 information you obtain in the course of your work. This includes confidential information
 related to any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any Affiliate-Advised Account
 or Portfolio and any other financial product offered or serviced by Nuveen.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• New products, product changes, or business initiatives.

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| **Code of Ethics – Americas** | Page 4 of 9 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Past, current, and prospective
 clients, including their identities, investments, and account activity.

"Keeping information confidential" means using discretion in disclosing information as well as guarding against unlawful or inappropriate access by others.

This includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Making sure no confidential
 information is visible on your computer screen and desk when you are not there.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not sharing passwords with others.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Using caution when discussing
 business in any location where your conversation could be overheard. Confidential information
 may be released only as required by law or as permitted under the applicable privacy
policy(ies). Consult the Nuveen Ethics Office or your local/designated CCO before releasing any confidential information.

&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Handle Material Non-Public Information properly.** Follow all terms described in "Material Non-Public
 Information" below. Be aware that any failure to handle such information properly
 is a serious offense and may lead to disciplinary action from Nuveen or
TIAA as well as serious civil or criminal liability.

&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Comply with Federal Securities Laws.** Any violation of these laws is punishable as a violation
 of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Never do anything indirectly that, if done directly, would violate the Code.** Such actions
 will be considered the equivalent of direct Code violations.

&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Promptly alert the Nuveen Ethics Office or your local/designated CCO of any actual or suspected wrongdoing.** Examples of wrongdoing include violations of the Federal Securities Laws,
 misuse of corporate assets, misuse of confidential information, or other violations of
 the Code. If you prefer to report confidentially, call the TIAA Confidential Helpline
 at 1-877-774-6492. Note that failure to report suspected wrongdoing in a timely fashion
 is itself a violation of the Code.

**PRE-CLEARANCE AND HOLDING REQUIREMENTS**

&nbsp;&nbsp;&nbsp;&nbsp;**8.** **Pre-clear any trade in Reportable Securities, including certain Affiliated Funds** (see box on
 next page for additional information).

If your trade requires pre-clearance, request approval through the StarCompliance system (StarCompliance) before you or any Household Member places an order to buy or sell any Reportable Security. Any approval you receive expires at the end of the day it was granted; however, you may place after-hours trades in international markets until 11:59 PM local time on that day. When requesting pre-clearance, follow this process:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Request pre-clearance on the
 same day you want to trade, during standard US trading hours (9:30 AM to 4:00 PM ET).
 Be sure your pre-clearance request is accurate as to security and direction of trade.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Wait for approval to be displayed before
 trading. If you receive approval, you may only trade that same day, and only within the
 scope of approval. If you do not receive approval, do not trade.

&nbsp;&nbsp;&nbsp;&nbsp;• Place day orders only. Do not
 place good-till-canceled orders or limit orders that expire beyond the day of pre-clearance
 approval. You may place orders for an after-hours trading session or in foreign markets
 using that day's pre-clearance approval, but you must not place any order that
 could remain open into the next day's trading session.

&nbsp;&nbsp;&nbsp;&nbsp;9. Hold
 positions in securities that are subject to pre-clearance for 60 calendar days, or be
 prepared to forfeit any gains. Several things to note:

&nbsp;&nbsp;&nbsp;&nbsp;• You may be required to surrender
 any gains realized (net of commissions) through a violation of this rule.

&nbsp;&nbsp;&nbsp;&nbsp;• The 60-day holding requirement
 is tested on a last-in-first-out basis, across all of your holdings (not just within
 individual accounts).

&nbsp;&nbsp;&nbsp;&nbsp;• The 60-day holding requirement
 extends to any options or other transactions that may have the same effect as a purchase
 or sale, and to all Reportable Securities except Exchange Traded Funds (ETFs), Exchange
 Traded Notes (ETNs), Unit Investment Trusts (UITs), and open-end Affiliated Funds. **Note that trading in single-stock ETFs is prohibited.** 

&nbsp;&nbsp;&nbsp;&nbsp;• Closed-end funds, including
 Nuveen branded or sponsored closed-end funds, are subject to the 60-day holding requirement.

&nbsp;&nbsp;&nbsp;&nbsp;• You may sell the security on
 the 60th day after purchase, provided you obtain pre-clearance or an approved exemption
 applies.

&nbsp;&nbsp;&nbsp;&nbsp;• You may re-purchase a security
 immediately after executing a sale of that same security subject to pre-clearance approval,
 which will trigger a new 60 calendar day holding period.

&nbsp;&nbsp;&nbsp;&nbsp;• You may close a position at
 a loss at any time provided pre-clearance approval has been obtained, or an approved
 exemption applies. If your pre-clearance has been denied, it is advisable that you contact
 the Nuveen Ethics Office if you are seeking to sell at a loss within 60 days of your
 purchase. Note that if there are conflicts with any other provisions of the Code, your
 pre-clearance denial will not be overridden.

&nbsp;&nbsp;&nbsp;&nbsp;**10.** **Comply with trading restrictions described in the prospectuses for all Affiliated Funds.** This
 includes restrictions on frequent trading in shares of any open-end Affiliated Fund.

&nbsp;&nbsp;&nbsp;&nbsp;**11.** **Pre-clear any transaction in a Managed Account that involves your influence.** You must also
 immediately consult with the Nuveen Ethics Office to discuss whether the account in question
 can properly remain classified as a Managed Account.

&nbsp;&nbsp;&nbsp;&nbsp;**12.** **Obtain the required approvals before any transaction in a Private Placement, including PIPEs.** Participation and approval for all transactions in Private Placements advised or
 sub-advised by Nuveen, is

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| **Code of Ethics – Americas** | Page 5 of 9 |

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facilitated by the Nuveen Employee Investment Program (NuveenEIP@nuveen.com).

For all other Private Placements, you must obtain approval for initial and subsequent commitments to invest but not

sales/redemptions. Be aware that sales/redemptions are Reportable Transactions. Approval is required even if the investment is made in a Managed Account.

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|:---|:---|
| &nbsp;&nbsp;&nbsp;**WHAT NEEDS TO BE PRE-CLEARED** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Pre-clearance required**<br>• All actively initiated trades in Reportable Securities, except those listed here under "Pre-clearance not required."<br> • Note that all closed-end funds, regardless of the underlying investments or fund structure (e.g. trust), including Nuveen-branded or - sponsored closed-end funds, require pre-clearance.<br> • The sale of restricted stock or employee stock options accrued during prior employment or a Household Member's employment require pre-clearance. If pre-clearance is denied, you may contact the Nuveen Ethics Office to request reconsideration.<br> • You may liquidate a position recently acquired through inheritance or a spin-off, subject to pre-clearance approval. If your pre-clearance is denied, you may contact the Nuveen Ethics Office to seek an exemption.<br> Be aware that pre-clearance can be withdrawn even after it has been granted, and even after you have traded, if Nuveen later becomes aware of Affiliate-Advised Account or Portfolio trades whose existence would have resulted in denial of pre-clearance. In these cases, you may be required to reverse a trade and/or forfeit an appropriate portion of any profit, as determined by the Nuveen Ethics Office.<br>Be aware that trades initiated by a broker to address the financial standing of an account can result in violations and will generally not be protected by the Code's "actively initiated trade" language for trades requiring pre-clearances. Examples include, but are not limited to, brokers initiating trades in margin accounts, brokers initiating trades to cover account fees, and brokers initiating trades to remediate a minimum or negative cash balance in an account.<br>| &nbsp;&nbsp;&nbsp;&nbsp;**Pre-clearance not required**<br>• Shares of any open-end mutual fund (including open-end Affiliated Funds).<br> • ETFs, ETNs, UITs (including options on ETFs and ETNs). **Note that trading in single-stock ETFs is prohibited.**<br> • CDs and commercial paper.<br> • Securities acquired or disposed of through actions outside your control or issued pro rata to all holders of the same class of investment, such as automatic dividend reinvestments, stock splits, mergers, spin-offs, or rights subscriptions.<br> • The automatic exercise or liquidation by an exchange of a derivative instrument upon expiration or the delivery of securities pursuant to a written option that is exercised against you, and the assignment of options.<br> • Sales pursuant to a bona fide tender offer.<br> • Trades made through an Automatic Investment Plan that have been disclosed to the Nuveen Ethics Office in advance.<br> • Trades in a Managed Account (except that you must pre-clear any trades that involve your influence, any initial purchases of Private Placements, purchases in any security in an initial public offering, any sales or redemptions of Private Placements that are branded, sponsored, advised or sub-advised by Nuveen, and, if you are a Section 16 Person, and any trades in Nuveen closed-end funds).<br> • Foreign currencies, including futures.<br> • Commodity instruments.<br> • Index options and index futures.<br> • Direct investments in cryptocurrencies.<br> • Crypto instruments that are comprised of and invest solely in cryptocurrencies. |

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**OTHER RESTRICTIONS**

&nbsp;&nbsp;&nbsp;&nbsp;**13.** **Never knowingly trade any security being traded or considered for trade by any Affiliate-Advised Account or Portfolio.** This applies to employee transactions in securities that are
 exempt from pre-clearance and includes equivalent or related securities.

For example, if a company's common stock is being traded, you may face restrictions on trading any of the company's debt, preferred, or foreign equivalent securities, and from trading or exercising any options based on the company's securities.

&nbsp;&nbsp;&nbsp;&nbsp;**14.** **Always prioritize client trades over personal trades.** Your fiduciary duties to the client are far more
 important than your personal trading, which is a privilege and not a right. Never delay
 or in any way alter the timing or terms of a client trade for your personal benefit.

&nbsp;&nbsp;&nbsp;&nbsp;**15.** **Do not engage in trading that involves any single stock ETFs, options on single stock ETFs, or single stock futures.** Do
 not trade any financial instrument to obtain economic exposure to an individual security
 that you could not otherwise trade directly.

&nbsp;&nbsp;&nbsp;&nbsp;16. Do
 not enter into any Event Contract involving any company, financial market, or economic
 indicator or forecast (such as recession likelihood or GDP growth) using an online prediction
 market platform (e.g. Kalshi, Polymarket, Augur) or any other means. This
 restriction does not apply to Event Contracts related to sports, politics, culture, or other events not previously defined as prohibited.

&nbsp;&nbsp;&nbsp;&nbsp;17. Do
 not engage in uncovered short sales of individual securities.

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| **Code of Ethics – Americas** | Page 6 of 9 |

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&nbsp;&nbsp;&nbsp;&nbsp;**18.** **You may trade options on individual securities, subject to the 60-day holding period.** Options
 traded must have an expiration of at least 60 days from the date that you enter into
 the contract. You are not permitted to close an option at a profit within 60 days of
 having entered into the contract. The option contract can be closed in less than 60 days
 at a loss, provided pre-clearance approval has been obtained.

&nbsp;&nbsp;&nbsp;&nbsp;19. Never
 participate in an investment club or similar entity.

&nbsp;&nbsp;&nbsp;&nbsp;**20.** **Do not engage in excessive or inappropriate trading activity. Never let personal trading interfere with your professional duties.** The Nuveen Ethics Office will monitor for potentially
 excessive or inappropriate trading and notify your manager and your local/designated
 CCO for assessment.

&nbsp;&nbsp;&nbsp;&nbsp;**21.** **Pre-clear the sale of securities in a margin account.** Margin accounts are permitted; however,
 you

must obtain pre-clearance when selling to meet a margin call, even if the transaction is initiated by a broker.

&nbsp;&nbsp;&nbsp;&nbsp;**22.** **Never purchase an IPO without advance approval.** This includes Managed Accounts. Equity
 IPO participation is generally prohibited but approval may be granted in special circumstances,
 such as when:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You already have equity in
 the company and are offered shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You are a policy holder or depositor
 in a company that is demutualizing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A Household Member has been
 offered shares as an employee.

Purchases of initial offerings of SPACs, fixed income securities, convertible securities, preferred securities, open- and closed-end funds, commodity pools, and secondary equity offerings are generally permitted subject to pre-clearance in StarCompliance.

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|:---|:---|
| &nbsp;&nbsp;&nbsp;**MATERIAL NON-PUBLIC INFORMATION** |  |
| &nbsp;&nbsp;&nbsp;**What is Material Non-Public Information?**<br>Material Non-Public Information is defined as information regarding any security, securities-based derivatives or issuer of a security that is both material and non-public. Information is material if both of the following are true:<br>• A reasonable investor would likely consider it important when making an investment decision.<br> • Public release of the information would likely affect the price of a security.<br> Information is generally non-public if it has not been distributed through a widely used public medium, such as a press release or a report, filing or other periodic communication.<br>**Restrictions and requirements**<br>• Any time you think you might have, or may be about to, come into possession of Material Non-Public Information (whether in connection with your position at Nuveen or TIAA or not), alert the Nuveen Ethics Office. Alternatively, you may alert your local/designated CCO or Legal office, who in turn must promptly notify the Nuveen Ethics Office. Follow the instructions you are given.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Until you receive further instructions from the Nuveen Ethics Office, your local/designated CCO, or Legal, do not take any action in relation to the information, including trading or recommending the relevant securities or communicating the information to anyone else.<br> • Never make decisions on your own regarding potential Material Non-Public Information, including whether such information is actually Material Non-Public Information or what steps should be taken.<br> • If the Nuveen Ethics Office, your local/designated CCO and/or Legal determine that you have Material Non-Public Information:<br> –<br>Do not buy, sell, gift, or otherwise dispose of the issuer's securities, whether on behalf of an Affiliate-Advised Account or Portfolio, yourself, or anyone else.<br> –<br>Do not in any way recommend, encourage, or influence others to transact in the issuer's securities, even if you do not specifically disclose or reference the Material Non-Public Information.<br> –<br>Do not communicate the Material Non-Public Information to anyone, whether inside or outside Nuveen, except in discussions with the Nuveen Ethics Office and Legal and as expressly permitted by any confidentiality agreement or supplemental policies and procedures of your business unit.<br> • Please refer to Nuveen's Material Non-Public Information and Insider Trading Policy for detailed information.<br>|

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**REPORTING REQUIREMENTS**

**UPON BECOMING AN EMPLOYEE**

&nbsp;&nbsp;&nbsp;&nbsp;**23.** **Within 10 calendar days of starting at Nuveen or TIAA, acknowledge receipt of the Code.** This
 includes certifying that you have read the Code, understand it, recognize that you are
subject to it, have complied with all of its applicable requirements, and have submitted all Code-required reports.

&nbsp;&nbsp;&nbsp;&nbsp;24. Within
 10 calendar days of starting at Nuveen or TIAA, use StarCompliance to report all of your
 Reportable Accounts and holdings in Reportable Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A) Report
 all **Reportable Accounts** using StarCompliance within 10 calendar days of starting
 at Nuveen or TIAA, making sure that you include information about the broker, dealer,
 or bank through which the account is held and the type of account. You must also upload
 the most recent statement in StarCompliance for each Reportable Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B) If
 your account is not held with an approved broker or is not feed eligible as described
 in item 26 below, you must manually input an initial holding in StarCompliance for each **Reportable Security** within 10 calendar days of starting at
Nuveen or TIAA. For Reportable Accounts held with an approved broker that are feed-eligible, the statement upload will fulfill
your initial holdings reporting and manual entry is not required unless you wish to sell a Reportable Security prior to the establishment
of the account's electronic feed in StarCompliance. For each Reportable Security, provide the security name and type, a
ticker symbol or CUSIP, the number of shares or units held, and the principal amount (dollar value).

Note the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• This information must be no
 older than 45 calendar days before your first day of employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• TIAA retirement plan accounts
 (other than those of Household Members) and TIAA HSAs administered by HealthEquity are
 not required to be manually added to StarCompliance as they are automatically added.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• There are separate procedures
 for Managed Accounts, as described below in item 28.

&nbsp;&nbsp;&nbsp;&nbsp;**25.** **Within 10 calendar days of starting at Nuveen or TIAA, report all current investments in Private Placements (limited offerings).** Limited offerings are Reportable Securities.

&nbsp;&nbsp;&nbsp;&nbsp;**26.** **Within 30 calendar days of starting at Nuveen or TIAA, move or close any Reportable Account that is not at an approved firm.** This
does not include Reportable Accounts that are commonly not feed-eligible, such as 401(k)s/403(b)s, HSAs, ESPP/ESOPs, Pension/

Annuity accounts, or 529 plans. See the definition of "Reportable Account" above and contact the Nuveen Ethics Office if you are unsure whether your account must be held with an approved firm. The list of approved firms is maintained by the Nuveen Ethics Office and is available in the document library of StarCompliance.

Under very limited circumstances, it may be possible to obtain a waiver to keep a Reportable Account at a non-approved firm. Examples include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An account owned by a Household
 Member who works at another financial firm with comparable restrictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An account that holds securities
 that cannot be transferred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An account that cannot be moved
 because of a trust agreement.

To apply for an exception, complete the Approved Broker Exception Request Form in StarCompliance. For any account granted an exception, you are required to upload statements for the account in StarCompliance at least quarterly for the entire reporting period and manually enter all Reportable Transactions in StarCompliance within 5 days of execution.

Consultants, temporary workers, and employees based outside of the US are generally not required to move or close Reportable Accounts.

&nbsp;&nbsp;&nbsp;&nbsp;**27.** **Within 30 calendar days of starting at Nuveen or TIAA, seek approval to liquidate any securities held prior to starting at Nuveen or TIAA that you do not wish to continue to hold.** If
 you wish to liquidate securities that you held prior to joining Nuveen or TIAA, seek
 approval by contacting the Nuveen Ethics Office within 30 calendar days of starting at
 Nuveen or TIAA. If you do not liquidate securities during this time, you will generally
 forfeit this special consideration for liquidation and your trade requests to sell shares
 in these securities may be denied in the future.

**WHEN OPENING ANY MANAGED ACCOUNT**

&nbsp;&nbsp;&nbsp;&nbsp;**28.** **Get pre-approval for any new Managed Account before any trading activity commences** and
 report the account within 10 calendar days of the date you or a Household Member opens
 the account or an account becomes a Reportable Account
through marriage, cohabitation, divorce, death, or another event. Using the appropriate form, which may be accessed in StarCompliance,
provide representations that support the classification of the account as a Managed Account. For an account to be classified as
a Managed Account, the account owner must have no direct or indirect influence or control over the securities in the account.
The form must be signed by the account's broker or investment manager and by all account owners. The broker or investment
manager may

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| **Code of Ethics – Americas** | Page 8 of 9 |

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provide a Managed Account agreement or letter which substantiates the account as managed in lieu of signing the form. You may be asked periodically to confirm these representations or submit an updated form to confirm such.

Note that upon request, you are also responsible for providing duplicate statements for the Managed Account to the Nuveen Ethics Office.

**WHEN OPENING ANY NEW REPORTABLE ACCOUNT**

&nbsp;&nbsp;&nbsp;&nbsp;**29.** **Report any new Reportable Account, including Managed Accounts.** Do this in StarCompliance
 within 10 calendar days of the date you or a Household member opens the account or an
 account becomes a Reportable Account through marriage, cohabitation, divorce, death,
 or another event.

**EVERY QUARTER**

&nbsp;&nbsp;&nbsp;&nbsp;**30.** **Within 30 calendar days of the end of each calendar quarter, verify in StarCompliance that all Reportable Transactions made during that quarter have been reported.** StarCompliance
 will display all transactions of yours for which it has received notice (except transactions
 in your TIAA pension and retirement plan accounts, which you are not required to report because the firm accesses
this information directly). For any other Reportable Transactions not displayed, or displayed inaccurately, you are responsible
for making any necessary revisions in StarCompliance prior to completing your certification.

&nbsp;&nbsp;&nbsp;&nbsp;**31.** **For each Reportable Transaction, you must provide, as applicable, the transaction date, security name and type, ticker symbol or CUSIP, interest rate (coupon) and maturity date, number of shares, price at which the transaction was effected, principal amount (dollar value), the nature of the trade (buy or sell), and the name of the broker, dealer, or bank that effected the transaction.** It is very important that you carefully review and verify the transactions and related details displayed
in StarCompliance, checking for accuracy and completeness. Once again, if you find any errors or omissions, correct or add to
your list of transactions in StarCompliance.

**EVERY YEAR**

&nbsp;&nbsp;&nbsp;&nbsp;32. Within
 45 calendar days of the end of each calendar year, acknowledge receipt of the most recent
 version of the Code and certify in StarCompliance as to your annual Reportable Security
 holdings and Reportable Accounts.

The reporting must contain the information described in item 24 above and include your certification that you have reported all Reportable Accounts, and all holdings in Reportable Securities, at year end. If any of your Reportable Accounts and/or holdings in Reportable Securities are not displayed in StarCompliance or are displayed inaccurately, you are responsible for entering adjustments and trade confirms or making any necessary revisions in StarCompliance to complete your certification.

In addition, you must affirm each year through StarCompliance that each Managed Account is properly classified as a Managed Account, for yourself and on behalf of any Household Member. This affirmation does not require broker or investment manager involvement.

You also must acknowledge any amendments to the Code that occur during the course of the year.

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| &nbsp;&nbsp;&nbsp;**ADDITIONAL RULES FOR SECTION 16 PERSONS** |
| &nbsp;&nbsp;&nbsp;&nbsp;• Pre-clear transactions in all closed-end funds through StarCompliance. Any requests involving Nuveen closed-end funds will be reviewed by Legal.<br> • Pre-clear buy/sell transactions involving any Nuveen closed-end funds within your Managed Account(s).<br> • When selling for a gain any securities you buy that are issued by the entity of which you are a Section 16 Person, make sure it is at least 6 months after your most recent purchase of that security. This rule extends to any options or other transactions that may have the same effect as a purchase or sale and is tested on a last-in-first-out basis. You may be required to surrender any gains realized through a violation of this rule. Note that for any fund of which you are a Section 16 Person, no exception from pre-clearance is available.<br> • Promptly email to the appropriate contact in Legal the details of all executed transactions in Nuveen closed-end funds of which you are a Section 16 Person.<br> • See the Nuveen Funds Section 16 Policy and Procedures for additional information.<br> If you are unsure whether you are a Section 16 Person, contact Legal or the Nuveen Ethics Office.<br>|

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| **Code of Ethics – Americas** | Page 9 of 9 |

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| &nbsp;&nbsp;&nbsp;**CODE ADMINISTRATION** |
| &nbsp;&nbsp;&nbsp;**Training**<br>You will be required to participate in training on the Code when joining Nuveen or TIAA as well as periodically during the time you are subject to the Code.<br>**Exceptions**<br>The Code exists to prevent violations of law. The Nuveen Ethics Office may, under certain circumstances, grant waivers from a Code requirement. No waivers or exceptions that would violate any law will be granted.<br>**Monitoring**<br>The Nuveen Ethics Office is responsible for monitoring accounts, transactions, holdings and certifications for any violations of this Code.<br>**Consequences of violation**<br>Any individual who violates the Code is subject to penalty. Penalties could include, among other possibilities, a written warning, restriction of trading privileges, unwinding or reversing trades, disgorgement of trading profits, fines, and suspension or termination of employment.<br>**Applicable rules**<br>The Code has been adopted in recognition of Nuveen's fiduciary obligations to clients and in accordance with various provisions of Rule 204A-1 under the Investment Advisers Act of 1940 and Rule 17j-1 under the Investment Company Act of 1940. This Code is also adopted by the Affiliated Funds advised by Nuveen Fund Advisors, LLC, TIAA-CREF Investment Management, LLC and Teachers Advisors, LLC under Rule 17j-1.<br>Some elements of the Code also constitute part of Nuveen's response to Financial Industry Regulatory Authority (FINRA) requirements that apply to registered personnel of Nuveen Securities, LLC.<br>|

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