# EDGAR Filing Document

**Accession Number:** 0001084380
**File Stem:** 0000930413-25-002345
**Filing Date:** 2025-8
**Character Count:** 771572
**Document Hash:** 1349d918b1da195f7c95fd883b97757f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000930413-25-002345.hdr.sgml**: 20250801

**ACCESSION NUMBER**: 0000930413-25-002345

**CONFORMED SUBMISSION TYPE**: 497

**PUBLIC DOCUMENT COUNT**: 4

**FILED AS OF DATE**: 20250801

**DATE AS OF CHANGE**: 20250801

**EFFECTIVENESS DATE**: 20250801

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** 497
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-76651
- **FILM NUMBER:** 251173692

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

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

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

## Series and Classes Contracts Data

### Nuveen Equity Index Fund (Series ID: S000005360)

---

|  |  |  |
|:---|:---|:---|
| Class Name       | Ticker Symbol | Class ID   |
| Class R6         | TIEIX         | C000014611 |
| Retirement Class | TIQRX         | C000033987 |
| Class A          | TINRX         | C000033988 |
| Premier Class    | TCEPX         | C000079551 |
| Class I          | TEIHX         | C000162542 |
| Class W          | TEQWX         | C000202742 |

---

### Nuveen S&P 500 Index Fund (Series ID: S000005361)

---

|  |  |  |
|:---|:---|:---|
| Class Name       | Ticker Symbol | Class ID   |
| Class R6         | TISPX         | C000014612 |
| Retirement Class | TRSPX         | C000014613 |
| Class I          | TISAX         | C000162543 |
| Class W          | TISWX         | C000202743 |

---

### Nuveen Small Cap Blend Index Fund (Series ID: S000005367)

---

|  |  |  |
|:---|:---|:---|
| Class Name       | Ticker Symbol | Class ID   |
| Class R6         | TISBX         | C000014624 |
| Retirement Class | TRBIX         | C000014625 |
| Class I          | TRHBX         | C000162544 |
| Class W          | TRHWX         | C000202744 |

---

### Nuveen International Equity Index Fund (Series ID: S000005368)

---

|  |  |  |
|:---|:---|:---|
| Class Name       | Ticker Symbol | Class ID   |
| Class R6         | TCIEX         | C000014626 |
| Retirement Class | TRIEX         | C000014627 |
| Premier Class    | TRIPX         | C000079552 |
| Class I          | TCIHX         | C000162545 |
| Class W          | TCIWX         | C000202745 |

---

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

---

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

---

### Nuveen Core Equity Fund (Series ID: S000005370)

---

|  |  |  |
|:---|:---|:---|
| Class Name       | Ticker Symbol | Class ID   |
| Class R6         | TIGRX         | C000014631 |
| Retirement Class | TRGIX         | C000014632 |
| Class A          | TIIRX         | C000033989 |
| Premier Class    | TRPGX         | C000079554 |
| Class I          | TGIHX         | C000162547 |
| Class W          | TGIWX         | C000202746 |

---

### Nuveen Large Cap Responsible Equity Fund (Series ID: S000005371)

---

|  |  |  |
|:---|:---|:---|
| Class Name       | Ticker Symbol | Class ID   |
| Class R6         | TISCX         | C000014633 |
| Retirement Class | TRSCX         | C000014634 |
| Class A          | TICRX         | C000033990 |
| Premier Class    | TRPSX         | C000079555 |
| Class I          | TICHX         | C000162548 |

---

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

---

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

---

### Nuveen International Equity Fund (Series ID: S000005381)

---

|  |  |  |
|:---|:---|:---|
| Class Name       | Ticker Symbol | Class ID   |
| Class R6         | TIIEX         | C000014645 |
| Retirement Class | TRERX         | C000014646 |
| Class A          | TIERX         | C000033996 |
| Premier Class    | TREPX         | C000079565 |
| Class I          | TIEHX         | C000162558 |
| Class W          | TIEWX         | C000202750 |

---

### Nuveen Large Cap Value Fund (Series ID: S000005383)

---

|  |  |  |
|:---|:---|:---|
| Class Name       | Ticker Symbol | Class ID   |
| Class R6         | TRLIX         | C000014648 |
| Class A          | TCLCX         | C000014649 |
| Retirement Class | TRLCX         | C000014650 |
| Premier Class    | TRCPX         | C000079567 |
| Class I          | TRLHX         | C000162560 |
| Class W          | TRLWX         | C000202751 |

---

### Nuveen Quant Mid Cap Growth Fund (Series ID: S000005384)

---

|  |  |  |
|:---|:---|:---|
| Class Name       | Ticker Symbol | Class ID   |
| Class R6         | TRPWX         | C000014651 |
| Class A          | TCMGX         | C000014652 |
| Retirement Class | TRGMX         | C000014653 |
| Premier Class    | TRGPX         | C000079568 |
| Class I          | TCMHX         | C000162561 |

---

### Nuveen Mid Cap Value Fund (Series ID: S000005385)

---

|  |  |  |
|:---|:---|:---|
| Class Name       | Ticker Symbol | Class ID   |
| Class R6         | TIMVX         | C000014654 |
| Class A          | TCMVX         | C000014655 |
| Retirement Class | TRVRX         | C000014656 |
| Premier Class    | TRVPX         | C000079569 |
| Class I          | TRVHX         | C000162562 |

---

### Nuveen Quant Small Cap Equity Fund (Series ID: S000005386)

---

|  |  |  |
|:---|:---|:---|
| Class Name       | Ticker Symbol | Class ID   |
| Class R6         | TISEX         | C000014657 |
| Class A          | TCSEX         | C000014658 |
| Retirement Class | TRSEX         | C000014659 |
| Premier Class    | TSRPX         | C000079570 |
| Class I          | TSCHX         | C000162563 |
| Class W          | TSCWX         | C000202752 |

---

### Nuveen Large Cap Growth Index Fund (Series ID: S000005387)

---

|  |  |  |
|:---|:---|:---|
| Class Name       | Ticker Symbol | Class ID   |
| Class R6         | TILIX         | C000014660 |
| Retirement Class | TRIRX         | C000014661 |
| Class I          | TRIHX         | C000162564 |
| Class W          | TRIWX         | C000202753 |

---

### Nuveen Large Cap Value Index Fund (Series ID: S000005388)

---

|  |  |  |
|:---|:---|:---|
| Class Name       | Ticker Symbol | Class ID   |
| Class R6         | TILVX         | C000014662 |
| Retirement Class | TRCVX         | C000014663 |
| Class I          | THCVX         | C000162565 |
| Class W          | THCWX         | C000202754 |

---

### Nuveen Large Cap Growth Fund (Series ID: S000012197)

---

|  |  |  |
|:---|:---|:---|
| Class Name       | Ticker Symbol | Class ID   |
| Class A          | TIRTX         | C000033280 |
| Retirement Class | TILRX         | C000033281 |
| Class R6         | TILGX         | C000033282 |
| Premier Class    | TILPX         | C000079573 |
| Class I          | TILHX         | C000162568 |
| Class W          | TILWX         | C000202757 |

---

### Nuveen Emerging Markets Equity Fund (Series ID: S000029604)

---

|  |  |  |
|:---|:---|:---|
| Class Name       | Ticker Symbol | Class ID   |
| Class A          | TEMRX         | C000090850 |
| Retirement Class | TEMSX         | C000090851 |
| Premier Class    | TEMPX         | C000090852 |
| Class R6         | TEMLX         | C000090853 |
| Class I          | TEMHX         | C000162588 |
| Class W          | TEMVX         | C000202763 |

---

### Nuveen Emerging Markets Equity Index Fund (Series ID: S000029605)

---

|  |  |  |
|:---|:---|:---|
| Class Name       | Ticker Symbol | Class ID   |
| Class A          | TEQKX         | C000090854 |
| Retirement Class | TEQSX         | C000090855 |
| Premier Class    | TEQPX         | C000090856 |
| Class R6         | TEQLX         | C000090857 |
| Class I          | TEQHX         | C000162589 |
| Class W          | TENWX         | C000202764 |

---

### Nuveen International Opportunities Fund (Series ID: S000040206)

---

|  |  |  |
|:---|:---|:---|
| Class Name       | Ticker Symbol | Class ID   |
| Class R6         | TIOIX         | C000124962 |
| Premier Class    | TIOPX         | C000124963 |
| Class A          | TIOSX         | C000124964 |
| Retirement Class | TIOTX         | C000124965 |
| Class I          | TIOHX         | C000162599 |
| Class W          | TIOVX         | C000202765 |

---

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

---

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

---

### Nuveen International Responsible Equity Fund (Series ID: S000050279)

---

|  |  |  |
|:---|:---|:---|
| Class Name       | Ticker Symbol | Class ID   |
| Class R6         | TSONX         | C000158754 |
| Premier Class    | TSOPX         | C000158755 |
| Class A          | TSORX         | C000158756 |
| Retirement Class | TSOEX         | C000158757 |
| Class I          | TSOHX         | C000162604 |

---

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

---

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

---

### Nuveen Quant Small/Mid Cap Equity Fund (Series ID: S000054623)

---

|  |  |  |
|:---|:---|:---|
| Class Name       | Ticker Symbol | Class ID   |
| Retirement Class | TSMOX         | C000171521 |
| Class I          | TSMNX         | C000171522 |
| Class R6         | TSMWX         | C000171523 |
| Premier Class    | TSMMX         | C000171524 |
| Class A          | TSMEX         | C000171525 |
| Class W          | TSMUX         | C000202769 |

---

### Nuveen Quant International Small Cap Equity Fund (Series ID: S000055721)

---

|  |  |  |
|:---|:---|:---|
| Class Name       | Ticker Symbol | Class ID   |
| Class I          | TAISX         | C000175453 |
| Class R6         | TIISX         | C000175454 |
| Premier Class    | TPISX         | C000175455 |
| Class A          | TLISX         | C000175456 |
| Retirement Class | TTISX         | C000175457 |
| Class W          | TAIWX         | C000202770 |

---

## Series and Classes Contracts Data

### Nuveen Equity Index Fund (Series ID: S000005360)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000014611 | Class R6         | TIEIX           |
| C000033987 | Retirement Class | TIQRX           |
| C000033988 | Class A          | TINRX           |
| C000079551 | Premier Class    | TCEPX           |
| C000162542 | Class I          | TEIHX           |
| C000202742 | Class W          | TEQWX           |

### Nuveen S&P 500 Index Fund (Series ID: S000005361)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000014612 | Class R6         | TISPX           |
| C000014613 | Retirement Class | TRSPX           |
| C000162543 | Class I          | TISAX           |
| C000202743 | Class W          | TISWX           |

### Nuveen Small Cap Blend Index Fund (Series ID: S000005367)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000014624 | Class R6         | TISBX           |
| C000014625 | Retirement Class | TRBIX           |
| C000162544 | Class I          | TRHBX           |
| C000202744 | Class W          | TRHWX           |

### Nuveen International Equity Index Fund (Series ID: S000005368)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000014626 | Class R6         | TCIEX           |
| C000014627 | Retirement Class | TRIEX           |
| C000079552 | Premier Class    | TRIPX           |
| C000162545 | Class I          | TCIHX           |
| C000202745 | Class W          | TCIWX           |

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

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

### Nuveen Core Equity Fund (Series ID: S000005370)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000014631 | Class R6         | TIGRX           |
| C000014632 | Retirement Class | TRGIX           |
| C000033989 | Class A          | TIIRX           |
| C000079554 | Premier Class    | TRPGX           |
| C000162547 | Class I          | TGIHX           |
| C000202746 | Class W          | TGIWX           |

### Nuveen Large Cap Responsible Equity Fund (Series ID: S000005371)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000014633 | Class R6         | TISCX           |
| C000014634 | Retirement Class | TRSCX           |
| C000033990 | Class A          | TICRX           |
| C000079555 | Premier Class    | TRPSX           |
| C000162548 | Class I          | TICHX           |

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

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

### Nuveen International Equity Fund (Series ID: S000005381)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000014645 | Class R6         | TIIEX           |
| C000014646 | Retirement Class | TRERX           |
| C000033996 | Class A          | TIERX           |
| C000079565 | Premier Class    | TREPX           |
| C000162558 | Class I          | TIEHX           |
| C000202750 | Class W          | TIEWX           |

### Nuveen Large Cap Value Fund (Series ID: S000005383)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000014648 | Class R6         | TRLIX           |
| C000014649 | Class A          | TCLCX           |
| C000014650 | Retirement Class | TRLCX           |
| C000079567 | Premier Class    | TRCPX           |
| C000162560 | Class I          | TRLHX           |
| C000202751 | Class W          | TRLWX           |

### Nuveen Quant Mid Cap Growth Fund (Series ID: S000005384)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000014651 | Class R6         | TRPWX           |
| C000014652 | Class A          | TCMGX           |
| C000014653 | Retirement Class | TRGMX           |
| C000079568 | Premier Class    | TRGPX           |
| C000162561 | Class I          | TCMHX           |

### Nuveen Mid Cap Value Fund (Series ID: S000005385)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000014654 | Class R6         | TIMVX           |
| C000014655 | Class A          | TCMVX           |
| C000014656 | Retirement Class | TRVRX           |
| C000079569 | Premier Class    | TRVPX           |
| C000162562 | Class I          | TRVHX           |

### Nuveen Quant Small Cap Equity Fund (Series ID: S000005386)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000014657 | Class R6         | TISEX           |
| C000014658 | Class A          | TCSEX           |
| C000014659 | Retirement Class | TRSEX           |
| C000079570 | Premier Class    | TSRPX           |
| C000162563 | Class I          | TSCHX           |
| C000202752 | Class W          | TSCWX           |

### Nuveen Large Cap Growth Index Fund (Series ID: S000005387)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000014660 | Class R6         | TILIX           |
| C000014661 | Retirement Class | TRIRX           |
| C000162564 | Class I          | TRIHX           |
| C000202753 | Class W          | TRIWX           |

### Nuveen Large Cap Value Index Fund (Series ID: S000005388)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000014662 | Class R6         | TILVX           |
| C000014663 | Retirement Class | TRCVX           |
| C000162565 | Class I          | THCVX           |
| C000202754 | Class W          | THCWX           |

### Nuveen Large Cap Growth Fund (Series ID: S000012197)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000033280 | Class A          | TIRTX           |
| C000033281 | Retirement Class | TILRX           |
| C000033282 | Class R6         | TILGX           |
| C000079573 | Premier Class    | TILPX           |
| C000162568 | Class I          | TILHX           |
| C000202757 | Class W          | TILWX           |

### Nuveen Emerging Markets Equity Fund (Series ID: S000029604)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000090850 | Class A          | TEMRX           |
| C000090851 | Retirement Class | TEMSX           |
| C000090852 | Premier Class    | TEMPX           |
| C000090853 | Class R6         | TEMLX           |
| C000162588 | Class I          | TEMHX           |
| C000202763 | Class W          | TEMVX           |

### Nuveen Emerging Markets Equity Index Fund (Series ID: S000029605)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000090854 | Class A          | TEQKX           |
| C000090855 | Retirement Class | TEQSX           |
| C000090856 | Premier Class    | TEQPX           |
| C000090857 | Class R6         | TEQLX           |
| C000162589 | Class I          | TEQHX           |
| C000202764 | Class W          | TENWX           |

### Nuveen International Opportunities Fund (Series ID: S000040206)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000124962 | Class R6         | TIOIX           |
| C000124963 | Premier Class    | TIOPX           |
| C000124964 | Class A          | TIOSX           |
| C000124965 | Retirement Class | TIOTX           |
| C000162599 | Class I          | TIOHX           |
| C000202765 | Class W          | TIOVX           |

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

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

### Nuveen International Responsible Equity Fund (Series ID: S000050279)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000158754 | Class R6         | TSONX           |
| C000158755 | Premier Class    | TSOPX           |
| C000158756 | Class A          | TSORX           |
| C000158757 | Retirement Class | TSOEX           |
| C000162604 | Class I          | TSOHX           |

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

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

### Nuveen Quant Small/Mid Cap Equity Fund (Series ID: S000054623)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000171521 | Retirement Class | TSMOX           |
| C000171522 | Class I          | TSMNX           |
| C000171523 | Class R6         | TSMWX           |
| C000171524 | Premier Class    | TSMMX           |
| C000171525 | Class A          | TSMEX           |
| C000202769 | Class W          | TSMUX           |

### Nuveen Quant International Small Cap Equity Fund (Series ID: S000055721)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000175453 | Class I          | TAISX           |
| C000175454 | Class R6         | TIISX           |
| C000175455 | Premier Class    | TPISX           |
| C000175456 | Class A          | TLISX           |
| C000175457 | Retirement Class | TTISX           |
| C000202770 | Class W          | TAIWX           |

---

| | |
|:---|:---|
| ![](img_17bb17050f0b4.jpg) | **Statement of<br>Additional<br>Information** |

---

**AUGUST 1, 2025 (with respect to the Fixed-Income Funds other than the Emerging Markets Debt Fund, the International Bond Fund and the Inflation Linked Bond Fund)**

#### MAY 1, 2025, AS SUPPLEMENTED AUGUST 1, 2025 (with respect to the Inflation Linked Bond Fund and the Real Estate Securities Select Fund)
**MARCH 1, 2025, AS SUPPLEMENTED MAY 1, 2025 AND AUGUST 1, 2025 (with respect to the Equity Funds, the Emerging Markets Debt Fund and the International Bond Fund)**

#### <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Tickers** | &nbsp;&nbsp;&nbsp;**Tickers** | &nbsp;&nbsp;&nbsp;**Tickers** | &nbsp;&nbsp;&nbsp;**Tickers** | &nbsp;&nbsp;&nbsp;**Tickers** | &nbsp;&nbsp;&nbsp;**Tickers** |
|  | **<br>Class A** | **<br>Class I** | **Premier <br>Class** | **<br>Class R6** | **<br>Retirement Class**  | &nbsp;&nbsp;&nbsp;**Class W** |
| **Equity Funds** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Nuveen Emerging Markets Equity Fund | TEMRX  | TEMHX | TEMPX | TEMLX | TEMSX | &nbsp;&nbsp;&nbsp;TEMVX |
| &nbsp;&nbsp;&nbsp;Nuveen Emerging Markets Equity Index Fund | TEQKX  | TEQHX | TEQPX | TEQLX | TEQSX | &nbsp;&nbsp;&nbsp;TENWX |
| &nbsp;&nbsp;&nbsp;Nuveen Equity Index Fund | TINRX  | TEIHX | TCEPX | TIEIX | TIQRX | &nbsp;&nbsp;&nbsp;TEQWX |
| &nbsp;&nbsp;&nbsp;Nuveen Core Equity Fund | TIIRX  | TGIHX | TRPGX | TIGRX | TRGIX | TGIWX |
| &nbsp;&nbsp;&nbsp;Nuveen International Equity Fund | TIERX  | TIEHX | TREPX | TIIEX | TRERX | &nbsp;&nbsp;&nbsp;TIEWX |
| &nbsp;&nbsp;&nbsp;Nuveen International Equity Index Fund |  | TCIHX | TRIPX | TCIEX | TRIEX | &nbsp;&nbsp;&nbsp;TCIWX |
| &nbsp;&nbsp;&nbsp;Nuveen International Opportunities Fund | TIOSX  | TIOHX | TIOPX | TIOIX | TIOTX | &nbsp;&nbsp;&nbsp;TIOVX |
| &nbsp;&nbsp;&nbsp;Nuveen Large Cap Growth Fund | TIRTX  | TILHX | TILPX | TILGX | TILRX | &nbsp;&nbsp;&nbsp;TILWX |
| &nbsp;&nbsp;&nbsp;Nuveen Large Cap Growth Index Fund |  | TRIHX |  | TILIX | TRIRX | &nbsp;&nbsp;&nbsp;TRIWX |
| &nbsp;&nbsp;&nbsp;Nuveen Large Cap Value Fund | TCLCX  | TRLHX | TRCPX | TRLIX | TRLCX | &nbsp;&nbsp;&nbsp;TRLWX |
| &nbsp;&nbsp;&nbsp;Nuveen Large Cap Value Index Fund |  | THCVX |  | TILVX | TRCVX | &nbsp;&nbsp;&nbsp;THCWX |
| &nbsp;&nbsp;&nbsp;Nuveen Quant Mid Cap Growth Fund | TCMGX  | TCMHX | TRGPX | TRPWX | TRGMX | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Nuveen Mid Cap Value Fund | TCMVX  | TRVHX | TRVPX | TIMVX | TRVRX | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Nuveen Quant International Small Cap Equity Fund | TLISX  | TAISX | TPISX | TIISX | TTISX | &nbsp;&nbsp;&nbsp;TAIWX |
| &nbsp;&nbsp;&nbsp;Nuveen Quant Small Cap Equity Fund | TCSEX  | TSCHX | TSRPX | TISEX | TRSEX | &nbsp;&nbsp;&nbsp;TSCWX |
| &nbsp;&nbsp;&nbsp;Nuveen Quant Small/Mid Cap Equity Fund | TSMEX  | TSMNX | TSMMX | TSMWX | TSMOX | &nbsp;&nbsp;&nbsp;TSMUX |
| &nbsp;&nbsp;&nbsp;Nuveen Small Cap Blend Index Fund  |  | TRHBX |  | TISBX | TRBIX | &nbsp;&nbsp;&nbsp;TRHWX |
| &nbsp;&nbsp;&nbsp;Nuveen Large Cap Responsible Equity Fund | TICRX  | TICHX | TRPSX | TISCX | TRSCX | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Nuveen International Responsible Equity Fund | TSORX  | TSOHX | TSOPX | TSONX | TSOEX | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Nuveen S&P 500 Index Fund |  | TISAX |  | TISPX | TRSPX | &nbsp;&nbsp;&nbsp;TISWX |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Tickers** | &nbsp;&nbsp;&nbsp;**Tickers** | &nbsp;&nbsp;&nbsp;**Tickers** | &nbsp;&nbsp;&nbsp;**Tickers** | &nbsp;&nbsp;&nbsp;**Tickers** | &nbsp;&nbsp;&nbsp;**Tickers** |
|  | **<br>Class A** | **<br>Class I** | **Premier <br>Class** | **<br>Class R6** | **<br>Retirement Class**  | &nbsp;&nbsp;&nbsp;**Class W** |
| **Fixed-Income Funds** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Nuveen Bond Index Fund | TBILX  | TBIAX | TBIPX | TBIIX | TBIRX | &nbsp;&nbsp;&nbsp;TBIWX |
| &nbsp;&nbsp;&nbsp;Nuveen Core Bond Fund | TIORX  | TIBHX | TIDPX | TIBDX | TIDRX | &nbsp;&nbsp;&nbsp;TBBWX |
| &nbsp;&nbsp;&nbsp;Nuveen Core Impact Bond Fund | TSBRX  | TSBHX | TSBPX | TSBIX | TSBBX | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Nuveen Core Plus Bond Fund | TCBPX  | TCBHX | TBPPX | TIBFX | TCBRX | &nbsp;&nbsp;&nbsp;TCBWX |
| &nbsp;&nbsp;&nbsp;Nuveen 5-15 Year Laddered Tax Exempt Bond Fund | TIXRX | TIXHX |  | TITIX |  | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Nuveen Green Bond Fund | TGROX  | TGRKX | TGRLX | TGRNX | TGRMX | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Nuveen High Yield Fund | TIYRX  | TIHHX | TIHPX | TIHYX | TIHRX | &nbsp;&nbsp;&nbsp;TIHWX |
| &nbsp;&nbsp;&nbsp;Nuveen Short Duration Impact Bond Fund | TSDBX  | TSDHX | TSDFX | TSDJX | TSDDX | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Nuveen Short Term Bond Fund | TCTRX  | TCTHX | TSTPX | TISIX | TISRX | &nbsp;&nbsp;&nbsp;TCTWX |
| &nbsp;&nbsp;&nbsp;Nuveen Short Term Bond Index Fund | TRSHX  | TTBHX | TPSHX | TNSHX | TESHX | &nbsp;&nbsp;&nbsp;TTBWX |
| &nbsp;&nbsp;&nbsp;Nuveen Emerging Markets Debt Fund | TEDLX  | TEDHX | TEDPX | TEDNX | TEDTX | &nbsp;&nbsp;&nbsp;TEDVX |
| &nbsp;&nbsp;&nbsp;Nuveen International Bond Fund | TIBEX  | TIBNX | TIBLX | TIBWX | TIBVX | &nbsp;&nbsp;&nbsp;TIBUX |
| &nbsp;&nbsp;&nbsp;Nuveen Money Market Fund | TIRXX  | TMHXX | TPPXX | TCIXX | TIEXX | &nbsp;&nbsp;&nbsp;TMWXX |
| &nbsp;&nbsp;&nbsp;**Inflation Linked Bond and Real Estate Securities<br>Select Funds**<br>Nuveen Inflation Linked Bond Fund  | TCILX  | TIIHX | TIKPX  | TIILX  | TIKRX  | &nbsp;&nbsp;&nbsp;TIIWX |
| &nbsp;&nbsp;&nbsp;Nuveen Real Estate Securities Select Fund  | TCREX  | TIRHX | TRRPX | TIREX | TRRSX | &nbsp;&nbsp;&nbsp;— |

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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 Funds (the "Trust"). The SAI is not a prospectus, but is incorporated by reference into and made a part of the (i) Funds' prospectuses, dated March 1, 2025, as supplemented (with respect to the Equity Funds, the Emerging Markets Debt Fund and the International Bond Fund); (ii) Funds' prospectuses, dated May 1, 2025, as supplemented (with respect to the Inflation Linked Bond Fund and the Real Estate Securities Select Fund) and (iii) Funds' prospectuses, dated August 1, 2025, as supplemented (with respect to all the Fixed-Income Funds other than the Emerging Markets Debt Fund, the International Bond Fund and the Inflation Linked Bond Fund) (each, a "Prospectus"). The SAI should be read carefully in conjunction with the Prospectuses. The Prospectuses may be obtained, without charge, by writing the Funds at Nuveen Funds, 730 Third Avenue, New York, NY 10017-3206 or by calling 800-257-8787.

This SAI describes 35 Funds. Each Fund offers Class I and Class R6 shares. Certain of the Funds also offer other share classes, such as Class A, Premier Class, Retirement Class, and/or Class W shares.

**Capitalized terms used, but not defined, herein have the same meaning as in the Prospectuses. The audited financial statements of the Trust for the Funds covered by this SAI for the fiscal periods ended [October 31, 2024](http://www.sec.gov/ix?doc=/Archives/edgar/data/1084380/000119312525002126/d896231dncsr.htm) (with respect to the Equity Funds, the Emerging Markets Debt Fund and the International Bond Fund); [December 31, 2024](http://www.sec.gov/Archives/edgar/data/1084380/000119312525049523/d916046dncsr.htm) (with respect to the Inflation Linked Bond Fund and Real Estate Securities Select Fund) and [March 31, 2025](http://www.sec.gov/ix?doc=/Archives/edgar/data/0001084380/000119312525135996/d932311dncsr.htm) (with respect to the Fixed-Income Funds, other than the Emerging Markets Debt Fund, International Bond Fund and Inflation Linked Bond Fund, which have a different fiscal year end) are incorporated into this SAI by reference to the Funds' Form N-CSR dated [October 31, 2024](http://www.sec.gov/ix?doc=/Archives/edgar/data/1084380/000119312525002126/d896231dncsr.htm), [December 31, 2024](http://www.sec.gov/Archives/edgar/data/1084380/000119312525049523/d916046dncsr.htm) and [March 31, 2025](http://www.sec.gov/ix?doc=/Archives/edgar/data/0001084380/000119312525135996/d932311dncsr.htm). The Funds will furnish you, without charge, a copy of the Annual Reports 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**](#1)[**4**](#1)<br>[**Disclosure of portfolio holdings**](#2)[**46**](#2)<br>[**Management**](#3)[**48**](#3)<br>[**Proxy voting policies**](#4)[**65**](#4)<br>[**Principal holders of securities**](#5)[**66**](#5)<br>[**Investment advisory and other services**](#6)[**92**](#6)<br>[**Underwriter and other service providers**](#7)[**98**](#7)<br>[**Personal trading policy**](#8)[**98**](#8)<br>[**Information about the Funds' portfolio management**](#9)[**98**](#9) | [**About the Trust and the shares**](#10)[**104**](#10)<br>[**Pricing of shares**](#11)[**120**](#11)<br>[**Tax status**](#12)[**122**](#12)<br>[**Brokerage allocation**](#13)[**128**](#13)<br>[**Legal matters**](#14)[**132**](#14)<br>[**Experts**](#15)[**132**](#15)<br>[**Financial statements**](#16)[**132**](#16)<br>[**Appendix A: Nuveen proxy voting policies**](#17)[**133**](#17) |

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**Statement of Additional Information** &nbsp;&nbsp;&nbsp;&nbsp;3

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### Investment objectives, policies, restrictions and risks
The following discussion of investment objectives and policies supplements the Prospectus descriptions of the investment objective and principal investment strategies of the 35 Funds of the Trust described in this SAI.

Under the Investment Company Act of 1940, as amended (the "1940 Act"), any fundamental policy of a registered investment company may not be changed without the vote of a majority of the outstanding voting securities (as defined in the 1940 Act) of that series. However, except for the 5–15 Year Laddered Tax Exempt Bond Fund, the investment objective of each Fund as described in its Prospectus, and its non-fundamental investment restrictions as described in "Investment policies" below, may be changed by the Board of Trustees of the Trust (the "Board of Trustees" or the "Board") at any time without shareholder approval. The Trust is an open-end management investment company.

Each Fund, other than the Large Cap Growth Fund, is classified as "diversified" within the meaning of the 1940 Act, as set forth in Restriction #8 below. However, the Equity Index Fund, Large Cap Growth Index Fund, Large Cap Value Index Fund, S&P 500 Index Fund, Small Cap Blend Index Fund, Emerging Markets Equity Index Fund, International Equity Index Fund, Bond Index Fund and Short Term Bond 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 their benchmark indices. Therefore, these Funds have a different diversification-related policy than the other Funds as noted in Restriction #8 below. The Large Cap Growth Fund is 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 Large Cap Growth 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. When formed, the Emerging Markets Debt Fund was classified as a "non-diversified" fund as defined in the 1940 Act. However, the Fund has historically operated as a "diversified" fund and, by operation of Rule 13a-1 under the 1940 Act, the Fund's classification has changed from "non-diversified" to "diversified." The Fund will not resume operation as a "non-diversified" fund without first obtaining shareholder approval. In addition, each Fund intends to meet the diversification requirements of Subchapter M of Chapter 1 of the Internal Revenue Code of 1986, as amended (the "Code").

The Core Impact Bond Fund may pursue its investment objective by investing in either of its wholly owned subsidiaries, Nuveen Core Impact Bond Fund Offshore Limited (the "Core Impact Bond Fund Regulation S Subsidiary") or Nuveen Core Impact Bond Fund Taxable Offshore Limited (the "Core Impact Bond Fund TEFRA Bond Subsidiary" and together with the Core Impact Bond Fund Regulation S Subsidiary, the "Core Impact Bond Fund Subsidiaries"), which are Cayman Islands exempted companies. A Cayman Islands exempted company is a corporate entity established under the lasws of the Cayman Islands for the purpose of conducting business mainly outside the Cayman Islands. The Green Bond Fund may pursue its investment objective by investing in its wholly owned subsidiary, Nuveen Green Bond Fund Offshore Limited (the "Green Bond Fund Regulation S Subsidiary"), which is a Cayman Islands exempted company. The International Bond Fund may pursue its investment objective by investing in either of its wholly owned subsidiaries, Nuveen International Bond Fund Offshore Limited (the "International Bond Fund Regulation S Subsidiary" and together with the Core Impact Bond Fund Regulation S Subsidiary and the Green Bond Fund Regulation S Subsidiary, the "Regulation S Subsidiaries") or the Nuveen International Bond Fund Taxable Offshore Limited (the "International Bond Fund TEFRA Bond Subsidiary" and together with the Core Impact Bond Fund TEFRA Bond Subsidiary, the "TEFRA Bond Subsidiaries") (the International Bond Fund Regulation S Subsidiary, the International Bond Fund TEFRA Bond Subsidiary, the Core Impact Bond Fund Subsidiaries and the Green Bond Fund Regulation S Subsidiary, together the "Subsidiaries"), which are Cayman Islands exempted companies. The Funds invest in the Regulation S Subsidiaries to obtain exposure to certain Regulation S securities not eligible for investment directly by the Funds until the expiration of the applicable Regulation S security restricted period. The Core Impact Bond Fund and International Bond Fund invest in the TEFRA Bond Subsidiaries to obtain exposure to certain bonds or fixed-income securities that are sold subject to selling restrictions under the Tax Equity and Fiscal Responsibility Act of 1982 ("TEFRA"), which generally restricts the purchase of such bonds to non-U.S. persons (as defined for applicable U.S. federal income tax purposes) ("TEFRA Bonds"). As each TEFRA Bond Subsidiary will elect to be a corporation from a U.S. federal income tax perspective, the TEFRA Bond Subsidiaries will generally be viewed as a non-U.S. person for such purposes. The Subsidiaries are advised by Teachers Advisors, LLC ("Advisors"), have the same investment objective as the applicable Fund, and are subject to the same investment policies and restrictions that apply to the management of the applicable Fund (except that the Regulation S Subsidiaries may invest without limitation in Regulation S securities and the TEFRA Bond Subsidiaries may invest without limitation in TEFRA Bonds). The Funds and the Subsidiaries will test for compliance with investment restrictions on a consolidated basis. By investing in the Subsidiaries, the Funds are indirectly exposed to the risks associated with the Subsidiaries' investments. The investments held by each Subsidiary are generally similar to those held by the applicable Fund and are subject to the same risks that apply to similar investments if held directly by the applicable Fund. See the Funds' Prospectuses and the section titled "Investment in Wholly Owned Subsidiaries" below for a more detailed discussion of the Subsidiaries.

Unless otherwise noted, each of the following investment policies and risk considerations applies to each Fund.

4&nbsp;&nbsp;&nbsp;&nbsp; **Statement of Additional Information** 

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#### Fundamental policies
Except as noted, the following restrictions are fundamental policies of each Fund:

1. The Fund will not issue senior securities except as permitted by law.

2. The Fund will not borrow money, except: (a) each Fund may purchase securities on margin, as described in Restriction #7 below; and (b) from banks (only in amounts not in excess of 33<sup>1</sup>/<sub>3</sub>% of the market value of that Fund's assets at the time of borrowing), and, from other sources, for temporary purposes (only in amounts not exceeding 5%, or such greater amount as may be permitted by law, of that Fund's total assets taken at market value at the time of borrowing).

3. The Fund will not underwrite the securities of other companies, except to the extent that it may be deemed an underwriter in connection with the disposition of securities from its portfolio.

4. The Fund will not purchase real estate or mortgages directly.

5. The Fund will not purchase commodities or commodities contracts, except to the extent futures are purchased as described herein.

6. The Fund will not lend any security or make any other loan if, as a result, more than 33<sup>1</sup>/<sub>3</sub>% of its total assets would be lent to other parties, but this limit does not apply to repurchase agreements.

7. The Fund will not purchase any security on margin except that the Fund may obtain such short-term credit as may be necessary for the clearance of purchases and sales of portfolio securities.

Restriction #8 is a fundamental policy of each Fund other than the Large Cap Growth Fund:

8. With respect to each of the Equity Index Fund, Large Cap Growth Index Fund, Large Cap Value Index Fund, S&P 500 Index Fund, Small Cap Blend Index Fund, Emerging Markets Equity Index Fund, International Equity Index Fund, Bond Index Fund and Short Term Bond 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.

Restrictions #9 and #10 are fundamental policies of the 5–15 Year Laddered Tax Exempt Bond Fund only:

9. The Fund may invest more than 25% of its assets in tax-exempt securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities, or by any state or local government or a political subdivision of any of the foregoing; the Fund will not otherwise invest in any industry if after giving effect to that investment the Fund's holding in that industry would exceed 25% of its total assets.

10. Under normal market conditions, the Fund will invest at least 80% of its assets in tax-exempt bonds, a type of municipal security, the interest on which is exempt from federal income tax, including federal alternative minimum tax.

11. The Fund (other than the Real Estate Securities Select Fund) will not invest 25% or more of its total assets in the securities of one or more issuers conducting their principal business activities in the same industry (excluding the U.S. Government or any of its agencies or instrumentalities). 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 sector.

With the exception of percentage restrictions relating to borrowings, if a percentage restriction is adhered to at the time of investment, a later increase or decrease in percentage beyond the specified limit resulting from a change in values of portfolio securities will not be considered a violation by the Fund.

#### Investment policies
The following policies and restrictions are non-fundamental policies of each Fund. These restrictions may be changed by the Board without the approval of Fund shareholders.

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 Equity Funds and the Real Estate Securities Select Fund can, in addition to stocks, hold other types of securities with equity characteristics, such as convertible bonds, preferred stock, warrants and depository receipts or rights for such securities. Pending more permanent investments or to use cash balances effectively, these Funds may hold the same types of money market instruments as held by money market

**Statement of Additional Information** &nbsp;&nbsp;&nbsp;&nbsp;5

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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 and International 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 Advisors 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 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, up-front and undrawn fees under the Credit Agreement are allocated among Participating Funds based upon these first priority portions of the aggregate commitment available to them and other factors deemed relevant by Advisors and the Board of each Participating Fund, while fees on any amounts drawn by a Participating Fund under the Credit Agreement are borne by that Participating Fund.

Additionally, the Securities and Exchange Commission ("SEC") has granted an exemptive order (the "Order") permitting the Funds to participate in an inter-fund lending facility whereby the participating Funds may directly lend to and borrow money from each other for temporary purposes (e.g., to satisfy redemption requests or to cover unanticipated cash shortfalls) (the "Inter-Fund Program"). Certain accounts or series of College Retirement Equities Fund ("CREF"), TIAA-CREF Life Funds ("TCLF") and TIAA Separate Account VA-1 ("VA-1"), as well as certain other series of the Trust, each of which is managed by Advisors or an affiliate of Advisors, also participate in the Inter-Fund Program, and each such account or series is considered to be a "Fund" for the purpose of the description of the Inter-Fund Program in this section. The Inter-Fund Program is subject to a number of conditions, including, among other things, the requirements that: (i) no Fund may borrow or lend money through the Inter-Fund Program unless it receives a more favorable interest rate than is available from a bank or other financial institution for a comparable transaction; (ii) no Fund may borrow on an unsecured basis through the Inter-Fund Program unless the Fund's outstanding borrowings from all sources immediately after the inter-fund borrowing total 10% or less of its total assets; provided that if the borrowing Fund has a secured borrowing outstanding from any other lender, including but not limited to another Fund, the inter-fund loan must be secured on at least an equal priority basis with at least an equivalent percentage of collateral to loan value; (iii) if a Fund's total outstanding borrowings immediately after an inter-fund borrowing would be greater than 10% of its total assets, the Fund may borrow through the inter-fund loan on a secured basis only; (iv) no Fund may lend money if the loan would cause its aggregate outstanding loans through the Inter-Fund Program to exceed 15% of its current net assets at the time of the loan; (v) a Fund's inter-fund loans to any one Fund shall not exceed 5% of the lending Fund's net assets; (vi) the duration of inter-fund loans will be limited to the time required to receive payment for securities sold, but in no event more than seven days; and (vii) each inter-fund loan may be called on one business day's notice by a lending Fund and may be repaid on any day by a borrowing Fund. In addition, a Fund may participate in the Inter-Fund Program only if and to the extent that such participation is consistent with the Fund's investment objective and investment policies, including the fundamental investment policies on borrowing and lending set forth above, and authorized by its portfolio manager(s). The Board has approved the

6&nbsp;&nbsp;&nbsp;&nbsp; **Statement of Additional Information** 

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Funds' participation in the Inter-Fund Program and is responsible for ongoing oversight of the Inter-Fund Program, as required by the Order.

The limitations detailed above and the other conditions of the SEC exemptive order permitting the Inter-Fund Program are designed to minimize the risks associated with the Inter-Fund Program for both the lending Fund and the borrowing Fund. However, no borrowing or lending activity is without risk. When a Fund borrows money from another Fund, there is a risk that the loan could be called on one day's notice or not renewed, in which case the Fund may have to borrow from a bank at a higher rate or take other actions to pay off such loan if an inter-fund loan is not available from another Fund. Any delay in repayment to a lending Fund could result in a lost investment opportunity or additional costs.

**Taxable Securities Purchased by the 5–15 Year Laddered Tax Exempt Bond Fund.** Under normal conditions, the 5–15 Year Laddered Tax Exempt Bond Fund intends to invest only in securities that are tax-exempt for federal income tax purposes. However, the Fund may invest on a temporary basis in taxable securities. In that case, the investments would be limited to securities that the Fund determines to be high quality, such as those issued or guaranteed by the U.S. Government.

**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), terrorism, natural and environmental disasters and the spread of infectious illnesses or other public health emergencies, conflicts, social unrest, recessions, inflation, rapid interest rate changes, changes in economic or other policies, 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. Conditions in the banking sector are evolving, and the scope of any potential impacts to the Funds and issuers, both from market conditions and also potential legislative or regulatory responses, are uncertain. Such conditions and responses, as well as a changing interest rate environment, can contribute to decreased market liquidity and erode the value of certain holdings. Continued 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

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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 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 is November 17, 2025. While the SEC ultimately did not adopt the rule amendments related to swing pricing and funds' liquidity rule frameworks described above, the SEC may seek to adopt such amendments or similar amendments in the future.

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 the 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 the 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 the 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

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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 Market Fund may not acquire any illiquid investment if, immediately after the acquisition, the Fund would have invested more than 5% of its total assets in illiquid investments. Illiquid investments are those that are not reasonably expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. Investments may be illiquid because of, among other factors, the absence of a trading market or distress in a trading market, making it difficult to value the investments or dispose of them promptly at the value at which they are carried. Investments in illiquid investments or holding securities that have become illiquid pose risks of potential delays in resale. Limitations on or delays in resale may have an adverse effect on the marketability of portfolio securities, and it may be difficult for the Funds 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.

**Lower-Quality Municipal Securities.** Because the market for certain municipal securities is thin, the 5–15 Year Laddered Tax Exempt Bond Fund may encounter difficulties in disposing of lower-quality securities. At the Fund's option, it may pursue litigation or other remedies in order to protect the Fund's interests.

**Municipal Market Disruption Risk.** The value of municipal securities may be adversely affected by legal uncertainties regarding legislative proposals involving the taxation of municipal securities or rights of securities holders in the event of bankruptcy. From time to time, these uncertainties may affect the municipal securities market or certain parts thereof, having a significant impact on the prices of securities in the 5–15 Year Laddered Tax Exempt Bond Fund.

**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

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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 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

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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.

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

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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 "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

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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 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

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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 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

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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. Risks associated with rising interest rates are heightened given that the Fed has increased interest rates over recent periods. Further, rising interest rates may cause issuers to not make principal and interest payments on fixed-income investments when due. Additionally, rising interest rates could lead to heightened credit risk if issuers are less willing or able to make payments when due. Changes in interest rates, among other factors, may also adversely affect the liquidity of 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 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

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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. In particular, under normal market conditions, the High Yield Fund invests at least 80% of its net assets in below investment-grade securities. These securities are considered, on balance, as predominantly speculative with respect to capacity to pay interest and repay principal in accordance with the terms of the obligation and will generally involve more credit risk than securities in the higher-rated categories. Reliance on credit ratings entails greater risks with regard to lower-rated securities than it does with regard to higher-rated securities, and Advisors' success is more dependent upon its own credit analysis with regard to lower-rated securities than is the case with regard to higher-rated securities. The market values of such securities tend to reflect individual corporate developments to a greater extent than do higher-rated securities, which react primarily to fluctuations in the general level of interest rates. Such lower-rated securities also tend to be more sensitive to economic conditions than are higher-rated securities. Adverse publicity and investor perceptions, whether or not based on fundamental analysis, regarding lower-rated bonds may depress prices and liquidity for such securities. To the extent 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.

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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.

Although most of the Funds can invest a percentage of their assets in lower-rated securities, the High Yield Fund can invest up to 100% of its assets in debt instruments that are unrated or rated lower than the four highest rating categories assigned by a NRSRO. Up to 20% of the High Yield Fund's assets may be invested in securities rated lower than B– or its equivalent by at least two rating agencies. Thus, the preceding information about lower-rated securities is especially applicable to the High Yield 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.

**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

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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.

Such fallback provisions may have resulted in a value transfer from one party to the instrument to the counterparty. Additionally, because such provisions may differ across instruments (e.g., hedges versus cash positions hedged or investments in structured finance products transitioning to a different rate or at a different time as the assets underlying those structured finance products), the transition from LIBOR to differing alternative reference rates or using different adjustments may give rise to basis risk and render hedges less effective. Any such effects of the transition process, including unforeseen effects, could result in losses to a Fund. 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 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

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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 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

**Statement of Additional Information** &nbsp;&nbsp;&nbsp;&nbsp;19

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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 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** 

20&nbsp;&nbsp;&nbsp;&nbsp; **Statement of Additional Information** 

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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.

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 Core Impact Bond Fund, Large Cap Responsible Equity Fund and International Responsible Equity Fund, Advisors does not take into consideration whether the sponsor of an asset-backed security in which a 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.

**Statement of Additional Information** &nbsp;&nbsp;&nbsp;&nbsp;21

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**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 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

22&nbsp;&nbsp;&nbsp;&nbsp; **Statement of Additional Information** 

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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. In the case of credit card securitizations, it is typical to have a revolving master trust issue "soft bullet" maturities representing a fractional interest in trusts whose assets consist of revolving credit card receivables. Auto and equipment lease and loan securitizations reference specific static asset pools whereby monthly payments of principal and interest are passed through directly to certificate holders typically in order of seniority. The ultimate performance of these securities is a function of both the creditworthiness of the borrowers as well as recovery obtained on collateral foreclosed upon by the respective trust(s). Rate reduction bonds represent a secured interest in future rate recovery on stranded utility assets that may result from, for example, storm damages or environmental costs. Typically these costs are recouped over time from a broad rate payer base. The performance of these securities would depend primarily upon a continuance of sufficient rate base to repay the notes in the specified time frame and a stable regulatory environment.

**Mortgage Dollar Rolls.** Some of the 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 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,

**Statement of Additional Information** &nbsp;&nbsp;&nbsp;&nbsp;23

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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 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 years ended October 31, 2024, December 31, 2024 and March 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 October 31, 2024 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:

24&nbsp;&nbsp;&nbsp;&nbsp; **Statement of Additional Information** 

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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 Emerging Markets Equity Fund  | $292656  | $6554  | $1441  | $—  | $—  | $209295  | $—  | $217290  | $75366  |
|  | Nuveen Emerging Markets Equity Index Fund  | 1174136  | 48446  | 4023  | —  | —  | 564540  | —  | 617009  | 557127  |
|  | Nuveen Equity Index Fund  | 10009586  | 417193  | 40054  | —  | —  | 4754621  | —  | 5211868  | 4797718  |
|  | Nuveen International Equity Fund  | 863031  | 13367  | 4984  | —  | —  | 690954  | —  | 709305  | 153726  |
|  | Nuveen International Equity Index Fund  | 7951489  | 172238  | 39476  | —  | —  | 5759038  | —  | 5970752  | 1980737  |
|  | Nuveen International Opportunities Fund  | 1004425  | 31797  | 5082  | —  | —  | 601879  | —  | 638758  | 365667  |
|  | Nuveen Large Cap Growth Fund  | 139732  | 1877  | 792  | —  | —  | 115476  | —  | 118145  | 21587  |
|  | Nuveen Large Cap Growth Index Fund  | 318681  | 7910  | 1765  | —  | —  | 218046  | —  | 227721  | 90960  |
|  | Nuveen Large Cap Value Fund  | 8026  | 176  | 50  | —  | —  | 5781  | —  | 6007  | 2019  |
|  | Nuveen Large Cap Value Index Fund  | 1536024  | 65243  | 5782  | —  | —  | 714707  | —  | 785732  | 750292  |
|  | Nuveen Quant Mid Cap Growth Fund  | 1120192  | 26694  | 6310  | —  | —  | 780204  | —  | 813208  | 306984  |
|  | Nuveen Mid Cap Value Fund  | 348636  | 1766  | 2151  | —  | —  | 324415  | —  | 328332  | 20304  |
|  | Nuveen Quant International Small Cap Equity Fund  | 761312  | 24971  | 3390  | —  | —  | 445784  | —  | 474145  | 287167  |
|  | Nuveen Quant Small Cap Equity Fund  | 1132676  | 17635  | 6772  | —  | —  | 905462  | —  | 929869  | 202807  |
|  | Nuveen Quant Small/Mid Cap Equity Fund  | 242744  | 6805  | 1340  | —  | —  | 156341  | —  | 164486  | 78258  |
|  | Nuveen Small Cap Blend Index Fund  | 7470302  | 328203  | 29731  | —  | —  | 3338034  | —  | 3695968  | 3774334  |
|  | Nuveen Large Cap Responsible Equity Fund  | 907059  | 64432  | 1333  | —  | —  | 100330  | —  | 166095  | 740964  |
|  | Nuveen International Responsible Equity Fund  | 674653  | 16340  | 3277  | —  | —  | 467122  | —  | 486739  | 187914  |
|  | Nuveen S&P 500 Index Fund  | 118491  | 3457  | 496  | —  | —  | 74788  | —  | 78741  | 39750  |
|  | Nuveen Emerging Markets Debt Fund  | 289336  | 3340  | 1757  | —  | —  | 245828  | —  | 250925  | 38411  |
|  | Nuveen International Bond Fund  | 30677  | 165  | 192  | —  | —  | 28421  | —  | 28778  | 1899  |
| \* | 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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For the fiscal year ended December 31, 2024 for the following Fund, 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<sup>†</sup>** | **Fees and/or compensation for securities lending activities and related services<sup>†</sup>** | **Fees and/or compensation for securities lending activities and related services<sup>†</sup>** | **Fees and/or compensation for securities lending activities and related services<sup>†</sup>** | **Fees and/or compensation for securities lending activities and related services<sup>†</sup>** | **Fees and/or compensation for securities lending activities and related services<sup>†</sup>** | | |
|  | <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 Inflation Linked Bond Fund  | $4223  | $11  | $28  | $—  | $—  | $4055  | $—  | $4094  | $129  |
| \* | 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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<sup>†</sup> The table reflects the nine-month period from April 1, 2024 through December 31, 2024. Prior to April 1, 2024, the Fund's fiscal year end was March 31<sup>st</sup>.

For the fiscal year ended March 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:

**Statement of Additional Information** &nbsp;&nbsp;&nbsp;&nbsp;25

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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 Bond Index Fund  | $9026764  | $131798  | $59209  | $— | $— | $7320084  | $— | $7511091  | $1515673  |
|  | Nuveen Core Bond Fund  | 4986489  | 71622  | 33556  |  |  | 4057659  |  | 4162837  | 823651  |
|  | Nuveen Core Impact Bond Fund  | 4217132  | 100802  | 27986  |  |  | 2929123  |  | 3057911  | 1159221  |
|  | Nuveen Core Plus Bond Fund  | 4990803  | 130055  | 33221  |  |  | 3331899  |  | 3495175  | 1495628  |
|  | Nuveen Green Bond Fund  | 18662  | 222  | 133  |  |  | 15750  |  | 16105  | 2557  |
|  | Nuveen High Yield Fund  | 3947863  | 62390  | 26135  |  |  | 3141855  |  | 3230380  | 717483  |
|  | Nuveen Short Duration Impact Bond Fund  | 36956  | 449  | 252  |  |  | 31097  |  | 31798  | 5158  |
|  | Nuveen Short Term Bond Fund  | 720286  | 11258  | 4896  |  |  | 574665  |  | 590819  | 129467  |
|  | Nuveen Short Term Bond Index Fund  | 356094  | 2511  | 2431  |  |  | 322270  |  | 327212  | 28882  |
| \* | 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 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.

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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 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 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

**Statement of Additional Information** &nbsp;&nbsp;&nbsp;&nbsp;27

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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 any Fund that the Trust introduces in the future that invests substantially all of its assets in the securities of other funds of the Trust. When a Fund 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 ability to invest in other investment companies and private funds will generally be limited to 10% of the Fund's assets.

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 (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 and International 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

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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.

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

**Statement of Additional Information** &nbsp;&nbsp;&nbsp;&nbsp;29

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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 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

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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 Emerging Markets Debt Fund, Emerging Markets Equity Fund, Emerging Markets Equity Index Fund, International Bond Fund, International Equity Fund, International Equity Index Fund, International Opportunities Fund, Quant International Small Cap Equity Fund and International Responsible 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.

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.

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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 and economic conditions of their trading partners. The enactment by these trading partners of protectionist trade legislation could have a significant adverse effect upon the securities markets of such countries.

Terrorism and related geopolitical risks have led, and may in the future lead, to increased short-term market volatility and may have adverse long-term effects on world economies and markets generally.

**Investment and Repatriation Restrictions.** Foreign investment in the securities markets of certain foreign countries is restricted or controlled to varying degrees. These restrictions limit and, at times, preclude investment in certain of such countries (especially emerging market countries) and increase the cost and expenses of 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. Note that the Emerging Markets Equity Fund, Emerging Markets Equity Index Fund and Emerging Markets Debt Fund primarily invest in emerging market securities, but other Funds may invest in emerging market securities as well.

**Emerging Markets.** Investments in companies domiciled in emerging market countries may be subject to potentially higher risks than investments in companies in developed countries. The term "emerging market" describes any country or market that is generally considered to be emerging or developing by major organizations in the international financial community, such as the International Finance Corporation, or by financial industry analysts like MSCI, Inc., which compiles the MSCI Emerging Markets Index, and J.P. Morgan Chase & Co., which compiles several fixed-income emerging markets benchmarks; or other countries or markets with similar emerging characteristics. Emerging markets can include every nation in the world except the United States, Canada, Japan, Australia, New Zealand and most nations located in Western Europe. Notwithstanding the foregoing, the fixed-income portfolio management team generally views Israel as an emerging market.

Risks of investing in emerging markets and emerging market securities include: (i) less social, political and economic stability; (ii) the smaller size of the markets for these securities and the currently low or nonexistent volume of trading that results in a lack of liquidity and in greater price volatility; (iii) the lack of publicly available information, including reports of payments of dividends or interest on outstanding securities, and less stringent regulation of accounting, auditing, financial reporting and recordkeeping requirements, which could render financial information and related audits to be unreliable and unverifiable, 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 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

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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.

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

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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 and many aspects of the UK-EU trade relationship remain subject to further negotiation. Notwithstanding the TCA, there is likely to be considerable uncertainty as to the UK's post-transition framework, and in particular as to the arrangements which will apply to the UK's relationships with the EU and with other countries, and the framework will likely continue to develop and could result in increased volatility and illiquidity and potentially lower economic growth. It is not possible to anticipate the longer term impact to the economic, legal, political, regulatory and social framework that will result from any agreements between the UK and the EU. The effects will depend, in part, on whether the UK is able to negotiate agreements to retain access to EU markets including, but not limited to, trade and finance agreements. In addition, such agreements may lead to ongoing political, regulatory and economic uncertainty and periods of exacerbated volatility in both the UK and in wider European markets for some time.

The impact of the UK's withdrawal on the UK and European economies and the broader global economy could be significant, resulting in negative impacts, such as increased volatility and illiquidity, potentially lower economic growth and decreased asset valuations. The UK's withdrawal from the EU may have a destabilizing impact on the EU to the extent other member states similarly seek to withdraw from the union and may cause additional market disruption globally and introduce new legal and regulatory uncertainties. It may also have a negative impact on the economy and currency of the UK as a result of anticipated, perceived or actual changes to the UK's economic and political relations with the EU. The UK's withdrawal could result in lower growth for companies in the UK, EU and globally, which could have an adverse effect on the value of a Fund's investments. A Fund may make investments in the UK (during the transition period and afterwards), other EU members and in non-EU countries that are directly or indirectly affected by the exit of the UK from the EU. Any or all of these challenges may affect the value of a Fund's investments economically tied to the UK or EU and may have an adverse effect on the Fund's

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performance. Additionally, the willingness or ability of financial and other counterparties to enter into transactions may be affected by the UK's withdrawal.

An increasingly assertive Russia poses its own set of risks for the EU, as evidenced by the Russian invasion of Ukraine in February 2022 and the ongoing Russian-Ukraine conflict. Opposition to EU expansion to members of the former Soviet bloc may prompt more intervention by Russia in the affairs of its neighbors. This interventionist stance may carry various negative consequences, including direct effects, such as export restrictions on Russia's natural resources, Russian support for separatist groups of pro-Russian parties located in EU countries, Russian interference in the internal political affairs of current or potential EU members or the EU itself, externalities of ongoing conflict, such as an influx of refugees from Ukraine and Syria, or collateral damage to foreign assets in conflict zones, all of which could negatively impact EU economic activity.

**Investment in Eastern Europe**. Investing in the securities of Eastern European issuers involves risks not usually associated with investing in the more developed markets of Western Europe. Changes occurring in Eastern Europe today could have long-term potential consequences. These changes could result in rising standards of living, lower manufacturing costs, growing consumer spending and substantial economic growth.

Political and economic reforms may not have eliminated the possibility of a return to centrally planned economies and state-owned industries. Investments in Eastern European countries may involve risks of nationalization, expropriation and confiscatory taxation. In many of the countries of Eastern Europe, there is no stock exchange or formal market for securities. Such countries may also have government exchange controls, currencies with no recognizable market value relative to the established currencies of Western market economies, little or no experience in trading in securities, no accounting or financial reporting standards, a lack of a banking and securities infrastructure to handle such trading and a legal tradition which does not recognize rights in private property.

Eastern European markets are particularly sensitive to social, political, economic, and currency events in Russia and may suffer heavy losses as a result of their trading and investment links to the Russian economy and currency. Russia also may attempt to assert its influence in the region through economic or even military measures. The ongoing conflict between Russia and Ukraine poses great risk to Eastern European countries' economic stability. In particular, the value and liquidity of securities issued by Ukrainian companies have been adversely affected and the disruption to the Russian economy as a result of sanctions imposed on Russia by the U.S. and EU may hurt Eastern European countries with close trade links to Russia. Eastern European markets will be significantly affected by the fiscal and monetary controls of the EMU. Changes in regulations on trade, decreasing imports or exports, changes in the exchange rate of the euro and recessions among European countries may have a significant adverse effect on the economies of other European countries including those of Eastern Europe.

Several Eastern European countries on the periphery of the EU have recently been the destination for a surge of refugees and migrants fleeing global conflict zones, particularly the civil wars in Syria and Afghanistan, the Russian invasion of Ukraine and economic hardship across Africa and the developing world. While these countries have borne many of the direct costs of managing the flow of refugees and migrants seeking resettlement in Europe, they have also faced significant international criticism over their treatment of migrants and refugees which may affect foreign investor confidence in the attractiveness of such markets.

**Investment in Saudi Arabia.** The Saudi Arabian government exerts substantial influence over many aspects of the private sector. While the political situation in Saudi Arabia is generally stable, future political instability or instability in the larger Middle East region could adversely impact the economy of Saudi Arabia, particularly with respect to foreign investments. 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 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.

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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 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

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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.

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.

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

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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 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.

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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 not 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 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

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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 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

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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 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

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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.

#### Municipal securities
The 5–15 Year Laddered Tax Exempt Bond Fund invests in "municipal securities." The term "municipal securities" as used in the Fund's Prospectus and this SAI means debt obligations issued by, or on behalf of, states, territories and possessions of the United States and the District of Columbia and their political subdivisions, agencies and instrumentalities or multi-state agencies or authorities, the interest from which debt obligations is, in the opinion of the issuer's counsel, excluded from gross income for federal income tax purposes (but not necessarily exempt from federal alternative minimum tax ("AMT") or from state or local taxes). The 5–15 Year Laddered Tax Exempt Bond Fund will generally invest in tax-exempt bonds that have a final maturity of between five and fifteen years. In pursuing its investment objective, the Fund seeks to weight investments in securities with a final maturity in each year within the five-to-fifteen year maturity range. The 5–15 Year Laddered Tax Exempt Bond Fund's portfolio is "laddered" by investing in municipal obligations with different final maturities so that some obligations age out of the five-to-fifteen year maturity range during each year.

Municipal securities generally are understood to include debt obligations issued to obtain funds for various public purposes, including the construction of a wide range of public facilities, refunding of outstanding obligations, payment of general operating expenses and extensions of loans to public institutions and facilities. Private activity bonds that are issued by or on behalf of public authorities to finance privately operated facilities are considered to be municipal securities if, in the opinion of the issuer's counsel, the interest paid on them qualifies as excluded from gross income (but not necessarily from alternative minimum taxable income) for federal income tax purposes. Interest on certain "private activity" bonds is subject to federal AMT. Interest from private activity bonds is a tax preference item for the purposes of determining whether a taxpayer is subject to the AMT and the amount of AMT to be paid, if any. Private activity bonds are secured primarily by revenues derived from loan repayments or lease payments due from the entity, which may or may not be guaranteed by a parent company or otherwise

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secured. Private activity bonds generally are not secured by a pledge of the taxing power of the issuer of such bonds. Therefore, repayment of such bonds generally depends on the revenue of a private entity. The continued ability of an entity to generate sufficient revenues for the payment of principal and interest on such bonds will be affected by many factors, including the size of the entity, its capital structure, demand for its products or services, competition, general economic conditions, government regulation and the entity's dependence on revenues for the operation of the particular facility being financed.

Opinions relating to the validity of municipal securities and to the exemption of interest on them from federal income taxes are rendered by bond counsel for each issuer at the time of issue. These opinions are generally based on covenants by the issuers or others regarding continuing compliance with the federal tax laws. In the event that the issuer fails to comply, the interest distributions to shareholders may retroactively become federally taxable. Neither the Trust nor Advisors will review the proceedings relating to the issuance of municipal securities or the basis for opinions of issuer's counsel.

Even though municipal securities are interest-bearing investments that promise a stable flow of income, their prices are inversely affected by changes in interest rates and, therefore, are subject to the risk of market price fluctuations. The ability of a municipal issuer to make payments and the value of municipal securities can be affected by uncertainties in the municipal securities market, including financial problems resulting from lower tax revenues or decreased aid from state and local governments in the event of an economic downturn. The values of municipal securities with longer remaining maturities typically fluctuate more than those of similarly rated municipal securities with shorter remaining maturities. The values of fixed-income securities also may be affected by changes in the credit rating or financial condition of the issuing entities and the level of federal funding received by issuing entities (e.g., U.S. municipalities). Credit spreads (i.e., the difference in yield between municipal securities that is due to differences in their credit quality) may increase when the market believes that municipal bonds generally have a greater risk of default. Increasing credit spreads may reduce the market values of a Fund's municipal securities. Credit spreads often increase more for lower rated and unrated securities than for investment-grade securities and corresponding reductions in market value will generally be greater for longer-maturity securities.

Tax legislation has included several provisions that may affect the supply of, and the demand for, municipal securities, as well as the tax-exempt nature of interest paid on those securities. The value of municipal securities may also be affected by uncertainties with respect to the taxation of municipal securities as a result of legislative or other changes. Neither the Trust nor Advisors can predict the effect of recent tax law changes upon the municipal obligation market, including the availability of instruments by a Fund. In addition, neither the Trust nor Advisors can predict whether additional legislation adversely affecting the municipal obligation market will be enacted in the future. Advisors monitors legislative developments and considers whether changes in the objective or policies of a Fund need to be made in response to those developments. If any laws are enacted that would reduce the availability of municipal securities for investment by the 5–15 Year Laddered Tax Exempt Bond Fund so as to affect the Fund's shareholders adversely, the Trust will reevaluate the Fund's investment objective and policies and might submit possible changes in the Fund's structure to the Fund's shareholders for their consideration. If legislation were enacted that would treat a type of municipal obligation as taxable for federal income tax purposes, the Trust would treat the security as a permissible taxable money market instrument for the 5–15 Year Laddered Tax Exempt Bond Fund within the applicable limits set forth in the Fund's Prospectus.

**Municipal Insurance.** The 5–15 Year Laddered Tax Exempt Bond Fund may invest its assets in municipal bonds whose principal and interest payments are guaranteed by a private insurance company. Although these bonds have private insurance guarantees, Advisors performs an independent analysis and review of the underlying municipal obligor to determine the appropriateness of the investment for the Fund. Credit crises have in the past adversely affected, and may in the future adversely affect, private financial insurance companies that offer insurance guarantees on municipal bonds. This insurance may be: (1) purchased by the bond issuer at the time of issuance; (2) purchased by the Fund to guarantee specific bonds only while held by the Fund; or (3) purchased by an investor after the bond has been issued to guarantee the bond until its maturity date.

**Municipal Floating and Variable Rate Demand Instruments.** Floating and variable rate demand bonds and notes are municipal securities ordinarily having stated maturities in excess of one year but which permit their holder to demand payment of principal at any time or at specified intervals. Variable rate demand notes include master demand notes, which are securities that permit the 5–15 Year Laddered Tax Exempt Bond Fund to invest fluctuating amounts, which may change daily without penalty, pursuant to direct arrangements between the Fund, as lender, and the borrower. These securities have interest rates that fluctuate from time to time and frequently are secured by letters of credit or credit support arrangements provided by banks. Because of the interest rate adjustment feature, floating and variable rate securities provide a Fund with a certain degree of protection against interest rate increases, although floating and variable rate securities are subject to 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-rate obligations. Thus, investing in floating and variable rate securities generally allows less opportunity for capital appreciation and depreciation than investing in comparable fixed-rate securities.

Use of letters of credit or credit support arrangements generally will not adversely affect the tax-exempt status of variable rate demand notes. Because they are direct lending arrangements between the lender and borrower, variable rate demand notes generally will not be traded and no established secondary market generally exists for them, although they are redeemable at face value. If variable rate demand notes are not secured by letters of credit or other credit support arrangements, the right

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to demand payment on them will be dependent on the ability of the borrower to pay principal and interest on demand. Each obligation purchased by the 5–15 Year Laddered Tax Exempt Bond Fund will meet the quality criteria established by Advisors for the purchase of municipal securities. Advisors considers on an ongoing basis the creditworthiness of the issuers of the floating and variable rate demand securities in the Fund's portfolio.

**Participation Interests.** A participation interest in a municipal security gives the purchaser an undivided interest in the municipal obligation in the proportion that the purchaser's participation interest bears to the total principal amount of the municipal obligation. These instruments may have fixed, floating or variable rates of interest. If the participation interest is unrated, or has been given a rating below one that is otherwise permissible for purchase by the 5–15 Year Laddered Tax Exempt Bond Fund, the participation interest will be backed by an irrevocable letter of credit or guarantee of a bank that Advisors has determined meets certain quality standards established by the Board of Trustees, or the payment obligation otherwise will be collateralized by U.S. Government securities. The 5–15 Year Laddered Tax Exempt Bond Fund will have the right, with respect to certain participation interests, to demand payment, on a specified number of days' notice, for all or any part of the Fund's participation interest in the municipal obligation, plus accrued interest. The 5–15 Year Laddered Tax Exempt Bond Fund intends to exercise its right to demand payment only upon a default under the terms of the municipal obligation, or to maintain or improve the quality of its investment portfolio. The 5–15 Year Laddered Tax Exempt Bond Fund will invest no more than 5% of the value of its assets in participation interests.

**Municipal Obligation Components.** The interest payments on municipal securities can be divided into two different and variable components, which together result in a fixed interest rate. Typically, the first of the components (the "Auction Component") pays an interest rate that is reset periodically through an auction process, whereas the second of the components (the "Residual Component") pays a residual interest rate based on the difference between the total interest paid by the issuer on the municipal obligation and the auction rate paid on the Auction Component. The components can be purchased separately. Because the interest rate paid to holders of Residual Components is generally determined by subtracting the interest rate paid to the holders of Auction Components from a fixed amount, the interest rate paid to Residual Component holders will decrease as the Auction Component's rate increases and increase as the Auction Component's rate decreases. Moreover, the extent of the increases and decreases in market value of Residual Components may be larger than comparable changes in the market value of an equal principal amount of a fixed-rate municipal obligation having similar credit quality, redemption provisions and maturity.

**Municipal Custody Receipts.** The 5–15 Year Laddered Tax Exempt Bond Fund also may acquire custodial receipts of certificates underwritten by securities dealers or banks that evidence ownership of future interest payments, principal payments, or both, on certain municipal securities. The underwriter of these certificates or receipts typically purchases municipal securities and deposits the securities in an irrevocable trust or custody account with a custodian bank, which then issues receipts or certificates that evidence ownership of the periodic unmatured coupon payments and the final principal payment on the securities. Custody receipts evidencing specific coupon or principal payments have the same general attributes as zero coupon municipal securities described above. Although under the terms of a custody receipt the Fund would be typically authorized to assert its rights directly against the issuer of the underlying obligation, the Fund could be required to assert through the custodian bank those rights as may exist against the underlying issuers. Thus, in the event the underlying issuer fails to pay principal and/or interest when due, the Fund may be subject to delays, expenses and risks that are greater than those that would have been involved if the Fund had purchased a direct obligation of the issuer. In addition, in the event that the trust or custody account in which the underlying security has been deposited is determined to be an association taxable as a corporation, instead of a non-taxable entity, the yield on the underlying security would be reduced in recognition of any taxes paid.

**Tax Risk.** Income from tax-exempt municipal obligations could be declared taxable because of unfavorable changes in tax laws, adverse interpretations by the IRS or the non-compliant conduct of a bond issuer.

#### Other policies
**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 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

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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.

**Regulation S Securities Risk.** As described more fully in their Prospectuses, the Core Impact Bond Fund, Green Bond Fund and International Bond Fund may seek exposure to Regulation S securities through their investment in the Regulation S Subsidiaries. Regulation S securities may be less liquid than publicly traded securities as a result of legal or contractual restrictions on resale. If a Regulation S security is determined to be illiquid, the investment will be included with a Fund's 15% of net assets limitation on investment in illiquid investments. Regulation S securities may be resold in privately negotiated transactions but the price realized in such resales could be less than the amount originally paid. Further, because Regulation S securities are not publicly traded, they may not be subject to the same disclosure and other investor protection requirements that would be applicable to publicly traded securities. As a result, Regulation S securities may involve a high degree of business and financial risk and may result in losses.

**Investment in Wholly Owned Subsidiaries.** The Subsidiaries are Cayman Islands exempted companies that are wholly owned and controlled by the Core Impact Bond Fund, Green Bond Fund and International Bond Fund and each is overseen by its own board of directors. A Cayman Islands exempted company is a corporate entity established under the laws of the Cayman Islands for the purpose of conducting business mainly outside the Cayman Islands. Each of the Core Impact Bond Fund, Green Bond Fund and International Bond Fund is the sole shareholders of its Subsidiary or Subsidiaries and it is not currently expected that shares of the Subsidiaries will be sold or offered to other investors. It is expected that the Regulation S Subsidiaries will invest primarily in Regulation S securities and that the TEFRA Bond Subsidiaries will invest primarily in TEFRA Bonds. As a result, the Funds, through their investment in the Subsidiaries, are indirectly exposed to the risks associated with Regulation S securities and, with respect to the Core Impact Bond Fund and International Bond Fund, TEFRA Bonds. There can be no assurance that the investment objective of the Funds or the Subsidiaries will be achieved.

The Subsidiaries are not registered under the 1940 Act and, therefore, are not subject to the investor protection provisions of the 1940 Act (unless otherwise noted in a Fund's Prospectuses or this SAI). As an investor in the Subsidiaries, the Funds do not have all of the protections offered to investors by the 1940 Act. However, each Subsidiary is wholly owned and controlled by the applicable Fund and managed by Advisors. Changes in the laws of the United States and/or the Cayman Islands could result in the inability of the Funds to invest in the Subsidiaries as described in the Funds' Prospectuses and in this SAI and could adversely affect the Funds. For example, the Cayman Islands currently does not impose certain taxes on exempted companies like the Subsidiaries, including income and capital gains tax, among others. If Cayman Islands laws were changed to require such entities to pay Cayman Islands taxes, the investment returns of the Funds would likely decrease.

**Risks of Investments in the Core Impact Bond Fund's and International Bond Fund's TEFRA Bond Subsidiaries.** The Core Impact Bond Fund and International Bond Fund may also seek exposure to TEFRA Bonds through investment of up to 25% of their total assets in the TEFRA Bond Subsidiaries. Under applicable U.S. Treasury regulations, a Fund's income inclusion with respect to a subsidiary will generally be treated as qualifying income under Subchapter M of the Code if either (A) there is a distribution out of the earnings and profits of the subsidiary that are attributable to such income inclusion or (B) such inclusion is derived with respect to the Fund's business of investing in stock, securities, or currencies. The tax treatment of the Funds' investments in the TEFRA Bond Subsidiaries could affect whether income derived from such investments is qualifying income, or otherwise affect the character, timing and/or amount of the Funds' taxable income or any gains and distributions made by the Funds.

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**Liquidation of Funds.** The Board of Trustees may determine to close and/or liquidate a Fund at any time, which may have adverse tax consequences to the shareholders of such Fund. In the event of the liquidation of a Fund, shareholders will receive a liquidating distribution in cash or in-kind equal to their proportionate interest in the Fund. A liquidating distribution may be a taxable event to shareholders, resulting in a gain or loss for tax purposes, depending upon a shareholder's basis in their shares of the Fund. A shareholder of a liquidating Fund 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.

For the fiscal year ended October 31, 2024, the portfolio turnover rate of one Fund significantly changed from the portfolio turnover rate in 2023 as a result of a variety of factors.

The Core Equity Fund's portfolio turnover rate decreased to 25% for the twelve-month period ended October 31, 2024 as compared to 108% for the twelve-month period ended October 31, 2023. The decrease in portfolio turnover was primarily attributable to more normalized trading activity. The prior year turnover was elevated due to a change in portfolio management, resulting in portfolio repositioning.

For the fiscal year ended December 31, 2024, the portfolio turnover rate of none of the Funds significantly changed from the portfolio turnover rate in 2023.

For the fiscal year ended March 31, 2025, the portfolio turnover rates of three Funds significantly changed from the portfolio turnover rates in 2024 as a result of a variety of factors.

The Green Bond Fund's portfolio turnover rate decreased to 15% for the twelve-month period ended March 31, 2025 as compared to 62% for the twelve-month period ended March 31, 2024. The decrease in portfolio turnover was primarily attributable to modest flows and minimal portfolio re-positioning as compared to the prior twelve months, resulting in less frequent trading opportunities.

The Short Duration Impact Bond Fund's portfolio turnover rate decreased to 139% for the twelve-month period ended March 31, 2025 as compared to 269% for the twelve-month period ended March 31, 2024. The decrease in portfolio turnover was primarily attributable to modest flows and minimal portfolio re-positioning as compared to the prior twelve months, resulting in less frequent trading opportunities.

The Short Term Bond Fund's portfolio turnover rate increased to 182% for the twelve-month period ended March 31, 2025 as compared to 114% for the twelve-month period ended March 31, 2024. The increase in portfolio turnover was primarily attributable to heightened market volatility, flows and portfolio re-positioning as compared to the prior twelve months, resulting in more frequent trading opportunities.

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. To the extent that the Funds have investors that are funds or pools managed by Advisors, transaction activity by these funds or pools may contribute to the Funds' portfolio turnover rate and may increase the Funds' brokerage costs.

### 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.,

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personal trading). In this context, portfolio holdings information does not include summary information from which the identity of the Fund's specific portfolio holdings cannot reasonably be derived. A Fund may disclose on an ongoing basis non-public portfolio holdings information in the normal course of its investment and administrative operations to various service providers, including, but not limited to, Nuveen and TIAA employees, fund accounting agents, auditors, custodians, pricing vendors, financial printers, proxy voting agents, securities lending agents, counsel to the Funds or the independent trustees, regulatory authorities, stock exchanges and other listing organizations. Also, Advisors may transmit to service providers non-public portfolio holdings information to enable Advisors to perform portfolio attribution analysis using third-party systems and software programs. Advisors may also provide certain portfolio holdings information to broker-dealers from time to time in connection with the purchase or sale of securities or requests for price quotations or bids on one or more securities. In providing this information, reasonable precautions are taken in an effort to avoid potential misuse of the disclosed information, including limitations on the scope of the portfolio holdings information disclosed, when appropriate. The Funds and Advisors do not receive compensation or other consideration in exchange for the disclosure of portfolio holdings.

Non-public portfolio holdings information may be provided to other persons if approved by a Managing Director in the Legal Department or Secretary of the Funds upon a determination that there is a legitimate business purpose for doing so, the disclosure is consistent with the interests of the shareholders of the Fund, and the recipient is obligated to maintain the confidentiality of the information and not misuse it, which includes a prohibition on trading on such non-public information. Notification must be provided to the Funds' Chief Compliance Officer prior to the holdings information being released.

Compliance officers of the Funds and Advisors periodically monitor overall compliance with the policy to ascertain whether portfolio holdings information is disclosed in a manner that is consistent with the Funds' policies.

There is no assurance that the Funds' policies on portfolio holdings information will protect a Fund from the potential misuse of portfolio holdings information by individuals or firms in possession of such information.

The following parties currently receive non-public portfolio holdings information regarding one or more of the Funds on an ongoing basis pursuant to the various arrangements described above: Advent; Adviser Compliance Associates, LLC; Bank of America PriceServe; Barclays Capital, Inc., BARRA; Bloomberg Finance, L.P.; Broadridge Investor Communication Solutions, Inc.; Broadridge Systems; Cabot Research, LLC; 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; 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; 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 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, 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.

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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 145 open-end mutual funds, including the Funds (the "Nuveen Mutual Funds"), 47 closed-end funds and 25 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). | 215 | Board Member, Lumina Foundation (since 2018) and Waterside School (since 2021); Board Member (2012-2019) and Emeritus Board Member (since 2020), Year-Up Puget Sound; Investment Advisory Committee Member and Former Chair (since 2007), Seattle City Employees' Retirement System; Investment Committee Member (since 2012), The Seattle Foundation; Trustee (2018-2023), the College Retirement Equities Fund; Manager (2019-2023), TIAA Separate Account VA-1. |
| 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. | 215 | 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. | 216 | Director (since 2015) and Chair of the Finance and Investment Committee (since 2018), Aflac Incorporated; Director (since 2018), ParentSquare; formerly, Director (2021-2022) and Finance Committee Chair (2016-2022), Sansum Clinic; formerly, Advisory Board Member (2017-2019), B'Box; formerly, Member (2011-2012), the University of California at Santa Barbara Arts and Lectures Advisory Council; formerly, Investment Committee Member (2012-2020), Cottage Health System; formerly, Board member (2009-2019) and President of the Board (2014-2018), Crane Country Day School; Trustee (2011-2023) and Chairman (2017-2023), the College Retirement Equities Fund; Manager (2011-2023) and Chairman (2017-2023), TIAA Separate Account VA-1. |
| 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). | 216 | President (since 2023) and Member (since 2020) 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). | 216 | Member (since 2019) of the Board of Directors, Baltic-American Freedom Foundation (seeks to provide opportunities for citizens of the Baltic states to gain education and professional development through exchanges in the U.S.). |
| 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).  | 216 | Formerly, Chairman (2019) and Director (2012-2019), USA Technologies, Inc. (a provider of solutions and services to facilitate electronic payment transactions); formerly, Director, Wintrust Financial Corporation (1996-2016). |
| 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. | 216 | Formerly, Member of Board of Directors (2008-2023) of Core12 LLC (private firm which develops branding, marketing and communications strategies for clients); formerly, Member of the President's Council (2010-2019) of Fordham University; formerly, Director (2009-2018) of the Curran Center for Catholic American Studies; formerly, Trustee and Chairman of The Board of Trustees of Marian University (2011-2013). |

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50&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. | 215 | Director (since 2023) and Chair of the Audit Committee (since 2024), AMG; formerly, Chair and Member of the Board of Directors (2014-2021), Georgia Leadership Institute for School Improvement (GLISI); formerly, Chair and Member of the Board of Trustees (2014-2018), Georgia Council on Economic Education (GCEE); Trustee, the College Retirement Equities Fund and Manager, TIAA Separate Account VA-1 (2022-2023). |
| 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. | 216 | Member of the Board of Directors (since 2014), The Sherwin-Williams Company (paints, coatings and related products); Member of the Board of Directors (since 2020), Crown Castle International (provider of communications infrastructure); formerly, Member of the Board of Directors (2012-2018), Safe Kids Worldwide<sup>®</sup> (a non-profit organization dedicated to preventing childhood injuries). |
| 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). | 216 | 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). | 216 | Member of the Board of Trustees (since 2005), New York-Presbyterian Hospital; Member of the Board of Trustees (since 2004) formerly, Chair (2015-2022), The John A. Hartford Foundation (philanthropy dedicated to improving the care of older adults); formerly, Member (2005-2015) and Vice Chair (2011-2015) of the Board of Trustees of Mt. Holyoke College; formerly, Member of the Board of Directors (2013-2017) of Travelers Insurance Company of Canada and The Dominion of Canada General Insurance Company (each, a part of Travelers Canada, the Canadian operation of The Travelers Companies, Inc.).  |

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**Statement of Additional Information** &nbsp;&nbsp;&nbsp;&nbsp;51

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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). | 216 | None. |

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52&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 (Principal Financial Officer) | 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.  |
| 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. |
| Jordan M. Farris<br>333 West Wacker Drive <br>Chicago, IL 60606<br>1980 | Chief Administrative Officer (Principal Executive 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 and Treasurer | 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.  |
| 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; has previously held various positions with Nuveen/TIAA. |

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**Statement of Additional Information** &nbsp;&nbsp;&nbsp;&nbsp;53

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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** |
| 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; formerly, Vice President (2007-2021) and Secretary (2016-2021) of NWQ Investment Management Company, LLC and Santa Barbara Asset Management, LLC.  |
| 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. |
| 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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54&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, effective January 1, 2025. 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 Mr. Toth. During the fiscal year ended March 31, 2025, the Executive Committee met three times. During the fiscal year ended October 31, 2024, the Executive Committee met eight times. During the fiscal year ended December 31, 2024, the Executive Committee met five 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

**Statement of Additional Information** &nbsp;&nbsp;&nbsp;&nbsp;55

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relating to the Nuveen Funds' financial statements; the independent auditors' qualifications, performance and independence; and the Valuation Policy of the Nuveen Funds and the internal valuation group of Advisors, as valuation designee for the Nuveen Funds. It is the responsibility of the Audit Committee to select, evaluate and replace any independent auditors (subject only to Board approval and, if applicable, shareholder ratification) and to determine their compensation. The Audit Committee is also responsible for, among other things, overseeing the valuation of securities comprising the Nuveen Funds' portfolios. The Audit Committee is also primarily responsible for the oversight of the Valuation Policy and actions taken by Advisors, as valuation designee of the Funds, through its internal valuation group, which provides regular reports to the committee, reviews any issues relating to the valuation of the Nuveen Funds' securities brought to its attention and considers the risks to the Nuveen Funds in assessing the possible resolutions to these matters. The Audit Committee may also consider any financial risk exposures for the Nuveen Funds in conjunction with performing its functions.

To fulfill its oversight duties, the Audit Committee regularly meets with Fund management to discuss the Nuveen Funds' annual and semi-annual reports and has regular meetings with the external auditors for the Nuveen Funds and Advisors' internal audit group. In assessing financial risk disclosure, the Audit Committee also may review in a general manner the processes the Board or other Board committees have in place with respect to risk assessment and risk management as well as compliance with legal and regulatory matters relating to the Nuveen Funds' financial statements. The Audit Committee operates under a written charter adopted and approved by the Board. Members of the Audit Committee shall be independent (as set forth in the charter) and free of any relationship that, in the opinion of the trustees, would interfere with their exercise of independent judgment as an Audit Committee member. The members of the Audit Committee are Mr. Nelson, Chair, Mr. Boateng, Ms. Lancellotta, Mr. Starr, Mr. Thornton, Ms. Wolff and Mr. Young, each of whom is an independent trustee of the Funds. Mr. Boateng, Mr. Nelson, Mr. Starr and Mr. Young have each been designated as an "audit committee financial expert" as defined by the rules of the SEC. During the fiscal year ended March 31, 2025, the Audit Committee met fourteen times. During the fiscal year ended October 31, 2024, the Audit Committee met fourteen times. During the fiscal year ended December 31, 2024, the Audit Committee met fourteen 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 March 31, 2025, the Nominating and Governance Committee met six times. During the fiscal year ended

56&nbsp;&nbsp;&nbsp;&nbsp; **Statement of Additional Information** 

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October 31, 2024, the Nominating and Governance Committee met five times. During the fiscal year ended December 31, 2024, the Nominating and Governance Committee met five 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, Ms. Lancellotta, Mr. Nelson and Mr. Starr. During the fiscal year ended March 31, 2025, the Dividend Committee met eight times. During the fiscal year ended October 31, 2024, the Dividend Committee met ten times. During the fiscal year ended December 31, 2024, the Dividend Committee met ten times.

The Compliance, Risk Management and Regulatory Oversight Committee (the "Compliance Committee") is responsible for the oversight of compliance issues, risk management and other regulatory matters affecting the Nuveen Funds that are not otherwise the jurisdiction of the other committees. The Board has adopted and periodically reviews policies and procedures designed to address the Nuveen Funds' compliance and risk matters. As part of its duties, the Compliance Committee reviews the policies and procedures relating to compliance matters and recommends modifications thereto as necessary or appropriate to the full Board; develops new policies and procedures as new regulatory matters affecting the Nuveen Funds arise from time to time; evaluates or considers any comments or reports from examinations from regulatory authorities and responses thereto; and performs any special reviews, investigations or other oversight responsibilities relating to risk management, compliance and/or regulatory matters as requested by the Board.

In addition, the Compliance Committee is responsible for risk oversight, including, but not limited to, the oversight of general risks related to investments which are not reviewed by other committees, such as liquidity and derivatives usage; risks related to product structure elements, such as leverage; techniques that may be used to address the foregoing risks, such as hedging and swaps and Fund operational risk and risks related to the overall operation of the TIAA/Nuveen enterprise and, in each case, the controls designed to address or mitigate such risks. In assessing issues brought to the Compliance Committee's attention or in reviewing a particular policy, procedure, investment technique or strategy, the Compliance Committee evaluates the risks to the Nuveen Funds in adopting a particular approach compared to the anticipated benefits to the Nuveen Funds and their shareholders. In fulfilling its obligations, the Compliance Committee meets on a quarterly basis. The Compliance Committee receives written and oral reports from the Nuveen Funds' Chief Compliance Officer ("CCO") and meets privately with the CCO at each of its quarterly meetings. The CCO also provides an annual report to the full Board regarding the operations of the Nuveen Funds' and service providers' compliance programs as well as any recommendations for modifications thereto. Certain matters not addressed at the committee level may be addressed by another committee or directly by the full Board. The Compliance Committee operates under a written charter adopted and approved by the Board. The members of the Compliance Committee are Ms. Wolff, Chair, Mr. Forrester, Mr. Kenny, Ms. Medero, Mr. Moschner and Mr. Toth. During the fiscal year ended March 31, 2025, the Compliance Committee met four times. During the fiscal year ended October 31, 2024, the Compliance Committee met six times. During the fiscal year ended December 31, 2024, the Compliance Committee met five times.

The Investment Committee is responsible for the oversight of Nuveen Fund performance, investment risk management and other portfolio-related matters affecting the Nuveen Funds which are not otherwise the jurisdiction of the other Board committees. As part of such oversight, the Investment Committee reviews each Nuveen Fund's investment performance and investment risks, which may include, but is not limited to, an evaluation of Nuveen Fund performance relative to investment objectives, benchmarks and peer group; a review of risks related to portfolio investments, such as exposures to particular issuers, market sectors, or types of securities, as well as consideration of other factors that could impact or are related to Nuveen Fund performance; and an assessment of Nuveen Fund objectives, policies and practices as such may relate to Nuveen Fund performance. In assessing issues brought to the Investment Committee's attention or in reviewing an investment policy, technique or strategy, the Investment Committee evaluates the risks to the Nuveen Funds in adopting or recommending a particular approach or resolution compared to the anticipated benefits to the Nuveen Funds and their shareholders.

In fulfilling its obligations, the Investment Committee receives quarterly reports from the investment oversight and the investment risk groups at Nuveen, including from Advisors. Such groups also report to the full Board on a quarterly basis and the full Board participates in further discussions with Fund management at its quarterly meetings regarding matters relating to Nuveen Fund performance and investment risks, including with respect to the various drivers of performance and Nuveen Fund use of leverage and hedging. Accordingly, the Board directly and/or in conjunction with the Investment Committee oversees the investment performance and investment risk management of the Nuveen Funds. The Investment Committee operates under a written charter adopted and approved by the Board. This Investment Committee is composed of the independent trustees of the Nuveen Funds. Accordingly, the members of the Investment Committee are Mr. Boateng and Ms. Lancellotta, Co-Chairs, Mr. Forrester, Mr. Kenny, Ms. Medero, Mr. Moschner, Mr. Nelson, Mr. Starr, Mr. Thornton, Mr. Toth, Ms. Wolff and Mr. Young. During the fiscal year ended March 31, 2025, the Investment Committee met four times. During the fiscal year ended October 31, 2024, the Investment Committee met four times. During the fiscal year ended December 31, 2024, 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

**Statement of Additional Information** &nbsp;&nbsp;&nbsp;&nbsp;57

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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. Toth and Mr. Young. During the fiscal year ended March 31, 2025, the Open-End Funds Committee met four times. During the fiscal year ended October 31, 2024, the Open-End Funds Committee met four times. During the fiscal year ended December 31, 2024, 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 provided to them, and to interact effectively with Fund management, service providers and counsel, in order to exercise effective business judgment in the performance of their duties, and the Board believes each trustee satisfies this standard. An effective trustee may achieve this ability through his or her educational background; business, professional training or practice; public service or academic positions; experience from service as a board member or executive of investment funds, public companies or significant private or not-for-profit entities or other organizations; and/or other life experiences. Accordingly, set forth below is a summary of the experiences, qualifications, attributes, and skills that led to the conclusion, as of the date of this document, that each trustee should continue to serve in that capacity. References to the experiences, qualifications, attributes and skills of directors are pursuant to requirements of the SEC, do not constitute holding out of the Board or any director as having any special expertise or experience and shall not impose any greater responsibility or liability on any such person or on the Board by reason thereof.

*Joseph A. Boateng*

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

*Michael A. Forrester*

From 2007 to 2021, Mr. Forrester held various positions with Copper Rock Capital Partners, LLC ("Copper Rock"), including Chief Executive Officer (2014-2021), Chief Operating Officer ("COO") (2007-2014) and Board Member (2007-2021). Mr. Forrester is currently a member of the Independent Directors Council Governing Council of the Investment Company Institute. He also serves 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 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

58&nbsp;&nbsp;&nbsp;&nbsp; **Statement of Additional Information** 

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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 has been President, since 2023, and a member, since 2020, of the Board of Directors of the Jewish Coalition Against Domestic Abuse (JCADA), an organization that seeks to end power-based violence, empower survivors and ensure safe communities. Ms. Lancellotta received a B.A. degree from Pennsylvania State University in 1981 and a J.D. degree from the National Law Center, George Washington University (currently known as George Washington University Law School) in 1984.

*Joanne T. Medero*

Ms. Medero has over 30 years of financial services experience and, most recently, from December 2009 until her retirement in July 2020, she was a Managing Director in the Government Relations and Public Policy Group at BlackRock, Inc. (BlackRock). From July 2018 to July 2020, she was also Senior Advisor to BlackRock's Vice Chairman, focusing on public policy and corporate governance issues. In 1996, Ms. Medero joined Barclays Global Investors (BGI), which merged with BlackRock in 2009. At BGI, she was a Managing Director and served as Global General Counsel and Corporate Secretary until 2006. Then, from 2006 to 2009, Ms. Medero was a Managing Director and Global Head of Government Relations and Public Policy at Barclays Group (IBIM), where she provided policy guidance and directed legislative and regulatory advocacy programs for the investment banking, investment management and wealth management businesses. Before joining BGI, Ms. Medero was a Partner at Orrick, Herrington & Sutcliffe LLP from 1993 to 1995, where she specialized in derivatives and financial markets regulation issues. Additionally, she served as General Counsel of the Commodity Futures Trading Commission (CFTC) from 1989 to 1993 and, from 1986 to 1989, she was Deputy Associate Director/Associate Director for Legal and Financial Affairs at The White House Office of Presidential Personnel. Further, from 2006 to 2010, Ms. Medero was a member of the CFTC Global Markets Advisory Committee and she has been actively involved in financial industry associations, serving as Chair of the Steering Committee of the SIFMA (Securities Industry and Financial Markets Association) Asset Management Group (2016-2018) and Chair of the CTA (Commodity Trading Advisor), CPO (Commodity Pool Operator) and Futures Committee of the Managed Funds Association (2010-2012). Ms. Medero also chaired the Corporations, Antitrust and Securities Practice Group of The Federalist Society for Law and Public Policy (from 2010 to 2022 and 2000 to 2002). In addition, since 2019, she has been a member of the Board of Directors of the Baltic-American Freedom Foundation, which seeks to provide opportunities for citizens of the Baltic States to gain education and professional development through exchanges in the United States. Ms. Medero received a B.A. degree from St. Lawrence University in 1975 and a J.D. degree from the National Law Center, George Washington University (currently known as George Washington University Law School) in 1978.

*Albin F. Moschner* 

Mr. Moschner is a consultant in the wireless industry and, in July 2012, founded Northcroft Partners, LLC, a management consulting firm that provides operational, management and governance solutions. Prior to founding Northcroft Partners, LLC, Mr. Moschner held various positions at Leap Wireless International, Inc., a provider of wireless services, where he was a consultant from February 2011 to July 2012, Chief Operating Officer from July 2008 to February 2011, and Chief Marketing Officer from August 2004 to June 2008. Before he joined Leap Wireless International, Inc., Mr. Moschner was President of the Verizon Card Services division of Verizon Communications, Inc. from 2000 to 2003, and President of One Point Services at One Point Communications from 1999 to 2000. Mr. Moschner also served at Zenith Electronics Corporation as Director, President and Chief Executive Officer from 1995 to 1996, and as Director, President and Chief Operating Officer from 1994 to 1995. Mr. Moschner was Chairman of the Board (2019) and a member of the Board of Directors (2012-2019) of USA Technologies, Inc. and, from 1996 until 2016, he was a member of the Board of Directors of Wintrust Financial Corporation. In addition, he is emeritus (since 2018) of the Advisory Boards of the Kellogg School of Management (1995-2018) and the Archdiocese of Chicago Financial Council (2012-2018). Mr. Moschner received a Bachelor of Engineering degree in Electrical Engineering from The City College of New York in 1974 and a Master of Science degree in Electrical Engineering from Syracuse University in 1979.

**Statement of Additional Information** &nbsp;&nbsp;&nbsp;&nbsp;59

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*John K. Nelson* 

Mr. Nelson formerly served on the Board of Directors of Core12, LLC from 2008 to 2023, a private firm that develops branding, marketing, and communications strategies for clients. Mr. Nelson has extensive experience in global banking and markets, having served in several senior executive positions with ABN AMRO Holdings N.V. and its affiliated entities and predecessors, including LaSalle Bank Corporation from 1996 to 2008, ultimately serving as Chief Executive Officer of ABN AMRO N.V. North America. During his tenure at the bank, he also served as Global Head of its Financial Markets Division, which encompassed the bank's Currency, Commodity, Fixed Income, Emerging Markets, and Derivatives businesses. He was a member of the Foreign Exchange Committee of the Federal Reserve Bank of the United States and during his tenure with ABN AMRO served as the bank's representative on various committees of The Bank of Canada, European Central Bank, and The Bank of England. Mr. Nelson previously served as a senior, external advisor to the financial services practice of Deloitte Consulting LLP (2012-2014). At Fordham University, he served as a director of The President's Council (2010- 2019) and previously served as a director of The Curran Center for Catholic American Studies (2009-2018). He served as a trustee and Chairman of The Board of Trustees of Marian University (2011-2013). Mr. Nelson is a graduate of Fordham University, holding a BA in Economics and an MBA in Finance.

*Loren M. Starr*

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

*Matthew Thornton III*

Mr. Thornton has over 40 years of broad leadership and operating experience from his career with FedEx Corporation ("FedEx"), which, through its portfolio of companies, provides transportation, e-commerce and business services. In November 2019, Mr. Thornton retired as Executive Vice President and Chief Operating Officer of FedEx Freight Corporation (FedEx Freight), a subsidiary of FedEx, where, from May 2018 until his retirement, he had been responsible for day-to-day operations, strategic guidance, modernization of freight operations and delivering innovative customer solutions. From September 2006 to May 2018, Mr. Thornton served as Senior Vice President, U.S. Operations at Federal Express Corporation (FedEx Express), a subsidiary of FedEx. Prior to September 2006, Mr. Thornton held a range of positions of increasing responsibility with FedEx, including various management positions. In addition, Mr. Thornton currently (since 2014) serves on the Board of Directors of The Sherwin-Williams Company, where he is a member of the Audit Committee and the Nominating and Corporate Governance Committee, and the Board of Directors of Crown Castle International (since 2020), where he is a member of the Strategy Committee and the Compensation Committee. Formerly (2012-2018), he was a member of the Board of Directors of Safe Kids Worldwide<sup>®</sup>, a non-profit organization dedicated to the prevention of childhood injuries. Mr. Thornton is a member (since 2014) of the Executive Leadership Council (ELC), the nation's premier organization of global black senior executives. He is also a member of the National Association of Corporate Directors (NACD). Mr. Thornton has been recognized by Black Enterprise on its 2017 list of the Most Powerful Executives in Corporate America and by Ebony on its 2016 Power 100 list of the world's most influential and inspiring African Americans. Mr. Thornton received a B.B.A. degree from the University of Memphis in 1980 and an M.B.A. from the University of Tennessee in 2001.

*Terence J. Toth* 

Mr. Toth was a Co-Founding Partner of Promus Capital (2008-2017). From 2012 to 2021, he was a Director of Quality Control Corporation, from 2010 to 2019, he was a Director of Fulcrum IT Service LLC and from 2012 to 2016, he was a Director of LogicMark LLC. From 2008 to 2013, he was a Director of Legal & General Investment Management America, Inc. From 2004 to 2007, he was Chief Executive Officer and President of Northern Trust Global Investments, and Executive Vice President of Quantitative Management & Securities Lending from 2000 to 2004. He also formerly served on the Board of the Northern Trust Mutual Funds. He joined Northern Trust in 1994 after serving as Managing Director and Head of Global Securities Lending at Bankers Trust (1986 to 1994) and Head of Government Trading and Cash Collateral Investment at Northern Trust from 1982 to 1986. He 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.

60&nbsp;&nbsp;&nbsp;&nbsp; **Statement of Additional Information** 

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*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 J.P. Morgan Investment (from 2010 to 2016) and as President and Principal Executive Officer of the J.P. Morgan Funds (from 2013 to 2016). As Chief Operating Officer of J.P. Morgan Investment, Mr. Young led service, administration and business platform support activities for J.P. Morgan's domestic retail mutual fund and institutional commingled and separate account businesses, and co-led these activities for J.P. Morgan's global retail and institutional investment management businesses. As President of the J.P. Morgan Funds, Mr. Young interacted with various service providers to these funds, facilitated the relationship between such funds and their boards, and was directly involved in establishing board agendas, addressing regulatory matters, and establishing policies and procedures. Before joining J.P. Morgan, Mr. Young, a former Certified Public Accountant (CPA), was a Senior Manager (Audit) with Deloitte & Touche LLP (formerly, Touche Ross LLP), where he was employed from 1985 to 1996. During his tenure there, he actively participated in creating, and ultimately led, the firm's midwestern mutual fund practice. Mr. Young holds a Bachelor of Business Administration degree in Accounting from the University of Dayton and, from 2008 to 2011, he served on the Investment Committee of its Board of Trustees.

#### Board compensation
The following table shows, for each independent trustee, (1) the aggregate compensation (including deferred amounts), as well as any amounts related to special, ad hoc committees that are temporary in nature and not expected to be long-term, ongoing compensation, paid by the Equity, Emerging Markets Debt and International Bond Funds for the fiscal year ended October 31, 2024; the Inflation Linked Bond and Real Estate Securities Select Funds for the fiscal year ended December 31, 2024; and the Fixed-Income Funds (other than the Emerging Markets Debt, International Bond and Inflation Linked Bond Funds, which have a different fiscal year end) for the fiscal year ended March 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 years ended October 31, 2024, December 31, 2024 and March 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;61

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#### FISCAL YEAR ENDED 10/31/24

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Name** | **Aggregate compensation from the Funds** | **Amount of total compensation <br>that has been deferred** | **Total compensation from <br>Nuveen Funds Paid to Trustee** |
|  | Forrest Berkley<sup>1, 2</sup> | $26488  | $26488  | $436250  |
|  | Joseph A. Boateng<sup>2</sup> | 77755  | 18417  | 464250  |
|  | Joseph A. Carrier<sup>1, 2</sup> | 26488  | 26488  | 436250  |
|  | Janice C. Eberly<sup>1, 2</sup> | 26488  | 26488  | 436250  |
|  | Nancy A. Eckl<sup>1, 2</sup> | 29841  | 7377  | 468750  |
|  | Michael A. Forrester<sup>2</sup> | 80210 | 80210  | 480750  |
|  | Howell E. Jackson<sup>1, 2</sup> | 26488  | 9288  | 468750  |
|  | Nicole Thorne Jenkins<sup>1, 2</sup> | 26488  | 7377  | 433750  |
|  | Thomas J. Kenny<sup>2</sup> | 101212  | 22046  | 610000  |
|  | Amy B. R. Lancellotta<sup>3</sup> | 47347  | 15624  | 468750  |
|  | Joanne T. Medero<sup>3</sup> | 46709  | 13785  | 461250  |
|  | Albin F. Moschner<sup>3</sup> | 47474  | —  | 481250  |
|  | John K. Nelson<sup>3</sup> | 47026  |  | 483250  |
|  | James Poterba<sup>1, 2</sup> | 29841 | 29841 | 513750 |
|  | Loren M. Starr<sup>2</sup> | 78673 | 23637 | 479.750 |
|  | Matthew Thornton III<sup>3</sup> | 47347 |  | 463750 |
|  | Terence J. Toth<sup>3</sup> | 56126 |  | 575750 |
|  | Margaret L. Wolff<sup>3</sup> | 48026 | 16057 | 491700 |
|  | Robert L. Young<sup>3</sup> | 36451 | 32269 | 397900 |
| <sup>1</sup> | Mr. Berkley, Mr. Carrier, Prof. Eberly, Ms. Eckl, Prof. Jackson, Dean Jenkins and Prof. Poterba each resigned from the Board of the Trust effective as of the close of business on December 31, 2023. | Mr. Berkley, Mr. Carrier, Prof. Eberly, Ms. Eckl, Prof. Jackson, Dean Jenkins and Prof. Poterba each resigned from the Board of the Trust effective as of the close of business on December 31, 2023. | Mr. Berkley, Mr. Carrier, Prof. Eberly, Ms. Eckl, Prof. Jackson, Dean Jenkins and Prof. Poterba each resigned from the Board of the Trust effective as of the close of business on December 31, 2023. | Mr. Berkley, Mr. Carrier, Prof. Eberly, Ms. Eckl, Prof. Jackson, Dean Jenkins and Prof. Poterba each resigned from the Board of the Trust effective as of the close of business on December 31, 2023. |
| <sup>2</sup> | "Total compensation from Nuveen Funds Paid to Trustee" for Mr. Berkley, Mr. Boateng, Mr. Carrier, Prof. Eberly, Ms. Eckl, Mr. Forrester, Prof. Jackson, Dean Jenkins, Mr. Kenny, Prof. Poterba and Mr. Starr for the period presented includes compensation received from CREF and VA-1 as each was a member of the board and management committee of CREF and VA-1, respectively during the period. | "Total compensation from Nuveen Funds Paid to Trustee" for Mr. Berkley, Mr. Boateng, Mr. Carrier, Prof. Eberly, Ms. Eckl, Mr. Forrester, Prof. Jackson, Dean Jenkins, Mr. Kenny, Prof. Poterba and Mr. Starr for the period presented includes compensation received from CREF and VA-1 as each was a member of the board and management committee of CREF and VA-1, respectively during the period. | "Total compensation from Nuveen Funds Paid to Trustee" for Mr. Berkley, Mr. Boateng, Mr. Carrier, Prof. Eberly, Ms. Eckl, Mr. Forrester, Prof. Jackson, Dean Jenkins, Mr. Kenny, Prof. Poterba and Mr. Starr for the period presented includes compensation received from CREF and VA-1 as each was a member of the board and management committee of CREF and VA-1, respectively during the period. | "Total compensation from Nuveen Funds Paid to Trustee" for Mr. Berkley, Mr. Boateng, Mr. Carrier, Prof. Eberly, Ms. Eckl, Mr. Forrester, Prof. Jackson, Dean Jenkins, Mr. Kenny, Prof. Poterba and Mr. Starr for the period presented includes compensation received from CREF and VA-1 as each was a member of the board and management committee of CREF and VA-1, respectively during the period. |
| <sup>3</sup> | Ms. Lancellotta, Ms. Medero, Mr. Moschner, Mr. Nelson, Mr. Thornton, Mr. Toth, Ms. Wolff and Mr. Young were trustees of the Trust from January 1, 2024 to the end of the fiscal year presented. | Ms. Lancellotta, Ms. Medero, Mr. Moschner, Mr. Nelson, Mr. Thornton, Mr. Toth, Ms. Wolff and Mr. Young were trustees of the Trust from January 1, 2024 to the end of the fiscal year presented. | Ms. Lancellotta, Ms. Medero, Mr. Moschner, Mr. Nelson, Mr. Thornton, Mr. Toth, Ms. Wolff and Mr. Young were trustees of the Trust from January 1, 2024 to the end of the fiscal year presented. | Ms. Lancellotta, Ms. Medero, Mr. Moschner, Mr. Nelson, Mr. Thornton, Mr. Toth, Ms. Wolff and Mr. Young were trustees of the Trust from January 1, 2024 to the end of the fiscal year presented. |

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#### FISCAL YEAR ENDED 12/31/24 <sup>1</sup>

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Name** | **Aggregate compensation from the Funds** | **Amount of total compensation <br>that has been deferred** | **Total compensation from <br>Nuveen Funds Paid to Trustee** |
|  | Joseph A. Boateng | $1561  | $389 | $348000 |
|  | Michael A. Forrester | 1622  | 1623  | 362000  |
|  | Thomas J. Kenny | 2065  | 516  | 461000  |
|  | Amy B. R. Lancellotta | 1668  | 550  | 372000  |
|  | Joanne T. Medero | 1646  | 485  | 367000  |
|  | Albin F. Moschner | 1672  | —  | 373000  |
|  | John K. Nelson | 1657  |  | 369500  |
|  | Loren M. Starr | 1664  | 573 | 371000  |
|  | Matthew Thornton III | 1668  |  | 372000  |
|  | Terence J. Toth | 1970  |  | 441000  |
|  | Margaret L. Wolff | 1884  | 565 | 420500  |
|  | Robert L. Young | 1753  | 1140 | 390000  |
| <sup>1</sup> | Prior to April 1, 2024, the Funds' fiscal year end was March 31<sup>st</sup>. Due to the change in fiscal year end, the "Total Compensation from Nuveen Funds Paid to Trustee" for each Trustee has been adjusted to reflect compensation paid during the period from January 1, 2024 through September 30, 2024, as their compensation for the fourth quarter of 2024 was paid in arrears in January of 2025. | Prior to April 1, 2024, the Funds' fiscal year end was March 31<sup>st</sup>. Due to the change in fiscal year end, the "Total Compensation from Nuveen Funds Paid to Trustee" for each Trustee has been adjusted to reflect compensation paid during the period from January 1, 2024 through September 30, 2024, as their compensation for the fourth quarter of 2024 was paid in arrears in January of 2025. | Prior to April 1, 2024, the Funds' fiscal year end was March 31<sup>st</sup>. Due to the change in fiscal year end, the "Total Compensation from Nuveen Funds Paid to Trustee" for each Trustee has been adjusted to reflect compensation paid during the period from January 1, 2024 through September 30, 2024, as their compensation for the fourth quarter of 2024 was paid in arrears in January of 2025. | Prior to April 1, 2024, the Funds' fiscal year end was March 31<sup>st</sup>. Due to the change in fiscal year end, the "Total Compensation from Nuveen Funds Paid to Trustee" for each Trustee has been adjusted to reflect compensation paid during the period from January 1, 2024 through September 30, 2024, as their compensation for the fourth quarter of 2024 was paid in arrears in January of 2025. |

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62&nbsp;&nbsp;&nbsp;&nbsp; **Statement of Additional Information** 

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#### FISCAL YEAR ENDED 3/31/25

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| | | | |
|:---|:---|:---|:---|
| **Name** | **Aggregate compensation from the Funds** | **Amount of total compensation <br>that has been deferred** | **Total compensation from <br>Nuveen Funds Paid to Trustee** |
| Joseph A. Boateng | $19533  | $4873  | $463000  |
| Michael A. Forrester | 20335  | 20336  | 482000  |
| Thomas J. Kenny | 25990  | 6498  | 616000  |
| Amy B. R. Lancellotta | 21012  | 6934  | 498000  |
| Joanne T. Medero | 20652  | 6120  | 489500  |
| Albin F. Moschner | 20903  | —  | 495500  |
| John K. Nelson | 20756  | —  | 492000  |
| Loren M. Starr | 20823  | 7200  | 493500  |
| Matthew Thornton III | 21012  | —  | 498000  |
| Terence J. Toth | 23541  | —  | 558500  |
| Margaret L. Wolff | 23438  | 7031  | 555500  |
| Robert L. Young | 23018  | 14962  | 545000  |

---

Prior to January 1, 2025, independent directors received a $350,000 annual retainer, plus they received (a) an annual retainer of $30,000 for membership on the Audit Committee and Compliance, Risk Management and Regulatory Oversight Committee, respectively; and (b) an annual retainer of $20,000 for membership on the Dividend Committee, Investment Committee, Nominating and Governance Committee and Open-End Funds Committee, respectively. In addition to the payments described above, the Chair and/or Co-Chair of the Board received $140,000 annually; the chair and/or co-chair of the Audit Committee and Compliance, Risk Management and Regulatory Oversight Committee received $30,000 annually; and the chair and/or co-chair of the Dividend Committee, Investment Committee, Nominating and Governance Committee and Open-End Funds Committee received $20,000 annually. Directors 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, 2025, independent directors receive a $350,000 annual retainer, plus they receive (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 receives $150,000 annually; the chair of the Audit Committee and Compliance, Risk Management and Regulatory Oversight Committee receive $35,000 annually; the chair and/or co-chair of the Investment Committee receives $30,000 annually; and the chair of the Dividend Committee, Nominating and Governance Committee and Open-End Funds Committee receive $25,000 annually. Directors 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.

#### 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, 2024:

**Statement of Additional Information** &nbsp;&nbsp;&nbsp;&nbsp;63

------

---

| | | |
|:---|:---|:---|
| **Name** | **Dollar range of equity securities in the Funds** | **Aggregate dollar range of equity securities in<br>all registered investment companies overseen<br>in family of investment companies** |
| Joseph A. Boateng | Nuveen Emerging Markets Equity: $10,001–50,000 | Over $100,000 |
|  | Nuveen Real Estate Securities Select: $10,001–50,000 |  |
| Michael A. Forrester |  | Over $100,000 |
| Thomas J. Kenny | Nuveen Emerging Markets Equity Index: Over $100,000 | Over $100,000 |
|  | Nuveen International Equity: $50,001–100,000 |  |
|  | Nuveen International Equity Index: Over $100,000 |  |
|  | Nuveen Large Cap Responsible Equity: Over $100,000 |  |
|  | Nuveen Large Cap Value Index: Over $100,000 |  |
|  | Nuveen Quant Mid Cap Growth: Over $100,000 |  |
|  | Nuveen Quant Small Cap Equity: Over $100,000 |  |
|  | Nuveen Real Estate Securities Select: Over $100,000 |  |
|  | Nuveen Small Cap Blend Index: Over $100,000 |  |
| Amy B. R. Lancellotta | Nuveen Bond Index: $10,001–50,000 | Over $100,000 |
|  | Nuveen International Equity Index: $10,001–50,000 |  |
|  | Nuveen S&P 500 Index: Over $100,000 |  |
| Joanne T. Medero |  | Over $100,000 |
| Albin F. Moschner |  | Over $100,000 |
| John K. Nelson | Nuveen International Equity Index: Over $100,000 | Over $100,000 |
| Loren M. Starr | Nuveen Money Market: $10,001–50,000 | Over $100,000 |
| Matthew Thornton III |  | Over $100,000 |
| Terence J. Toth |  | Over $100,000 |
| Margaret L. Wolff |  | Over $100,000 |
| Robert L. Young | Nuveen Money Market: Over $100,000 | Over $100,000 |
|  | Nuveen Short Term Bond: Over $100,000 |  |

---

As of June 30, 2025, 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 June 30, 2025, none of the independent trustees or their immediate family members owned, beneficially, or of record, any securities in (i) an investment adviser or principal underwriter of the Funds or (ii) a person (other than a registered investment company) directly or indirectly controlling, controlled by, or under common control with an investment adviser or principal underwriter of the Funds.

The table below presents information on trustees who own securities in companies (other than investment companies) that are advised by entities that are under common control with Advisors as of December 31, 2024:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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 |  | $37455 | 0.01% |
|  | KSHFO, LLC<sup>(1)</sup> | Global Timber Resources Investor Fund, LP |  | $567738 | 6.01% |
|  | KSHFO, LLC<sup>(1)</sup> | TIAA-CREF Global <br>Agriculture II LLC |  | $717269 | 0.05% |
|  | KSHFO, LLC<sup>(1</sup> | Global Agriculture II AIV <br>(US) LLC |  | $681911 | 0.17% |

---

&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 December 31, 2024. 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.

64&nbsp;&nbsp;&nbsp;&nbsp; **Statement of Additional Information** 

------

Trustees of the Trust and certain other Fund affiliates may purchase the Funds' Class I or Class R6 shares. See the Funds' Prospectuses for details.

### 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 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.

**Statement of Additional Information** &nbsp;&nbsp;&nbsp;&nbsp;65

------

### Principal holders of securities
As of June 30, 2025, the following investors were known to hold beneficially or of record 5% or more of the outstanding shares of any class of a Fund:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund—Class** | **Percentage of holdings** | **Shares** |
| &nbsp;&nbsp;&nbsp;**Nuveen Emerging Markets Equity Fund—Class A** |  |  |
| PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052 | 14.47% | 103359.699  |
| CHARLES SCHWAB & CO INC ATTN: MUTUAL FUNDS 211 MAIN ST SAN FRANCISCO CA 94105-1901 | 12.72% | 90842.567  |
| &nbsp;&nbsp;&nbsp;**Nuveen Emerging Markets Equity Fund—Class I** |  |  |
| TEACHERS INSURANCE & ANNUITY ASSOC ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE STE 2A NEW YORK NY 10017-3207 | 85.62% | 11892.946  |
| PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052 | 7.53% | 1045.375  |
| RAYMOND JAMES OMNIBUS FOR MUTUAL FUNDS HOUSE ACCT FIRM 92500015 ATTN: COURTNEY WALLER 880 CARILLON PARKWAY ST PETERSBURG FL 33716-1102 | 6.85% | 951.259  |
| &nbsp;&nbsp;&nbsp;**Nuveen Emerging Markets Equity Fund—Premier Class** |  |  |
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 | 99.86% | 711598.213  |
| &nbsp;&nbsp;&nbsp;**Nuveen Emerging Markets Equity Fund—Class R6** |  |  |
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 | 31.88% | 5632795.938  |
| TIAA-CREF MANAGED ALLOCATION II AC ATTN TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3207 | 21.10% | 3728927.768  |
| TIAA-CREF LIFESTYLE MODERATE FUND ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 13.49% | 2383578.093  |
| TIAA-CREF LIFESTYLE GROWTH FUND ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 9.88% | 1745855.063  |
| TIAA-CREF LIFESTYLE AGGRESSIVE GROWTH FUND ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 9.88% | 1745201.628  |
| TIAA-CREF INDIVIDUAL & INSTITUTIONAL SERV INC FOR EXCLUSIVE BENEFIT OF CUSTOMERS ATTN PATRICK NELSON 730 3RD AVE NEW YORK NY 10017-3206 | 6.24% | 1102778.994  |
| &nbsp;&nbsp;&nbsp;**Nuveen Emerging Markets Equity Fund—Retirement Class** |  |  |
| JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS CUST FOR IRA CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413 | 89.20% | 4993139.272  |
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 | 5.48% | 306908.597  |
| &nbsp;&nbsp;&nbsp;**Nuveen Emerging Markets Equity Fund—Class W** |  |  |
| TIAA-CREF IMF LIFECYCLE FUND #2040 ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 19.72% | 31593321.561  |
| TIAA-CREF IMF LIFECYCLE FUND #2045 ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 16.25% | 26030809.000  |
| TIAA-CREF IMF LIFECYCLE FUND #2050 ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 13.81% | 22121473.850  |
| TIAA-CREF IMF LIFECYCLE FUND #2035 ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 13.40% | 21469858.981  |
| TIAA-CREF IMF LIFECYCLE FUND #2030 ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 10.37% | 16623635.437  |
| TIAA-CREF IMF LIFECYCLE FUND #2055 ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 7.44% | 11918069.468  |
| TIAA-CREF IMF LIFECYCLE FUND #2025 ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 6.65% | 10648494.418  |

---

66&nbsp;&nbsp;&nbsp;&nbsp; **Statement of Additional Information** 

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund—Class** | **Percentage of holdings** | **Shares** |
| &nbsp;&nbsp;&nbsp;**Nuveen Emerging Markets Equity Index Fund—Class A** |  |  |
| CHARLES SCHWAB & CO INC ATTN: MUTUAL FUNDS 211 MAIN ST SAN FRANCISCO CA 94105-1901 | 22.70% | 341772.816  |
| PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052 | 19.53% | 293990.945  |
| INTERACTIVE BROKERS LLC 2 PICKWICK PLZ STE 202 GREENWICH CT 06830-5576 | 5.92% | 89156.846  |
| &nbsp;&nbsp;&nbsp;**Nuveen Emerging Markets Equity Index Fund—Class I** |  |  |
| PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052 | 86.05% | 348036.702  |
| LPL FINANCIAL OMNIBUS CUSTOMER ACCOUNT ATTN MUTUAL FUND TRADING PO BOX 509046 SAN DIEGO CA 92150-9046 | 6.96% | 28162.944  |
| &nbsp;&nbsp;&nbsp;**Nuveen Emerging Markets Equity Index Fund—Premier Class** |  |  |
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 | 96.68% | 712875.987  |
| &nbsp;&nbsp;&nbsp;**Nuveen Emerging Markets Equity Index Fund—Class R6** |  |  |
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 | 23.66% | 28758845.101  |
| MAC & CO 179403 ATTN MUTUAL FUND OPERATION 500 GRANT STREET ROOM 151-1010 PITTSBURGH PA 15219-2502 | 22.06% | 26814329.572  |
| MAC & CO A/C 448150 ATTN: MUTUAL FUND OPERATIONS 500 GRANT STREET ROOM 151-1010 PITTSBURGH PA 15219-2502 | 13.26% | 16123810.579  |
| MAC & CO A/C 990854 ATTN: MUTUAL FUND OPERATIONS 500 GRANT STREET ROOM 151-1010 PITTSBURGH PA 15219-2502 | 10.07% | 12242591.001  |
| MAC & CO A/C 262480 ATTN MUTUAL FUND OPERATION 500 GRANT STREET ROOM 151-1010 PITTSBURGH PA 15219-2502 | 8.59% | 10440755.960  |
| WORLD HEALTH ORGANIZATION ATTN TREASURY AVENUE APPIA 20 GENEVA 27 SWITZERLAND 1211 | 6.11% | 7431494.907  |
| &nbsp;&nbsp;&nbsp;**Nuveen Emerging Markets Equity Index Fund—Retirement Class** |  |  |
| JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS CUST FOR IRA CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413 | 93.47% | 72348724.776  |
| &nbsp;&nbsp;&nbsp;**Nuveen Emerging Markets Equity Index Fund—Class W** |  |  |
| TIAA-CREF LIFECYCLE INDEX 2040 FUND ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 17.01% | 73592484.960  |
| TIAA-CREF LIFECYCLE INDEX 2045 FUND ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 16.25% | 70270195.172  |
| TIAA-CREF LIFECYCLE INDEX 2050 FUND ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 14.70% | 63591916.708  |
| TIAA-CREF LIFECYCLE INDEX 2035 FUND ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 13.62% | 58911836.775  |
| TIAA-CREF LIFECYCLE INDEX 2030 FUND ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 10.89% | 47120551.266  |
| TIAA-CREF IMF LIFECYCLE INDEX FUND 2055 ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 9.41% | 40681344.885  |
| TIAA-CREF LIFECYCLE INDEX 2025 FUND ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 6.38% | 27608996.518  |
| TIAA CREF LIFECYCLE INDEX 2060 FUND ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 5.61% | 24250060.807  |
| &nbsp;&nbsp;&nbsp;**Nuveen Equity Index Fund—Class A** |  |  |
| PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052 | 20.64% | 8221433.955  |
| &nbsp;&nbsp;&nbsp;**Nuveen Equity Index Fund—Class I** |  |  |
| PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052 | 47.29% | 101922.918  |
| LPL FINANCIAL OMNIBUS CUSTOMER ACCOUNT ATTN MUTUAL FUND TRADING PO BOX 509046 SAN DIEGO CA 92150-9046 | 28.82% | 62130.675  |
| RBC CAPITAL MARKETS LLC MUTUAL FUND OMNIBUS PROCESSING OMNIBUS ATTN MUTUAL FUND OPS MANAGER 250 NICOLLET MALL SUITE 1400 MINNEAPOLIS MN 55401-7582 | 17.94% | 38662.094  |

---

**Statement of Additional Information** &nbsp;&nbsp;&nbsp;&nbsp;67

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund—Class** | **Percentage of holdings** | **Shares** |
| &nbsp;&nbsp;&nbsp;**Nuveen Equity Index Fund—Premier Class** |  |  |
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 | 86.97% | 919969.933  |
| CHARLES SCHWAB & CO INC ATTN: MUTUAL FUNDS 211 MAIN ST SAN FRANCISCO CA 94105-1901 | 10.99% | 116295.070  |
| &nbsp;&nbsp;&nbsp;**Nuveen Equity Index Fund—Class R6** |  |  |
| MAC & CO A/C 448123 ATTN: MUTUAL FUND OPERATIONS 500 GRANT STREET ROOM 151-1010 PITTSBURGH PA 15219-2502 | 17.38% | 73561428.979  |
| MAC & CO 179401 ATTN MUTUAL FUND OPERATION 500 GRANT STREET ROOM 151-1010 PITTSBURGH PA 15219-2502 | 16.52% | 69947623.767  |
| MAC & CO 179510 ATTN MUTUAL FUND OPERATION 500 GRANT STREET ROOM 151-1010 PITTSBURGH PA 15219-2502 | 16.19% | 68552631.718  |
| MAC & CO A/C 262848 ATTN: MUTUAL FUND OPERATIONS 500 GRANT STREET ROOM 151-1010 PITTSBURGH PA 15219-2502 | 14.56% | 61630173.362  |
| MAC & CO A/C 262478 ATTN MUTUAL FUND OPERATION 500 GRANT STREET ROOM 151-1010 PITTSBURGH PA 15219-2502 | 8.29% | 35109719.934  |
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 | 7.14% | 30219413.985  |
| &nbsp;&nbsp;&nbsp;**Nuveen Equity Index Fund—Retirement Class** |  |  |
| JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS CUST FOR IRA CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413 | 81.79% | 15811197.925  |
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 | 6.41% | 1239566.003  |
| &nbsp;&nbsp;&nbsp;**Nuveen Equity Index Fund—Class W** |  |  |
| TIAA-CREF LIFECYCLE INDEX 2040 FUND ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 17.02% | 124958885.726  |
| TIAA-CREF LIFECYCLE INDEX 2045 FUND ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 16.24% | 119285914.562  |
| TIAA-CREF LIFECYCLE INDEX 2050 FUND ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 14.70% | 107940379.907  |
| TIAA-CREF LIFECYCLE INDEX 2035 FUND ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 13.62% | 100003011.288  |
| TIAA-CREF LIFECYCLE INDEX 2030 FUND ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 10.90% | 80049204.880  |
| TIAA-CREF IMF LIFECYCLE INDEX FUND 2055 ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 9.40% | 69025856.424  |
| TIAA-CREF LIFECYCLE INDEX 2025 FUND ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 6.39% | 46898492.516  |
| TIAA CREF LIFECYCLE INDEX 2060 FUND ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 5.60% | 41128561.291  |
| &nbsp;&nbsp;&nbsp;**Nuveen Core Equity Fund—Class A** |  |  |
| PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052 | 10.48% | 7129623.135  |
| CHARLES SCHWAB & CO INC 211 MAIN ST SAN FRANCISCO CA 94105-1901 | 5.61% | 3814729.395  |
| &nbsp;&nbsp;&nbsp;**Nuveen Core Equity Fund—Class I** |  |  |
| LPL FINANCIAL OMNIBUS CUSTOMER ACCOUNT ATTN MUTUAL FUND TRADING PO BOX 509046 SAN DIEGO CA 92150-9046 | 56.08% | 377448.672  |
| PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052 | 15.62% | 105123.031  |
| AMERICAN ENTERPRISE INVESTMENT SVC FBO # 41999970 707 2ND AVE S MINNEAPOLIS MN 55402-2405 | 9.30% | 62600.398  |
| RBC CAPITAL MARKETS LLC MUTUAL FUND OMNIBUS PROCESSING OMNIBUS ATTN MUTUAL FUND OPS MANAGER 250 NICOLLET MALL SUITE 1400 MINNEAPOLIS MN 55401-7582 | 7.64% | 51448.726  |

---

68&nbsp;&nbsp;&nbsp;&nbsp; **Statement of Additional Information** 

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund—Class** | **Percentage of holdings** | **Shares** |
| &nbsp;&nbsp;&nbsp;**Nuveen Core Equity Fund—Premier Class** |  |  |
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 | 91.08% | 696831.787  |
| CHARLES SCHWAB & CO INC ATTN: MUTUAL FUNDS 211 MAIN ST SAN FRANCISCO CA 94105-1901 | 7.73% | 59103.314  |
| &nbsp;&nbsp;&nbsp;**Nuveen Core Equity Fund—Class R6** |  |  |
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 | 33.46% | 43676527.533  |
| MAC & CO A/C 990848 ATTN: MUTUAL FUND OPERATIONS 500 GRANT STREET ROOM 151-1010 PITTSBURGH PA 15219-2502 | 33.16% | 43288847.284  |
| TIAA-CREF INDIVIDUAL & INSTITUTIONAL SERV INC FOR EXCLUSIVE BENEFIT OF CUSTOMERS ATTN PATRICK NELSON 730 3RD AVE NEW YORK NY 10017-3206 | 16.72% | 21831166.577  |
| &nbsp;&nbsp;&nbsp;**Nuveen Core Equity Fund—Retirement Class** |  |  |
| JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS CUST FOR IRA CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413 | 86.05% | 52240092.507  |
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 | 7.23% | 4386772.913  |
| &nbsp;&nbsp;&nbsp;**Nuveen Core Equity Fund—Class W** |  |  |
| TIAA-CREF IMF LIFECYCLE FUND #2040 ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 20.02% | 29146345.995  |
| TIAA-CREF IMF LIFECYCLE FUND #2045 ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 16.51% | 24031624.686  |
| TIAA-CREF IMF LIFECYCLE FUND #2050 ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 14.02% | 20410096.910  |
| TIAA-CREF IMF LIFECYCLE FUND #2035 ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 13.61% | 19809191.617  |
| TIAA-CREF IMF LIFECYCLE FUND #2030 ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 10.53% | 15333483.780  |
| TIAA-CREF IMF LIFECYCLE FUND #2055 ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 7.54% | 10983365.497  |
| TIAA-CREF IMF LIFECYCLE FUND #2025 ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 6.74% | 9818558.070  |
| &nbsp;&nbsp;&nbsp;**Nuveen International Equity Fund—Class A** |  |  |
| PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052 | 11.63% | 3313413.178  |
| &nbsp;&nbsp;&nbsp;**Nuveen International Equity Fund—Class I** |  |  |
| CHARLES SCHWAB & CO INC ATTN: MUTUAL FUNDS 211 MAIN ST SAN FRANCISCO CA 94105-1901 | 39.94% | 117408.702  |
| UBS WM USA 0O0 11011 6100 OMNI ACCOUNT M/F SPEC CDY A/C EBOC UBSFSI 1000 HARBOR BLVD WEEHAWKEN NJ 07086-6761 | 23.37% | 68696.977  |
| LPL FINANCIAL OMNIBUS CUSTOMER ACCOUNT ATTN MUTUAL FUND TRADING 4707 EXECUTIVE DR SAN DIEGO CA 92121-3091 | 20.13% | 59168.479  |
| &nbsp;&nbsp;&nbsp;**Nuveen International Equity Fund—Premier Class** |  |  |
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 | 99.54% | 3433480.054  |
| &nbsp;&nbsp;&nbsp;**Nuveen International Equity Fund—Class R6** |  |  |
| PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052 | 36.94% | 57696465.329  |
| TIAA-CREF INDIVIDUAL & INSTITUTIONAL SERV INC FOR EXCLUSIVE BENEFIT OF CUSTOMERS ATTN PATRICK NELSON 730 3RD AVE NEW YORK NY 10017-3206 | 27.06% | 42257444.817  |
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 | 21.99% | 34343278.912  |

---

**Statement of Additional Information** &nbsp;&nbsp;&nbsp;&nbsp;69

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund—Class** | **Percentage of holdings** | **Shares** |
| &nbsp;&nbsp;&nbsp;**Nuveen International Equity Fund—Retirement Class** |  |  |
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 | 48.48% | 9886957.617  |
| JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS CUST FOR IRA CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413 | 47.27% | 9639335.257  |
| &nbsp;&nbsp;&nbsp;**Nuveen International Equity Fund—Class W** |  |  |
| TIAA-CREF IMF LIFECYCLE FUND #2040 ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 20.02% | 43672880.907  |
| TIAA-CREF IMF LIFECYCLE FUND #2045 ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 16.50% | 35994489.607  |
| TIAA-CREF IMF LIFECYCLE FUND #2050 ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 14.04% | 30624017.761  |
| TIAA-CREF IMF LIFECYCLE FUND #2035 ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 13.62% | 29717645.401  |
| TIAA-CREF IMF LIFECYCLE FUND #2030 ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 10.52% | 22943658.012  |
| TIAA-CREF IMF LIFECYCLE FUND #2055 ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 7.55% | 16459065.031  |
| TIAA-CREF IMF LIFECYCLE FUND #2025 ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 6.74% | 14695298.087  |
| &nbsp;&nbsp;&nbsp;**Nuveen International Equity Index Fund—Class I** |  |  |
| PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052 | 67.43% | 4773079.645  |
| LPL FINANCIAL OMNIBUS CUSTOMER ACCOUNT ATTN MUTUAL FUND TRADING PO BOX 509046 SAN DIEGO CA 92150-9046 | 28.04% | 1984602.518  |
| &nbsp;&nbsp;&nbsp;**Nuveen International Equity Index Fund—Premier Class** |  |  |
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 | 67.20% | 4412557.478  |
| EMPOWER TRUST FBO ALABAMARETIRE DEFERRED COMPENSATION C/O FASCORE LLC 8515 E ORCHARD RD 2T2 GREENWOOD VLG CO 80111-5002 | 30.43% | 1998028.775  |
| &nbsp;&nbsp;&nbsp;**Nuveen International Equity Index Fund—Class R6** |  |  |
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 | 34.01% | 224558168.832  |
| TIAA-CREF INDIVIDUAL & INSTITUTIONAL SERV INC FOR EXCLUSIVE BENEFIT OF CUSTOMERS ATTN PATRICK NELSON 730 3RD AVE NEW YORK NY 10017-3206 | 8.61% | 56856185.529  |
| THE NORTHERN TRUST COMPANY FBO ASCENSUS ILLINOIS BRIGHT START MUTUAL FUNDS WB33 333 S WABASH AVE CHICAGO IL 60604-4107 | 8.58% | 56623327.296  |
| MAC & CO 179402 ATTN MUTUAL FUND OPERATION 500 GRANT STREET ROOM 151-1010 PITTSBURGH PA 15219-2502 | 7.54% | 49804581.561  |
| MAC & CO A/C 448125 ATTN: MUTUAL FUND OPERATIONS 500 GRANT STREET ROOM 151-1010 PITTSBURGH PA 15219-2502 | 5.45% | 35961726.609  |
| &nbsp;&nbsp;&nbsp;**Nuveen International Equity Index Fund—Retirement Class** |  |  |
| JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS CUST FOR IRA CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413 | 82.54% | 61882841.519  |
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 | 10.53% | 7895666.162  |

---

70&nbsp;&nbsp;&nbsp;&nbsp; **Statement of Additional Information** 

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund—Class** | **Percentage of holdings** | **Shares** |
| &nbsp;&nbsp;&nbsp;**Nuveen International Equity Index Fund—Class W** |  |  |
| TIAA-CREF LIFECYCLE INDEX 2040 FUND ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 17.00% | 74299429.975  |
| TIAA-CREF LIFECYCLE INDEX 2045 FUND ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 16.25% | 71019789.254  |
| TIAA-CREF LIFECYCLE INDEX 2050 FUND ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 14.70% | 64269078.934  |
| TIAA-CREF LIFECYCLE INDEX 2035 FUND ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 13.62% | 59517042.725  |
| TIAA-CREF LIFECYCLE INDEX 2030 FUND ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 10.91% | 47672922.393  |
| TIAA-CREF IMF LIFECYCLE INDEX FUND 2055 ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 9.41% | 41110828.111  |
| TIAA-CREF LIFECYCLE INDEX 2025 FUND ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 6.39% | 27925514.676  |
| TIAA CREF LIFECYCLE INDEX 2060 FUND ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 5.61% | 24500797.275  |
| &nbsp;&nbsp;&nbsp;**Nuveen International Opportunities Fund—Class A** |  |  |
| CHARLES SCHWAB & CO INC ATTN: MUTUAL FUNDS 211 MAIN ST SAN FRANCISCO CA 94105-1901 | 16.57% | 333688.619  |
| CHARLES SCHWAB & CO INC SPECIAL CUSTODY A/C FBO CUSTOMERS ATTN MUTUAL FUNDS 211 MAIN STREET SAN FRANCISCO CA 94105-1901 | 14.99% | 301746.570  |
| PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052 | 9.23% | 185881.076  |
| MERRILL LYNCH, PIERCE, FENNER & SMITH, INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS 4800 DEER LAKE DR E JACKSONVILLE FL 32246-6484 | 6.61% | 133031.727  |
| RAYMOND JAMES OMNIBUS FOR MUTUAL FUNDS HOUSE ACCT FIRM 92500015 ATTN: COURTNEY WALLER 880 CARILLON PARKWAY ST PETERSBURG FL 33716-1102 | 5.11% | 102882.505  |
| EDWARD D JONES & CO FOR THE BENEFIT OF CUSTOMERS ATTN MUTUAL FUND SHAREHOLDER ACCOUNTING 12555 MANCHESTER RD SAINT LOUIS MO 63131-3710 | 5.07% | 101998.306  |
| &nbsp;&nbsp;&nbsp;**Nuveen International Opportunities Fund—Class I** |  |  |
| BAND & CO C/O US BANK PO BOX 1787 MILWAUKEE WI 53201-1787 | 28.01% | 335076.807  |
| NATIONAL FINANCIAL SERVICES LLC FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS ATTN: MUTUAL FUNDS DEPT FL 4 499 WASHINGTON BLVD JERSEY CITY NJ 07310-1995 | 16.74% | 200217.992  |
| PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052 | 8.14% | 97375.162  |
| MORGAN STANLEY SMITH BARNEY LLC FOR THE EXCLUSIVE BENE OF ITS CUST 1 NEW YORK PLZ FL 12 NEW YORK NY 10004-1965 | 6.90% | 82552.444  |
| CHARLES SCHWAB & CO INC ATTN: MUTUAL FUNDS 211 MAIN ST SAN FRANCISCO CA 94105-1901 | 5.84% | 69864.793  |
| &nbsp;&nbsp;&nbsp;**Nuveen International Opportunities Fund—Premier Class** |  |  |
| RELIANCE TRUST COMPANY FBO T ROWE PRICE RETIREMENT PLAN CLIENTS PO BOX 78446 ATLANTA GEORGIA 30357 | 72.37% | 117338.347  |
| TEACHERS INSURANCE & ANNUITY ASSOC ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE STE 2A NEW YORK NY 10017-3207 | 15.42% | 25000.000  |
| CBNA AS CUSTODIAN FBO KIDZ MEDICAL SERVICES, INC. 401(K) 6 RHOADS DR STE 7 UTICA NY 13502-6317 | 12.20% | 19782.210  |

---

**Statement of Additional Information** &nbsp;&nbsp;&nbsp;&nbsp;71

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund—Class** | **Percentage of holdings** | **Shares** |
| &nbsp;&nbsp;&nbsp;**Nuveen International Opportunities Fund—Class R6** |  |  |
| TIAA-CREF MANAGED ALLOCATION II AC ATTN TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3207 | 33.72% | 2951324.834  |
| TIAA-CREF LIFESTYLE MODERATE FUND ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 21.48% | 1880623.600  |
| TIAA-CREF LIFESTYLE GROWTH FUND ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 15.76% | 1379606.787  |
| TIAA-CREF LIFESTYLE AGGRESSIVE GROWTH FUND ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 15.73% | 1376846.508  |
| TIAA-CREF LIFESTYLE CONSERVATIVE FD ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 7.89% | 690970.850  |
| &nbsp;&nbsp;&nbsp;**Nuveen International Opportunities Fund—Retirement Class** |  |  |
| JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS CUST FOR IRA CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413 | 93.64% | 4029138.281  |
| &nbsp;&nbsp;&nbsp;**Nuveen International Opportunities Fund—Class W** |  |  |
| TIAA-CREF IMF LIFECYCLE FUND #2040 ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 19.70% | 25031342.430  |
| TIAA-CREF IMF LIFECYCLE FUND #2045 ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 16.23% | 20622030.203  |
| TIAA-CREF IMF LIFECYCLE FUND #2050 ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 13.79% | 17529160.802  |
| TIAA-CREF IMF LIFECYCLE FUND #2035 ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 13.39% | 17015142.905  |
| TIAA-CREF IMF LIFECYCLE FUND #2030 ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 10.37% | 13174590.366  |
| TIAA-CREF IMF LIFECYCLE FUND #2055 ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 7.41% | 9420540.890  |
| TIAA-CREF IMF LIFECYCLE FUND #2025 ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 6.64% | 8439254.146  |
| &nbsp;&nbsp;&nbsp;**Nuveen Large Cap Growth Fund—Class A** |  |  |
| PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052 | 10.33% | 5369203.399  |
| &nbsp;&nbsp;&nbsp;**Nuveen Large Cap Growth Fund—Class I** |  |  |
| LPL FINANCIAL OMNIBUS CUSTOMER ACCOUNT ATTN MUTUAL FUND TRADING PO BOX 509046 SAN DIEGO CA 92150-9046 | 45.46% | 129796.795  |
| PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052 | 16.97% | 48445.533  |
| RBC CAPITAL MARKETS LLC MUTUAL FUND OMNIBUS PROCESSING OMNIBUS ATTN MUTUAL FUND OPS MANAGER 250 NICOLLET MALL SUITE 1400 MINNEAPOLIS MN 55401-7582 | 10.52% | 30034.846  |
| MINNESOTA LIFE INSURANCE COMPANY 400 ROBERT STREET NORTH SAINT PAUL MN 55101-2037 | 9.46% | 27023.485  |
| WELLS FARGO CLEARING SERVICES LLC A/C 1699-0135 SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET STREET ST LOUIS MO 63103-2523 | 7.00% | 19990.953  |
| &nbsp;&nbsp;&nbsp;**Nuveen Large Cap Growth Fund—Premier Class** |  |  |
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 | 81.05% | 132845.596  |
| CHARLES SCHWAB & CO INC ATTN: MUTUAL FUNDS 211 MAIN ST SAN FRANCISCO CA 94105-1901 | 17.69% | 28997.466  |
| &nbsp;&nbsp;&nbsp;**Nuveen Large Cap Growth Fund—Class R6** |  |  |
| PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052 | 35.29% | 21611404.217  |
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 | 28.23% | 17288317.818  |
| TIAA-CREF INDIVIDUAL & INSTITUTIONAL SERV INC FOR EXCLUSIVE BENEFIT OF CUSTOMERS ATTN PATRICK NELSON 730 3RD AVE NEW YORK NY 10017-3206 | 11.67% | 7147444.385  |
| STATE STREET BANK & TRUST CO. FBO VARIOUS RETIREMENT PLANS TRANSAMERICA RETIREMENT SOLUTIONS HARRISON NY 10528 | 5.12% | 3133608.659  |

---

72&nbsp;&nbsp;&nbsp;&nbsp; **Statement of Additional Information** 

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund—Class** | **Percentage of holdings** | **Shares** |
| &nbsp;&nbsp;&nbsp;**Nuveen Large Cap Growth Fund—Retirement Class** |  |  |
| JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS CUST FOR IRA CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413 | 73.48% | 10147263.397  |
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 | 6.31% | 871500.513  |
| VOYA INSTITUTIONAL TRUST COMPANY ONE ORANGE WAY B3N WINDSOR CT 06095-4773 | 6.11% | 843205.235  |
| JPMORGAN CUSTODIAN TIAA-CREF TRUST CO NON ERISA TDA C/O JPMORGAN CHASE BANK ATTN: DC PLAN SERVICE TEAM TIAA 4 NEW YORK PLZ FL 12 NEW YORK NY 10004-2413 | 5.66% | 781827.888  |
| &nbsp;&nbsp;&nbsp;**Nuveen Large Cap Growth Fund—Class W** |  |  |
| TIAA-CREF IMF LIFECYCLE FUND #2040 ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 20.02% | 16869764.874  |
| TIAA-CREF IMF LIFECYCLE FUND #2045 ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 16.50% | 13902158.210  |
| TIAA-CREF IMF LIFECYCLE FUND #2050 ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 14.02% | 11809741.177  |
| TIAA-CREF IMF LIFECYCLE FUND #2035 ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 13.61% | 11469133.514  |
| TIAA-CREF IMF LIFECYCLE FUND #2030 ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 10.53% | 8874811.571  |
| TIAA-CREF IMF LIFECYCLE FUND #2055 ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 7.54% | 6351392.924  |
| TIAA-CREF IMF LIFECYCLE FUND #2025 ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 6.75% | 5687342.149  |
| &nbsp;&nbsp;&nbsp;**Nuveen Large Cap Growth Index Fund—Class I** |  |  |
| LPL FINANCIAL OMNIBUS CUSTOMER ACCOUNT ATTN MUTUAL FUND TRADING PO BOX 509046 SAN DIEGO CA 92150-9046 | 60.94% | 1769843.798  |
| CHARLES SCHWAB & CO INC ATTN: MUTUAL FUNDS 211 MAIN ST SAN FRANCISCO CA 94105-1901 | 21.70% | 630166.864  |
| PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052 | 15.29% | 444196.492  |
| &nbsp;&nbsp;&nbsp;**Nuveen Large Cap Growth Index Fund—Class R6** |  |  |
| PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052 | 35.07% | 75580214.222  |
| EMPOWER TRUST FBO EMPLOYEE BENEFIT CLIENTS 401K 8515 E ORCHARD RD 2T2 GREENWOOD VLG CO 80111-5002 | 10.89% | 23463606.671  |
| SEI PRIVATE TRUST COMPANY C/O TIAA-SWP 1 FREEDOM VALLEY DRIVE OAKS PA 19456-9989 | 9.20% | 19825561.072  |
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 | 8.65% | 18630843.840  |
| &nbsp;&nbsp;&nbsp;**Nuveen Large Cap Growth Index Fund—Retirement Class** |  |  |
| JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS CUST FOR IRA CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413 | 73.30% | 14907667.329  |
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 | 5.76% | 1171415.125  |
| &nbsp;&nbsp;&nbsp;**Nuveen Large Cap Value Fund—Class A** |  |  |
| PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052 | 18.86% | 1436217.334  |
| &nbsp;&nbsp;&nbsp;**Nuveen Large Cap Value Fund—Class I** |  |  |
| LPL FINANCIAL OMNIBUS CUSTOMER ACCOUNT ATTN MUTUAL FUND TRADING PO BOX 509046 SAN DIEGO CA 92150-9046 | 69.29% | 39745.170  |
| RBC CAPITAL MARKETS LLC MUTUAL FUND OMNIBUS PROCESSING OMNIBUS ATTN MUTUAL FUND OPS MANAGER 250 NICOLLET MALL SUITE 1400 MINNEAPOLIS MN 55401-7582 | 14.54% | 8341.345  |
| TEACHERS INSURANCE & ANNUITY ASSOC ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE STE 2A NEW YORK NY 10017-3207 | 11.03% | 6327.135  |

---

**Statement of Additional Information** &nbsp;&nbsp;&nbsp;&nbsp;73

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---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund—Class** | **Percentage of holdings** | **Shares** |
| &nbsp;&nbsp;&nbsp;**Nuveen Large Cap Value Fund—Premier Class** |  |  |
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 | 99.96% | 1989167.566  |
| &nbsp;&nbsp;&nbsp;**Nuveen Large Cap Value Fund—Class R6** |  |  |
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 | 48.25% | 57563279.550  |
| TIAA-CREF INDIVIDUAL & INSTITUTIONAL SERV INC FOR EXCLUSIVE BENEFIT OF CUSTOMERS ATTN PATRICK NELSON 730 3RD AVE NEW YORK NY 10017-3206 | 23.93% | 28548806.192  |
| PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052 | 20.65% | 24636149.075  |
| &nbsp;&nbsp;&nbsp;**Nuveen Large Cap Value Fund—Retirement Class** |  |  |
| JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS CUST FOR IRA CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413 | 81.18% | 38463750.720  |
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 | 14.81% | 7015555.533  |
| &nbsp;&nbsp;&nbsp;**Nuveen Large Cap Value Fund—Class W** |  |  |
| TIAA-CREF IMF LIFECYCLE FUND #2040 ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 20.01% | 19022247.957  |
| TIAA-CREF IMF LIFECYCLE FUND #2045 ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 16.48% | 15665712.438  |
| TIAA-CREF IMF LIFECYCLE FUND #2050 ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 14.00% | 13310561.951  |
| TIAA-CREF IMF LIFECYCLE FUND #2035 ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 13.61% | 12939020.297  |
| TIAA-CREF IMF LIFECYCLE FUND #2030 ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 10.56% | 10036176.985  |
| TIAA-CREF IMF LIFECYCLE FUND #2055 ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 7.53% | 7162222.422  |
| TIAA-CREF IMF LIFECYCLE FUND #2025 ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 6.77% | 6440404.757  |
| &nbsp;&nbsp;&nbsp;**Nuveen Large Cap Value Index Fund—Class I** |  |  |
| LPL FINANCIAL OMNIBUS CUSTOMER ACCOUNT ATTN MUTUAL FUND TRADING PO BOX 509046 SAN DIEGO CA 92150-9046 | 79.81% | 3303197.400  |
| PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052 | 16.80% | 695171.940  |
| &nbsp;&nbsp;&nbsp;**Nuveen Large Cap Value Index Fund—Class R6** |  |  |
| PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052 | 52.77% | 194029213.624  |
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 | 11.95% | 43951602.253  |
| SEI PRIVATE TRUST COMPANY C/O TIAA-SWP 1 FREEDOM VALLEY DRIVE OAKS PA 19456-9989 | 10.69% | 39315490.520  |
| TIAA-CREF INDIVIDUAL & INSTITUTIONAL SERV INC FOR EXCLUSIVE BENEFIT OF CUSTOMERS ATTN PATRICK NELSON 730 3RD AVE NEW YORK NY 10017-3206 | 7.74% | 28458724.500  |
| &nbsp;&nbsp;&nbsp;**Nuveen Large Cap Value Index Fund—Retirement Class** |  |  |
| JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS CUST FOR IRA CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413 | 85.20% | 39651598.031  |
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 | 8.98% | 4177061.396  |
| &nbsp;&nbsp;&nbsp;**Nuveen Quant Mid Cap Growth Fund—Class A** |  |  |
| PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052 | 10.13% | 808385.369  |

---

74&nbsp;&nbsp;&nbsp;&nbsp; **Statement of Additional Information** 

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund—Class** | **Percentage of holdings** | **Shares** |
| &nbsp;&nbsp;&nbsp;**Nuveen Quant Mid Cap Growth Fund—Class I** |  |  |
| TEACHERS INSURANCE & ANNUITY ASSOC ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE STE 2A NEW YORK NY 10017-3207 | 74.14% | 5163.023  |
| LPL FINANCIAL OMNIBUS CUSTOMER ACCOUNT ATTN MUTUAL FUND TRADING PO BOX 509046 SAN DIEGO CA 92150-9046 | 11.22% | 781.584  |
| PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052 | 8.66% | 603.318  |
| MORGAN STANLEY SMITH BARNEY LLC FOR THE EXCLUSIVE BENE OF ITS CUST 1 NEW YORK PLZ FL 12 NEW YORK NY 10004-1965 | 5.20% | 362.053  |
| &nbsp;&nbsp;&nbsp;**Nuveen Quant Mid Cap Growth Fund—Premier Class** |  |  |
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 | 99.87% | 575749.035  |
| &nbsp;&nbsp;&nbsp;**Nuveen Quant Mid Cap Growth Fund—Class R6** |  |  |
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 | 56.23% | 10578271.014  |
| TIAA-CREF INDIVIDUAL & INSTITUTIONAL SERV INC FOR EXCLUSIVE BENEFIT OF CUSTOMERS ATTN PATRICK NELSON 730 3RD AVE NEW YORK NY 10017-3206 | 41.24% | 7757523.225  |
| &nbsp;&nbsp;&nbsp;**Nuveen Quant Mid Cap Growth Fund—Retirement Class** |  |  |
| JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS CUST FOR IRA CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413 | 73.82% | 8304080.475  |
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 | 18.95% | 2132066.827  |
| JPMORGAN CUSTODIAN TIAA-CREF TRUST CO NON ERISA TDA C/O JPMORGAN CHASE BANK ATTN: DC PLAN SERVICE TEAM TIAA 4 NEW YORK PLZ FL 12 NEW YORK NY 10004-2413 | 5.94% | 667630.843  |
| &nbsp;&nbsp;&nbsp;**Nuveen Mid Cap Value Fund—Class A** |  |  |
| PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052 | 11.97% | 1355165.627  |
| CHARLES SCHWAB & CO INC ATTN: MUTUAL FUNDS 211 MAIN ST SAN FRANCISCO CA 94105-1901 | 5.76% | 652611.192  |
| &nbsp;&nbsp;&nbsp;**Nuveen Mid Cap Value Fund—Class I** |  |  |
| RELIANCE TRUST COMPANY FBO T ROWE PRICE RETIREMENT PLAN CLIENTS PO BOX 78446 ATLANTA GEORGIA 30357 | 90.08% | 151902.204  |
| &nbsp;&nbsp;&nbsp;**Nuveen Mid Cap Value Fund—Premier Class** |  |  |
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 | 99.99% | 1673997.968  |
| &nbsp;&nbsp;&nbsp;**Nuveen Mid Cap Value Fund—Class R6** |  |  |
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 | 47.27% | 24281231.930  |
| TIAA-CREF INDIVIDUAL & INSTITUTIONAL SERV INC FOR EXCLUSIVE BENEFIT OF CUSTOMERS ATTN PATRICK NELSON 730 3RD AVE NEW YORK NY 10017-3206 | 43.38% | 22283469.234  |
| DCGT AS TTEE AND/OR CUST FBO PLIC VARIOUS RETIREMENT PLANS OMNIBUS ATTN NPIO TRADE DESK 711 HIGH STREET DES MOINES IA 50392-0001 | 5.09% | 2615369.870  |
| &nbsp;&nbsp;&nbsp;**Nuveen Mid Cap Value Fund—Retirement Class** |  |  |
| JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS CUST FOR IRA CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413 | 74.23% | 20290882.198  |
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 | 20.33% | 5558252.238  |

---

**Statement of Additional Information** &nbsp;&nbsp;&nbsp;&nbsp;75

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund—Class** | **Percentage of holdings** | **Shares** |
| &nbsp;&nbsp;&nbsp;**Nuveen Quant International Small Cap Equity Fund—Class A** |  |  |
| PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052 | 16.98% | 14233.839  |
| CHRISTINE E KANE 103 GAINSBOROUGH ST APT 203 BOSTON MA 02115-4238 | 13.89% | 11639.538  |
| THOMAS O CAMERON POA FBO JOHN A CAMERON TOD 6 LEONARD AVE UNIT 1 CAMBRIDGE MA 02139-1020 | 9.31% | 7803.957  |
| UMB BANK NA CUST ROTH IRA FBO JOHN A PIMM 2341 UNION RD APT 257 WEST SENECA NY 14224-1474 | 5.17% | 4334.058  |
| &nbsp;&nbsp;&nbsp;**Nuveen Quant International Small Cap Equity Fund—Class I** |  |  |
| TEACHERS INSURANCE & ANNUITY ASSOC ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE STE 2A NEW YORK NY 10017-3207 | 51.89% | 7320.998  |
| LPL FINANCIAL OMNIBUS CUSTOMER ACCOUNT ATTN MUTUAL FUND TRADING 4707 EXECUTIVE DR SAN DIEGO CA 92121-3091 | 48.11% | 6787.884  |
| &nbsp;&nbsp;&nbsp;**Nuveen Quant International Small Cap Equity Fund—Premier Class** |  |  |
| TEACHERS INSURANCE & ANNUITY ASSOC ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE STE 2A NEW YORK NY 10017-3207 | 100.00% | 7326.892  |
| &nbsp;&nbsp;&nbsp;**Nuveen Quant International Small Cap Equity Fund—Class R6** |  |  |
| TIAA-CREF MANAGED ALLOCATION II AC ATTN TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3207 | 34.55% | 2062405.698  |
| TIAA-CREF LIFESTYLE MODERATE FUND ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 22.02% | 1314202.846  |
| TIAA-CREF LIFESTYLE AGGRESSIVE GROWTH FUND ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 16.19% | 966285.074  |
| TIAA-CREF LIFESTYLE GROWTH FUND ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 16.16% | 964725.781  |
| TIAA-CREF LIFESTYLE CONSERVATIVE FD ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 8.10% | 483550.127  |
| &nbsp;&nbsp;&nbsp;**Nuveen Quant International Small Cap Equity Fund—Retirement Class** |  |  |
| JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS CUST FOR IRA CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413 | 99.37% | 698773.520  |
| &nbsp;&nbsp;&nbsp;**Nuveen Quant International Small Cap Equity Fund—Class W** |  |  |
| TIAA-CREF IMF LIFECYCLE FUND #2040 ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 19.58% | 17508845.678  |
| TIAA-CREF IMF LIFECYCLE FUND #2045 ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 16.13% | 14424154.186  |
| TIAA-CREF IMF LIFECYCLE FUND #2050 ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 13.71% | 12260837.405  |
| TIAA-CREF IMF LIFECYCLE FUND #2035 ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 13.31% | 11901787.813  |
| TIAA-CREF IMF LIFECYCLE FUND #2030 ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 10.30% | 9208132.658  |
| TIAA-CREF IMF LIFECYCLE FUND #2055 ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 7.37% | 6589183.980  |
| TIAA-CREF IMF LIFECYCLE FUND #2025 ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 6.59% | 5893174.942  |
| &nbsp;&nbsp;&nbsp;**Nuveen Quant Small Cap Equity Fund—Class A** |  |  |
| CHARLES SCHWAB & CO INC ATTN: MUTUAL FUNDS 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4141 | 18.43% | 1608484.821  |
| PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052 | 12.60% | 1099989.085  |

---

76&nbsp;&nbsp;&nbsp;&nbsp; **Statement of Additional Information** 

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund—Class** | **Percentage of holdings** | **Shares** |
| &nbsp;&nbsp;&nbsp;**Nuveen Quant Small Cap Equity Fund—Class I** |  |  |
| MARIL & CO FBO 47 CO RELIANCE TRUST COMPANY WI MAILCODE: BD1N ATTN MF 4900 W BROWN DEER ROAD MILWAUKEE WI 53223-2422 | 64.34% | 1460186.976  |
| LPL FINANCIAL OMNIBUS CUSTOMER ACCOUNT ATTN MUTUAL FUND TRADING PO BOX 509046 SAN DIEGO CA 92150-9046 | 31.82% | 722112.564  |
| &nbsp;&nbsp;&nbsp;**Nuveen Quant Small Cap Equity Fund—Premier Class** |  |  |
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 | 94.10% | 2474757.534  |
| CHARLES SCHWAB & CO INC ATTN: MUTUAL FUNDS 211 MAIN ST SAN FRANCISCO CA 94105-1901 | 5.75% | 151083.018  |
| &nbsp;&nbsp;&nbsp;**Nuveen Quant Small Cap Equity Fund—Class R6** |  |  |
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 | 62.00% | 71873194.992  |
| TIAA-CREF INDIVIDUAL & INSTITUTIONAL SERV INC FOR EXCLUSIVE BENEFIT OF CUSTOMERS ATTN PATRICK NELSON 730 3RD AVE NEW YORK NY 10017-3206 | 17.95% | 20809119.183  |
| MAC & CO A/C 990852 ATTN: MUTUAL FUND OPERATIONS 500 GRANT STREET ROOM 151-1010 PITTSBURGH PA 15219-2502 | 5.84% | 6766714.463  |
| MAC & CO 179241 ATTN MUTUAL FUND OPERATION 500 GRANT STREET ROOM 151-1010 PITTSBURGH PA 15219-2502 | 5.58% | 6472152.526  |
| &nbsp;&nbsp;&nbsp;**Nuveen Quant Small Cap Equity Fund—Retirement Class** |  |  |
| JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS CUST FOR IRA CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413 | 60.98% | 19169034.078  |
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 | 30.84% | 9695565.454  |
| JPMORGAN CUSTODIAN TIAA-CREF TRUST CO NON ERISA TDA C/O JPMORGAN CHASE BANK ATTN: DC PLAN SERVICE TEAM TIAA 4 NEW YORK PLZ FL 12 NEW YORK NY 10004-2413 | 7.32% | 2302465.981  |
| &nbsp;&nbsp;&nbsp;**Nuveen Quant Small Cap Equity Fund—Class W** |  |  |
| TIAA-CREF IMF LIFECYCLE FUND #2040 ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 20.02% | 4668621.476  |
| TIAA-CREF IMF LIFECYCLE FUND #2045 ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 16.50% | 3847812.165  |
| TIAA-CREF IMF LIFECYCLE FUND #2050 ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 14.03% | 3270810.058  |
| TIAA-CREF IMF LIFECYCLE FUND #2035 ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 13.62% | 3174951.680  |
| TIAA-CREF IMF LIFECYCLE FUND #2030 ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 10.53% | 2454146.910  |
| TIAA-CREF IMF LIFECYCLE FUND #2055 ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 7.54% | 1757931.760  |
| TIAA-CREF IMF LIFECYCLE FUND #2025 ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 6.75% | 1573520.580  |
| &nbsp;&nbsp;&nbsp;**Nuveen Quant Small/Mid Cap Equity Fund—Class A** |  |  |
| PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052 | 32.00% | 530792.354  |
| &nbsp;&nbsp;&nbsp;**Nuveen Quant Small/Mid Cap Equity Fund—Class I** |  |  |
| LPL FINANCIAL OMNIBUS CUSTOMER ACCOUNT ATTN MUTUAL FUND TRADING PO BOX 509046 SAN DIEGO CA 92150-9046 | 64.16% | 3504247.294  |
| PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052 | 31.80% | 1736915.707  |
| &nbsp;&nbsp;&nbsp;**Nuveen Quant Small/Mid Cap Equity Fund—Premier Class** |  |  |
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 | 65.94% | 19748.680  |
| TEACHERS INSURANCE & ANNUITY ASSOC ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE STE 2A NEW YORK NY 10017-3207 | 33.39% | 10000.000  |

---

**Statement of Additional Information** &nbsp;&nbsp;&nbsp;&nbsp;77

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund—Class** | **Percentage of holdings** | **Shares** |
| &nbsp;&nbsp;&nbsp;**Nuveen Quant Small/Mid Cap Equity Fund—Class R6** |  |  |
| MAC & CO A/C 1013294 ATTN: MUTUAL FUND OPERATIONS 500 GRANT STREET ROOM 151-1010 PITTSBURGH PA 15219-2502 | 35.46% | 4433497.537  |
| BROWN BROTHERS HARRIMAN & CO AS CUST PICTET & CIE (EUROPE) SA LUXEMBOURG REF AIF 1650092 CASH C/O BROWN BROTHERS & CO ATTN MUTUAL FD SVCS - 140 BROADWAY NEW YORK NY 10005 | 19.04% | 2380538.076  |
| PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052 | 12.26% | 1532344.902  |
| TIAA-CREF MANAGED ALLOCATION II AC ATTN TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3207 | 6.61% | 826825.664  |
| DCGT AS TTEE AND/OR CUST FBO PLIC VARIOUS RETIREMENT PLANS OMNIBUS ATTN NPIO TRADE DESK 711 HIGH STREET DES MOINES IA 50392-0001 | 5.06% | 632082.404  |
| &nbsp;&nbsp;&nbsp;**Nuveen Quant Small/Mid Cap Equity Fund—Retirement Class** |  |  |
| JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS CUST FOR IRA CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413 | 99.29% | 51449869.868  |
| &nbsp;&nbsp;&nbsp;**Nuveen Quant Small/Mid Cap Equity Fund—Class W** |  |  |
| TIAA-CREF IMF LIFECYCLE FUND #2040 ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 20.02% | 7028917.964  |
| TIAA-CREF IMF LIFECYCLE FUND #2045 ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 16.51% | 5795030.280  |
| TIAA-CREF IMF LIFECYCLE FUND #2050 ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 14.02% | 4921957.358  |
| TIAA-CREF IMF LIFECYCLE FUND #2035 ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 13.61% | 4777970.496  |
| TIAA-CREF IMF LIFECYCLE FUND #2030 ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 10.53% | 3697769.274  |
| TIAA-CREF IMF LIFECYCLE FUND #2055 ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 7.54% | 2647274.848  |
| TIAA-CREF IMF LIFECYCLE FUND #2025 ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 6.74% | 2367740.563  |
| &nbsp;&nbsp;&nbsp;**Nuveen Small Cap Blend Index Fund—Class I** |  |  |
| PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052 | 92.68% | 768987.482  |
| &nbsp;&nbsp;&nbsp;**Nuveen Small Cap Blend Index Fund—Class R6** |  |  |
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 | 32.62% | 37751343.385  |
| TIAA-CREF INDIVIDUAL & INSTITUTIONAL SERV INC FOR EXCLUSIVE BENEFIT OF CUSTOMERS ATTN PATRICK NELSON 730 3RD AVE NEW YORK NY 10017-3206 | 22.53% | 26083004.061  |
| JOHN HANCOCK LIFE INSURANCE COMPANY U S A ATTN: JHRPS TRADING OPS ST6 200 BERKELEY STREET BOSTON MA 02116-5022 | 9.49% | 10989496.449  |
| EMPOWER TRUST FBO EMPLOYEE BENEFIT CLIENTS 401K 8515 E ORCHARD RD 2T2 GREENWOOD VLG CO 80111-5002 | 9.43% | 10910550.464  |
| STATE STREET BANK TRUSTEE CUST FBO ADP ACCESS PRODUCT 1 LINCOLN ST BOSTON MA 02111-2901 | 5.01% | 5799777.588  |
| &nbsp;&nbsp;&nbsp;**Nuveen Small Cap Blend Index Fund—Retirement Class** |  |  |
| JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS CUST FOR IRA CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413 | 76.43% | 19587722.077  |
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 | 16.98% | 4351415.417  |
| &nbsp;&nbsp;&nbsp;**Nuveen Large Cap Responsible Equity Fund—Class A** |  |  |
| CHARLES SCHWAB & CO INC ATTN: MUTUAL FUNDS 211 MAIN ST SAN FRANCISCO CA 94105-1901 | 21.60% | 6845890.250  |
| PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052 | 18.36% | 5819947.434  |
| NATIONAL FINANCIAL SERVICES LLC FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS ATTN MUTUAL FUNDS DEPARTMENT 499 WASHINGTON BLVD FL 4 JERSEY CITY NJ 07310-2010 | 6.91% | 2190634.324  |

---

78&nbsp;&nbsp;&nbsp;&nbsp; **Statement of Additional Information** 

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund—Class** | **Percentage of holdings** | **Shares** |
| &nbsp;&nbsp;&nbsp;**Nuveen Large Cap Responsible Equity Fund—Class I** |  |  |
| LPL FINANCIAL OMNIBUS CUSTOMER ACCOUNT ATTN MUTUAL FUND TRADING PO BOX 509046 SAN DIEGO CA 92150-9046 | 44.67% | 503475.808  |
| MERRILL LYNCH, PIERCE, FENNER & SMITH, INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS 4800 DEER LAKE DR E JACKSONVILLE FL 32246-6484 | 23.98% | 270250.906  |
| PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052 | 18.28% | 205977.083  |
| &nbsp;&nbsp;&nbsp;**Nuveen Large Cap Responsible Equity Fund—Premier Class** |  |  |
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 | 80.46% | 1144960.073  |
| CHARLES SCHWAB & CO INC ATTN: MUTUAL FUNDS 211 MAIN ST SAN FRANCISCO CA 94105-1901 | 6.09% | 86643.565  |
| &nbsp;&nbsp;&nbsp;**Nuveen Large Cap Responsible Equity Fund—Class R6** |  |  |
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 | 35.11% | 58078196.213  |
| NATIONAL FINANCIAL SERVICES LLC FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS ATTN: MUTUAL FUNDS DEPT FL 4 499 WASHINGTON BLVD JERSEY CITY NJ 07310-1995 | 12.25% | 20257798.755  |
| CHARLES SCHWAB & CO INC ATTN: MUTUAL FUNDS 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4141 | 8.40% | 13892038.389  |
| MAC & CO 179397 ATTN MUTUAL FUND OPERATION 500 GRANT STREET ROOM 151-1010 PITTSBURGH PA 15219-2502 | 8.00% | 13241573.647  |
| TIAA-CREF INDIVIDUAL & INSTITUTIONAL SERV INC FOR EXCLUSIVE BENEFIT OF CUSTOMERS ATTN PATRICK NELSON 730 3RD AVE NEW YORK NY 10017-3206 | 6.59% | 10906153.338  |
| VANGUARD FIDUCIARY TRUST COMPANY PO BOX 2900 VALLEY FORGE PA 19482-2900 | 6.28% | 10393897.556  |
| &nbsp;&nbsp;&nbsp;**Nuveen Large Cap Responsible Equity Fund—Retirement Class** |  |  |
| JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS CUST FOR IRA CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413 | 87.69% | 36362470.645  |
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 | 6.98% | 2894099.003  |
| &nbsp;&nbsp;&nbsp;**Nuveen International Responsible Equity Fund—Class A** |  |  |
| CHARLES SCHWAB & CO INC ATTN: MUTUAL FUNDS 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4141 | 69.39% | 1769204.136  |
| PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052 | 12.20% | 311159.556  |
| &nbsp;&nbsp;&nbsp;**Nuveen International Responsible Equity Fund—Class I** |  |  |
| PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052 | 71.78% | 633585.834  |
| MERRILL LYNCH, PIERCE, FENNER & SMITH, INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS 4800 DEER LAKE DR E JACKSONVILLE FL 32246-6484 | 10.92% | 96386.561  |
| LPL FINANCIAL OMNIBUS CUSTOMER ACCOUNT ATTN MUTUAL FUND TRADING PO BOX 509046 SAN DIEGO CA 92150-9046 | 8.43% | 74415.220  |
| CHARLES SCHWAB & CO INC ATTN: MUTUAL FUNDS 211 MAIN ST SAN FRANCISCO CA 94105-1901 | 5.33% | 47007.481  |
| &nbsp;&nbsp;&nbsp;**Nuveen International Responsible Equity Fund—Premier Class** |  |  |
| HEARTLAND BANK AND TRUST COMPANY ASSET MANAGEMENT & TRUST SERVICES 200 WEST COLLEGE AVENUE NORMAL IL 61761-2577 | 53.26% | 23896.782  |
| INTERACTIVE BROKERS LLC 2 PICKWICK PLAZA GREENWICH CT 06830-5576 | 26.01% | 11669.349  |
| TEACHERS INSURANCE & ANNUITY ASSOC ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE STE 2A NEW YORK NY 10017-3207 | 20.73% | 9302.326  |

---

**Statement of Additional Information** &nbsp;&nbsp;&nbsp;&nbsp;79

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund—Class** | **Percentage of holdings** | **Shares** |
| &nbsp;&nbsp;&nbsp;**Nuveen International Responsible Equity Fund—Class R6** |  |  |
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 | 27.90% | 17140046.499  |
| CHARLES SCHWAB & CO INC ATTN: MUTUAL FUNDS 211 MAIN ST SAN FRANCISCO CA 94105-1901 | 19.02% | 11686287.200  |
| TIAA-CREF INDIVIDUAL & INSTITUTIONAL SERV INC FOR EXCLUSIVE BENEFIT OF CUSTOMERS ATTN PATRICK NELSON 730 3RD AVE NEW YORK NY 10017-3206 | 18.71% | 11495742.945  |
| SEI PRIVATE TRUST COMPANY C/O TIAA SWP 1 FREEDOM VALLEY DRIVE OAKS PA 19456-9989 | 17.42% | 10705757.354  |
| PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052 | 12.46% | 7654065.247  |
| &nbsp;&nbsp;&nbsp;**Nuveen International Responsible Equity Fund—Retirement Class** |  |  |
| JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS CUST FOR IRA CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413 | 99.57% | 56621807.710  |
| &nbsp;&nbsp;&nbsp;**Nuveen S&P 500 Index Fund—Class I** |  |  |
| PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052 | 73.17% | 2209007.533  |
| LPL FINANCIAL OMNIBUS CUSTOMER ACCOUNT ATTN MUTUAL FUND TRADING PO BOX 509046 SAN DIEGO CA 92150-9046 | 24.55% | 741244.012  |
| &nbsp;&nbsp;&nbsp;**Nuveen S&P 500 Index Fund—Class R6** |  |  |
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 | 51.61% | 56448033.270  |
| TIAA-CREF INDIVIDUAL & INSTITUTIONAL SERV INC FOR EXCLUSIVE BENEFIT OF CUSTOMERS ATTN PATRICK NELSON 730 3RD AVE NEW YORK NY 10017-3206 | 16.25% | 17773057.746  |
| MAC & CO A/C 262534 ATTN MUTUAL FUND OPERATION 500 GRANT STREET ROOM 151-1010 PITTSBURGH PA 15219-2502 | 11.69% | 12781121.792  |
| MAC & CO 179497 ATTN MUTUAL FUND OPERATION 500 GRANT STREET ROOM 151-1010 PITTSBURGH PA 15219-2502 | 5.16% | 5647682.379  |
| &nbsp;&nbsp;&nbsp;**Nuveen S&P 500 Index Fund—Retirement Class** |  |  |
| JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS CUST FOR IRA CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413 | 80.00% | 40700996.102  |
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 | 10.41% | 5294547.673  |
| &nbsp;&nbsp;&nbsp;**Nuveen Bond Index Fund—Class A** |  |  |
| PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052 | 30.88% | 840310.075  |
| &nbsp;&nbsp;&nbsp;**Nuveen Bond Index Fund—Class I** |  |  |
| LPL FINANCIAL OMNIBUS CUSTOMER ACCOUNT ATTN MUTUAL FUND TRADING PO BOX 509046 SAN DIEGO CA 92150-9046 | 98.32% | 2786742.950  |
| &nbsp;&nbsp;&nbsp;**Nuveen Bond Index Fund—Premier Class** |  |  |
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 | 52.02% | 1000760.867  |
| MATRIX TRUST COMPANY AS AGENT FOR NEWPORT TRUST COMPANY CARMAX, INC. EXECUTIVE DEFERRED COM 35 IRON POINT CIR STE 300 FOLSOM CA 95630-8589 | 46.25% | 889864.005  |
| &nbsp;&nbsp;&nbsp;**Nuveen Bond Index Fund—Class R6** |  |  |
| PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052 | 42.93% | 395430705.073  |
| MAC & CO 179404 ATTN MUTUAL FUND OPERATION 500 GRANT STREET ROOM 151-1010 PITTSBURGH PA 15219-2502 | 29.37% | 270565311.597  |
| MAC & CO A/C 262482 ATTN MUTUAL FUND OPERATION 500 GRANT STREET ROOM 151-1010 PITTSBURGH PA 15219-2502 | 11.76% | 108321843.904  |
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 | 5.34% | 49218263.338  |

---

80&nbsp;&nbsp;&nbsp;&nbsp; **Statement of Additional Information** 

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund—Class** | **Percentage of holdings** | **Shares** |
| &nbsp;&nbsp;&nbsp;**Nuveen Bond Index Fund—Retirement Class** |  |  |
| JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS CUST FOR IRA CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413 | 88.85% | 47593941.191  |
| JPMORGAN CUSTODIAN TIAA-CREF TRUST CO NON ERISA TDA C/O JPMORGAN CHASE BANK ATTN: DC PLAN SERVICE TEAM TIAA 4 NEW YORK PLZ FL 12 NEW YORK NY 10004-2413 | 5.04% | 2702010.422  |
| &nbsp;&nbsp;&nbsp;**Nuveen Bond Index Fund—Class W** |  |  |
| TIAA-CREF LIFECYCLE INDEX 2030 FUND ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 19.66% | 316976641.935  |
| TIAA-CREF LIFECYCLE INDEX 2035 FUND ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 19.03% | 306826925.683  |
| TIAA-CREF LIFECYCLE INDEX 2025 FUND ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 14.93% | 240704596.447  |
| TIAA-CREF LIFECYCLE INDEX 2040 FUND ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 14.74% | 237568803.773  |
| TIAA-CREF LIFECYCLE INDEX 2045 FUND ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 8.15% | 131410457.950  |
| TIAA-CREF LIFECYCLE INDEX 2020 FUND ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 7.65% | 123267275.249  |
| TIAA-CREF LIFECYCLE INDEX 2050 FUND ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 5.04% | 81188904.780  |
| &nbsp;&nbsp;&nbsp;**Nuveen Core Bond Fund—Class A** |  |  |
| PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052 | 23.60% | 1770911.341  |
| &nbsp;&nbsp;&nbsp;**Nuveen Core Bond Fund—Class I** |  |  |
| PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052 | 95.84% | 69889913.751  |
| &nbsp;&nbsp;&nbsp;**Nuveen Core Bond Fund—Premier Class** |  |  |
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 | 92.62% | 1150641.225  |
| EMPOWER TRUST FBO EMPLOYEE BENEFITS CLIENTS 401K 8515 E ORCHARD RD 2T2 GREENWOOD VLG CO 80111-5002 | 6.52% | 80992.952  |
| &nbsp;&nbsp;&nbsp;**Nuveen Core Bond Fund—Class R6** |  |  |
| CHARLES SCHWAB & CO INC ATTN:MUTUAL FUNDS 211 MAIN ST SAN FRANCISCO CA 94105-1901 | 43.18% | 280287722.409  |
| MAC & CO A/C 990856 ATTN: MUTUAL FUND OPERATIONS 500 GRANT STREET ROOM 151-1010 PITTSBURGH PA 15219-2502 | 18.39% | 119375698.673  |
| PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052 | 10.01% | 64947422.840  |
| CAPINCO C/O US BANK PO BOX 1787 MILWAUKEE WI 53201-1787 | 6.05% | 39274598.424  |
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 | 5.61% | 36399627.765  |
| &nbsp;&nbsp;&nbsp;**Nuveen Core Bond Fund—Retirement Class** |  |  |
| JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS CUST FOR IRA CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413 | 82.64% | 11598759.753  |
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 | 7.37% | 1034162.933  |

---

**Statement of Additional Information** &nbsp;&nbsp;&nbsp;&nbsp;81

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund—Class** | **Percentage of holdings** | **Shares** |
| &nbsp;&nbsp;&nbsp;**Nuveen Core Bond Fund—Class W** |  |  |
| TIAA-CREF IMF LIFECYCLE FUND #2030 ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 18.81% | 83188522.696  |
| TIAA-CREF IMF LIFECYCLE FUND #2035 ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 17.78% | 78628883.401  |
| TIAA-CREF IMF LIFECYCLE FUND #2025 ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 16.52% | 73088075.239  |
| TIAA-CREF IMF LIFECYCLE FUND #2040 ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 14.87% | 65771328.593  |
| TIAA-CREF IMF LIFECYCLE FUND #2020 ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 10.63% | 47007083.736  |
| TIAA-CREF IMF LIFECYCLE FUND #2045 ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 5.93% | 26208637.614  |
| TIAA-CREF IMF LIFECYCLE FUND #2015 ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 5.08% | 22461078.684  |
| &nbsp;&nbsp;&nbsp;**Nuveen Core Impact Bond Fund—Class A** |  |  |
| RAYMOND JAMES OMNIBUS FOR MUTUAL FUNDS HOUSE ACCT FIRM 92500015 ATTN: COURTNEY WALLER 880 CARILLON PARKWAY ST PETERSBURG FL 33716-1102 | 66.22% | 20744556.437  |
| CHARLES SCHWAB & CO INC 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4141 | 16.19% | 5070610.713  |
| &nbsp;&nbsp;&nbsp;**Nuveen Core Impact Bond Fund—Class I** |  |  |
| MERRILL LYNCH, PIERCE, FENNER & SMITH, INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS 4800 DEER LAKE DR E JACKSONVILLE FL 32246-6484 | 49.48% | 54502773.253  |
| LPL FINANCIAL OMNIBUS CUSTOMER ACCOUNT ATTN MUTUAL FUND TRADING PO BOX 509046 SAN DIEGO CA 92150-9046 | 19.85% | 21863089.429  |
| PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052 | 16.79% | 18491855.557  |
| RBC CAPITAL MARKETS LLC MUTUAL FUND OMNIBUS PROCESSING OMNIBUS ATTN MUTUAL FUND OPS MANAGER 250 NICOLLET MALL SUITE 1400 MINNEAPOLIS MN 55401-7582 | 5.69% | 6266367.226  |
| &nbsp;&nbsp;&nbsp;**Nuveen Core Impact Bond Fund—Premier Class** |  |  |
| MERRILL LYNCH, PIERCE, FENNER & SMITH, INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS 4800 DEER LAKE DR E JACKSONVILLE FL 32246-6484 | 48.11% | 603228.639  |
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 | 13.99% | 175379.060  |
| CHARLES SCHWAB & CO INC ATTN: MUTUAL FUNDS 211 MAIN ST SAN FRANCISCO CA 94105-1901 | 12.78% | 160193.055  |
| ASCENSUS TRUST COMPANY FBO VERIS WEALTH PARTNERS, LLC 401(K) P 275594 PO BOX 10758 FARGO ND 58106-0758 | 6.81% | 85370.627  |
| ASCENSUS TRUST COMPANY FBO CCOF 401(K) 686076 PO BOX 10758 FARGO ND 58106-0758 | 5.81% | 72879.765  |
| HEARTLAND BANK AND TRUST COMPANY ASSET MANAGEMENT & TRUST SERVICES 200 WEST COLLEGE AVENUE NORMAL IL 61761-2577 | 5.41% | 67859.767  |
| &nbsp;&nbsp;&nbsp;**Nuveen Core Impact Bond Fund—Class R6** |  |  |
| CHARLES SCHWAB & CO INC ATTN: MUTUAL FUNDS 211 MAIN ST SAN FRANCISCO CA 94105-1901 | 19.62% | 110365396.948  |
| NATIONAL FINANCIAL SERVICES LLC FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS ATTN: MUTUAL FUNDS DEPT FL 4 499 WASHINGTON BLVD JERSEY CITY NJ 07310-1995 | 19.35% | 108858262.064  |
| MORGAN STANLEY SMITH BARNEY LLC FOR THE EXCLUSIVE BENE OF ITS CUST 1 NEW YORK PLZ FL 12 NEW YORK NY 10004-1965 | 13.92% | 78296460.908  |
| PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052 | 7.55% | 42494926.230  |
| SEI PRIVATE TRUST COMPANY C/O TIAA SWP 1 FREEDOM VALLEY DRIVE OAKS PA 19456-9989 | 6.40% | 35996355.815  |
| JP MORGAN SECURITIES LLC OMNIBUS ACCOUNT FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS 4 CHASE METROTECH CENTER 3RD FLOOR MUTUAL FUND DEPARTMENT BROOKLYN NY 11245-0003 | 5.47% | 30797396.471  |

---

82&nbsp;&nbsp;&nbsp;&nbsp; **Statement of Additional Information** 

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund—Class** | **Percentage of holdings** | **Shares** |
| &nbsp;&nbsp;&nbsp;**Nuveen Core Impact Bond Fund—Retirement Class** |  |  |
| JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS CUST FOR IRA CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413 | 87.84% | 17640822.406  |
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 | 5.01% | 1007067.512  |
| &nbsp;&nbsp;&nbsp;**Nuveen Core Plus Bond Fund—Class A** |  |  |
| PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052 | 10.87% | 2636362.563  |
| &nbsp;&nbsp;&nbsp;**Nuveen Core Plus Bond Fund—Class I** |  |  |
| BAND & CO C/O US BANK PO BOX 1787 MILWAUKEE WI 53201-1787 | 27.97% | 3132766.198  |
| LPL FINANCIAL OMNIBUS CUSTOMER ACCOUNT ATTN MUTUAL FUND TRADING PO BOX 509046 SAN DIEGO CA 92150-9046 | 18.96% | 2124410.943  |
| EMPOWER TRUST CO LLC TRUSTEE/C FBO RETIREMENT PLANS 8515 E ORCHARD RD 2T2 GREENWOOD VLG CO 80111-5002 | 15.42% | 1727424.164  |
| AMERICAN ENTERPRISE INVESTMENT SVC FBO # 41999970 707 2ND AVE S MINNEAPOLIS MN 55402-2405 | 9.47% | 1061235.242  |
| MERRILL LYNCH, PIERCE, FENNER & SMITH, INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS 4800 DEER LAKE DR E JACKSONVILLE FL 32246-6484 | 6.29% | 704512.655  |
| NATIONAL FINANCIAL SERVICES LLC FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS ATTN: MUTUAL FUNDS DEPT FL 4 499 WASHINGTON BLVD JERSEY CITY NJ 07310-1995 | 5.67% | 635481.777  |
| &nbsp;&nbsp;&nbsp;**Nuveen Core Plus Bond Fund—Premier Class** |  |  |
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 | 97.42% | 338197.969  |
| &nbsp;&nbsp;&nbsp;**Nuveen Core Plus Bond Fund—Class R6** |  |  |
| TIAA-CREF MANAGED ALLOCATION II AC ATTN TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3207 | 22.33% | 38667096.893  |
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 | 17.47% | 30254713.295  |
| TIAA-CREF LIFESTYLE MODERATE FUND ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 14.23% | 24641857.002  |
| CHARLES SCHWAB & CO INC ATTN: MUTUAL FUNDS 211 MAIN ST SAN FRANCISCO CA 94105-1901 | 13.49% | 23357136.206  |
| TIAA-CREF LIFESTYLE CONSERVATIVE FD ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 5.89% | 10201993.399  |
| TIAA-CREF INDIVIDUAL & INSTITUTIONAL SERV INC FOR EXCLUSIVE BENEFIT OF CUSTOMERS ATTN PATRICK NELSON 730 3RD AVE NEW YORK NY 10017-3206 | 5.81% | 10057485.406  |
| &nbsp;&nbsp;&nbsp;**Nuveen Core Plus Bond Fund—Retirement Class** |  |  |
| JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS CUST FOR IRA CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413 | 78.30% | 21061132.826  |
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 | 18.06% | 4858704.365  |

---

**Statement of Additional Information** &nbsp;&nbsp;&nbsp;&nbsp;83

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund—Class** | **Percentage of holdings** | **Shares** |
| &nbsp;&nbsp;&nbsp;**Nuveen Core Plus Bond Fund—Class W** |  |  |
| TIAA-CREF IMF LIFECYCLE FUND #2030 ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 18.96% | 51330446.499  |
| TIAA-CREF IMF LIFECYCLE FUND #2035 ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 17.92% | 48504146.954  |
| TIAA-CREF IMF LIFECYCLE FUND #2025 ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 16.66% | 45087647.441  |
| TIAA-CREF IMF LIFECYCLE FUND #2040 ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 14.99% | 40564581.930  |
| TIAA-CREF IMF LIFECYCLE FUND #2020 ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 10.71% | 28999503.505  |
| TIAA-CREF IMF LIFECYCLE FUND #2045 ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 5.97% | 16167438.134  |
| TIAA-CREF IMF LIFECYCLE FUND #2015 ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 5.12% | 13860875.581  |
| &nbsp;&nbsp;&nbsp;**Nuveen 5–15 Year Laddered Tax Exempt Bond Fund—Class A** |  |  |
| PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052 | 22.29% | 4392046.825  |
| &nbsp;&nbsp;&nbsp;**Nuveen 5–15 Year Laddered Tax Exempt Bond Fund—Class I** |  |  |
| LPL FINANCIAL OMNIBUS CUSTOMER ACCOUNT ATTN MUTUAL FUND TRADING PO BOX 509046 SAN DIEGO CA 92150-9046 | 62.53% | 52251.620  |
| PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052 | 22.26% | 18597.575  |
| TEACHERS INSURANCE & ANNUITY ASSOC ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE STE 2A NEW YORK NY 10017-3207 | 11.26% | 9404.809  |
| &nbsp;&nbsp;&nbsp;**Nuveen 5–15 Year Laddered Tax Exempt Bond Fund—Class R6** |  |  |
| PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052 | 74.68% | 694534.422  |
| CHARLES SCHWAB & CO INC SPECIAL CUSTODY A/C FBO CUSTOMERS ATTN MUTUAL FUNDS 211 MAIN STREET SAN FRANCISCO CA 94105-1901 | 16.83% | 156525.928  |
| &nbsp;&nbsp;&nbsp;**Nuveen Green Bond Fund—Class A** |  |  |
| PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052 | 52.57% | 387054.390  |
| TEACHERS INSURANCE & ANNUITY ASSOC INSURANCE COMPANIES ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE STE 2A NEW YORK NY 10017-3207 | 13.58% | 100000.000  |
| &nbsp;&nbsp;&nbsp;**Nuveen Green Bond Fund—Class I** |  |  |
| LPL FINANCIAL OMNIBUS CUSTOMER ACCOUNT ATTN MUTUAL FUND TRADING PO BOX 509046 SAN DIEGO CA 92150-9046 | 68.84% | 3330473.043  |
| MMATCO LLP NOMINEE FOR MMA TRUST COMPANY P.O. BOX 483 1110 N MAIN ST GOSHEN IN 46527-0483 | 25.24% | 1220964.329  |
| &nbsp;&nbsp;&nbsp;**Nuveen Green Bond Fund—Premier Class** |  |  |
| TEACHERS INSURANCE & ANNUITY ASSOC ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE STE 2A NEW YORK NY 10017-3207 | 100.00% | 100000.000  |
| &nbsp;&nbsp;&nbsp;**Nuveen Green Bond Fund—Class R6** |  |  |
| TIAA GLOBAL PUBLIC INVESTMENTS LLC SERIES CAT ATTN EMILIA WIENER 730 3RD AVE NEW YORK NY 10017-3206 | 41.16% | 4943906.802  |
| CHARLES SCHWAB & CO INC ATTN: MUTUAL FUNDS 211 MAIN ST SAN FRANCISCO CA 94105-1901 | 22.41% | 2691423.457  |
| TEACHERS INSURANCE & ANNUITY ASSOC ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE STE 2A NEW YORK NY 10017-3207 | 17.48% | 2100000.000  |
| MORGAN STANLEY SMITH BARNEY LLC FOR THE EXCLUSIVE BENE OF ITS CUST 1 NEW YORK PLZ FL 12 NEW YORK NY 10004-1965 | 9.59% | 1151524.833  |

---

84&nbsp;&nbsp;&nbsp;&nbsp; **Statement of Additional Information** 

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund—Class** | **Percentage of holdings** | **Shares** |
| &nbsp;&nbsp;&nbsp;**Nuveen Green Bond Fund—Retirement Class** |  |  |
| JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS CUST FOR IRA CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413 | 86.42% | 1464937.246  |
| PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052 | 7.51% | 127262.943  |
| TEACHERS INSURANCE & ANNUITY ASSOC ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE STE 2A NEW YORK NY 10017-3207 | 5.90% | 100000.000  |
| &nbsp;&nbsp;&nbsp;**Nuveen High Yield Fund—Class A** |  |  |
| CHARLES SCHWAB & CO INC ATTN: MUTUAL FUNDS 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4141 | 30.21% | 6828971.504  |
| PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052 | 9.63% | 2177196.738  |
| &nbsp;&nbsp;&nbsp;**Nuveen High Yield Fund—Class I** |  |  |
| LPL FINANCIAL OMNIBUS CUSTOMER ACCOUNT ATTN MUTUAL FUND TRADING PO BOX 509046 SAN DIEGO CA 92150-9046 | 75.08% | 371019.982  |
| RBC CAPITAL MARKETS LLC MUTUAL FUND OMNIBUS PROCESSING OMNIBUS ATTN MUTUAL FUND OPS MANAGER 250 NICOLLET MALL SUITE 1400 MINNEAPOLIS MN 55401-7582 | 7.86% | 38835.790  |
| UBS WM USA 0O0 11011 6100 OMNI ACCOUNT M/F SPEC CDY A/C EBOC UBSFSI 1000 HARBOR BLVD WEEHAWKEN NJ 07086-6761 | 6.08% | 30059.093  |
| &nbsp;&nbsp;&nbsp;**Nuveen High Yield Fund—Premier Class** |  |  |
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 | 91.08% | 724450.817  |
| CHARLES SCHWAB & CO INC ATTN: MUTUAL FUNDS 211 MAIN ST SAN FRANCISCO CA 94105-1901 | 6.85% | 54488.217  |
| &nbsp;&nbsp;&nbsp;**Nuveen High Yield Fund—Class R6** |  |  |
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 | 35.92% | 47382687.229  |
| TIAA-CREF INDIVIDUAL & INSTITUTIONAL SERV INC FOR EXCLUSIVE BENEFIT OF CUSTOMERS ATTN PATRICK NELSON 730 3RD AVE NEW YORK NY 10017-3206 | 15.78% | 20812499.042  |
| NATIONAL FINANCIAL SVCS CORP FOR EXCLUSIVE BENEFIT OF OUR CUSTOMERS RUSS LENNON 499 WASHINGTON BLVD FL 5 JERSEY CITY NJ 07310-2010 | 14.46% | 19069531.655  |
| CHARLES SCHWAB & CO INC ATTN: MUTUAL FUNDS 211 MAIN ST SAN FRANCISCO CA 94105-1901 | 12.61% | 16628740.612  |
| MAC & CO A/C 990859 ATTN: MUTUAL FUND OPERATIONS 500 GRANT STREET ROOM 151-1010 PITTSBURGH PA 15219-2502 | 8.68% | 11455366.922  |
| &nbsp;&nbsp;&nbsp;**Nuveen High Yield Fund—Retirement Class** |  |  |
| JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS CUST FOR IRA CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413 | 72.44% | 16758564.876  |
| JPMORGAN CUSTODIAN TIAA-CREF TRUST CO NON ERISA TDA C/O JPMORGAN CHASE BANK ATTN: DC PLAN SERVICE TEAM TIAA 4 NEW YORK PLZ FL 12 NEW YORK NY 10004-2413 | 10.79% | 2496404.872  |
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 | 9.86% | 2281111.518  |
| CHARLES SCHWAB & CO INC ATTN: MUTUAL FUNDS 211 MAIN ST SAN FRANCISCO CA 94105-1901 | 5.32% | 1231187.537  |

---

**Statement of Additional Information** &nbsp;&nbsp;&nbsp;&nbsp;85

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund—Class** | **Percentage of holdings** | **Shares** |
| &nbsp;&nbsp;&nbsp;**Nuveen High Yield Fund—Class W** |  |  |
| TIAA-CREF IMF LIFECYCLE FUND #2030 ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 18.58% | 8185800.262  |
| TIAA-CREF IMF LIFECYCLE FUND #2035 ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 17.56% | 7736545.283  |
| TIAA-CREF IMF LIFECYCLE FUND #2025 ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 16.31% | 7186943.340  |
| TIAA-CREF IMF LIFECYCLE FUND #2040 ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 14.69% | 6471063.748  |
| TIAA-CREF IMF LIFECYCLE FUND #2020 ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 10.49% | 4622394.501  |
| TIAA-CREF IMF LIFECYCLE FUND #2045 ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 5.85% | 2578113.291  |
| TIAA-CREF IMF LIFECYCLE FUND #2015 ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 5.02% | 2211632.394  |
| &nbsp;&nbsp;&nbsp;**Nuveen Inflation Linked Bond Fund—Class A** |  |  |
| PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052 | 15.96% | 1627957.738  |
| EMPOWER TRUST FBO EMPLOYEE BENEFITS CLIENTS 401K 8515 E ORCHARD RD 2T2 GREENWOOD VLG CO 80111-5002 | 5.43% | 553856.925  |
| &nbsp;&nbsp;&nbsp;**Nuveen Inflation Linked Bond Fund—Class I** |  |  |
| BAND & CO C/O US BANK PO BOX 1787 MILWAUKEE WI 53201-1787 | 33.17% | 1653197.395  |
| LPL FINANCIAL OMNIBUS CUSTOMER ACCOUNT ATTN MUTUAL FUND TRADING PO BOX 509046 SAN DIEGO CA 92150-9046 | 18.52% | 923085.614  |
| VANTAGEPOINT TRADITIONAL IRA C/O MISSIONSQUARE RETIREMENT 777 NORTH CAPITOL STREET, NE WASHINGTON DC 20002-4239 | 14.02% | 698992.518  |
| EMPOWER TRUST FBO EMPOWER BENEFIT PLANS 8515 E ORCHARD RD 2T2 GREENWOOD VLG CO 80111-5002 | 5.85% | 291618.440  |
| &nbsp;&nbsp;&nbsp;**Nuveen Inflation Linked Bond Fund—Premier Class** |  |  |
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 | 81.23% | 73620.454  |
| ASCENSUS TRUST COMPANY FBO NATIONAL UNIVERSITY OF HEALTH SCIEN 260259 PO BOX 10758 FARGO ND 58106-0758 | 17.01% | 15411.523  |
| &nbsp;&nbsp;&nbsp;**Nuveen Inflation Linked Bond Fund—Class R6** |  |  |
| MAC & CO A/C 990858 ATTN: MUTUAL FUND OPERATIONS 500 GRANT STREET ROOM 151-1010 PITTSBURGH PA 15219-2502 | 34.82% | 16454485.583  |
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 | 33.90% | 16020858.818  |
| MAC & CO A/C 425748 ATTN: MUTUAL FUND OPERATIONS 500 GRANT STREET ROOM 151-1010 PITTSBURGH PA 15219-2502 | 7.55% | 3570041.293  |
| &nbsp;&nbsp;&nbsp;**Nuveen Inflation Linked Bond Fund—Retirement Class** |  |  |
| JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS CUST FOR IRA CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413 | 90.23% | 9157105.001  |

---

86&nbsp;&nbsp;&nbsp;&nbsp; **Statement of Additional Information** 

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund—Class** | **Percentage of holdings** | **Shares** |
| &nbsp;&nbsp;&nbsp;**Nuveen Inflation Linked Bond Fund—Class W** |  |  |
| TIAA-CREF LIFECYCLE INDEX 2025 FUND ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 16.22% | 33798821.783  |
| TIAA-CREF LIFECYCLE INDEX 2030 FUND ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 15.88% | 33096549.853  |
| TIAA-CREF LIFECYCLE INDEX 2020 FUND ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 10.80% | 22495892.905  |
| TIAA-CREF IMF LIFECYCLE FUND #2025 ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 8.89% | 18513348.979  |
| TIAA-CREF LIFECYCLE INDEX 2035 FUND ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 8.71% | 18143572.299  |
| TIAA-CREF IMF LIFECYCLE FUND #2030 ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 7.73% | 16103187.763  |
| TIAA-CREF IMF LIFECYCLE FUND #2020 ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 7.42% | 15464414.500  |
| &nbsp;&nbsp;&nbsp;**Nuveen Short Duration Impact Bond Fund—Class A** |  |  |
| CHARLES SCHWAB & CO INC ATTN: MUTUAL FUNDS 211 MAIN ST SAN FRANCISCO CA 94105-1901 | 41.21% | 138892.078  |
| TEACHERS INSURANCE & ANNUITY ASSOC INSURANCE COMPANIES ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE STE 2A NEW YORK NY 10017-3207 | 29.67% | 100000.000  |
| PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052 | 14.28% | 48107.621  |
| R NEIL VANCE SUSAN K ZIMMERMAN JT TEN 202 LOUISE DR MORRISVILLE PA 19067-4830 | 6.86% | 23107.652  |
| &nbsp;&nbsp;&nbsp;**Nuveen Short Duration Impact Bond Fund—Class I** |  |  |
| LPL FINANCIAL OMNIBUS CUSTOMER ACCOUNT ATTN MUTUAL FUND TRADING PO BOX 509046 SAN DIEGO CA 92150-9046 | 35.02% | 100722.438  |
| TEACHERS INSURANCE & ANNUITY ASSOC ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE STE 2A NEW YORK NY 10017-3207 | 34.77% | 100000.000  |
| UBS WM USA 0O0 11011 6100 OMNI ACCOUNT M/F SPEC CDY A/C EBOC UBSFSI 1000 HARBOR BLVD WEEHAWKEN NJ 07086-6761 | 28.13% | 80925.896  |
| &nbsp;&nbsp;&nbsp;**Nuveen Short Duration Impact Bond Fund—Premier Class** |  |  |
| TEACHERS INSURANCE & ANNUITY ASSOC ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE STE 2A NEW YORK NY 10017-3207 | 100.00% | 100000.000  |
| &nbsp;&nbsp;&nbsp;**Nuveen Short Duration Impact Bond Fund—Class R6** |  |  |
| TEACHERS INSURANCE & ANNUITY ASSOC ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE STE 2A NEW YORK NY 10017-3207 | 31.25% | 2100000.000  |
| MORGAN STANLEY SMITH BARNEY LLC FOR THE EXCLUSIVE BENE OF ITS CUST 1 NEW YORK PLZ FL 12 NEW YORK NY 10004-1965 | 29.26% | 1966158.210  |
| BANK OF AMERICA NA CUSTODIAN FBO MFO 0128808 PO BOX 843869 DALLAS TX 75284-3869 | 24.94% | 1675627.373  |
| CHARLES SCHWAB & CO INC ATTN: MUTUAL FUNDS 211 MAIN ST SAN FRANCISCO CA 94105-1901 | 8.29% | 557154.400  |
| PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052 | 5.96% | 400678.618  |
| &nbsp;&nbsp;&nbsp;**Nuveen Short Duration Impact Bond Fund—Retirement Class** |  |  |
| JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS CUST FOR IRA CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413 | 85.45% | 632861.340  |
| TEACHERS INSURANCE & ANNUITY ASSOC ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE STE 2A NEW YORK NY 10017-3207 | 13.50% | 100000.000  |
| &nbsp;&nbsp;&nbsp;**Nuveen Short Term Bond Fund—Class A** |  |  |
| PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052 | 16.01% | 1807449.414  |

---

**Statement of Additional Information** &nbsp;&nbsp;&nbsp;&nbsp;87

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund—Class** | **Percentage of holdings** | **Shares** |
| &nbsp;&nbsp;&nbsp;**Nuveen Short Term Bond Fund—Class I** |  |  |
| RBC CAPITAL MARKETS LLC MUTUAL FUND OMNIBUS PROCESSING OMNIBUS ATTN MUTUAL FUND OPS MANAGER 250 NICOLLET MALL SUITE 1400 MINNEAPOLIS MN 55401-7582 | 61.39% | 11820288.661  |
| BAND & CO C/O US BANK PO BOX 1787 MILWAUKEE WI 53201-1787 | 15.67% | 3016762.858  |
| LPL FINANCIAL OMNIBUS CUSTOMER ACCOUNT ATTN MUTUAL FUND TRADING PO BOX 509046 SAN DIEGO CA 92150-9046 | 7.74% | 1489510.509  |
| &nbsp;&nbsp;&nbsp;**Nuveen Short Term Bond Fund—Premier Class** |  |  |
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 | 77.24% | 123178.668  |
| STATE STREET BANK TRUSTEE CUST FBO ADP ACCESS PRODUCT 1 LINCOLN ST BOSTON MA 02111-2901 | 14.58% | 23248.828  |
| CHARLES SCHWAB & CO INC ATTN: MUTUAL FUNDS 211 MAIN ST SAN FRANCISCO CA 94105-1901 | 8.18% | 13047.040  |
| &nbsp;&nbsp;&nbsp;**Nuveen Short Term Bond Fund—Class R6** |  |  |
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 | 51.05% | 25840048.817  |
| TIAA-CREF LIFESTYLE CONSERVATIVE FD ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 12.08% | 6113721.104  |
| TIAA-CREF INDIVIDUAL & INSTITUTIONAL SERV INC FOR EXCLUSIVE BENEFIT OF CUSTOMERS ATTN PATRICK NELSON 730 3RD AVE NEW YORK NY 10017-3206 | 6.89% | 3486782.009  |
| CHARLES SCHWAB & CO INC ATTN: MUTUAL FUNDS 211 MAIN ST SAN FRANCISCO CA 94105-1901 | 5.89% | 2981083.475  |
| TIAA-CREF LIFESTYLE INCOME FUND ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 5.86% | 2964964.784  |
| SEI PRIVATE TRUST COMPANY C/O TIAA SWP 1 FREEDOM VALLEY DRIVE OAKS PA 19456-9989 | 5.10% | 2580366.994  |
| &nbsp;&nbsp;&nbsp;**Nuveen Short Term Bond Fund—Retirement Class** |  |  |
| JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS CUST FOR IRA CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413 | 90.47% | 12726455.916  |
| &nbsp;&nbsp;&nbsp;**Nuveen Short Term Bond Fund—Class W** |  |  |
| TIAA-CREF IMF LIFECYCLE FUND #2025 ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 22.34% | 19632538.483  |
| TIAA-CREF IMF LIFECYCLE FUND #2030 ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 19.44% | 17084647.745  |
| TIAA-CREF IMF LIFECYCLE FUND #2020 ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 18.66% | 16400172.080  |
| TIAA-CREF IMF LIFECYCLE FUND #2010 ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 11.56% | 10159221.381  |
| TIAA-CREF IMF LIFECYCLE FUND #2015 ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 10.88% | 9557599.020  |
| TIAA-CREF IMF LIFECYCLE FUND #2035 ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 10.75% | 9448599.362  |
| &nbsp;&nbsp;&nbsp;**Nuveen Short Term Bond Index Fund—Class A** |  |  |
| PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052 | 23.39% | 67998.063  |
| ANN H CROWE TOD SUBJECT TO TOD RULES 369 MEADOW VALLEY RD LEXINGTON KY 40511-8620 | 6.51% | 18908.387  |
| PAUL TESSMER POA FBO KATHLEEN M TESSMER TTEE KATHLEEN M TESSMER FAMILY TRUST UA DTD 02/24/2003 105 NORTH ST MADISON WI 53704-4916 | 5.99% | 17398.784  |
| JOSEPH M CARELLI AMPARO BELTRI-CARELLI JT TEN 1671 HUNTING CREEK DR ALEXANDRIA VA 22314-6219 | 5.98% | 17390.327  |
| &nbsp;&nbsp;&nbsp;**Nuveen Short Term Bond Index Fund—Class I** |  |  |
| PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052 | 81.15% | 43370.019  |
| TEACHERS INSURANCE & ANNUITY ASSOC ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE STE 2A NEW YORK NY 10017-3207 | 18.78% | 10039.187  |

---

88&nbsp;&nbsp;&nbsp;&nbsp; **Statement of Additional Information** 

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund—Class** | **Percentage of holdings** | **Shares** |
| &nbsp;&nbsp;&nbsp;**Nuveen Short Term Bond Index Fund—Premier Class** |  |  |
| TEACHERS INSURANCE & ANNUITY ASSOC ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE STE 2A NEW YORK NY 10017-3207 | 74.85% | 25000.000  |
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 | 25.15% | 8399.247  |
| &nbsp;&nbsp;&nbsp;**Nuveen Short Term Bond Index Fund—Class R6** |  |  |
| MAC & CO A/C 425755 ATTN: MUTUAL FUND OPERATIONS 500 GRANT STREET ROOM 151-1010 PITTSBURGH PA 15219-2502 | 80.70% | 5098291.652  |
| CAPINCO C/O US BANK NA PO BOX 1787 MILWAUKEE WI 53201-1787 | 6.51% | 410993.122  |
| &nbsp;&nbsp;&nbsp;**Nuveen Short Term Bond Index Fund—Retirement Class** |  |  |
| JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS CUST FOR IRA CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413 | 99.86% | 96874007.712  |
| &nbsp;&nbsp;&nbsp;**Nuveen Short Term Bond Index Fund—Class W** |  |  |
| TIAA-CREF LIFECYCLE INDEX 2025 FUND ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 25.35% | 37782514.442  |
| TIAA-CREF LIFECYCLE INDEX 2030 FUND ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 24.84% | 37020934.612  |
| TIAA-CREF LIFECYCLE INDEX 2020 FUND ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 16.85% | 25113256.201  |
| TIAA-CREF LIFECYCLE INDEX 2035 FUND ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 13.59% | 20255185.139  |
| TIAA-CREF LIFECYCLE INDEX 2015 FUND ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 6.98% | 10407829.222  |
| TIAA-CREF LIFECYCLE INDEX 2010 FUND ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 6.89% | 10268853.327  |
| TIAA-CREF LIFECYCLE INDX RET INC FD ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 5.48% | 8169665.882  |
| &nbsp;&nbsp;&nbsp;**Nuveen Emerging Markets Debt Fund—Class A** |  |  |
| CHARLES SCHWAB & CO INC ATTN: MUTUAL FUNDS 211 MAIN ST SAN FRANCISCO CA 94105-1901 | 77.54% | 1353906.587  |
| PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052 | 6.26% | 109352.387  |
| &nbsp;&nbsp;&nbsp;**Nuveen Emerging Markets Debt Fund—Class I** |  |  |
| UBS WM USA 0O0 11011 6100 OMNI ACCOUNT M/F SPEC CDY A/C EBOC UBSFSI 1000 HARBOR BLVD WEEHAWKEN NJ 07086-6761 | 36.95% | 744776.209  |
| LPL FINANCIAL OMNIBUS CUSTOMER ACCOUNT ATTN MUTUAL FUND TRADING PO BOX 509046 SAN DIEGO CA 92150-9046 | 24.82% | 500326.347  |
| PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052 | 20.90% | 421128.689  |
| JOHN HANCOCK TRUST COMPANY LLC 690 CANTON ST STE 100 WESTWOOD MA 02090-2324 | 6.54% | 131753.494  |
| &nbsp;&nbsp;&nbsp;**Nuveen Emerging Markets Debt Fund—Premier Class** |  |  |
| TEACHERS INSURANCE & ANNUITY ASSOC ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE STE 2A NEW YORK NY 10017-3207 | 99.99% | 25000.000  |
| &nbsp;&nbsp;&nbsp;**Nuveen Emerging Markets Debt Fund—Class R6** |  |  |
| CHARLES SCHWAB & CO INC ATTN: MUTUAL FUNDS 211 MAIN ST SAN FRANCISCO CA 94105-1901 | 45.02% | 5100663.428  |
| MORGAN STANLEY SMITH BARNEY LLC FOR THE EXCLUSIVE BENE OF ITS CUST 1 NEW YORK PLZ FL 12 NEW YORK NY 10004-1965 | 19.82% | 2245352.029  |
| MAC & CO A/C 449513 ATTN: MUTUAL FUND OPERATIONS 500 GRANT STREET ROOM 151-1010 PITTSBURGH PA 15219-2502 | 13.80% | 1563290.279  |
| PERSHING LLC P. O. BOX 2052 JERSEY CITY NJ 07303-2052 | 7.65% | 866707.139  |
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 | 5.91% | 669633.027  |

---

**Statement of Additional Information** &nbsp;&nbsp;&nbsp;&nbsp;89

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund—Class** | **Percentage of holdings** | **Shares** |
| &nbsp;&nbsp;&nbsp;**Nuveen Emerging Markets Debt Fund—Retirement Class** |  |  |
| JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS CUST FOR IRA CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413 | 97.46% | 2753130.215  |
| &nbsp;&nbsp;&nbsp;**Nuveen Emerging Markets Debt Fund—Class W** |  |  |
| TIAA-CREF IMF LIFECYCLE FUND #2030 ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 18.97% | 7818112.984  |
| TIAA-CREF IMF LIFECYCLE FUND #2035 ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 17.91% | 7383921.684  |
| TIAA-CREF IMF LIFECYCLE FUND #2025 ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 16.67% | 6871597.813  |
| TIAA-CREF IMF LIFECYCLE FUND #2040 ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 14.98% | 6174783.154  |
| TIAA-CREF IMF LIFECYCLE FUND #2020 ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 10.72% | 4417796.186  |
| TIAA-CREF IMF LIFECYCLE FUND #2045 ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 5.97% | 2459878.599  |
| TIAA-CREF IMF LIFECYCLE FUND #2015 ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 5.12% | 2110422.576  |
| &nbsp;&nbsp;&nbsp;**Nuveen International Bond Fund—Class A** |  |  |
| PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052 | 46.20% | 59029.931  |
| KARAN J KUNTZ TTEE KARAN KUNTZ TRUST UA DTD 08/11/2021 3910 LAKEVIEW BLVD LAKE OSWEGO OR 97035-5549 | 8.86% | 11325.063  |
| UMB BANK NA CUST ROLLOVER IRA FBO DENNIS S BEECHER 106 QUARTERHORSE LN EBENSBURG PA 15931-3519 | 5.37% | 6856.046  |
| JANADAS DEVAN GERALDINE HENG JT TEN 1301 CONCORDIA AVE AUSTIN TX 78722-2231 | 5.13% | 6549.772  |
| &nbsp;&nbsp;&nbsp;**Nuveen International Bond Fund—Class I** |  |  |
| CHARLES SCHWAB & CO INC ATTN: MUTUAL FUNDS 211 MAIN ST SAN FRANCISCO CA 94105-1901 | 40.66% | 109221.406  |
| LPL FINANCIAL OMNIBUS CUSTOMER ACCOUNT ATTN MUTUAL FUND TRADING PO BOX 509046 SAN DIEGO CA 92150-9046 | 39.54% | 106221.474  |
| JP MORGAN SECURITIES LLC FBO: 096-06018-13 4 CHASE METROTECH CTR BROOKLYN NY 11245-0001 | 13.12% | 35238.312  |
| &nbsp;&nbsp;&nbsp;**Nuveen International Bond Fund—Premier Class** |  |  |
| TEACHERS INSURANCE & ANNUITY ASSOC ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE STE 2A NEW YORK NY 10017-3207 | 100.00% | 10285.132  |
| &nbsp;&nbsp;&nbsp;**Nuveen International Bond Fund—Class R6** |  |  |
| PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052 | 72.29% | 129569.074  |
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 | 21.81% | 39097.708  |
| &nbsp;&nbsp;&nbsp;**Nuveen International Bond Fund—Retirement Class** |  |  |
| JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS CUST FOR IRA CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413 | 99.65% | 5785069.288  |

---

90&nbsp;&nbsp;&nbsp;&nbsp; **Statement of Additional Information** 

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund—Class** | **Percentage of holdings** | **Shares** |
| &nbsp;&nbsp;&nbsp;**Nuveen International Bond Fund—Class W** |  |  |
| TIAA-CREF IMF LIFECYCLE FUND #2030 ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 18.64% | 8521687.291  |
| TIAA-CREF IMF LIFECYCLE FUND #2035 ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 17.63% | 8059690.525  |
| TIAA-CREF IMF LIFECYCLE FUND #2025 ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 16.39% | 7493052.372  |
| TIAA-CREF IMF LIFECYCLE FUND #2040 ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 14.73% | 6736010.403  |
| TIAA-CREF IMF LIFECYCLE FUND #2020 ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 10.54% | 4817624.269  |
| TIAA-CREF IMF LIFECYCLE FUND #2045 ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 5.87% | 2683606.476  |
| TIAA-CREF IMF LIFECYCLE FUND #2015 ATTN: TIAA-CREF MUTUAL FUND OPS 730 3RD AVE NEW YORK NY 10017-3206 | 5.04% | 2302378.669  |
| &nbsp;&nbsp;&nbsp;**Nuveen Money Market Fund—Class A** |  |  |
| PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052 | 7.46% | 24759410.823  |
| &nbsp;&nbsp;&nbsp;**Nuveen Money Market Fund—Class I** |  |  |
| PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052 | 96.84% | 31234158.197  |
| &nbsp;&nbsp;&nbsp;**Nuveen Money Market Fund—Premier Class** |  |  |
| JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS TTEE/CUST FOR RHSP CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413 | 36.28% | 18078871.260  |
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 | 33.63% | 16761961.710  |
| INTERACTIVE BROKERS LLC 2 PICKWICK PLAZA GREENWICH CT 06830-5576 | 26.82% | 13363877.285  |
| &nbsp;&nbsp;&nbsp;**Nuveen Money Market Fund—Class R6** |  |  |
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 | 74.11% | 881123431.447  |
| MAC & CO A/C 990876 ATTN: MUTUAL FUND OPERATIONS 500 GRANT STREET ROOM 151-1010 PITTSBURGH PA 15219-2502 | 11.80% | 140326952.990  |
| TIAA-CREF INDIVIDUAL & INSTITUTIONAL SERV INC FOR EXCLUSIVE BENEFIT OF CUSTOMERS ATTN PATRICK NELSON 730 3RD AVE NEW YORK NY 10017-3206 | 6.46% | 76760180.310  |
| &nbsp;&nbsp;&nbsp;**Nuveen Money Market Fund—Retirement Class** |  |  |
| JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS CUST FOR IRA CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413 | 79.49% | 464979322.520  |
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 | 9.68% | 56608066.320  |
| JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS TTEE/CUST FOR RHSP CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413 | 5.44% | 31814139.630  |
| &nbsp;&nbsp;&nbsp;**Nuveen Real Estate Securities Select Fund—Class A** |  |  |
| CHARLES SCHWAB & CO INC ATTN: MUTUAL FUNDS 101 MONTGOMERY ST SAN FRANCISCO CA 94104-4141 | 26.02% | 4325572.050  |
| PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052 | 11.03% | 1833784.930  |
| &nbsp;&nbsp;&nbsp;**Nuveen Real Estate Securities Select Fund—Class I** |  |  |
| LPL FINANCIAL OMNIBUS CUSTOMER ACCOUNT ATTN MUTUAL FUND TRADING PO BOX 509046 SAN DIEGO CA 92150-9046 | 55.78% | 1019855.241  |
| PERSHING LLC PO BOX 2052 JERSEY CITY NJ 07303-2052 | 33.52% | 612914.693  |

---

**Statement of Additional Information** &nbsp;&nbsp;&nbsp;&nbsp;91

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund—Class** | **Percentage of holdings** | **Shares** |
| &nbsp;&nbsp;&nbsp;**Nuveen Real Estate Securities Select Fund—Premier Class** |  |  |
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 | 80.43% | 778878.367  |
| LINCOLN RETIREMENT SERVICES COMPANY FBO LANGUAGE LINE SERVICES 401K PL PO BOX 7876 FORT WAYNE IN 46801-7876 | 5.43% | 52547.147  |
| MORGAN STANLEY SMITH BARNEY LLC FOR THE EXCLUSIVE BENE OF ITS CUST 1 NEW YORK PLZ FL 12 NEW YORK NY 10004-1965 | 5.05% | 48869.577  |
| &nbsp;&nbsp;&nbsp;**Nuveen Real Estate Securities Select Fund—Class R6** |  |  |
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 | 38.56% | 41465222.479  |
| TIAA-CREF INDIVIDUAL & INSTITUTIONAL SERV INC FOR EXCLUSIVE BENEFIT OF CUSTOMERS ATTN PATRICK NELSON 730 3RD AVE NEW YORK NY 10017-3206 | 21.43% | 23047384.867  |
| PERSHING LLC P. O. BOX 2052 JERSEY CITY NJ 07303-2052 | 6.87% | 7389064.349  |
| MAC & CO A/C 990855 ATTN: MUTUAL FUND OPERATIONS 500 GRANT STREET ROOM 151-1010 PITTSBURGH PA 15219-2502 | 6.82% | 7335192.725  |
| CHARLES SCHWAB & CO INC ATTN: MUTUAL FUNDS 211 MAIN ST SAN FRANCISCO CA 94105-1901 | 6.12% | 6576879.071  |
| &nbsp;&nbsp;&nbsp;**Nuveen Real Estate Securities Select Fund—Retirement Class** |  |  |
| JPMORGAN CHASE BANK NA FBO TIAA-CREF TRUST CO AS CUST FOR IRA CLIENTS ATTN: DC PLAN SERVICE TEAM 4 NEW YORK PLZ FL 17 NEW YORK NY 10004-2413 | 80.26% | 19729162.613  |
| TIAA TRUST, N.A. AS CUST/TTEE OF RETIREMENT PLANS RECORDKEPT BY TIAA ATTN: FUND OPERATIONS 8500 ANDREW CARNEGIE BLVD CHARLOTTE NC 28262-8500 | 11.60% | 2850918.258  |
| JPMORGAN CUSTODIAN TIAA-CREF TRUST CO NON ERISA TDA C/O JPMORGAN CHASE BANK ATTN: DC PLAN SERVICE TEAM TIAA 4 NEW YORK PLZ FL 12 NEW YORK NY 10004-2413 | 5.44% | 1336826.267  |

---

Any person owning more than 25% of a Fund's shares may be considered a "controlling person" of that Fund. A controlling person's vote could have a more significant effect on matters presented to shareholders for approval than the vote of other Fund shareholders.

### Investment advisory and other services

#### Investment advisory services
Investment advisory and related services for the Trust are provided by personnel of Advisors, which is registered with the SEC under the Investment Advisers Act of 1940 ("Advisers Act"). Advisors manages the investment and reinvestment of the assets of the Funds, subject to the oversight of the Board of Trustees. Advisors performs research, makes recommendations and places orders for the purchase and sale of securities. Advisors also provides or oversees the provision of portfolio accounting, custodial, compliance, administrative and related services for the assets of the Funds.

TIAA, an insurance company, holds all of the shares of Nuveen, LLC ("Nuveen"), the investment management arm of TIAA. Nuveen, in turn, holds all of the shares of Nuveen Finance, LLC, which holds all of the shares of Advisors. Nuveen Finance, LLC also holds all the shares of Nuveen Holdings 1, Inc., which holds all the shares of Nuveen Holdings, Inc., which holds all the shares of Nuveen Investments, Inc., which holds all the shares of Nuveen Securities, LLC ("Nuveen Securities"), the principal underwriter of the Trust. All of the foregoing are affiliates of the Trust and Advisors.

Nuveen Fund Advisors, 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 management agreement with the Trust (the "Management Agreement"). Under the Management Agreement, investment management fees are calculated daily and paid monthly to Advisors. They are calculated as a percentage of the average value of the daily net assets for each Fund, and are accrued daily proportionately at 1/365th (1/366th in a leap year) of the rates set forth in the Prospectuses.

For the advisory services and facilities furnished by Advisors, each of the Funds has agreed to pay an annual management fee at a rate set forth in the Prospectuses under "Management of the Funds–The Funds' investment adviser."

92&nbsp;&nbsp;&nbsp;&nbsp; **Statement of Additional Information** 

------

Each Fund's management fee, other than the management fee of the Funds that are index funds, Large Cap Responsible Equity Fund and 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 Funds that are index funds, Large Cap Responsible Equity Fund and Money Market Fund, the management 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 management fee, payable monthly, based upon the average daily net assets of such Fund as set forth in the Prospectuses.

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, 2025, 21% 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 |
| 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% |

---

\*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 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 June 30, 2025, the effective complex-level fee rate for each Fund subject to the complex-level fee was 0.1594%.

As described in the Core Impact Bond Fund's, Green Bond Fund's and International Bond Fund's Prospectuses, Advisors serves as the Subsidiaries' investment adviser. Pursuant to its investment management agreements with the Subsidiaries, Advisors does not receive compensation from the Subsidiaries for the portfolio management, portfolio accounting, custodial, compliance, administrative and related services it provides to the Subsidiaries. The direct expenses of the Subsidiaries, if any, which may include portfolio accounting, custodial, compliance, administrative and related services, are borne directly by the Funds with respect to the Regulation S Subsidiaries and indirectly by the Core Impact Bond Fund and International Bond Fund with respect to the TEFRA Bond Subsidiaries, subject to the Funds' expense reimbursement arrangements. The investment management agreements between Advisors and the Subsidiaries may be terminated at any time without penalty upon 60 days' written notice by action of the Subsidiaries' directors or by Advisors, and will terminate automatically in the event of an "assignment" (as defined in the Advisers Act) thereof. The investment management agreements with the Subsidiaries provides for their automatic termination upon the termination of the applicable Fund's Investment Management Agreement.

The Funds also pay Advisors for certain administrative and compliance services that Advisors provides to the Funds on an at-cost basis. Advisors provides these administrative and compliance services pursuant to a separate Administrative Services Agreement dated January 2, 2012.

Furthermore, Advisors has contractually agreed to reimburse the Funds for total expenses of the Funds that exceed certain amounts, as stated in the Prospectuses through at least: (i) February 28, 2026 for the Equity, Emerging Markets Debt and International Bond Funds; (ii) April 30, 2026 for the Inflation Linked Bond and Real Estate Securities Select Funds and (iii) July 31, 2025 for all other Fixed-Income Funds. For Class W shares, Advisors has also contractually agreed to waive and/or reimburse, for each Fund that offers Class W shares, Class W shares' net investment management fees in their entirety. Advisors expects this fee waiver and/or reimbursement arrangement to remain in effect indefinitely, unless changed or

**Statement of Additional Information** &nbsp;&nbsp;&nbsp;&nbsp;93

------

terminated with approval of the Board. However, Advisors may receive an investment management fee from the other investment portfolios structured as "funds of funds" that invest in Class W shares of the Funds (the "Funds of Funds") and other investors in Class W shares.

For Class W shares, Advisors, in its capacity as administrator to the Funds, has contractually agreed to reimburse, for each Fund that offers Class W shares, Class W shares' net other expenses (excluding interest, taxes, brokerage commissions or other transactional expenses, Acquired fund fees and expenses, Trustee expenses and extraordinary expenses) in their entirety. Advisors expects this expense reimbursement arrangement to remain in effect indefinitely, unless changed or terminated with approval of the Board. Pursuant to contractual agreements between Advisors, a Fund of Funds or other advisory client or account of Advisors or its affiliates, and the Fund offering Class W shares in which the Fund of Funds or such other advisory client or account invests, investors in Class W shares are contractually obligated to reimburse Advisors for the Class W shares' net other expenses it assumes with respect to a Fund.

For the fiscal years ended October 31, 2024, October 31, 2023 and October 31, 2022 for the following Funds, the tables below reflect (i) the total dollar amount of investment management fees for each Fund, (ii) the amount of any waiver of the portion of the investment management fee attributable to each Fund, and (iii) the net investment management fees for each Fund after such waivers.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Gross** | **Gross** | **Gross** | **Waived** | **Waived** | **Waived** | **Net** | **Net** | **Net** |
| | **Fiscal years ended October 31,** | **Fiscal years ended October 31,** | **Fiscal years ended October 31,** | **Fiscal years ended October 31,** | **Fiscal years ended October 31,** | **Fiscal years ended October 31,** | **Fiscal years ended October 31,** | **Fiscal years ended October 31,** | **Fiscal years ended October 31,** |
| <br>**Fund** | **2024** | **2023** | **2022** | **2024** | **2023** | **2022** | **2024** | **2023** | **2022** |
| Nuveen Emerging Markets Equity Fund | $14235980  | $13635594  | $12421283  | $—  | $—  | $—  | $14235980  | $13635594  | $12421283  |
| Nuveen Emerging Markets Equity Index Fund | 6285753  | 5364509  | 5764611  | —  | —  | —  | 6285753  | 5364509  | 5764611  |
| Nuveen Equity Index Fund | 17611848  | 14345951  | 13445083  | —  | —  | —  | 17611848  | 14345951  | 13445083  |
| Nuveen Core Equity Fund | 24367699  | 21098702  | 23386529  | 147284  | 390726  | 267353  | 24220415  | 20707976  | 23119176  |
| Nuveen International Equity Fund | 30136404  | 29070390  | 26430868  | —  | —  | —  | 30136404  | 29070390  | 26430868  |
| Nuveen International Equity Index Fund | 9733203  | 8080243  | 7060053  | —  | —  | —  | 9733203  | 8080243  | 7060053  |
| Nuveen International Opportunities Fund | 14104393  | 13608955  | 12558278  | —  | —  | —  | 14104393  | 13608955  | 12558278  |
| Nuveen Large Cap Growth Fund | 24075401  | 20161454  | 22676599  | —  | 578626  | 628563  | 24075401  | 19582828  | 22048036  |
| Nuveen Large Cap Growth Index Fund | 5343642  | 3942212  | 3931794  | —  | —  | —  | 5343642  | 3942212  | 3931794  |
| Nuveen Large Cap Value Fund | 23228678  | 19160891  | 20474180  | —  | —  | —  | 23228678  | 19160891  | 20474180  |
| Nuveen Large Cap Value Index Fund | 3870824  | 3267854  | 3398113  | —  | —  | —  | 3870824  | 3267854  | 3398113  |
| Nuveen Quant Mid Cap Growth Fund | 4637660  | 4862886  | 6306954  | —  | —  | —  | 4637660  | 4862886  | 6306954  |
| Nuveen Mid Cap Value Fund | 7641444  | 7518702  | 8591651  | 42055  | 84984  | 98289  | 7599389  | 7433718  | 8493362  |
| Nuveen Quant International Small Cap Equity Fund | 7959404  | 7564054  | 8721054  | —  | —  | —  | 7959404  | 7564054  | 8721054  |
| Nuveen Quant Small Cap Equity Fund | 12340055  | 10563078  | 11054262  | —  | —  | —  | 12340055  | 10563078  | 11054262  |
| Nuveen Quant Small/Mid Cap Equity Fund | 5497265  | 4919826  | 4769160  | —  | —  | —  | 5497265  | 4919826  | 4769160  |
| Nuveen Small Cap Blend Index Fund | 1353797  | 1280707  | 1515145  | —  | —  | —  | 1353797  | 1280707  | 1515145  |
| Nuveen Large Cap Responsible Equity Fund | 9298895  | 8862115  | 10157824  | 320575  | 752533  | 667274  | 8978320  | 8109582  | 9490551  |
| Nuveen International Responsible Equity Fund | 4760772  | 4302882  | 3208506  | —  | —  | —  | 4760772  | 4302882  | 3208506  |
| Nuveen S&P 500 Index Fund | 3867416  | 3033055  | 2994822  | —  | —  | —  | 3867416  | 3033055  | 2994822  |
| Nuveen Emerging Markets Debt Fund | 2878227  | 2567700  | 3041975  | —  | —  | —  | 2878227  | 2567700  | 3041975  |
| Nuveen International Bond Fund | 2080778  | 1932684  | 2297494  | —  | —  | —  | 2080778  | 1932684  | 2297494  |

---

For the fiscal years ended December 31, 2024, December 31, 2023 and December 31, 2022 for the following Funds, the tables below reflect (i) the total dollar amount of investment management fees for each Fund, (ii) the amount of any waiver of the portion of the investment management fee attributable to each Fund, and (iii) the net investment management fees for each Fund after such waivers.

94&nbsp;&nbsp;&nbsp;&nbsp; **Statement of Additional Information** 

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Gross** | **Gross** | **Gross** | **Waived** | **Waived** | **Waived** | **Net** | **Net** | **Net** |
| | **Fiscal years ended December 31,** | **Fiscal years ended December 31,** | **Fiscal years ended December 31,** | **Fiscal years ended December 31,** | **Fiscal years ended December 31,** | **Fiscal years ended December 31,** | **Fiscal years ended December 31,** | **Fiscal years ended December 31,** | **Fiscal years ended December 31,** |
| <br>**Fund** | **2024** | **2023** | **2022** | **2024** | **2023** | **2022** | **2024** | **2023** | **2022** |
| Nuveen Inflation Linked Bond Fund<sup>\*</sup> | $5274605  | $—  | $—  | $48809  | $—  | $—  | $5225796  | $—  | $—  |
| Nuveen Real Estate Securities Select Fund<sup>\*</sup> | 10236142  | —  | —  | 45374  | —  | —  | 10190768  | —  | —  |

---

\* Prior to April 1, 2024, the Funds' fiscal year end was March 31st. The December 31, 2024 amounts reflect the nine-month period from April 1, 2024 through December 31, 2024.

For the fiscal years ended March 31, 2025, March 31, 2024 and March 31, 2023 for the following Funds, the tables below reflect (i) the total dollar amount of investment management fees for each Fund, (ii) the amount of any waiver of the portion of the investment management fee attributable to each Fund, and (iii) the net investment management fees for each Fund after such waivers.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Gross** | **Gross** | **Gross** | **Waived** | **Waived** | **Waived** | **Net** | **Net** | **Net** |
| | **Fiscal years ended March 31,** | **Fiscal years ended March 31,** | **Fiscal years ended March 31,** | **Fiscal years ended March 31,** | **Fiscal years ended March 31,** | **Fiscal years ended March 31,** | **Fiscal years ended March 31,** | **Fiscal years ended March 31,** | **Fiscal years ended March 31,** |
| <br>**Fund** | **2025** | **2024** | **2023** | **2025** | **2024** | **2023** | **2025** | **2024** | **2023** |
| Nuveen Bond Index Fund | $15167464  | $12936363  | $12659817  | $— | $—  | $—  | $15167464  | $12936363  | $12659817  |
| Nuveen Core Bond Fund | 28546785  | 26267648  | 26120836  | 92969  | —  | —  | 28453816  | 26267648  | 26120836  |
| Nuveen Core Impact Bond Fund | 21798940  | 20018361  | 20523823  |  | 75254  | 845927  | 21798940  | 19943106  | 19677896  |
| Nuveen Core Plus Bond Fund | 13328036  | 12829132  | 13059144  | 46485  | —  | —  | 13281551  | 12829132  | 13059144  |
| Nuveen 5–15 Year Laddered Tax Exempt Bond Fund | 528041  | 566412  | 620153  |  | —  | —  | 528041  | 566412  | 620153  |
| Nuveen Green Bond Fund | 644698  | 573485  | 497026  |  | —  | —  | 644698  | 573485  | 497026  |
| Nuveen High Yield Fund | 6927585  | 6968026  | 8951750  |  | 28935  | 393261  | 6927585  | 6939091  | 8558489  |
| Nuveen Short Duration Impact Bond Fund | 230251  | 213924  | 171993  |  | —  | —  | 230251  | 213924  | 171993  |
| Nuveen Short Term Bond Fund | 4456995  | 4735424  | 4713633  |  | —  | —  | 4456995  | 4735424  | 4713633  |
| Nuveen Short Term Bond Index Fund | 1085950  | 860532  | 745684  |  | —  | —  | 1085950  | 860532  | 745684  |
| Nuveen Money Market Fund | 2100763  | 1988458  | 1648434  |  | —  | —  | 2100763  | 1988458  | 1648434  |

---

Under the Administrative Services Agreement, the Funds paid to Advisors the allocated cost of certain administrative and compliance services, respectively, that were provided by Advisors. The table below reflects the amounts paid to Advisors by the following Funds for these administrative and compliance services for the prior fiscal years ended October 31, 2024, October 31, 2023 and October 31, 2022:

**Statement of Additional Information** &nbsp;&nbsp;&nbsp;&nbsp;95

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Fund administration fees** | **Fund administration fees** | **Fund administration fees** | **Compliance fees** | **Compliance fees** | **Compliance fees** |
| <br>**Fund** | **October 31, 2024** | **October 31, 2023** | **October 31, 2022** | **October 31, 2024** | **October 31, 2023** | **October 31, 2022** |
| Nuveen Emerging Markets Equity Fund | $65002  | $52714  | $85331  | $12862  | $13216  | $10228  |
| Nuveen Emerging Markets Equity Index Fund | 99292  | 76600  | 123614  | 19837  | 19219  | 14765  |
| Nuveen Equity Index Fund | 378371  | 275808  | 429369  | 76039  | 68488  | 51618  |
| Nuveen Core Equity Fund | 93369  | 74659  | 133081  | 18346  | 19060  | 16006  |
| Nuveen International Equity Fund | 101424  | 86228  | 132365  | 20014  | 21329  | 15853  |
| Nuveen International Equity Index Fund | 185674  | 171241  | 249074  | 35195  | 41665  | 29685  |
| Nuveen International Opportunities Fund | 71329  | 57072  | 93203  | 14166  | 14324  | 11213  |
| Nuveen Large Cap Growth Fund | 94077  | 73055  | 130489  | 18518  | 18580  | 15847  |
| Nuveen Large Cap Growth Index Fund | 114094  | 92634  | 153430  | 21797  | 23198  | 18849  |
| Nuveen Large Cap Value Fund | 90335  | 71310  | 124216  | 17838  | 18271  | 14816  |
| Nuveen Large Cap Value Index Fund | 92519  | 81102  | 140911  | 17687  | 20763  | 16725  |
| Nuveen Quant Mid Cap Growth Fund | 49987  | 41973  | 74679  | 9736  | 10743  | 9041  |
| Nuveen Mid Cap Value Fund | 54179  | 46114  | 80768  | 10522  | 11811  | 9661  |
| Nuveen Quant International Small Cap Equity Fund | 61580  | 48894  | 84437  | 12187  | 12443  | 10120  |
| Nuveen Quant Small Cap Equity Fund | 70519  | 58349  | 99082  | 13762  | 14812  | 11913  |
| Nuveen Quant Small/Mid Cap Equity Fund | 60167  | 49058  | 81177  | 11835  | 12391  | 9763  |
| Nuveen Small Cap Blend Index Fund | 56482  | 43465  | 80015  | 11309  | 11248  | 9708  |
| Nuveen Large Cap Responsible Equity Fund | 80966  | 72072  | 132208  | 15504  | 18664  | 15916  |
| Nuveen International Responsible Equity Fund | 53417  | 45771  | 71389  | 10392  | 11371  | 8507  |
| Nuveen S&P 500 Index Fund | 92950  | 78635  | 129487  | 17749  | 19719  | 15579  |
| Nuveen Emerging Markets Debt Fund | 55256  | 44394  | 75718  | 10869  | 11291  | 9082  |
| Nuveen International Bond Fund | 54749  | 43968  | 74779  | 10778  | 11151  | 8959  |

---

The table below reflects the amounts paid to Advisors by the following Funds for these administrative and compliance services for the prior fiscal years ended December 31, 2024, December 31, 2023 and December 31, 2022:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Fund administration fees** | **Fund administration fees** | **Fund administration fees** | **Compliance fees** | **Compliance fees** | **Compliance fees** |
| <br>**Fund** | **December 31, 2024** | **December 31, 2023** | **December 31, 2022** | **December 31, 2024** | **December 31, 2023** | **December 31, 2022** |
| Nuveen Inflation Linked Bond Fund<sup>\*</sup> | $47820  | $—  | $—  | $11008  | $—  | $—  |
| Nuveen Real Estate Securities Select Fund<sup>\*</sup> | 42725  | —  | —  | 9818  | —  | —  |

---

<sup>\*</sup> Prior to April 1, 2024, the Funds' fiscal year end was March 31st. The December 31, 2024 amounts reflect the nine-month period from April 1, 2024 through December 31, 2024.

The table below reflects the amounts paid to Advisors by the following Funds for these administrative and compliance services for the prior fiscal years ended March 31, 2025, March 31, 2024 and March 31, 2023:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Fund administration fees** | **Fund administration fees** | **Fund administration fees** | **Compliance fees** | **Compliance fees** | **Compliance fees** |
| <br>**Fund** | **March 31, 2025** | **March 31, 2024** | **March 31, 2023** | **March 31, 2025** | **March 31, 2024** | **March 31, 2023** |
| Nuveen Bond Index Fund | $172447  | $238467  | $225626  | $41222  | $42649  | $37142  |
| Nuveen Core Bond Fund | 97249  | 136902  | 137993  | 23290  | 24714  | 22430  |
| Nuveen Core Impact Bond Fund | 72846  | 98806  | 101122  | 17431  | 17886  | 16350  |
| Nuveen Core Plus Bond Fund | 69213  | 93994  | 94532  | 16557  | 17035  | 15251  |
| Nuveen 5–15 Year Laddered Tax Exempt Bond Fund | 27273  | 34452  | 32931  | 6526  | 6189  | 5364  |
| Nuveen Green Bond Fund | 38748  | 50207  | 47187  | 9267  | 8991  | 7715  |
| Nuveen High Yield Fund | 55100  | 73660  | 77188  | 13201  | 13440  | 12498  |
| Nuveen Short Duration Impact Bond Fund | 38272  | 49595  | 46622  | 9153  | 8890  | 7609  |
| Nuveen Short Term Bond Fund | 53763  | 73980  | 70411  | 12877  | 13264  | 11510  |
| Nuveen Short Term Bond Index Fund | 55225  | 71777  | 65801  | 13200  | 12802  | 10822  |
| Nuveen Money Market Fund | 49993  | 67029  | 59136  | 11954  | 11891  | 9796  |

---

96&nbsp;&nbsp;&nbsp;&nbsp; **Statement of Additional Information** 

------

#### Service agreements

#### Retirement Class Service Agreements
The Trust, on behalf of each Fund that offers Retirement Class shares (as described in the Fund's Prospectus), has entered into service agreements with TIAA and Advisors pursuant to which TIAA, on behalf of Retirement Class shares of the Funds held by or through TIAA by its clients, or Advisors, on behalf of all other Retirement Class shares, provides or arranges for the provision of administrative and shareholder services for the Retirement Class shares, including services associated with maintenance of Retirement Class shares on retirement plan and other platforms (the "Retirement Class Service Agreements").

For the services rendered, the facilities furnished and expenses assumed by TIAA and Advisors, each Fund pays TIAA or Advisors, as applicable, at the end of each calendar month a fee for the Fund calculated as a percentage of the daily net assets attributable to Retirement Class shares of the Fund.

The fees paid under the Retirement Class Service Agreements for each of the following Funds for the prior fiscal years ended October 31, 2024, October 31, 2023 and October 31, 2022, are set forth in the table below:

---

| | | | |
|:---|:---|:---|:---|
| | **Service fees for fiscal year or period ended** | **Service fees for fiscal year or period ended** | **Service fees for fiscal year or period ended** |
| <br>**Fund** | **October 31, 2024** | **October 31, 2023** | **October 31, 2022** |
| Nuveen Emerging Markets Equity Fund | $152570  | $175142  | $211118  |
| Nuveen Emerging Markets Equity Index Fund | 1727730  | 1385427  | 1289324  |
| Nuveen Equity Index Fund | 1949054  | 1689014  | 1830641  |
| Nuveen Core Equity Fund | 1298143  | 1044591  | 1194567  |
| Nuveen International Equity Fund | 827708  | 875425  | 960502  |
| Nuveen International Equity Index Fund | 3700084  | 3040064  | 2988736  |
| Nuveen International Opportunities Fund | 213757  | 241619  | 315641  |
| Nuveen Large Cap Growth Fund | 1039639  | 777871  | 882298  |
| Nuveen Large Cap Growth Index Fund | 2867009  | 2076734  | 2234168  |
| Nuveen Large Cap Value Fund | 1920963  | 1239529  | 1225735  |
| Nuveen Large Cap Value Index Fund | 3692102  | 3271875  | 3209534  |
| Nuveen Quant Mid Cap Growth Fund | 671165  | 724340  | 947551  |
| Nuveen Mid Cap Value Fund | 1062058  | 1102287  | 1306231  |
| Nuveen Quant International Small Cap Equity Fund | 19534  | 20907  | 16204  |
| Nuveen Quant Small Cap Equity Fund | 1161813  | 893878  | 983966  |
| Nuveen Quant Small/Mid Cap Equity Fund | 1146299  | 813291  | 407721  |
| Nuveen Small Cap Blend Index Fund | 1632465  | 1709029  | 2163535  |
| Nuveen Large Cap Responsible Equity Fund | 2020204  | 1956349  | 2279126  |
| Nuveen International Responsible Equity Fund | 1795191  | 1546385  | 1082251  |
| Nuveen S&P 500 Index Fund | 6698917  | 5084891  | 4783456  |
| Nuveen Emerging Markets Debt Fund | 58511  | 40945  | 41211  |
| Nuveen International Bond Fund | 13019  | 11549  | 12918  |

---

The fees paid under the Retirement Class Service Agreements for each of the following Funds for the prior fiscal years ended December 31, 2024, December 31, 2023 and December 31, 2022 are set forth in the table below:

---

| | | | |
|:---|:---|:---|:---|
| | **Service fees for fiscal year or period ended** | **Service fees for fiscal year or period ended** | **Service fees for fiscal year or period ended** |
| <br>**Fund** | **December 31, 2024** | **December 31, 2023** | **December 31, 2022** |
| Nuveen Inflation Linked Bond Fund<sup>\*</sup> | $216904  | $—  | $—  |
| Nuveen Real Estate Securities Select Fund<sup>\*</sup> | 880427  | —  | —  |

---

<sup>\*</sup> Prior to April 1, 2024, the Funds' fiscal year end was March 31st. The December 31, 2024 amounts reflect the nine-month period from April 1, 2024 through December 31, 2024.

The fees paid under the Retirement Class Service Agreements for each of the following Funds for the prior fiscal years ended March 31, 2025, March 31, 2024 and March 31, 2023 are set forth in the table below:

**Statement of Additional Information** &nbsp;&nbsp;&nbsp;&nbsp;97

------

---

| | | | |
|:---|:---|:---|:---|
| | **Service fees for fiscal year or period ended** | **Service fees for fiscal year or period ended** | **Service fees for fiscal year or period ended** |
| <br>**Fund** | **March 31, 2025** | **March 31, 2024** | **March 31, 2023** |
| Nuveen Bond Index Fund | $1261505  | $1249471  | $1429221  |
| Nuveen Core Bond Fund | 337203  | 314619  | 355244  |
| Nuveen Core Impact Bond Fund | 510532  | 595732  | 799791  |
| Nuveen Core Plus Bond Fund | 655613  | 709576  | 712360  |
| Nuveen Green Bond Fund | 35345  | 33695  | 35387  |
| Nuveen High Yield Fund | 525601  | 531007  | 578528  |
| Nuveen Short Duration Impact Bond Fund | 15725  | 15583  | 15757  |
| Nuveen Short Term Bond Fund | 365396  | 484138  | 366798  |
| Nuveen Short Term Bond Index Fund | 2004082  | 1351765  | 914463  |
| Nuveen Money Market Fund | 1542900  | 1507167  | 853346  |

---

### Underwriter and other service providers

#### Underwriter
Nuveen Securities, 333 West Wacker Drive, Chicago, IL 60606-1286, is the "principal underwriter" for the Trust. Shares of the Funds are offered on a continuous basis. Pursuant to a Distribution Agreement with the Trust, Nuveen Securities distributes shares of the Funds from year to year, subject to annual approval of the Distribution Agreement by the Board of Trustees. Nuveen Securities may enter into selling agreements with one or more broker-dealers, which may or may not be affiliated with Nuveen Securities, to provide distribution-related services and shareholder services to the Funds.

Please note that Nuveen Securities does not have a customer relationship with you solely by virtue of acting as distributor for the Funds. Nuveen Securities does not offer or provide investment monitoring, make investment decisions for you, or hold customer accounts or assets.

#### Custodian, transfer agent and fund accounting agent
State Street Bank and Trust Company ("State Street"), One Congress Street, Suite 1, Boston, MA 02114-2016, acts as custodian for the Trust and the Funds. As custodian, State Street is responsible for the safekeeping of the Funds' portfolio securities. State Street also acts as fund accounting agent for the Trust and the Funds.

SS&C GIDS, Inc. ("SS&C GIDS"), 2000 Crown Colony Drive, Quincy, MA 02169, acts as the transfer and dividend-paying agent for the Funds.

#### Independent registered public accounting firm
PricewaterhouseCoopers, LLP ("PwC"), One North Wacker Drive, Chicago, Illinois 60606, independent registered public accounting firm, has been selected as auditors for the Funds. In addition to audit services, PwC provides assistance on accounting, tax and related matters.

### 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

98&nbsp;&nbsp;&nbsp;&nbsp; **Statement of Additional Information** 

------

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 six-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 October 31, 2024 (except as otherwise noted).

**Statement of Additional Information** &nbsp;&nbsp;&nbsp;&nbsp;99

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **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>**\*** |
| **Nuveen Emerging Markets Equity Fund** |  |  |  |  |  |  |  |  |
| Barton Grenning  | 0  | 0  | 1  | $0  | $0  | $0  | Over $1,000,000 |  |
| Willis Tsai  | 1  | 0  | 1  | $6  | $0  | $0  | $100001 - $500000 |  |
| **Nuveen Emerging Markets Equity Index Fund** |  |  |  |  |  |  |  |  |
| Philip James (Jim) Campagna  | 27  | 6  | 6  | $181084  | $4914  | $2040  | $100001 - $500000 |  |
| Darren Tran  | 27  | 6  | 6  | $181084  | $4914  | $2040  | $100001 - $500000 |  |
| Nazar Romanyak  | 27  | 6  | 5  | $181084  | $4914  | $1094  | $0 |  |
| **Nuveen Equity Index Fund** |  |  |  |  |  |  |  |  |
| Philip James (Jim) Campagna  | 27  | 6  | 6 | $140554  | $4914  | $2040  | $10001 - $50000 |  |
| Darren Tran  | 27  | 6  | 6 | $140554  | $4914  | $2040  | $10001 - $50000 |  |
| Nazar Romanyak  | 27  | 6  | 5 | $140554  | $4914  | $1094  | $0 |  |
| **Nuveen Core Equity Fund** |  |  |  |  |  |  |  |  |
| Valerie Grant  | 2  | 0  | 0  | $221  | $0  | $0  | $500001 - $1000000 |  |
| Evan Staples  | 4  | 0  | 2  | $5400  | $0  | $80  | $50001 - $100000 |  |
| **Nuveen International Equity Fund** |  |  |  |  |  |  |  |  |
| John Tribolet  | 2  | 1  | 0  | $29825  | $51  | $0  | $500001 - $1000000 |  |
| Gregory Mancini  | 2  | 1  | 1  | $154  | $51  | $19  | $500001 - $1000000 |  |
| **Nuveen International Equity Index Fund** |  |  |  |  |  |  |  |  |
| Philip James (Jim) Campagna  | 27  | 6  | 6  | $160975  | $4914  | $2040  | $100001 - $500000 |  |
| Darren Tran  | 27  | 6  | 6 | $160975  | $4914  | $2040  | $100001 - $500000 |  |
| Nazar Romanyak  | 27  | 6  | 5 | $160975  | $4914  | $1094  | $0 |  |
| **Nuveen International Opportunities Fund** |  |  |  |  |  |  |  |  |
| Gregory Mancini<sup>†</sup> | 2  | 1  | 0  | $6648  | $52  | $0  | $10001- $50000 |  |
| John Tribolet<sup>†</sup> | 3  | 1  | 0  | $36616  | $52  | $0  | $0 |  |
| **Nuveen Large Cap Growth Fund** |  |  |  |  |  |  |  |  |
| Terrence Kontos  | 4  | 0  | 0  | $43482  | $0  | $0  | Over $1,000,000 |  |
| Karen Hiatt  | 3  | 0  | 0  | $42540  | $0  | $0  | $0 |  |
| **Nuveen Large Cap Growth Index Fund** |  |  |  |  |  |  |  |  |
| Philip James (Jim) Campagna  | 27  | 6  | 6  | $173102  | $4914  | $2040  | $0 |  |
| Darren Tran  | 27  | 6  | 6  | $173102  | $4914  | $2040  | $100001 - $500000 |  |
| Nazar Romanyak  | 27  | 6  | 5 | $173102  | $4914  | $1094  | $0 |  |
| **Nuveen Large Cap Value Fund** |  |  |  |  |  |  |  |  |
| Charles Carr  | 1  | 0  | 1  | $85  | $0  | $3  | Over $1,000,000 |  |
| Rossana Ivanova  | 1  | 0  | 0  | $85  | $0  | $0  | $10001 - $50000 |  |
| **Nuveen Large Cap Value Index Fund** |  |  |  |  |  |  |  |  |
| Philip James (Jim) Campagna  | 27  | 6  | 6 | $177260  | $4914  | $2040  | $0 |  |
| Darren Tran  | 27  | 6  | 6 | $177260  | $4914  | $2040  | $100001 - $500000 |  |
| Nazar Romanyak  | 27  | 6  | 5 | $177260  | $4914  | $1094  | $0 |  |
| **Nuveen Quant Mid Cap Growth Fund** |  |  |  |  |  |  |  |  |
| Max Kozlov<sup>†</sup> | 5  | 1 | 0  | $6526  | $7  | $0  | $0 |  |
| Pei Chen<sup>†</sup>  | 4  | 1 | 0  | $5290  | $7  | $0  | $100001 - $500000 |  |
| Yuchang (Charles) Huang<sup>†</sup> | 1  | 0 | 0  | $1236  | $0  | $0  | $0 |  |
| **Nuveen Mid Cap Value Fund** |  |  |  |  |  |  |  |  |
| David Chalupnik  | 7  | 1  | 4445  | $136371  | $149  | $2333  | $500001 - $1000000 |  |
| Evan Staples  | 4  | 0  | 2  | $10038  | $0  | $80  | $100001 - $500000 |  |
| Karen Bowie  | 2  | 0  | 27  | $864  | $0  | $134  | $0 |  |
| David Johnson  | 2  | 0  | 27  | $864  | $0  | $134  | $0 |  |
| **Nuveen Quant International Small Cap Equity Fund** |  |  |  |  |  |  |  |  |
| Max Kozlov  | 4  | 2  | 0  | $5138  | $17  | $0  | $10001 - $50000 |  |
| Yuchang (Charles) Huang  | 0  | 0  | 0  | $0  | $0  | $0  | $0 |  |

---

100&nbsp;&nbsp;&nbsp;&nbsp; **Statement of Additional Information** 

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **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>**\*** |
|  | **Nuveen Quant Small Cap Equity Fund** |  |  |  |  |  |  |  |  |
|  | Pei Chen  | 3  | 2  | 0  | $1703  | $17  | $0  | $500001 - $1000000 |  |
|  | Max Kozlov  | 4  | 2  | 0  | $2935  | $17  | $0  | $10001 - $50000 |  |
|  | Nan Zhang<sup>†</sup> | 0  | 0  | 0 | $0  | $0  | $0  | $0 |  |
|  | **Nuveen Quant Small/Mid Cap Equity Fund** |  |  |  |  |  |  |  |  |
|  | Pei Chen  | 3  | 2  | 0  | $3760  | $17  | $0  | $100001 - $500000 |  |
|  | Max Kozlov  | 4  | 2  | 0  | $4992  | $17  | $0  | $10001 - $50000 |  |
|  | Nan Zhang<sup>†</sup> | 0  | 0  | 0 | $0  | $0  | $0  | $0 |  |
|  | **Nuveen Small Cap Blend Index Fund** |  |  |  |  |  |  |  |  |
|  | Philip James (Jim) Campagna  | 27  | 6  | 6 | $184602  | $4914  | $2040  | $0 |  |
|  | Darren Tran  | 27  | 6  | 6 | $184602  | $4914  | $2040  | $100001 - $500000 |  |
|  | Nazar Romanyak  | 27  | 6  | 5 | $184602  | $4914  | $1094  | $0 |  |
|  | **Nuveen Large Cap Responsible Equity Fund** |  |  |  |  |  |  |  |  |
|  | Philip James (Jim) Campagna  | 27  | 6  | 6 | $181888  | $4914  | $2040  | $100001 - $500000 |  |
|  | Darren Tran  | 27  | 6  | 6  | $181888  | $4914  | $2040  | $10001 - $50000 |  |
|  | Nazar Romanyak  | 27  | 6  | 5 | $181888  | $4914  | $1094  | $0 |  |
|  | **Nuveen International Responsible Equity Fund** |  |  |  |  |  |  |  |  |
|  | Philip James (Jim) Campagna  | 27  | 6  | 6 | $186511  | $4914  | $2040  | $10001 - $50000 |  |
|  | Darren Tran  | 27  | 6  | 6 | $186511  | $4914  | $2040  | $10001 - $50000 |  |
|  | Nazar Romanyak  | 27  | 6  | 5 | $186511  | $4914  | $1094  | $0 |  |
|  | **Nuveen S&P 500 Index Fund** |  |  |  |  |  |  |  |  |
|  | Philip James (Jim) Campagna  | 27  | 6  | 6  | $177417  | $4914  | $2040  | $50001 - $100000 |  |
|  | Darren Tran  | 27  | 6  | 6  | $177417  | $4914  | $2040  | $50001 - $100000 |  |
|  | Nazar Romanyak  | 27  | 6  | 5 | $177417  | $4914  | $1094  | $0 |  |
|  | **Nuveen Emerging Markets Debt Fund** |  |  |  |  |  |  |  |  |
|  | Katherine Renfrew  | 5  | 3  | 1  | $6098  | $826  | $257  | $100001 - $500000 |  |
|  | John Espinosa  | 2  | 2  | 1  | $860  | $233  | $232  | $100001 - $500000 |  |
|  | Alejandro Rivera  | 0  | 1  | 1  | $0  | $104  | $232  | $0 |  |
|  | Karina Bubeck  | 1  | 1  | 0  | $90  | $104  | $0  | $50001 - $100000 |  |
|  | Bao Vo  | 0  | 1  | 0  | $0  | $104  | $0  | $0 |  |
|  | **Nuveen International Bond Fund** |  |  |  |  |  |  |  |  |
|  | John Espinosa  | 2  | 2  | 1  | $987  | $233  | $232  | $100001 - $500000 |  |
|  | Melissa Zaccagnino  | 1  | 0  | 1  | $28  | $0  | $232  | $10001 - $50000 |  |
|  | Aaron Enriquez  | 0  | 0  | 1  | $0  | $0  | $232  | $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> | This information is as of December 31, 2024. | This information is as of December 31, 2024. | This information is as of December 31, 2024. | This information is as of December 31, 2024. | This information is as of December 31, 2024. | This information is as of December 31, 2024. | This information is as of December 31, 2024. |  |  |

---

The chart below includes information relating to the portfolio managers listed in the Prospectuses, such as other accounts managed by them (registered investment companies and unregistered pooled investment vehicles), 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, 2024 (except as otherwise noted).

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **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>**\*** |
|  | **Nuveen Inflation Linked Bond Fund** |  |  |  |  |  |  |  |  |
|  | Chad Kemper  | 5  | 1  | 30  | $19246  | $146  | $570  | $50001 - $100000 |  |
|  | Peter Agrimson  | 11  | 2  | 48  | $33107  | $169  | $2490  | $1 - $10000 |  |
|  | **Nuveen Real Estate Securities Select Fund** |  |  |  |  |  |  |  |  |
|  | David Copp  | 1  | 0  | 0  | $65  | $0  | $0  | $500001 - $1000000 |  |
|  | Brendan Lee  | 1  | 0  | 0  | $65  | $0  | $0  | Over $1,000,000 |  |
| \* | 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. |  |  |

---

The chart below includes information relating to the portfolio managers listed in the Prospectuses, such as other accounts managed by them (registered investment companies and unregistered pooled investment vehicles), total assets in those

**Statement of Additional Information** &nbsp;&nbsp;&nbsp;&nbsp;101

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accounts, and the dollar range of equity securities owned in each of the following Funds they manage, as of March 31, 2025 (except as otherwise noted).

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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>**\*** |
|  | **Nuveen Bond Index Fund** |  |  |  |  |  |  |  |  |
|  | James S. Tsang  | 5  | 2  | 0  | $2943  | $2314  | $0  | $10001 - $50000 |  |
|  | Vivian Liu  | 5  | 2  | 0  | $2943  | $2314  | $0  | $0 |  |
|  | **Nuveen Core Bond Fund** |  |  |  |  |  |  |  |  |
|  | Joseph Higgins  | 4  | 2  | 21  | $16279  | $685  | $418  | $100001 - $500000 |  |
|  | Jason O'Brien  | 3  | 1  | 81  | $11742  | $23  | $3876  | $10001 - $50000 |  |
|  | Peter Agrimson  | 11  | 2  | 50  | $26509  | $221  | $2607  | $0 |  |
|  | **Nuveen Core Impact Bond Fund** |  |  |  |  |  |  |  |  |
|  | Stephen Liberatore  | 10  | 6  | 20  | $22631  | $779  | $3379  | $100001 - $500000 |  |
|  | Jessica Zarzycki  | 10  | 7  | 20  | $22631  | $907  | $3379  | $50001 - $100000 |  |
|  | **Nuveen Core Plus Bond Fund** |  |  |  |  |  |  |  |  |
|  | Joseph Higgins  | 4  | 2  | 21  | $22329  | $685  | $418  | $100001 - $500000 |  |
|  | Katherine Renfrew  | 5  | 4  | 4  | $2100  | $1032  | $1359  | $100001 - $500000 |  |
|  | Nicholas Travaglino  | 4  | 1  | 14  | $1299  | $661  | $21467  | $100001 - $500000 |  |
|  | Kristal Seales  | 5  | 3  | 2  | $3224  | $769  | $50  | $0 |  |
|  | **Nuveen 5–15 Year Laddered Tax Exempt Bond Fund** |  |  |  |  |  |  |  |  |
|  | Joel Levy  | 7  | 1  | 3  | $10134  | $272  | $20754  | $0 |  |
|  | Timothy T. Ryan  | 12  | 1  | 2  | $21468  | $272  | $17594  | $0 |  |
|  | **Nuveen Green Bond Fund** |  |  |  |  |  |  |  |  |
|  | Stephen Liberatore  | 10  | 6  | 20  | $29194  | $779  | $3379  | $100001 - $500000 |  |
|  | Jessica Zarzycki  | 10  | 7  | 20  | $29194  | $907  | $3379  | $10001 - $50000 |  |
|  | **Nuveen High Yield Fund** |  |  |  |  |  |  |  |  |
|  | Kristal Seales  | 5  | 3  | 2  | $5802  | $769  | $50  | $50001 - $100000 |  |
|  | James Kim  | 8  | 2  | 1  | $5205  | $70  | $20  | $0 |  |
|  | **Nuveen Short Duration Impact Bond Fund** |  |  |  |  |  |  |  |  |
|  | Stephen Liberatore  | 10  | 6  | 20  | $29289  | $779  | $3379  | $100001 - $500000 |  |
|  | Jessica Zarzycki  | 10  | 7  | 20  | $29289  | $907  | $3379  | $10001 - $50000 |  |
|  | **Nuveen Short Term Bond Fund** |  |  |  |  |  |  |  |  |
|  | Richard Cheng  | 0  | 1  | 23  | $0  | $21  | $1050  | $100001 - $500000 |  |
|  | Peter Agrimson  | 11  | 2  | 50  | $35398  | $221  | $2607  | $50001 - $100000 |  |
|  | **Nuveen Short Term Bond Index Fund** |  |  |  |  |  |  |  |  |
|  | James S. Tsang  | 5  | 2  | 0  | $27142  | $2314  | $0  | $10001 - $50000 |  |
|  | Vivian Liu  | 5  | 2  | 0  | $27142  | $2314  | $0  | $0 |  |
|  | **Nuveen Money Market Fund** |  |  |  |  |  |  |  |  |
|  | Chad Kemper  | 5  | 1  | 36  | $21400  | $198  | $14453  | $100001 - $500000 |  |
|  | Andrew Hurst  | 2  | 0  | 28  | $10690  | $0  | $600  | $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. |  |  |

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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 restrictions that arise due to an Account's investments and/or the internal policies of TIAA or its affiliates designed to comply

102&nbsp;&nbsp;&nbsp;&nbsp; **Statement of Additional Information** 

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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 the same time. If aggregated orders are fully executed, each participating Account or Fund is allocated its pro rata share on an

**Statement of Additional Information** &nbsp;&nbsp;&nbsp;&nbsp;103

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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.

### About the Trust and the shares
The Trust was organized as a Delaware statutory trust on April 15, 1999. A copy of the Trust's Certificate of Trust, dated April 15, 1999, as amended, is on file with the Office of the Secretary of State of the State of Delaware. As a Delaware statutory trust, the Trust's operations are governed by its Declaration of Trust. Upon the initial purchase of shares of beneficial interest in the Funds, each shareholder agrees to be bound by the Declaration of Trust, as amended from time to time.

#### Purchase and redemption of Fund shares
The Trust offers six classes of shares (Class A, Class I, Premier Class, Class R6, Retirement Class and Class W), which have the distribution and service fee arrangements described below. Each Fund may not offer all classes of shares.

As described in the Prospectuses, the Funds provide you with alternative ways of purchasing Fund shares based upon your individual investment needs and preferences.

Each class of shares of a Fund represents an interest in the same portfolio of investments. Each class of shares is identical in all respects except that each class bears its own class expenses, including distribution and administration expenses, and each class has exclusive voting rights with respect to any distribution or service plan applicable to its shares. As a result of the differences in the expenses borne by each class of shares, net income per share, dividends per share and NAV per share will vary among a Fund's classes of shares.

Shareholders of each class will share expenses proportionately for services that are received equally by all shareholders. A particular class of shares will bear only those expenses that are directly attributable to that class, where the type or amount of services received by a class varies from one class to another. For example, class-specific expenses generally will include distribution and service fees for those classes that pay such fees.

The expenses to be borne by specific classes of shares may include: (i) transfer agency fees attributable to a specific class of shares, (ii) printing and postage expenses related to preparing and distributing materials such as shareholder reports, prospectuses and proxy statements to current shareholders of a specific class of shares, (iii) SEC and state securities registration fees incurred by a specific class of shares, (iv) the expense of administrative personnel and services required to support the shareholders of a specific class of shares, (v) litigation or other legal expenses relating to a specific class of shares, (vi) trustees' fees or expenses incurred as a result of issues relating to a specific class of shares, (vii) accounting expenses relating to a specific class of shares and (viii) any additional incremental expenses subsequently identified and determined to be properly allocated to one or more classes of shares.

104&nbsp;&nbsp;&nbsp;&nbsp; **Statement of Additional Information** 

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#### Class A shares
Class A shares may be purchased at a public offering price equal to the applicable NAV per share plus an up-front sales charge imposed at the time of purchase as set forth in the Prospectuses. Shareholders may qualify for a reduced sales charge, or the sales charge may be waived in its entirety, as described below. Class A shares are also subject to a distribution (12b-1) plan pursuant to which they may compensate Nuveen Securities and Nuveen Securities, in turn, may pay other entities for distributing, promoting and/or servicing Class A shares of the Funds at an annual rate of up to 0.25% of average daily net Class A assets. See "Distribution (Rule 12b-1) plans." Set forth below is an example of the method of computing the offering price of Class A shares of a Fund. The example assumes a purchase on October 31, 2024 of Class A shares of Nuveen Emerging Markets Equity Fund aggregating less than $50,000 subject to the schedule of sales charges set forth in the Fund's Prospectus at a price based upon the NAV of Class A shares.

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| | |
|:---|:---|
| NAV per share  | $8.40 |
| Per share sales charge—5.75% of public offering price (6.07% of NAV per share)  | 0.51 |
| Per share offering price to the public  | $8.91 |

---

Each Fund receives the entire NAV of all Class A shares that are sold. Nuveen Securities retains the full applicable sales charge from which it pays the uniform reallowances shown in the Prospectuses to financial intermediaries.

Class A shares are available through certain financial intermediaries or by contacting the Funds directly. The minimum initial investment is $2,000 per Fund account for Traditional IRA, Roth IRA and Coverdell accounts, $250 for Fund accounts purchased through fee-based programs, no minimum for retirement plans, and $2,500 for all other account types. Subsequent investments for all account types must be at least $100. Provided they meet the minimum investment and other eligible requirements, investors that are eligible include:

&nbsp;&nbsp;&nbsp;&nbsp;· Direct Purchasers;

&nbsp;&nbsp;&nbsp;&nbsp;· Financial Intermediary Accounts;

&nbsp;&nbsp;&nbsp;&nbsp;· Other investment companies or pools;

&nbsp;&nbsp;&nbsp;&nbsp;· State-sponsored tuition savings plans (529) or healthcare saving accounts (HSA);

&nbsp;&nbsp;&nbsp;&nbsp;· Insurance company separate accounts advised by or affiliated with Advisors, or other affiliates of TIAA; and

&nbsp;&nbsp;&nbsp;&nbsp;· Other accounts, entities, programs, plans and categories of shareholders as may be approved by the Funds from time to time.

In addition, Class A shares may not be available through certain financial intermediaries. Please consult with your financial intermediary to determine whether their policies allow for an investment in Class A shares.

#### Reduction or elimination of up-front sales charge on Class A shares
The availability of the sales charge reductions and waivers discussed below will depend on the policies of the financial intermediary through which you purchase your shares. Information on intermediaries' variations from the reductions and waivers discussed below are disclosed in the appendix to the Prospectuses titled "Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries." In all instances, it is your responsibility to notify your financial intermediary at the time of purchase of any relationship or other facts qualifying you for sales charge waivers or discounts. **In order to obtain waivers and discounts that are not available through your intermediary, you will have to purchase Fund shares through another intermediary.**

**Rights of accumulation**. You may qualify for a reduced sales charge on a purchase of Class A shares of a Fund (and your financial advisor's commission will be reduced accordingly) if the amount of your purchase, when added to the value that day of all of your shares of any Nuveen Mutual Fund, falls within the amounts stated in the applicable Class A Sales Charges and Commissions table in "How you can buy and sell shares" in the Prospectuses. You or your financial advisor must notify Nuveen Securities or the Fund's transfer agent of any cumulative discount whenever you plan to purchase Class A shares of a Fund that you wish to qualify for a reduced sales charge.

**Letter of Intent***.* You may qualify for a reduced sales charge on a purchase of Class A shares of a Fund if you plan to purchase Class A shares of Nuveen Mutual Funds over the next 13 months and the total amount of your purchases would, if purchased at one time, qualify you for one of the reduced sales charges shown in the applicable Class A Sales Charges and Commissions table in "How you can buy and sell shares" in the Prospectuses. In order to take advantage of this option, you must complete the applicable section of the Application Form or sign and deliver to your financial advisor or other financial intermediary or to the Fund's transfer agent a written Letter of Intent in a form acceptable to Nuveen Securities. A Letter of Intent states that you intend, but are not obligated, to purchase over the next 13 months a stated total amount of Class A shares that would qualify you for a reduced sales charge shown above. You may count shares of all Nuveen Mutual Funds that you already own and any Class C and Class I shares of a Nuveen Mutual Fund that you purchase over the next 13 months towards completion of your investment program, but you will receive a reduced sales charge only on new Class A shares you

**Statement of Additional Information** &nbsp;&nbsp;&nbsp;&nbsp;105

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purchase with a sales charge over the 13 months. You cannot count towards completion of your investment program Class A shares that you purchase without a sales charge through investment of distributions from a Nuveen Mutual Fund, or otherwise.

By establishing a Letter of Intent, you agree that your first purchase of Class A shares of a Fund following execution of the Letter of Intent will be at least 5% of the total amount of your intended purchases. You further agree that shares representing 5% of the total amount of your intended purchases will be held in escrow pending completion of these purchases. All dividends and capital gain distributions on Class A shares held in escrow will be credited to your account. If total purchases, less redemptions, prior to the expiration of the 13 month period equal or exceed the amount specified in your Letter of Intent, the Class A shares held in escrow will be transferred to your account. If the total purchases, less redemptions, are less than the amount specified, you must pay Nuveen Securities an amount equal to the difference between the amounts paid for these purchases and the amounts which would have been paid if the higher sales charge had been applied. If you do not pay the additional amount within 20 days after written request by Nuveen Securities or your financial advisor, Nuveen Securities will redeem an appropriate number of your escrowed Class A shares to meet the required payment. By establishing a Letter of Intent, you irrevocably appoint Nuveen Securities as attorney to give instructions to redeem any or all of your escrowed shares, with full power of substitution in the premises.

You or your financial advisor must notify Nuveen Securities or the Funds' transfer agent whenever you make a purchase of Fund shares that you wish to be covered under the Letter of Intent option.

For purposes of determining whether you qualify for a reduced sales charge as described under "Rights of accumulation" and "Letter of Intent," you may include together with your own purchases those made by your spouse or domestic partner and your children under the age of 21 years, whether these purchases are made through a taxable or non-taxable account. You may also include purchases made by a corporation, partnership or sole proprietorship which is 100% owned, either alone or in combination, by any of the foregoing. In addition, a trustee or other fiduciary can count all shares purchased for a single trust, estate or other single fiduciary account that has multiple accounts (including one or more employee benefit plans of the same employer).

**Elimination of sales charge on Class A Shares***.* Class A shares of a Fund may be purchased at NAV without a sales charge by the following categories of investors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· investors purchasing equal to or more than the applicable amount disclosed in the Prospectuses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· investors purchasing shares through the reinvestment of Nuveen Mutual Fund dividends and capital gain distributions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· investors purchasing shares for accounts held directly with a Fund that do not have a financial intermediary of record;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· current and former trustees/directors of the Nuveen Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· investors purchasing shares of any Nuveen Mutual Fund purchased for accounts held directly with a Fund that held Class A shares of a Fund prior to May 6, 2024;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· current and retired employees of Nuveen, LLC and its affiliates or their immediate family members (immediate family members are defined as their spouses or domestic partners, parents, children, grandparents, grandchildren, parents-in-law, sons-in-law and daughters-in-law, siblings, a sibling's spouse and a spouse's siblings);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any person who, for at least the last 90 days, has been an officer, director or employee of any financial intermediary, or their immediate family members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· bank or broker-affiliated trust departments investing funds over which they exercise exclusive discretionary investment authority and that are held in a fiduciary, agency, advisory, custodial or similar capacity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· investors purchasing on a periodic fee, asset-based fee or no transaction fee basis through a broker-dealer sponsored mutual fund purchase program;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· employer-sponsored retirement plans as defined below, except that, in the case of employer-sponsored retirement plans held through a brokerage account, Class A shares will be available at NAV without a sales charge only if the broker-dealer has entered into an agreement with Nuveen Securities that allows for such purchases. Intermediaries that have entered into such an agreement are listed in the appendix to the Prospectuses titled, "Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries." For this purpose, employer-sponsored retirement plans include, but are not limited to, 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans, health savings accounts, defined benefit plans, non-qualified deferred compensation plans, Roth 401(k) plans and Roth 403(b) plans, and do not include SEPs, SARSEPs, SIMPLE IRAs (except as described below), SIMPLE 401(k) plans, Solo 401(k) plans, Keogh plans, non-qualified deferred compensation plans and single defined benefit plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· SIMPLE IRAs opened before January 1, 2011 where Nuveen Securities, LLC is the broker of record;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· clients of investment advisers, financial planners or other financial intermediaries that charge periodic or asset-based fees for their services; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· investors purchasing through a financial intermediary that has entered into an agreement with Nuveen Securities to offer the Funds' shares to self-directed investment brokerage accounts and that may or may not charge a transaction fee to its customers. Intermediaries that have entered into such an agreement are listed in the appendix to the Prospectuses titled, "Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries."

106&nbsp;&nbsp;&nbsp;&nbsp; **Statement of Additional Information** 

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You or your financial advisor must notify Nuveen Securities or your Fund's transfer agent whenever you make a purchase of Class A shares of any Fund that you wish to be covered under these special sales charge waivers.

Class A shares of any Fund may be issued at NAV without a sales charge in connection with the acquisition by a Fund of another investment company. All purchases under the special sales charge waivers will be subject to minimum purchase requirements as established by the Funds.

The reduced sales charge programs may be modified or discontinued by the Funds at any time. For more information about the purchase of Class A shares or the reduced sales charge program, or to obtain the required application forms, call Nuveen Funds toll-free at 800-257-8787.

#### Reduction or elimination of contingent deferred sales charge
The availability of the sales charge reductions and waivers discussed below will depend on the policies of the financial intermediary through which you purchase your shares. Information on intermediaries' variations from the reductions and waivers discussed below are disclosed in the appendix to the Prospectuses titled "Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries." In all instances, it is your responsibility to notify your financial intermediary at the time of purchase of any relationship or other facts qualifying you for sales charge waivers or discounts. **In order to obtain waivers and discounts that are not available through your intermediary, you will have to purchase Fund shares through another intermediary.**

Class A shares are normally redeemed at NAV, without any CDSC. However, in the case of Class A shares purchased at NAV without a sales charge because the purchase amount met or exceeded the applicable amount disclosed in the Prospectuses, a CDSC is imposed on any redemption within 18 months of purchase.

In determining whether a CDSC is payable, each Fund will first redeem shares not subject to any charge and then will redeem shares held for the longest period, unless the shareholder specifies another order. No CDSC is charged on shares purchased as a result of automatic reinvestment of dividends or capital gains paid. In addition, no CDSC will be charged on exchanges of shares into another Nuveen Mutual Fund. The holding period is calculated on a monthly basis and begins on the first day of the month in which the purchase was made. The CDSC is assessed on an amount equal to the lower of the then current market value or the cost of the shares being redeemed. Accordingly, no sales charge is imposed on increases of NAV above the initial purchase price. Nuveen Securities receives the amount of any CDSC shareholders' pay.

The CDSC may be waived or reduced under the following circumstances: (i) in the event of total disability (as evidenced by a determination by the federal Social Security Administration) of the shareholder (including a registered joint owner) occurring after the purchase of the shares being redeemed; (ii) in the event of the death of the shareholder (including a registered joint owner); (iii) for redemptions made pursuant to a systematic withdrawal plan, up to 1% monthly, 3% quarterly, 6% semiannually or 12% annually of an account's NAV depending on the frequency of the plan as designated by the shareholder; (iv) redemptions in connection with a payment of account or plan fees; (v) redemptions in connection with the exercise of a Fund's right to redeem all shares in an account that does not maintain a certain minimum balance; and (vi) redemptions of Class A shares where Nuveen Securities did not pay a sales commission when such shares were purchased. If a Fund waives or reduces the CDSC, such waiver or reduction would be uniformly applied to all Fund shares in the particular category. In waiving or reducing a CDSC, the Funds will comply with the requirements of Rule 22d-1 under the 1940 Act.

In addition, the CDSC will be waived in connection with the following redemptions of shares held by an employer-sponsored qualified defined contribution retirement plan: (i) partial or complete redemptions in connection with a distribution without penalty under Section 72(t) of the Code from a retirement plan: (a) upon attaining age 59½, (b) as part of a series of substantially equal periodic payments, or (c) upon separation from service and attaining age 55; (ii) partial or complete redemptions in connection with a qualifying loan or hardship withdrawal; (iii) complete redemptions in connection with termination of employment, plan termination or transfer to another employer's plan or IRA; and (iv) redemptions resulting from the return of an excess contribution. The CDSC will also be waived in connection with the following redemptions of shares held in an IRA account: (i) for redemptions made pursuant to an IRA systematic withdrawal based on the shareholder's life expectancy including, but not limited to, substantially equal periodic payments described in Code Section 72(t)(A)(iv) prior to age 59½; and (ii) for redemptions to satisfy required minimum distributions from an IRA account upon reaching the qualified age based on applicable laws and regulations (with the maximum amount subject to this waiver being based only upon the shareholder's Nuveen IRA accounts).

#### Class I shares
Class I shares are available for purchase by clients of financial intermediaries who charge such clients an ongoing fee for advisory, investment, consulting or related services. Such clients may include individuals, corporations, endowments and foundations. The minimum initial investment for such clients is $100,000, but this minimum will be lowered to $250 for clients of financial intermediaries that have accounts holding Class I shares with an aggregate value of at least $100,000. Nuveen

**Statement of Additional Information** &nbsp;&nbsp;&nbsp;&nbsp;107

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Securities may also lower the minimum to $250 for clients of financial intermediaries anticipated to reach this Class I share holdings level.

Class I shares are also available for purchase by family offices and their clients. A family office is a company that provides certain financial and other services to a high net worth family or families. The minimum initial investment for family offices and their clients is $100,000, but this minimum will be lowered to $250 for clients of family offices that have accounts holding Class I shares with an aggregate value of at least $100,000. Nuveen Securities may also lower the minimum to $250 for clients of family offices anticipated to reach this Class I share holdings level. Class I shares are also available for purchase by Direct Purchasers (existing Direct Purchasers only).

Class I shares also are available for purchase, with no minimum initial investment, by the following categories of investors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· employer-sponsored retirement plans, except SEPs, SARSEPs, SIMPLE IRAs and Keogh plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· bank- or broker-affiliated trust departments investing funds over which they exercise exclusive discretionary investment authority and that are held in a fiduciary, agency, advisory, custodial or similar capacity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· advisory accounts of Advisors and its affiliates, including other Nuveen Mutual Funds whose investment policies permit investments in other investment companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· investors purchasing through a brokerage platform of a financial intermediary that has an agreement with Nuveen Securities to offer such shares solely when acting as an agent for such investors. Investors transacting through a financial intermediary's brokerage platform may be required to pay a commission directly to the intermediary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any registered investment company that is not affiliated with the Nuveen Funds and which invests in securities of other investment companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any plan organized under section 529 under the Code (i.e., a 529 plan);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· participants in the TIAA IRA or TIAA-CREF Investment Solutions IRA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· current and former trustees/directors of any Nuveen Fund, and their immediate family members ("immediate family members" are defined as spouses or domestic partners, parents, children, grandparents, grandchildren, parents-in-law, sons-in-law and daughters-in-law, siblings, a sibling's spouse and a spouse's siblings);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· officers of Nuveen, LLC and its affiliates, and their immediate family members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· full-time and retired employees of Nuveen, LLC and its affiliates, and their immediate family members, including any corporation, partnership, sole proprietorship or other business organization that is wholly owned by one or more of such persons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any person who, for at least the last 90 days, has been an officer, director or employee of any financial intermediary, and their immediate family members; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· other accounts, entities, programs, plans and categories of shareholders as may be approved by the Funds from time to time.

Holders of Class I shares may purchase additional Class I shares using dividends and capital gain distributions on their shares.

If you are eligible to purchase either Class A shares or Class I shares without a sales charge at NAV, you should be aware of the differences between these two classes of shares. Class A shares are subject to an annual distribution fee to compensate financial intermediaries for providing you with ongoing account services. Class I shares are not subject to a distribution or service fee and, consequently, holders of Class I shares may not receive the same types or levels of services from financial intermediaries. In choosing between Class A shares and Class I shares, you should weigh the benefits of the services to be provided by financial intermediaries against the annual service fee imposed upon Class A shares.

A financial intermediary through which you hold Class I shares may have the authority under its account agreement to exchange your Class I shares for another class of Fund shares having higher expenses than Class I shares if you withdraw from or are no longer eligible for the intermediary's fee-based program or under other circumstances. You may be subject to the sales charges and service and/or distribution fees applicable to the share class that you receive in such an exchange. You should contact your financial intermediary for more information about your eligibility to purchase Class I shares and the class of shares you would receive in an exchange if you no longer meet Class I eligibility requirements.

#### Premier Class and Retirement Class shares
Premier Class and Retirement Class shares are generally available for purchase through employee benefit plans or other types of savings plans or accounts, which include:

&nbsp;&nbsp;&nbsp;&nbsp;· Financial Intermediary Accounts;

&nbsp;&nbsp;&nbsp;&nbsp;· Other investment companies or pools;

&nbsp;&nbsp;&nbsp;&nbsp;· State-sponsored tuition savings plans (529) or healthcare saving accounts (HSA);

&nbsp;&nbsp;&nbsp;&nbsp;· Insurance company separate accounts advised by or affiliated with Advisors, or other affiliates of TIAA; and

&nbsp;&nbsp;&nbsp;&nbsp;· Other accounts, entities, programs, plans and categories of shareholders as may be approved by the Funds from time to time.

108&nbsp;&nbsp;&nbsp;&nbsp; **Statement of Additional Information** 

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Premier Class shares are subject to a distribution (12b-1) plan pursuant to which they may compensate Nuveen Securities for distributing, promoting and/or servicing Premier Class shares at an annual rate of up to 0.15% of average daily net Premier Class assets. Retirement Class shares are subject to a service fee at an annual rate of up to 0.25% paid to Advisors for providing or arranging for the provision of certain administrative and shareholder services. There are no minimum account requirements, including initial or subsequent minimum investment requirements, for Premier Class or Retirement Class shares.

#### Class R6 shares
Class R6 shares are available to the following classes of investors, provided they meet the minimum investment and other eligibility requirements set forth below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Financial Intermediary Accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Direct Purchasers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Qualified retirement plans held in plan-level or omnibus accounts, including 401(k) plans, employer sponsored 403(b) plans, profit sharing pension plans, money purchase pension plans, target benefit plans, defined benefit pension plans and Taft-Hartley multi-employer pension plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Foundations and endowment funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any state, county, or city, or its instrumentality, department, authority or agency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 457 plans, including 457(b) governmental entity plans and tax exempt plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Omnibus or other pooled accounts registered to insurance companies, trust companies, bank trust departments, registered investment adviser firms and family offices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Investment companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Corporations, including corporate non-qualified deferred compensation plans of such corporations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Collective investment trusts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Discretionary accounts managed by the Adviser or its affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· State-sponsored tuition savings plans (529) or healthcare saving accounts (HSA);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Insurance company separate accounts advised by or affiliated with Advisors or other affiliates of TIAA; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Other accounts, entities, programs, plans and categories of shareholders as may be approved by the Funds from time to time.

There is no minimum initial investment for qualified retirement plans, health savings accounts and 529 savings plans. Class R6 shares are also available for purchase by clients of financial intermediaries who charge such clients an ongoing fee for advisory, investment, consulting or related services. Such clients may include individuals, corporations, endowments and foundations. The minimum initial investment for such clients is $1,000. Nuveen Securities may also waive the minimum for clients of financial intermediaries anticipated to reach this Class R6 share holdings level. All other eligible investors must meet a minimum initial investment of at least $1,000,000 in the Fund. Such minimum investment requirement may be applied collectively to affiliated accounts, in the discretion of Nuveen Securities. Class R6 shares may be purchased through financial intermediaries only if such intermediaries have entered into an agreement with Nuveen Securities to offer Class R6 shares. Class R6 shares are only available in cases where neither the investor nor the intermediary will receive any commission payments, account servicing fees, recordkeeping fees, 12b-1 fees, sub-transfer agent fees, so called "finder's fees," administration fees or similar fees with respect to Class R6 shares. However, Nuveen Securities, Advisors or their affiliates are permitted to make certain payments pursuant to arrangements in place prior to August 1, 2019 with financial intermediaries, but will not enter into new arrangements to make such payments with new third-party financial intermediaries. Class R6 shares are not available directly to traditional or Roth IRAs, Coverdell Savings Accounts, Keoghs, SEPs, SARSEPs, or SIMPLE IRAs.

Class R6 shares also are available for purchase, with no minimum initial investment, by the following categories of investors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· current and former trustees/directors of any Nuveen Fund, and their immediate family members ("immediate family members" are defined as spouses or domestic partners, parents, children, grandparents, grandchildren, parents-in-law, sons-in-law and daughters-in-law, siblings, a sibling's spouse and a spouse's siblings);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· officers of Nuveen, LLC and its affiliates, and their immediate family members; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· full-time and retired employees of Nuveen, LLC and its affiliates, and their immediate family members, including any corporation, partnership, sole proprietorship or other business organization that is wholly owned by one or more of such persons.

#### Class W shares
Class W shares are available for purchase directly from the Funds only by funds advised by Advisors or its affiliates or other clients or accounts of Advisors or its affiliates that are subject to a contractual fee for advisory, management or other similar or related services provided by Advisors or its affiliates, as well as other accounts, entities, programs, plans and categories of shareholders as may be approved by the Funds from time to time. There are no minimum account requirements, including initial or subsequent minimum investment requirements, for Class W shares.

**Statement of Additional Information** &nbsp;&nbsp;&nbsp;&nbsp;109

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#### Shareholder programs
**Exchange and conversion privileges**. You may exchange Fund shares into an identically registered account for the same class of another Nuveen Mutual Fund available in your state. For Class A shareholders and for Direct Purchasers of Class I or Class R6 shares, an exchange into a fund in which you already own shares must be for at least $50 for Class A and $1,000 for Class R6 and an exchange to a new fund account must meet the account minimums as stated by account type above.

You may also, under certain limited circumstances, enter into a share conversion, which is an exchange between certain classes of shares of the same Fund. You should be aware that share conversions between classes of shares of the same Fund may not be available for all accounts and may not be offered by the financial intermediary through which you may hold shares and that the financial intermediary through whom you hold shares may be authorized (e.g., under its account or similar agreement with you) to reject any share class exchange. A share conversion between classes of shares of the same Fund may not be considered a taxable event; please consult your own tax advisor for further information.

If you hold your shares directly with a Fund, you may exchange your shares by either sending a written request to the applicable Fund, c/o Nuveen Funds, P.O. Box 219140, Kansas City, Missouri 64121-9140 or by calling Nuveen Funds toll free at 800-257-8787.

If you exchange shares between different Nuveen Mutual Funds and your shares are subject to a CDSC, no CDSC will be charged at the time of the exchange. However, if you subsequently redeem the shares acquired through the exchange, the redemption may be subject to a CDSC, depending on when you purchased your original shares and the CDSC schedule of the fund from which you exchanged your shares. If you exchange between classes of shares of the same Fund and your original shares are subject to a CDSC, the CDSC will be assessed at the time of the exchange.

For federal income tax purposes, an exchange between different Nuveen Mutual Funds constitutes a sale and purchase of shares and may result in capital gain or loss. Before making any exchange, you should obtain the Prospectus for the Nuveen Mutual Fund you are purchasing and read it carefully. If the registration of the account for the Fund you are purchasing is not exactly the same as that of the fund account from which the exchange is made, written instructions from all holders of the account from which the exchange is being made must be received, with signatures guaranteed by a member of an approved Medallion Signature Guarantee Program or in such other manner as may be acceptable to the Fund. You may also exchange shares by telephone if you authorize telephone exchanges by checking the applicable box on the Application Form or by calling Nuveen Funds toll-free at 800-257-8787 to obtain an authorization form. Each Fund reserves the right to revise or suspend the exchange privilege, limit the amount or number of exchanges, or reject any exchange.

The exchange privilege is not intended to permit a Fund to be used as a vehicle for short-term trading. Excessive exchange activity may interfere with portfolio management, raise expenses and otherwise have an adverse effect on all shareholders. In order to limit excessive exchange activity and in other circumstances where Fund management believes doing so would be in the best interest of the Fund, each Fund reserves the right to revise or terminate the exchange privilege, or limit the amount or number of exchanges or reject any exchange. Shareholders would be notified of any such action to the extent required by law. See "Frequent Trading Policy" below.

**Reinstatement privilege**. If you redeemed Class A shares of a Nuveen Mutual Fund, you have up to one year to reinvest all or part of the full amount of the redemption in the same class of shares of any Nuveen Mutual Fund at NAV. This reinstatement privilege can be exercised only once for any redemption, and reinvestment will be made at the NAV next calculated after reinstatement of the appropriate class of Fund shares. If you reinstate shares that were subject to a CDSC, any shares purchased pursuant to the reinstatement privilege will not be subject to a CDSC. The federal income tax consequences of any capital gain realized on a redemption will not be affected by reinstatement, but a capital loss may be disallowed in whole or in part depending on the timing, the amount of the reinvestment and the fund from which the redemption occurred. Your financial advisor will not receive a commission on shares purchased pursuant to the reinstatement privilege.

**Suspension of right of redemption**. The Funds can suspend the right of redemption of Fund shares or postpone payment beyond seven days if: (a) the New York Stock Exchange ("NYSE") is closed for other than usual holidays or weekends, or trading on the NYSE is restricted; (b) an emergency exists as defined by the SEC, or when the SEC requires that trading be restricted; or (c) the SEC permits a delay for the protection of investors.

**Redemption in-kind**. Certain large redemptions of Fund shares may be detrimental to a Fund's other shareholders because such redemptions can adversely affect a portfolio manager's ability to implement the Fund's investment strategy by causing premature sale of portfolio securities that would otherwise be held. Consequently, if, in any 90-day period, an investor redeems (sells) shares in an amount that exceeds the lesser of (i) $250,000 or (ii) 1% of a Fund's assets, then the Fund, at its sole discretion, has the right (without prior notice) to satisfy the difference between the redemption amount and the lesser of the two previously mentioned figures with securities from the Fund's portfolio instead of cash. This is referred to as a "distribution in-kind" redemption and the securities you receive in this manner represent a portion of the Fund's portfolio. The securities you receive will be selected by the Fund in its discretion. The investor receiving the securities will be responsible for disposing of the

110&nbsp;&nbsp;&nbsp;&nbsp; **Statement of Additional Information** 

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securities and bearing any associated costs. In addition, securities redeemed on an in-kind basis will be subject to market risk until sold and taxable gains or losses may be incurred when the securities are converted to cash.

**Purchase in-kind**. Each Fund may allow the purchase of shares with investment securities (instead of cash), if it is determined that (i) the securities offered to the Fund are suitable for investment by the Fund and are appropriate, in type and amount, for investment by the Fund in light of its investment objective(s), policies and current holdings; (ii) the Fund expects to continue to hold the securities received in-kind, subject to subsequent changes in investment determinations regarding particular securities or as the need to raise cash by selling portfolio securities may arise; and (iii) the purchase in-kind is in the best interest of the Fund and its existing shareholders. If a Fund accepts the in-kind securities, the shareholder will receive Fund shares equal in NAV to the market value of the securities received.

#### Frequent Trading Policy
The Funds, other than the Money Market Fund, are intended as long-term investments and not as short-term trading vehicles. The Mutual Funds have adopted the following Frequent Trading Policy.

**Definition of a Round Trip.** A Round Trip trade is the purchase and subsequent redemption of Fund shares, including exchange transactions, or a redemption and then subsequent purchase of Fund shares, including exchange transactions.

**Round Trip trade limitations.** The Funds limit the frequency of Round Trip trades that may be placed in a Fund by an investor account. Subject to certain exceptions noted below, the Funds limit an investor to two Round Trips per trailing 60-day period. Upon completion of a second Round Trip, the account will not be permitted to exchange in or purchase additional shares for a period of 90 days.

**Enforcement.** Trades placed in violation of the foregoing policies are subject to rejection or cancellation by the Funds. The Funds may also bar an investor (and/or an investor's financial advisor) who has violated these policies from opening new accounts with the Funds and may restrict the investor's existing account(s) to redemptions only. The Funds reserve the right, in their sole discretion, to (a) interpret the terms and application of this Policy, (b) waive unintentional or minor violations (including transactions below certain minimum thresholds) if the Funds determine that doing so does not harm the interests of Fund shareholders, and (c) exclude certain classes of redemptions from the application of the trading restrictions set forth above.

The Funds reserve the right to impose restrictions on purchases or exchanges that are more restrictive than those stated above if they determine, in their sole discretion, that a proposed transaction or series of transactions involve market timing or excessive trading that is likely to be detrimental to the Funds. The Funds may modify or suspend the Frequent Trading Policy without notice during periods of market stress or other unusual circumstances.

The ability of the Funds to implement the Frequent Trading Policy for omnibus accounts at certain financial intermediaries may be dependent on receiving from those intermediaries sufficient shareholder information to permit monitoring of trade activity and enforcement of the Funds' Frequent Trading Policy. In addition, the Funds may rely on a financial intermediary's policy to restrict market timing and excessive trading if the Funds believe that the policy is reasonably designed to prevent market timing that is detrimental to the Funds. Such policy may be more or less restrictive than the Funds' Policy. The Funds cannot ensure that these financial intermediaries will in all cases apply the Funds' policy or their own policies, as the case may be, to accounts under their control.

**Exclusions from the Frequent Trading Policy.** As stated above, certain redemptions are eligible for exclusion from the Frequent Trading Policy, including: (i) redemptions or exchanges by shareholders investing through the fee-based platforms of certain financial intermediaries (where the intermediary charges an asset-based or comprehensive "wrap" fee for its services) that are effected by the financial intermediaries in connection with systematic portfolio rebalancing; (ii) when there is a verified trade error correction, which occurs when a dealer firm sends a trade to correct an earlier trade made in error and then the firm sends an explanation to the Funds confirming that the trade is actually an error correction; (iii) in the event of total disability (as evidenced by a determination by the federal Social Security Administration) of the shareholder (including a registered joint owner) occurring after the purchase of the shares being redeemed; (iv) in the event of the death of the shareholder (including a registered joint owner); (v) redemptions made pursuant to a systematic redemption plan, up to 1% monthly, 3% quarterly, 6% semiannually or 12% annually of an account's NAV depending on the frequency of the plan as designated by the shareholder; (vi) redemptions of shares that were purchased through a systematic purchase program; (vii) involuntary redemptions caused by operation of law; (viii) redemptions in connection with a payment of account or plan fees; (ix) redemptions or exchanges by any "fund of funds" advised by Advisors; (x) redemptions or exchanges by certain 529 plans; and (xi) redemptions in connection with the exercise of a Fund's right to redeem all shares in an account that does not maintain a certain minimum balance or that the Board has determined may have material adverse consequences to the shareholders of a Fund.

In addition, the following redemptions of shares by an employer-sponsored qualified defined contribution retirement plan are excluded from the Frequent Trading Policy: (i) partial or complete redemptions in connection with a distribution without penalty under Section 72(t) of the Code from a retirement plan: (a) upon attaining age 59½; (b) as part of a series of substantially

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equal periodic payments; or (c) upon separation from service and attaining age 55; (ii) partial or complete redemptions in connection with a qualifying loan or hardship withdrawal; (iii) complete redemptions in connection with termination of employment, plan termination, transfer to another employer's plan or IRA or changes in a plan's recordkeeper; and (iv) redemptions resulting from the return of an excess contribution. Also, the following redemptions of shares held in an IRA account are excluded from the application of the Frequent Trading Policy: (i) redemptions made pursuant to an IRA systematic withdrawal based on the shareholder's life expectancy including, but not limited to, substantially equal periodic payments described in Code Section 72(t)(A)(iv) prior to age 59½; and (ii) redemptions to satisfy required minimum distributions from an IRA account due to a shareholder reaching the qualified age based on applicable laws and regulations.

#### Distribution (Rule 12b-1) plans
The Board of Trustees has adopted a distribution plan with respect to Class A shares (the "Class A Distribution Plan") and a distribution plan with respect to Premier Class shares offered by the Funds (the "Premier Class Distribution Plan" and collectively with the Class A Distribution Plan, the "Distribution Plans") pursuant to Rule 12b-1 under the 1940 Act.

Under the Distribution Plans, each Fund compensates Nuveen Securities at a set annual rate for its promotion, distribution and/or shareholder servicing of shares. A Fund may pay Nuveen Securities under the Distribution Plans for services that include, but are not limited to, compensation of dealers and others for expenses of their various activities primarily intended to promote the sale of the applicable class of shares, as well as for shareholder servicing expenses.

For the fiscal year ended October 31, 2024 for the following Funds, the table below reflects the net amount of 12b-1 fees paid by Class A shares of such Funds in existence during the period under the Class A Distribution Plan:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Advertising (including any printing and mailing of prospectuses)** | **Compensation <br>to underwriters** | **Compensation <br>to broker-dealers** | **Compensation <br>to sales personnel** | **Other (includes but <br>is not limited to <br>rent & occupancy, <br>equipment, software <br>and telephone)** | **Total 12b-1<br>expenses paid for<br>the period ended<br>October 31, 2024** |
| Nuveen Emerging Markets Equity Fund | $98  | $—  | $9891  | $6046  | $1911  | $17946  |
| Nuveen Emerging Markets Equity Index Fund | 240  | —  | 24135  | 14752  | 4662  | 43789  |
| Nuveen Equity Index Fund | 21359  | —  | 2147225  | 1312457  | 414728  | 3895769  |
| Nuveen Core Equity Fund | 23457  | —  | 2358153  | 1441383  | 455468  | 4278461  |
| Nuveen International Equity Fund | 3316  | —  | 333333  | 203744  | 64382  | 604775  |
| Nuveen International Opportunities Fund | 511  | —  | 51412  | 31425  | 9930  | 93278  |
| Nuveen Large Cap Growth Fund | 18748  | —  | 1884774  | 1152037  | 364036  | 3419595  |
| Nuveen Large Cap Value Fund | 2166  | —  | 217772  | 133110  | 42062  | 395110  |
| Nuveen Quant Mid Cap Growth Fund | 2417  | —  | 242956  | 148503  | 46926  | 440802  |
| Nuveen Mid Cap Value Fund | 2699  | —  | 271358  | 165863  | 52412  | 492332  |
| Nuveen Quant International Small Cap Equity Fund | 13  | —  | 1354  | 828  | 262  | 2457  |
| Nuveen Quant Small Cap Equity Fund | 1963  | —  | 197374  | 120642  | 38123  | 358102  |
| Nuveen Quant Small/Mid Cap Equity Fund | 321  | —  | 32277  | 19729  | 6233  | 58560  |
| Nuveen Large Cap Responsible Equity Fund | 9039  | —  | 908680  | 555416  | 175508  | 1648643  |
| Nuveen International Responsible Equity Fund | 462  | —  | 46398  | 28360  | 8960  | 84180  |
| Nuveen Emerging Markets Debt Fund | 176  | —  | 17632  | 10777  | 3405  | 31990  |
| Nuveen International Bond Fund | 18  | —  | 1855  | 1134  | 358  | 3365  |

---

For the fiscal year ended December 31, 2024 for the following Funds, the table below reflects the net amount of 12b-1 fees paid by Class A shares of such Funds in existence during the period under the Class A Distribution Plan:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Advertising (including any printing and mailing of prospectuses)** | **Compensation <br>to underwriters** | **Compensation <br>to broker-dealers** | **Compensation <br>to sales personnel** | **Other (includes but <br>is not limited to <br>rent & occupancy, <br>equipment, software <br>and telephone)** | **Total 12b-1<br>expenses paid for<br>the period ended<br>December 31, 2024** |
| Nuveen Inflation Linked Bond Fund | $1313  | $—  | $134312  | $65274  | $15983  | $216882  |
| Nuveen Real Estate Securities Select Fund | 3669  | —  | 375268  | 182376  | 44658  | 605971  |

---

The table reflects the nine-month period from April 1, 2024 through December 31, 2024. Prior to April 1, 2024, the Funds' fiscal year end was March 31.

112&nbsp;&nbsp;&nbsp;&nbsp; **Statement of Additional Information** 

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For the fiscal year ended March 31, 2025 for the following Funds, the table below reflects the net amount of 12b-1 fees paid by Class A shares of such Funds in existence during the period under the Class A Distribution Plan:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Advertising (including any printing and mailing of prospectuses)** | **Compensation <br>to underwriters** | **Compensation <br>to broker-dealers** | **Compensation <br>to sales personnel** | **Other (includes but <br>is not limited to <br>rent & occupancy, <br>equipment, software <br>and telephone)** | **Total 12b-1<br>expenses paid for<br>the period ended<br>March 31, 2025** |
| Nuveen Bond Index Fund | $358  | $—  | $42164  | $21135  | $5167  | $68824  |
| Nuveen Core Bond Fund | 932  | —  | 109869  | 55072  | 13464  | 179337  |
| Nuveen Core Impact Bond Fund | 3946  | —  | 465325  | 233247  | 57024  | 759542  |
| Nuveen Core Plus Bond Fund | 2928  | —  | 345229  | 173048  | 42307  | 563512  |
| Nuveen 5–15 Year Laddered Tax Exempt Bond Fund | 2638  | —  | 311057  | 155919  | 38119  | 507733  |
| Nuveen Green Bond Fund | 91  | —  | 10724  | 5376  | 1314  | 17505  |
| Nuveen High Yield Fund | 2682  | —  | 316226  | 158510  | 38753  | 516171  |
| Nuveen Short Duration Impact Bond Fund | 41  | —  | 4815  | 2414  | 590  | 7860  |
| Nuveen Short Term Bond Fund | 1468  | —  | 173127  | 86781  | 21217  | 282593  |
| Nuveen Short Term Bond Index Fund | 32  | —  | 3811  | 1910  | 468  | 6221  |
| Nuveen Money Market Fund | 3970  | —  | 468209  | 234693  | 57378  | 764250  |

---

Payments by a Fund under the Class A Distribution Plan are calculated daily and paid monthly at the annual rate of 0.25% of the average daily net assets for Class A of the Fund.

Payments by a Fund under the Premier Class Distribution Plan are calculated daily and paid monthly at the annual rate of 0.15% of the average daily net assets of the Premier Class of the Fund. For the fiscal year ended October 31, 2024 (except as otherwise noted) for the following Funds, the table below reflects the net amount of 12b-1 fees paid by Premier Class shares of each such Fund in existence during the period under the Premier Class Distribution Plan:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Advertising (including any printing and mailing of prospectuses)** | **Compensation <br>to underwriters** | **Compensation <br>to broker-dealers** | **Compensation <br>to sales personnel** | **Other (includes but <br>is not limited to <br>rent & occupancy, <br>equipment, software <br>and telephone)** | **Total 12b-1<br>expenses paid for<br>the period ended<br>October 31, 2024** |
| Nuveen Emerging Markets Equity Fund | $—  | $—  | $8137  | $—  | $—  | $8137  |
| Nuveen Emerging Markets Equity Index Fund | —  | —  | 15601  | —  | —  | 15601  |
| Nuveen Equity Index Fund | —  | —  | 66853  | —  | —  | 66853  |
| Nuveen Core Equity Fund | —  | —  | 11993  | —  | —  | 11993  |
| Nuveen International Equity Fund | —  | —  | 82746  | —  | —  | 82746  |
| Nuveen International Equity Index Fund | —  | —  | 245063  | —  | —  | 245063  |
| Nuveen International Opportunities Fund | —  | —  | 4180  | —  | —  | 4180  |
| Nuveen Large Cap Growth Fund | —  | —  | 11633  | —  | —  | 11633  |
| Nuveen Large Cap Value Fund | —  | —  | 76438  | —  | —  | 76438  |
| Nuveen Quant Mid Cap Growth Fund | —  | —  | 23472  | —  | —  | 23472  |
| Nuveen Mid Cap Value Fund | —  | —  | 51658  | —  | —  | 51658  |
| Nuveen Quant International Small Cap Equity Fund | —  | —  | 119  | —  | —  | 119  |
| Nuveen Quant Small Cap Equity Fund | —  | —  | 66588  | —  | —  | 66588  |
| Nuveen Quant Small/Mid Cap Equity Fund | —  | —  | 221  | —  | —  | 221  |
| Nuveen Large Cap Responsible Equity Fund | —  | —  | 61452  | —  | —  | 61452  |
| Nuveen International Responsible Equity Fund | —  | —  | 1097  | —  | —  | 1097  |
| Nuveen Emerging Markets Debt Fund | —  | —  | 316  | —  | —  | 316  |
| Nuveen International Bond Fund | —  | —  | 131  | —  | —  | 131  |

---

For the fiscal year ended December 31, 2024 for the following Funds, the table below reflects the net amount of 12b-1 fees paid by Premier Class shares of each such Fund in existence during the period under the Premier Class Distribution Plan:

**Statement of Additional Information** &nbsp;&nbsp;&nbsp;&nbsp;113

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---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Advertising (including any printing and mailing of prospectuses)** | **Compensation <br>to underwriters** | **Compensation <br>to broker-dealers** | **Compensation <br>to sales personnel** | **Other (includes but <br>is not limited to <br>rent & occupancy, <br>equipment, software <br>and telephone)** | **Total 12b-1<br>expenses paid for<br>the period ended<br>December 31, 2024** |
| Nuveen Inflation Linked Bond Fund | $—  | $—  | $1065  | $—  | $—  | $1065  |
| Nuveen Real Estate Securities Select Fund | —  | —  | 23590  | —  | —  | 23590  |

---

The table reflects the nine-month period from April 1, 2024 through December 31, 2024. Prior to April 1, 2024, the Funds' fiscal year end was March 31<sup>st</sup>.

For the fiscal year ended March 31, 2025 for the following Funds, the table below reflects the net amount of 12b-1 fees paid by Premier Class shares of each such Fund in existence during the period under the Premier Class Distribution Plan:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Advertising (including any printing and mailing of prospectuses)** | **Compensation <br>to underwriters** | **Compensation <br>to broker-dealers** | **Compensation <br>to sales personnel** | **Other (includes but <br>is not limited to <br>rent & occupancy, <br>equipment, software <br>and telephone)** | **Total 12b-1<br>expenses paid for<br>the period ended<br>March 31, 2025** |
| Nuveen Bond Index Fund | $—  | $—  | $39401  | $—  | $—  | $39401  |
| Nuveen Core Bond Fund | —  | —  | 11492  | —  | —  | 11492  |
| Nuveen Core Impact Bond Fund | —  | —  | 17512  | —  | —  | 17512  |
| Nuveen Core Plus Bond Fund | —  | —  | 5236  | —  | —  | 5236  |
| Nuveen Green Bond Fund | —  | —  | 1364  | —  | —  | 1364  |
| Nuveen High Yield Fund | —  | —  | 12444  | —  | —  | 12444  |
| Nuveen Short Duration Impact Bond Fund | —  | —  | 1443  | —  | —  | 1443  |
| Nuveen Short Term Bond Fund | —  | —  | 2930  | —  | —  | 2930  |
| Nuveen Short Term Bond Index Fund | —  | —  | 473  | —  | —  | 473  |
| Nuveen Money Market Fund | —  | —  | 62557  | —  | —  | 62557  |

---

Amounts paid to Nuveen Securities by any class of shares of a Fund will not be used to pay the expenses incurred with respect to any other class of shares of that Fund. From time to time, a Fund may participate in joint distribution activities with other mutual funds and the costs of those activities that are not otherwise directly attributable to a particular Fund will be borne by each Fund in proportion to the relative NAVs of the participating Funds.

The Distribution Plans have been approved by a majority of the Trustees, including a majority of the Trustees who are not interested persons of the Trust and who have no direct or indirect interest in the financial operation of either Distribution Plan (the "Independent Trustees"), by votes cast at a meeting called for the purpose of voting on such Distribution Plans. In adopting the Distribution Plans, the Trustees concluded that the Distribution Plans would benefit Class A or Premier Class shareholders of each Fund, as applicable.

One of the potential benefits of the Distribution Plans is that payments to Nuveen Securities (and from Nuveen Securities to other intermediaries) could lead to increased sales and reduced redemptions, which could assist a Fund in achieving scale and could contribute to the Fund's longer-term viability. Furthermore, the investment management of a Fund could be enhanced, as net inflows of cash from new sales might enable its portfolio management team to take advantage of attractive investment opportunities, and reduced redemptions could eliminate the potential need to liquidate attractive securities positions in order to raise the funds necessary to meet the redemption requests.

Pursuant to the Distribution Plans, at least quarterly, Nuveen Securities provides the Board with a written report of the amounts expended under the Plans and the purpose for which these expenditures were made.

Each Distribution Plan provides that it continues in effect only as long as its continuance is approved at least annually by a majority of both the Trustees and the Independent Trustees. Each Distribution Plan provides that it may be terminated without penalty with respect to any Fund at any time: (a) by a vote of a majority of the Independent Trustees; or (b) by a vote of a majority of the votes attributable to Class A shares or Premier Class shares of that Fund, as applicable. Each Distribution Plan further provides that it may not be amended to increase materially the maximum amount of fees specified therein with respect to a Fund without the approval of a majority of the votes attributable to such Fund's Class A or Premier Class shares, as applicable. In addition, the Distribution Plans provide that no material amendment to the Plans will, in any event, be effective unless it is approved by a majority of both the Trustees and the Independent Trustees with respect to the applicable Fund or Class. Class A and Premier Class shareholders of each Fund have exclusive voting rights with respect to issues arising out of the application of their respective Distribution Plans.

114&nbsp;&nbsp;&nbsp;&nbsp; **Statement of Additional Information** 

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#### General matters
The Funds have authorized one or more brokers to accept on their behalf purchase and redemption orders. Such brokers are authorized to designate other intermediaries to accept purchase and redemption orders on the Funds' behalf. The Funds will be deemed to have received a purchase or redemption order when an authorized broker or, if applicable, a broker's authorized designee accepts the order. Customer orders received by such broker (or their designee) will be priced at the applicable Fund's NAV next computed after they are accepted by an authorized broker (or their designee). Orders accepted by an authorized broker (or their designee) before the latest close of the regular (or core) trading session of the NYSE, NYSE Arca Equities or NYSE American (collectively, the "NYSE Exchanges") (normally 4:00 p.m. Eastern Time or such earlier time that is the latest close of a regular (or core) trading session of any of the NYSE Exchanges) will receive that day's share price; orders accepted after the close of trading will receive the next business day's share price.

If you choose to invest in a Fund, an account will be opened and maintained for you by SS&C GIDS, the Funds' shareholder services agent. Shares will be registered in the name of the investor or the investor's financial advisor. The Funds do not issue share certificates. A change in registration or transfer of shares held in the name of a financial advisor may only be made by an order in good standing form from the financial advisor acting on the investor's behalf. Each Fund reserves the right to reject any purchase order and to waive or increase minimum investment requirements.

#### Distribution arrangements
Nuveen Securities sells shares to or through brokers, dealers, banks or other qualified financial intermediaries (collectively referred to as "Dealers"), or others, in a manner consistent with the then effective registration statement of the Trust. Pursuant to the Distribution Agreement, Nuveen Securities, at its own expense, finances certain activities incident to the sale and distribution of the Funds' shares, including printing and distributing of prospectuses and statements of additional information to other than existing shareholders, the printing and distributing of sales literature, advertising and payment of compensation and giving of concessions to Dealers.

Nuveen Securities receives for its services the excess, if any, of the sales price of a Fund's shares less the NAV of those shares, and reallows a majority or all of such amounts to the Dealers who sold the shares. Nuveen Securities also receives distribution fees pursuant to the Distributions Plans described herein under "About the Trust and the shares – Distribution (Rule 12b-1) plans." Nuveen Securities also receives any CDSCs imposed on redemptions of shares. Nuveen Securities may also act as a Dealer.

During each Fund's three last fiscal years, there were no underwriting commissions paid by the Funds or retained by Nuveen Securities, and no compensation on redemptions and repurchases.

To help financial advisors and investors better understand and more efficiently use the Funds to reach their investment goals, Nuveen Securities may advertise and create specific investment programs and systems. For example, this may include information on how to use the Funds to accumulate assets for future education needs or periodic payments such as insurance premiums. Nuveen Securities may produce software, electronic information sites or additional sales literature to promote the advantages of using the Funds to meet these and other specific investor needs. In addition, wholesale representatives of Nuveen Securities may visit financial advisors on a regular basis to educate them about the Funds and to encourage the sale of Fund shares to their clients. The costs and expenses associated with these efforts may include travel, lodging, sponsorship at educational seminars and conferences, entertainment and meals to the extent permitted by law. Nuveen wholesalers may receive additional compensation if they meet certain targets for sales of one or more Nuveen Mutual Funds.

#### Fund payments to financial intermediaries
Financial intermediaries may have omnibus accounts and similar arrangements with a Fund and may be paid for providing shareholder servicing, sub-transfer agency, networking, recordkeeping and other administrative services to Class A and Class I. Such payments may be made directly or indirectly by the Funds or by Advisors and its affiliates out of Fund assets. Such payments may also be made by Advisors or its affiliates out of their own assets that are separate from those of the Funds, as described in the section below. Such shareholder servicing, sub-transfer agency, networking, recordkeeping and other administrative services may include, but are not limited to, the following: processing and mailing trade confirmations, monthly statements, prospectuses, annual reports, semiannual reports and shareholder notices and other required communications; capturing and processing tax data; issuing and mailing dividend checks to shareholders who have selected cash distributions; preparing record date shareholder lists for proxy solicitations; collecting and posting distributions to shareholder accounts; and establishing and maintaining systematic withdrawals, automated investment plans and shareholder account registrations. These payments are generally based on: (1) an annual percentage of the average daily net assets of Fund shareholders serviced by a financial intermediary; or (2) a fixed dollar amount for each account serviced by a financial intermediary. The aggregate amount of these payments may be substantial and may vary significantly among intermediaries but will be limited by Advisors' agreement to reimburse each Fund for total Class A or Class I expenses that exceed certain specified amounts.

**Statement of Additional Information** &nbsp;&nbsp;&nbsp;&nbsp;115

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#### Additional payments to financial intermediaries and other payments
As described in the Prospectuses and elsewhere in this SAI, intermediaries that sell shares of the Nuveen Mutual Funds or provide services to their shareholders, such as brokers, dealers, banks, registered investment advisers, retirement plan administrators and other intermediaries (individually, an "Intermediary," and collectively, "Intermediaries"), may receive sales charge payments and, out of Fund assets, may be paid distribution (12b-1) and service payments and sub-transfer agency payments. Nuveen Securities, Advisors and their affiliates make additional payments out of their own assets to selected Intermediaries. These payments are made for the purposes of promoting the sale of Fund shares, maintaining share balances and/or for sub-accounting, administrative or shareholder services.

The amounts of these payments could be significant and may create an incentive for an Intermediary or its representatives to recommend or offer shares of the Nuveen Mutual Funds to its customers. The Intermediary may elevate the prominence or profile of the Funds within the Intermediary's organization by, for example, placing the Funds on a list of preferred or recommended funds and/or granting Nuveen Securities preferential or enhanced opportunities to promote the Funds in various ways within the Intermediary's organization. These payments are made pursuant to negotiated agreements with Intermediaries. The categories of payments described below are not mutually exclusive, and a single Intermediary may receive payments under all categories. Further, representatives of Nuveen Securities and its affiliates receive additional compensation related to the Nuveen Mutual Funds. With respect to Class R6 shares of the Trust, effective August 1, 2019, Nuveen Securities, Advisors or their affiliates may continue to make revenue sharing payments pursuant to existing arrangements with financial intermediaries, but will not enter into new arrangements to make revenue sharing payments with new third-party financial intermediaries.

These payments do not change the price paid by investors for the purchase of a share or the amount a Fund will receive as proceeds from such sales. Furthermore, these payments are not reflected in the fees and expenses listed in the fee table section of the Funds' Prospectuses and described above because they are not paid by the Funds.

#### Distribution-related payments
Nuveen Securities, Advisors and/or their affiliates make payments (sometimes referred to as "revenue sharing" payments) to selected Intermediaries as compensation for services such as providing the Funds with "shelf space" or a higher profile for the Intermediary's personnel or their customers, placing the Funds on the Intermediary's preferred or recommended fund list, granting access to sales meetings, sales representatives and management representatives of the Intermediary, providing assistance in training and educating the Intermediary's personnel on the Funds, and furnishing marketing support and other services.

Advisors, Nuveen Securities and/or their affiliates compensate Intermediaries differently depending upon, among other factors, the number or value of Nuveen Mutual Funds shares that the Intermediary sells or may sell, the value of the assets invested in the Nuveen Mutual Funds by the Intermediary's customers, redemption rates, ability to attract and retain assets, reputation in the industry and the level and/or type of marketing assistance and educational activities provided by the Intermediary. Such payments are generally asset-based but also may include the payment of a lump sum.

#### Servicing payments
Advisors, Nuveen Securities and/or their affiliates make payments to selected Intermediaries that are registered as holders or dealers of record for accounts invested in one or more of the Nuveen Mutual Funds or that make Nuveen Mutual Fund shares available through employee benefit plans or fee-based advisory programs to compensate them for the variety of services they provide.

Services for which an Intermediary receives servicing payments typically include recordkeeping, reporting, or transaction processing, but may also include services rendered in connection with fund/ investment selection and monitoring, employee enrollment and education, plan balance rollover or separation, or other similar services. An Intermediary may perform the services itself or arrange with a third party to perform such services.

Servicing payments typically apply to employee benefit plans, such as retirement plans, or fee-based advisory programs but may apply to retail sales and assets in certain situations. The payments are based on such factors as the type and nature of services or support furnished by the Intermediary and are generally asset-based.

#### Other payments to financial intermediaries
Advisors and/or Nuveen Securities, at their expense, provide other compensation to Intermediaries that sell or arrange for the sale of shares of the Funds, which may be in addition to distribution-related and servicing payments described above. For example, Advisors and/or Nuveen Securities may: (i) compensate Intermediaries for National Securities Clearing Corporation networking system services (e.g., shareholder communication, account statements, trade confirmations, and tax reporting) on an asset-based or per account basis; (ii) compensate Intermediaries for providing Fund shareholder trading information; (iii) make one-time or periodic payments to reimburse selected Intermediaries for items such as ticket charges (i.e., fees that an Intermediary charges its representatives for effecting transactions in Fund shares) of up to $25 per purchase or exchange order, operational charges (e.g., fees that an Intermediary charges for establishing a Fund on its trading system), and literature

116&nbsp;&nbsp;&nbsp;&nbsp; **Statement of Additional Information** 

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printing and/or distribution costs; (iv) at the direction of a retirement plan's sponsor, reimburse or pay direct expenses of an employee benefit plan that would otherwise be payable by the plan; and (v) provide payments to broker-dealers to help defray their technology or infrastructure costs.

Advisors and/or Nuveen Securities pay selected Intermediaries for enabling Advisors and/or Nuveen Securities to participate in and/or present at conferences or seminars, sales or training programs for invited registered representatives and other Intermediary employees, client and investor events and other Intermediary-sponsored events, and for travel expenses, including lodging incurred by registered representatives and other employees in connection with prospecting, asset retention and due diligence meetings. These payments vary depending upon the Intermediary and the nature of the event. Advisors and/or Nuveen Securities make payments for such events as it deems appropriate, subject to its internal guidelines and applicable law.

Advisors and/or Nuveen Securities occasionally sponsor due diligence meetings for Intermediaries' registered representatives during which the registered representatives receive updates on various Nuveen Mutual Funds and are afforded the opportunity to speak with portfolio managers. Although invitations to these meetings are not conditioned on selling a specific number of shares, those who have shown an interest in Nuveen Mutual Funds are more likely to be considered. To the extent permitted by their firm's policies and procedures, all or a portion of registered representatives' expenses in attending these meetings may be covered by Advisors and/or Nuveen Securities.

#### Compensation to Nuveen Securities' representatives
Representatives of Nuveen Securities and its affiliates receive additional compensation from Advisors and/or Nuveen Securities based on whether certain targets are met for sales of one or more Nuveen Mutual Funds and other subjective factors. Such compensation varies by Fund, by distribution channel and by affiliate.

Other compensation may be offered to the extent not prohibited by state laws or any self-regulatory agency, such as FINRA. Investors can ask their Intermediary for information about any payments it receives from Advisors and/or Nuveen Securities and the services it provides for those payments.

Investors may wish to take Intermediary payment arrangements into account when considering and evaluating any recommendations relating to Fund shares.

#### Intermediaries receiving additional payments
The following is a list of Intermediaries eligible to receive one or more of the types of payments discussed above as of June 13, 2025:

ADP Broker-Dealer, Inc.

AXA Advisors, LLC

American United Life Insurance Company

Ameriprise Financial Services, Inc.

Ascensus (formerly BISYS Retirement Services, Inc.)

BB&T

BMO Harris Bank N.A.

BNY Mellon, N.A.

Benefit Plans Administrative Services, Inc.

Benefit Trust Company

Cetera

Charles Schwab & Co., Inc.

Chase Investment Services

Citigroup Global Markets Inc.

Commonwealth Equity Services, LLP, DBA Commonwealth Financial Network

Davenport & Co., LLC

Digital Retirement Solutions, Inc.

Dyatech, LLC

Edward Jones

Fidelity Brokerage Services LLC/National Financial Services LLC

Fidelity Investments Institutional Operations Company, Inc. (FIIOC)/Fidelity Advisors Retirement

Financial Data Services, Inc.

First Clearing

Genesis Employee Benefits, Inc. DBA America's VEBA Solution

Goldman Sachs

Great West Life and Annuity Insurance Co.

GWFS Equities, Inc.

Hartford Life Insurance Company

Hartford Securities Distribution Company, Inc.

ICMA Retirement Corporation

**Statement of Additional Information** &nbsp;&nbsp;&nbsp;&nbsp;117

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J.J.B. Hilliard, W.L. Lyons, Inc.

J.P. Morgan Retirement Plan Services, LLC

J.P. Morgan Securities LLC

JPMorgan Chase Bank, N.A.

Janney Montgomery Scott LLC

John Hancock Trust Company

Kestra Investment Services, LLC

LPL Financial Services

Ladenburg Thalmann Advisor Network LLC

Lincoln Financial Securities Corporation

Lincoln Retirement Services Company LLC/AMG Service Corp.

Linsco/Private Ledger Corp.

Massachusetts Mutual Life Insurance Company

Mercer HR Outsourcing LLC

Merrill Lynch, Pierce, Fenner & Smith Inc.

Mid Atlantic Capital Corporation

Morgan Stanley & Co., Incorporated/Morgan Stanley Smith Barney LLC

MSCS Financial Services Division of Broadridge Business Process Outsourcing, LLC

National Financial Services, LLC

Nationwide Financial Services, Inc.

Newport Retirement Services, Inc.

Northwestern Mutual

NYLife Distributors LLC

Oppenheimer & Co.

Pershing LLC

PFS Investments Inc.

Primerica Shareholder Services, Inc.

Principal Life Insurance Company

Prudential Insurance Company of America (The)

Prudential Investment Management Services, LLC/Prudential Investments LLC

Raymond James & Associates/Raymond James Financial Services, Inc.

RBC Capital Markets, LLC

Reliance Trust Company

Retirement Plan Company, LLC (The)

Robert W. Baird & Co., Inc.

SI Financial Advisors

Southwest Securities, Inc.

Stifel, Nicolaus & Co., Inc.

&nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price Investment Services, Inc./T. Rowe Price Retirement Plan Services, Inc.

TIAA-CREF Individual & Institutional Services, LLC

Trust Company of America

U.S. Bancorp Investments, Inc.

U.S. Bank N.A

UBS Financial Services, Inc.

Unified Trust Company, N.A.

VALIC Retirement Services Company (formerly AIG Retirement Services Company)

Vanguard Group, Inc.

Voya Financial (formerly ING)

Wedbush Morgan Securities

Wells Fargo Advisors, LLC

Wells Fargo Bank, N.A.

Wells Fargo Institutional Retirement & Trust

Wilmington Trust Company

Wilmington Trust Retirement and Institutional Services Company (formerly AST Capital Trust

Company)

Any additions, modifications or deletions to the list of Intermediaries identified above that have occurred since June 13, 2025 are not reflected in the list.

#### Indemnification of shareholders
Generally, Delaware statutory trust shareholders are not personally liable for obligations of the Delaware statutory trust under Delaware law. The Delaware Statutory Trust Act ("DSTA") provides that a shareholder of a Delaware statutory trust shall be

118&nbsp;&nbsp;&nbsp;&nbsp; **Statement of Additional Information** 

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entitled to the same limitation of liability extended to shareholders of private for-profit corporations. The Declaration of Trust expressly provides that the Trust has been organized under the DSTA and that the Declaration of Trust is to be governed by and interpreted in accordance with Delaware law. It is nevertheless possible that a Delaware statutory trust, such as the Trust, might become a party to an action in another state whose courts refuse to apply Delaware law, in which case shareholders of the Trust could possibly be subject to personal liability.

To guard against this risk, the Declaration of Trust (i) contains an express disclaimer of shareholder liability for acts or obligations of the Trust and provides that notice of such disclaimer may be given in each agreement, obligation and instrument entered into or executed by the Trust or its Trustees, (ii) provides for the indemnification out of property of the Trust of any shareholders held personally liable for any obligations of the Trust or any series thereof, and (iii) provides that the Trust shall, upon request, assume the defense of any claim made against any shareholder for any act or obligation of the Trust and satisfy any judgment thereon. Thus, the risk of a Trust shareholder incurring financial loss beyond their investment because of shareholder liability is limited to circumstances in which all of the following factors are present: (1) a court refuses to apply Delaware law; (2) the liability arose under tort law or, if not, no contractual limitation of liability was in effect; and (3) the Trust itself would be unable to meet its obligations. In light of the DSTA, the nature of the Trust's business, and the nature of its assets, the risk of personal liability to a shareholder of a series of the Trust is remote.

#### Indemnification of Trustees
The Declaration of Trust further provides that the Trust shall indemnify each of its Trustees and officers against liabilities and expenses reasonably incurred by them, in connection with, or arising out of, any action, suit or proceeding threatened against or otherwise involving such Trustee or officer, directly or indirectly, by reason of being or having been a Trustee or officer of the Trust. In addition, each of the Trustees has entered into an Indemnification Agreement with the Trust, which provides indemnification protections to the maximum extent permitted under applicable state law or federal law, including the 1940 Act. Neither the Declaration of Trust nor the Indemnification Agreement authorizes the Trust to indemnify any Trustee or officer against any liability to which he or she would otherwise be subject by reason of or for willful misfeasance, bad faith, gross negligence or reckless disregard of such person's duties.

#### Limitation of Fund liability
All persons dealing with a Fund must look solely to the property of that particular Fund for the enforcement of any claims against that Fund, as neither the Trustees, officers, agents nor shareholders assume any personal liability for obligations entered into on behalf of a Fund or the Trust. No Fund is liable for the obligations of any other Fund.

#### Shareholder meetings and voting rights
Under the Declaration of Trust, the Trust is not required to hold annual meetings to elect Trustees or for other purposes. It is not anticipated that the Trust will hold shareholders' meetings unless required by law or the Declaration of Trust, although the Trust may do so periodically. The Trust will be required to hold a meeting to elect Trustees to fill any existing vacancies on the Board if, at any time, fewer than 50% of the Trustees holding office were elected by the shareholders of the Trust. The Trust may also hold special meetings to change fundamental policies, approve a management agreement, or for other purposes. The Funds will mail proxy materials to shareholders for these meetings, and the Trust encourages shareholders who cannot attend to vote by proxy.

Shares of the Trust do not entitle their holders to cumulative voting rights, so that the holders of more than 50% of the NAV represented by the outstanding shares of the Trust may elect all of the Trustees, in which case the holders of the remaining shares would not be able to elect any Trustees. Shareholders are entitled to one vote for each dollar of NAV they own, so that the number of votes a shareholder has is determined by multiplying the number of shares of each Fund held times the NAV per share of the applicable Fund.

#### Shares
The Trust is authorized to issue an unlimited number of shares of beneficial interest in the Funds. Shares are divided into and may be issued in a designated series representing beneficial interests in one of the Fund's investment portfolios.

Each share of a series issued and outstanding is entitled to participate equally in dividends and distributions declared by such series and, upon liquidation or dissolution, in net assets allocated to such series remaining after satisfaction of outstanding liabilities. The shares of each series, when issued, will be fully paid and non-assessable and have no preemptive or conversion rights.

#### Notice to non-U.S. individual shareholders
Shares of the Trust are only registered for public offer and sale in the United States of America. Regulations outside of the United States may restrict the sale of shares of the Trust to certain non-U.S. residents or subject certain shareholder accounts to additional regulatory requirements. As a result, the Funds restrict the sale of shares to include only U.S. residents. If a

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current shareholder in a Fund provides a non-U.S. address, this will be deemed a representation from such investor that he/she is not a U.S. resident and will continue to be a non-U.S. resident unless and until the Fund is notified of a change in the investor's resident status. Any current shareholder that has a resident address outside of the United States may be restricted from purchasing additional shares of the Trust.

#### Additional Funds or classes
Pursuant to the Declaration of Trust, the Trustees may establish additional Funds (technically, "series" of shares) or "classes" of shares in the Trust without shareholder approval. The Trustees have established other series of the Trust, known as the "Nuveen Lifecycle Funds," "Nuveen Lifecycle Index Funds," "Nuveen Lifestyle Funds" and "Nuveen Managed Allocation Fund," which are addressed in separate prospectuses and a separate statement of additional information. The establishment of additional Funds or classes does not affect the interests of current shareholders in the existing Funds or their classes.

#### Dividends and distributions
Each share of a Fund is entitled to such dividends and distributions out of the income earned on the assets belonging to that Fund as are declared in the discretion of the Trustees. In the event of the liquidation or dissolution of the Trust as a whole or any individual Fund, shares of the affected Fund are entitled to receive their proportionate share of the assets that are attributable to such shares and which are available for distribution as the Trustees in their sole discretion may determine. Shareholders are not entitled to any preemptive, conversion or subscription rights. All shares, when issued, will be fully paid and nonassessable.

### Pricing of shares
The share price of each Fund is determined based on the 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. 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 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 valuation procedures will in fact approximate the price at which a Fund could sell that security at that time. The assets of each 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 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 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 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 NAV is calculated, such investments will be

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valued at fair value by Advisors as determined in good faith using procedures approved by the Board of Trustees. For these securities, the 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 may cause the NAV of the Fund's shares to differ significantly from the NAV that would have been calculated using market prices at the close of the foreign exchange on which a portfolio security is primarily traded.

#### Debt securities
Generally, debt securities for which market quotations are readily available are valued based on the most recent bid price or the equivalent quoted yield for such securities (or those of comparable maturity, quality and type), although certain debt securities, such as municipal securities, broadly syndicated loans and collateralized loan obligations, are valued based on the most recent mid price, which is generally the average of the most recent bid and ask prices. These values will be derived utilizing an independent pricing service except when it is believed that the prices do not accurately reflect the security's fair value.

Values for debt securities, including money market instruments (other than those in the Money Market Fund), may also be derived from a pricing matrix that has various types of debt securities along one axis and various maturities along the other.

All debt securities may also be valued at fair value by Advisors as determined in good faith using procedures approved by the Board of Trustees. The use of a price derived from a pricing matrix is a method of fair value pricing.

#### Special valuation procedures for the Money Market Fund
For the Money Market Fund, all of its assets are valued on the basis of amortized cost in an effort to maintain a constant NAV per share of $1.00. The Board has determined that such valuation is in the best interests of the Fund and its shareholders. Under the amortized cost method of valuation, securities are valued at cost on the date of their acquisition, and thereafter a constant accretion of any discount or amortization of any premium to maturity is assumed. While this method provides certainty in valuation, it may result in periods in which value as determined by amortized cost is higher or lower than the price the Fund would receive if it sold the security. During such periods, the quoted yield to investors may differ somewhat from that obtained by a similar fund that uses available market quotations to value all of its securities.

The Board of Trustees has established procedures reasonably designed, taking into account current market conditions and the Money Market Fund's investment objective, to stabilize the NAV per share for purposes of sales and redemptions at $1.00. These procedures include review by the Board of Trustees, at such intervals as it deems appropriate, to determine the extent, if any, to which the NAV per share calculated by using available market quotations deviates by more than ¼ of one percent from $1.00 per share. In the event such deviation should exceed ¼ of one percent, the Board of Trustees will promptly consider initiating corrective action. If the Board of Trustees believes that the extent of any deviation from a $1.00 amortized cost price 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 an 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 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 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 writes a call option, the amount of the premium is included in the 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 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 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 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.

**Statement of Additional Information** &nbsp;&nbsp;&nbsp;&nbsp;121

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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 Prospectuses.

### Tax status
*The following discussion of the federal tax status of the Funds is a general and abbreviated summary based on tax laws and regulations in effect on the date of this SAI. Tax law is subject to change by legislative, administrative or judicial action.*

This discussion does not address all aspects of taxation (including state, local and foreign taxes) that may be relevant to particular shareholders in light of their own investment or tax circumstances, or to particular types of shareholders (including insurance companies, tax-deferred retirement plans, financial institutions, broker-dealers, foreign corporations and persons who are not citizens or residents of the United States) subject to special treatment under the federal income tax laws. This summary is based on the Code, the regulations thereunder, published rulings and court decisions, all as currently in effect. These laws are subject to change, possibly on a retroactive basis.

YOU ARE ADVISED TO CONSULT YOUR OWN TAX ADVISOR WITH RESPECT TO THE TAX CONSEQUENCES OF AN INVESTMENT IN A FUND IN LIGHT OF YOUR PARTICULAR CIRCUMSTANCES. THIS DISCUSSION IS NOT INTENDED AS A SUBSTITUTE FOR CAREFUL TAX PLANNING.

#### Qualification as regulated investment company
Each Fund is treated as a separate taxpayer for federal income tax purposes. Each Fund has elected or will elect to be treated as a regulated investment company under Subchapter M of Chapter 1 of the Code and intends to qualify as a regulated investment company each year. If a Fund: (1) continues to qualify as a regulated investment company, and (2) distributes to its shareholders an amount at least equal to the sum of 90% of its investment company taxable income (including for this purpose its net ordinary investment income and realized net short-term capital gains) and 90% of its tax-exempt interest income (reduced by certain expenses) (the "90% distribution requirement"), which the Trust intends each Fund to do, then under the provisions of Subchapter M of the Code the Fund should have little or no liability for federal income taxes. In particular, a Fund will not be subject to federal income tax on the portion of its investment company taxable income and net capital gain (i.e*.*, realized net long-term capital gain in excess of realized net short-term capital loss) it distributes to shareholders (or treats as having been distributed to shareholders).

Each Fund generally will endeavor to distribute (or treat as deemed distributed) to shareholders all of its investment company taxable income and its net capital gain, if any, for each taxable year so that it will not incur federal income taxes on its earnings.

A Fund must meet several requirements to maintain its status as a regulated investment company. These requirements include the following: (1) at least 90% of its gross income for each taxable year must be derived from (a) dividends, interest, payments with respect to loaned securities, gains from the sale or disposition of securities (including gains from related investments in foreign currencies), and other income (including gains from options, futures or forward contracts) derived with respect to its business of investing in such securities or currencies; and (b) net income derived from an interest in a qualified publicly traded partnership ("PTP"); and (2) at the close of each quarter of the Fund's taxable year, (a) at least 50% of the value of the Fund's total assets must consist of cash, cash items, securities of other regulated investment companies, U.S. Government securities and other securities that, with respect to any one issuer, do not represent more than 5% of the value of the total assets of the Fund or more than 10% of the outstanding voting securities of such issuer; or more than 10% of a PTP's equity securities and (b) the Fund must not invest more than 25% of its total assets in the securities of any one issuer (other than U.S. Government securities or the securities of other regulated investment companies), the securities of two or more issuers that are controlled by the Fund and that are engaged in the same or similar trades or businesses or related trades or businesses, or the securities of one or more PTPs.

If for any taxable year a Fund fails to qualify as a regulated investment company or fails to satisfy the 90% distribution requirement, then all of its taxable income would be subject to federal, and possibly state, income tax at regular corporate rates (without any deduction for distributions to its shareholders) and distributions to its shareholders would generally constitute ordinary income (including dividends derived from interest on tax-exempt obligations) to the extent of such Fund's available earnings and profits.

#### Equalization accounting
Each Fund may use the so-called "equalization method" of accounting to allocate a portion of its "earnings and profits," which generally equals a Fund's undistributed net investment income and realized capital gains, with certain adjustments, to

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redemption proceeds. This method permits a Fund to achieve more balanced distributions for both continuing and redeeming shareholders. Although using this method generally will not affect a Fund's total returns, it may reduce the amount that the Fund would otherwise distribute to continuing shareholders by reducing the effect of redemptions of Fund shares on Fund distributions to shareholders. However, the IRS has not expressly sanctioned the particular equalization method used by a Fund, and thus the Fund's use of this method may be subject to IRS scrutiny.

#### Distributions to avoid federal excise tax
A regulated investment company generally must distribute in each calendar year an amount equal to at least the sum of:

1. 98% of its ordinary taxable income for the year;

2. 98.2% of its capital gain net income for the twelve months ended on October 31 of that calendar year; and

3. any ordinary income or net capital gain income not distributed or taxed for prior years (the "excise tax avoidance requirements"). To the extent that a regulated investment company fails to do this, it is subject to a 4% nondeductible federal excise tax on undistributed earnings. Therefore, in order to avoid the federal excise tax, each Fund must make (and the Trust intends that each will make) the foregoing distributions.

#### Capital loss carryforwards
As of October 31, 2024, the following Funds have capital loss "carryforwards" as indicated below. To the extent provided in the Code and regulations thereunder, a Fund may carry forward such capital losses to offset realized capital gains in future years. To the extent that these losses are used to offset future capital gains, it is probable that the gains so offset will not be distributed to shareholders because they would be taxable as ordinary income.

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **Short-term** | **Long-term** | **Total** |
| Nuveen Emerging Markets Equity Fund | $199272013  | $166656605  | $365928618  |
| Nuveen Emerging Markets Equity Index Fund | 209930810  | 744675157  | 954605967  |
| Nuveen International Equity Fund | 255128173  | 178953149  | 434081322  |
| Nuveen International Equity Index Fund | 243075188  | 836648406  | 1079723594  |
| Nuveen International Opportunities Fund\* | 630552244  | 97912182  | 728464426  |
| Nuveen Quant Mid Cap Growth Fund | 110381676  | 23669077  | 134050753  |
| Nuveen Quant International Small Cap Equity Fund | 80266266  | —  | 80266266  |
| Nuveen Emerging Markets Debt Fund | 7587568  | 43549159  | 51136727  |
| Nuveen International Bond Fund | 11200827  | 18270414  | 29471241  |

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\* A portion of International Opportunities Fund's capital loss carryforwards is subject to limitation under the Code and related regulations.

As of December 31, 2024 (except as otherwise noted), the following Funds have capital loss "carryforwards" as indicated below. To the extent provided in the Code and regulations thereunder, a Fund may carry forward such capital losses to offset realized capital gains in future years. To the extent that these losses are used to offset future capital gains, it is probable that the gains so offset will not be distributed to shareholders because they would be taxable as ordinary income.

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **Short-term** | **Long-term** | **Total** |
| Nuveen Inflation Linked Bond Fund | $15600400  | $44237948  | $59838348  |
| Nuveen Real Estate Securities Select Fund | 132969999  | 10232360  | 143202359  |

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As of March 31, 2025 (except as otherwise noted), the following Funds have capital loss "carryforwards" as indicated below. To the extent provided in the Code and regulations thereunder, a Fund may carry forward such capital losses to offset realized capital gains in future years. To the extent that these losses are used to offset future capital gains, it is probable that the gains so offset will not be distributed to shareholders because they would be taxable as ordinary income.

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Short-term** | **Long-term** | **Total** |
| Nuveen Bond Index Fund | $91195873  | $199604035  | $290799908  |
| Nuveen Core Bond Fund | 346743993  | 504059363  | 850803356  |
| Nuveen Core Impact Bond Fund | 335579897  | 392598362  | 728178259  |
| Nuveen Core Plus Bond Fund | 156761130  | 314804023  | 471565153  |
| Nuveen 5–15 Year Laddered Tax Exempt Bond Fund | 361324  | 16140211  | 16501535  |
| Nuveen Green Bond Fund | 1621683  | 5129662  | 6751345  |
| Nuveen High Yield Fund | 78436994  | 378052602  | 456489596  |
| Nuveen Short Duration Impact Bond Fund | 512123  | 155793  | 667916  |
| Nuveen Short Term Bond Fund | —  | 42303365  | 42303365  |
| Nuveen Short Term Bond Index Fund | 9937330  | 47769362  | 57706692  |

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#### Investments in foreign securities
Investment income received from sources within foreign countries, or capital gains earned by a Fund investing in securities of foreign issuers, may be subject to foreign income taxes withheld at the source. In this regard, withholding tax rates in countries with which the United States does not have a tax treaty are often as high as 35% or more. The United States has entered into tax treaties with many foreign countries that may entitle a Fund to a reduced rate of tax or exemption from tax on this related income and gains. The effective rate of foreign tax cannot be determined at this time since the amount of a Fund's assets to be invested within various countries is not now known. The Funds intend to operate so as to qualify for applicable treaty-reduced rates of tax.

If a Fund qualifies as a regulated investment company under the Code, and if more than 50% of the Fund's total assets at the close of the taxable year consists of securities of foreign corporations, then the Fund may elect, for U.S. federal income tax purposes, to treat foreign income taxes paid by the Fund (including certain withholding taxes that can be treated as income taxes under U.S. income tax principles) as paid by its shareholders. If a Fund makes such an election, an amount equal to the foreign income taxes paid by the Fund would be included in the income of its shareholders and the shareholders often would be entitled to credit their portions of this amount against their U.S. tax liabilities, if any, or to deduct those portions from their U.S. taxable income, if any. Shortly after any year for which such an election is made, the Fund will report to shareholders, in writing, the amount per share of foreign tax that must be included in each shareholder's gross income and the amount that will be available as a deduction or credit. Certain limitations based on the unique tax situation of a shareholder may apply to limit the extent to which the credit or the deduction for foreign taxes may be claimed by such shareholder.

If a Fund acquires stock in certain foreign corporations that receive at least 75% of their annual gross income from passive sources (such as interest, dividends, rents, royalties or capital gain) or hold at least 50% of their total assets in investments producing such passive income ("passive foreign investment companies"), that Fund could be subject to federal income tax and additional interest charges on "excess distributions" received from such companies or gain from the sale of stock in such companies, even if all income or gain actually received by the Fund is timely distributed to its shareholders. The Fund would not be able to pass through to its shareholders any credit or deduction for such a tax. Certain elections may, if available, ameliorate these adverse tax consequences, but any such election requires the applicable Fund to recognize taxable income or gain without the concurrent receipt of cash. Any Fund that acquires stock in foreign corporations may limit and/or manage its holdings in passive foreign investment companies to minimize its tax liability.

Foreign exchange gains and losses realized by a Fund in connection with certain transactions involving non-dollar debt securities, certain foreign currency futures contracts, foreign currency option contracts, foreign currency forward contracts, foreign currencies, or payables or receivables denominated in a foreign currency are subject to Code provisions that generally treat such gains and losses as ordinary income and losses and may affect the amount, timing and character of distributions to shareholders. Any such transactions that are not directly related to a Fund's investment in securities (possibly including speculative currency positions or currency derivatives not used for hedging purposes) could, under future U.S. Treasury regulations, produce income not among the types of "qualifying income" from which the Fund must derive at least 90% of its annual gross income.

#### Investments with original issue discount
Each Fund that invests in certain payment-in-kind instruments, zero coupon securities or certain deferred interest securities (and, in general, any other securities with original issue discount or with market discount if the Fund elects to include market discount in current income) must accrue income on such investments prior to the receipt of the corresponding cash. However, because each Fund must meet the 90% distribution requirement to qualify as a regulated investment company, a Fund may have to dispose of its portfolio investments under disadvantageous circumstances to generate cash, or may have to leverage itself by borrowing the cash, to satisfy distribution requirements.

#### Options, futures, and swaps
A Fund's transactions in options contracts and futures contracts are subject to special provisions of the Code that, among other things, may affect the character of gains and losses realized by the Fund (that is, may affect whether gains or losses are ordinary or capital), accelerate recognition of income to the Fund and defer losses of the Fund. These rules (1) could affect the character, amount and timing of distributions to shareholders of a Fund, (2) could require the Fund to "mark to market" certain types of the positions in its portfolio (that is, treat them as if they were closed out) and (3) may cause the Fund to recognize income without receiving cash with which to make distributions in amounts necessary to satisfy the 90% distribution requirement and the excise tax avoidance requirements described above. To mitigate the effect of these rules and prevent disqualification as a regulated investment company, each Fund seeks to monitor its transactions, seeks to make the appropriate tax elections and seeks to make the appropriate entries in its books and records when it acquires any option, futures contract or hedged investment.

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The federal income tax rules applicable to interest rate swaps, caps and floors are unclear in certain respects, and a Fund may be required to account for these transactions in a manner that, in certain circumstances, may limit the degree to which it may utilize these transactions. Among other things, there is uncertainty concerning when income or loss is recognized for tax purposes and whether such income or loss is capital or ordinary. In addition, the application of the diversification tests described above with respect to such instruments is uncertain. As a result, any Fund investing in these instruments may limit and/or manage its holdings of these instruments in order to avoid disqualification of the Fund as a regulated investment company and to minimize the potential negative tax consequences to the Fund from a successful challenge by the IRS with respect to the Fund's treatment of these instruments.

#### Shareholder taxation
The following discussion of certain federal income tax issues of shareholders of the Funds is a general and abbreviated summary based on tax laws and regulations in effect on the date of this SAI.

Tax law is subject to change by legislative, administrative or judicial action. The following discussion relates solely to U.S. federal income tax law as applicable to U.S. taxpayers (e.g., U.S. residents and U.S. domestic corporations, partnerships, trusts or estates). The discussion does not address special tax rules applicable to certain classes of investors, such as qualified retirement accounts or trusts, tax-exempt entities, insurance companies, banks and other financial institutions or non-U.S. taxpayers. Dividends, capital gain distributions, and ownership of or gains realized on the redemption (including an exchange) of the shares of a Fund may also be subject to state, local and foreign taxes. Shareholders should consult their own tax advisors as to the federal, state, local or foreign tax consequences of ownership of shares of, and receipt of distributions from, the Funds in their particular circumstances.

#### Distributions
Distributions of a Fund's investment company taxable income are taxable as ordinary income to shareholders to the extent of the Fund's current or accumulated earnings and profits, whether paid in cash or reinvested in additional shares. Any distribution of a Fund's net capital gain properly designated by a Fund as a "capital gain dividend" is taxable to a shareholder as long-term capital gain regardless of a shareholder's holding period for his, her or its shares and regardless of whether paid in cash or reinvested in additional shares. Distributions, if any, in excess of earnings and profits usually constitute a return of capital, which first reduces an investor's tax basis in a Fund's shares and thereafter (after such basis is reduced to zero) generally gives rise to capital gains. Shareholders electing to receive distributions in the form of additional shares have a cost basis for federal income tax purposes in each share so received equal to the amount of cash they would have received had they elected to receive the distributions in cash.

At a Fund's option, it may retain some or all of its net capital gain for a tax year, but designate the retained amount as a "deemed distribution." In that case, among other consequences, the Fund pays tax on the retained amount for the benefit of its shareholders, the shareholders are required to report their share of the deemed distribution on their tax returns as if it had been distributed to them, and the shareholders may report a credit for the tax paid thereon by the Fund. The amount of the deemed distribution net of such tax is added to the shareholder's cost basis for his, her or its shares. Since the Funds expect to pay tax on any retained net capital gain at their regular corporate capital gain tax rates, and since that rate is in excess of the maximum rate currently payable by individuals on long-term capital gain, the amount of tax that individual shareholders are treated as having paid will exceed the amount of tax that such shareholders would be required to pay on the retained net capital gains. A shareholder that is not subject to U.S. federal income tax or tax on long-term capital gains should be able to file a return on the appropriate form or a claim for refund that allows such shareholder to recover the taxes paid on his, her or its behalf. In the event the Funds choose this option, they must provide written notice to the shareholders prior to the expiration of 60 days after the close of the relevant tax year.

Any dividend declared by a Fund in October, November or December of any calendar year, payable to shareholders of record on a specified date in such a month and actually paid during January of the following year, is treated as if it had been received by the shareholders on December 31 of the year in which the dividend was declared.

#### Buying a dividend
An investor should consider the tax implications of buying shares just prior to a distribution. Even if the price of the shares includes the amount of the forthcoming distribution, the shareholder generally will be taxed upon receipt of the distribution and is not entitled to offset the distribution against the tax basis in his, her or its shares. In addition, an investor should be aware that, at the time the investor purchases shares of a Fund, a portion of the purchase price is often attributable to realized or unrealized appreciation in the Fund's portfolio or undistributed taxable income of the Fund. Subsequent distributions from such appreciation or income may be taxable to such investor even if the NAV of the investor's shares is, as a result of the distributions, reduced below the investor's cost for such shares, and the distributions in reality represent a return of a portion of the purchase price.

**Statement of Additional Information** &nbsp;&nbsp;&nbsp;&nbsp;125

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#### Qualified dividend income
Individual shareholders may be eligible to treat a portion of a Fund's ordinary income dividends as "qualified dividend income" that is subject to tax at the same reduced maximum rates applicable to long-term capital gains. Corporations are not eligible for the reduced maximum rates on qualified dividend income. The Fund must designate the portion of its distributions that is eligible to be treated as qualified dividend income in a written notice within 60 days of the close of the relevant taxable year. In general, the maximum amount of distributions by a Fund that may be designated as qualified dividend income for that taxable year is the total amount of qualified dividend income received by that Fund during such year. If the qualified dividend income received by a Fund is equal to 95% (or a greater percentage) of the Fund's gross income (exclusive of net capital gain) in any taxable year, all of the ordinary income dividends paid by the Fund will be qualified dividend income. In order to constitute qualified dividend income to the Fund, a dividend must be received from a U.S. domestic corporation (other than dividends from tax-exempt corporations and certain dividends from real estate investment trusts and other regulated investment companies) or a qualified foreign corporation. In addition, the dividend must be paid in respect of the stock that has been held by the Fund, for federal income tax purposes, for at least 61 days during the 121-day period that begins 60 days before the stock becomes ex-dividend. In order to be eligible to treat a dividend from a Fund as qualified dividend income, individual shareholders must also meet the foregoing minimum holding period requirements with respect to their shares of the applicable Fund. Little, if any, of the ordinary dividends paid by the Fixed-Income Funds (including the Money Market Fund) or Real Estate Securities Select Fund are expected to constitute qualified dividend income.

#### Dividends-received deduction
A Fund's ordinary income dividends to corporate shareholders may, if certain conditions are met, qualify for the dividends-received deduction to the extent that the Fund has received qualifying dividend income during the taxable year. Capital gain dividends distributed by the Fund are not eligible for the dividends-received deduction. In order to constitute a qualifying dividend, a dividend must be from a U.S. domestic corporation in respect of the stock of such corporation that has been held by the Fund, for federal income tax purposes, for at least 46 days during the 91-day period that begins 45 days before the stock becomes ex-dividend (or, in the case of preferred stock, 91 days during the 181-day period that begins 90 days before the stock becomes ex-dividend). The Fund must also designate the portion of any distribution that is eligible for the dividends-received deduction in a written notice within 60 days of the close of the relevant taxable year. In addition, in order to be eligible to claim the dividends-received deduction with respect to distributions from a Fund, corporate shareholders must meet the foregoing minimum holding period requirements with respect to their shares of the applicable Fund. If a corporation borrows to acquire shares of a Fund, it may be denied a portion of the dividends-received deduction it would otherwise be eligible to claim. The entire qualifying dividend, including the otherwise deductible amount, is included in determining the excess (if any) of a corporate shareholder's adjusted current earnings over its alternative minimum taxable income, which may increase its alternative minimum tax liability. Additionally, any corporate shareholder should consult its tax advisor regarding the possibility that its basis in its shares may be reduced, for federal income tax purposes, by reason of "extraordinary dividends" received with respect to the shares, for the purpose of computing its gain or loss on redemption or other disposition of the shares.

#### Qualified REIT dividends
Through 2025, individuals and certain other noncorporate entities are generally eligible for a 20% deduction with respect to the receipt of domestic qualified business income from REIT investments ("qualified REIT dividends"). Applicable Treasury regulations permit regulated investment companies, such as the Funds, to pass through to their shareholders qualified REIT dividends received from REIT investments that are eligible for the 20% deduction. Shareholders should consult their tax advisors about their eligibility to claim the 20% deduction for any qualified REIT dividends reported by a Fund.

#### Gains and losses on redemptions
A shareholder generally recognizes taxable gain or loss on a sale or redemption (including by exercise of the exchange privilege) of his, her or its shares. The amount of the gain or loss is measured by the difference between the shareholder's adjusted tax basis in his, her or its shares and the amount of the proceeds received in exchange for such shares. Any gain or loss arising from (or, in the case of distributions in excess of earnings and profits, treated as arising from) the sale or redemption of shares generally is a capital gain or loss. This capital gain or loss normally is treated as a long-term capital gain or loss if the shareholder has held his, her or its shares for more than one year at the time of such sale or redemption; otherwise, it generally will be classified as short-term capital gain or loss. If, however, a shareholder receives a capital gain dividend with respect to any share of a Fund, and if the share is sold before it has been held by the shareholder for at least six months, then any loss on the sale or exchange of the share, to the extent of the capital gain dividend, is treated as a long-term capital loss. In addition, all or a portion of any loss realized upon a taxable disposition of shares may be disallowed if other shares of the same Fund are purchased (including any purchase through a reinvestment of distributions from the Fund) within 30 days before or after the disposition. In such a case, the basis of the shares acquired will be adjusted to reflect the disallowed loss. Also, if a shareholder who incurred a sales charge on the acquisition of shares of a Fund sells his, her or its

126&nbsp;&nbsp;&nbsp;&nbsp; **Statement of Additional Information** 

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shares within 90 days of purchase and subsequently acquires shares of another Fund of the Trust on which a sales charge normally is imposed without paying such sales charge in accordance with the exchange privilege described in the Prospectuses, such shareholder will not be entitled to include the amount of the sales charge in his, her or its basis in the shares sold for purposes of determining gain or loss. In these cases, any gain on the disposition of the shares of the Fund is increased, or loss decreased, by the amount of the sales charge paid when the shares were acquired, and that amount will increase the adjusted basis of the shares of the Fund subsequently acquired.

Each Fund is required to report to the IRS and furnish to certain Fund shareholders the cost basis information for sale transactions of shares purchased on or after January 1, 2012. Shareholders may elect to have one of several cost basis methods applied to their account when calculating the cost basis of shares sold, including average cost, "first-in, first-out" ("FIFO"), or some other specific identification method. Unless you instruct otherwise, the Fund will use average cost as its default cost basis method, and will treat sales as first coming from shares purchased prior to January 1, 2012. If average cost is used for a shareholder's first sale of the Fund shares covered by these new rules, the shareholder may only use an alternative cost basis method for shares purchased prospectively. Fund shareholders should consult with their tax advisors to determine the best cost basis method for their tax situation.

For shares you sell that were purchased prior to January 1, 2012, you will be sent a statement showing how many shares you sold and at what price. However, the statement will not include cost basis information and will not be furnished to the IRS. You or your tax preparer must determine whether this sale resulted in a capital gain or loss and the amount of tax to be paid on any gain. Be sure to keep your regular account statements; the information they contain will be essential in calculating the amount of your capital gains or losses.

#### Deduction of capital losses
Non-corporate shareholders with net capital losses for a year (i.e*.*, capital losses in excess of capital gains) generally may deduct up to $3,000 of such losses against their ordinary income each year; any net capital losses of a non-corporate shareholder in excess of $3,000 generally may be carried forward and used in subsequent years as provided in the Code. Corporate shareholders generally may not deduct any net capital losses for a year, but may carry back such losses for three years or carry forward such losses for five years.

#### TEFRA Bond Subsidiaries
The Core Impact Bond Fund and International Bond Fund may each seek exposure to TEFRA Bonds through investment of up to 25% of its total assets in the TEFRA Bond Subsidiaries. Under applicable U.S. Treasury regulations, a Fund's income inclusion with respect to a subsidiary will generally be treated as qualifying income under Subchapter M of the Code if either (A) there is a distribution out of the earnings and profits of the subsidiary that are attributable to such income inclusion or (B) such inclusion is derived with respect to the Fund's business of investing in stock, securities, or currencies. The tax treatment of the Funds' investments in the TEFRA Bond Subsidiaries could affect whether income derived from such investments is qualifying income, or otherwise affect the character, timing and/or amount of the Funds' taxable income or any gains and distributions made by the Funds.

A foreign corporation, such as the TEFRA Bond Subsidiaries, will generally not be subject to U.S. federal income taxation unless it is deemed to be engaged in a U.S. trade or business. It is expected that the TEFRA Bond Subsidiaries will conduct their activities in a manner so as to meet the requirements of a safe harbor under Section 864(b)(2) of the Code under which the TEFRA Bond Subsidiaries may engage in trading in stocks or securities or certain commodities without being deemed to be engaged in a U.S. trade or business. However, if certain of a TEFRA Bond Subsidiary's activities were determined not to be of the type described in the safe harbor, then the activities of the TEFRA Bond Subsidiary may constitute a U.S. trade or business, or be taxed as such. In general, a foreign corporation, such as the TEFRA Bond Subsidiaries, that does not conduct a U.S. trade or business is nonetheless subject to tax at a flat rate of 30 percent (or lower tax treaty rate), if applicable, generally payable through withholding, on the gross amount of certain U.S.-source income that is not effectively connected with a U.S. trade or business. There is presently no tax treaty in force between the U.S. and the Cayman Islands that would reduce this rate of withholding tax. It is not expected that the TEFRA Bond Subsidiaries will derive income subject to such withholding tax.

The TEFRA Bond Subsidiaries will each be treated as a controlled foreign corporation and the Core Impact Bond Fund and International Bund Fund will each be treated as a "U.S. shareholder" of such subsidiary. As a result, the Funds will be required to include in gross income for U.S. federal income tax purposes all of the Subpart F income of the TEFRA Bond Subsidiaries, whether or not such income is distributed by the TEFRA Bond Subsidiaries. A Fund's recognition of such "Subpart F income" will increase the Fund's tax basis in the applicable TEFRA Bond Subsidiary. Distributions by the TEFRA Bond Subsidiaries to the Funds will be tax-free, to the extent of their previously undistributed "Subpart F income," and will correspondingly reduce the Funds' tax basis in the subsidiaries. "Subpart F income" is generally treated as ordinary income, regardless of the character of the TEFRA Bond Subsidiaries' underlying income. If a net loss is realized by the TEFRA Bond Subsidiaries, such loss is not generally available to offset the income earned by the Funds, and such loss cannot be carried forward to offset taxable income of the Funds or the TEFRA Bond Subsidiaries in future periods.

**Statement of Additional Information** &nbsp;&nbsp;&nbsp;&nbsp;127

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#### Reports to shareholders
The Funds send to each of their shareholders, as promptly as possible after the end of each calendar year, a notice detailing on a per share and per distribution basis, the amounts includible in such shareholder's taxable income for such year as ordinary income (including any portion eligible to be treated as qualified dividend income or to be deducted pursuant to the dividends-received deduction) and as long-term capital gain. In addition, the federal tax status of each year's distributions generally is reported to the IRS.

#### Backup withholding
The Funds may be required to withhold U.S. federal income tax ("backup withholding") from all distributions payable to: (1) any shareholder who fails to furnish a Fund with a correct taxpayer identification number or a certificate that the shareholder is exempt from backup withholding and (2) any shareholder with respect to whom the IRS notifies the Fund that the shareholder has failed to properly report certain interest and dividend income to the IRS and to respond to notices to that effect. The backup withholding is not an additional tax and may be returned or credited against a taxpayer's regular federal income tax liability if appropriate information is provided to the IRS.

#### Shares held in certain custody accounts
Shares held in custody accounts as permitted by Code Sections 403(b)(7) and 408 (IRAs) are subject to special tax treatment. The federal income tax on earnings in such accounts is deferred, and there are restrictions on the amounts that can be distributed from such accounts without adverse federal income tax consequences for investors in such accounts. Distributions from such accounts may be subject to taxation as ordinary income in the year distributed and investors in such accounts may have to pay a penalty tax for certain distributions.

Shareholders invested through such accounts should consult their tax advisor or TIAA for more information.

#### Treatment of 5–15 Year Laddered Tax Exempt Bond Fund
The 5–15 Year Laddered Tax Exempt Bond Fund expects to qualify to pay "exempt-interest dividends" which may be treated by shareholders as items of interest that are exempt from regular federal income tax. (Distributions derived from net long-term capital gains of the 5–15 Year Laddered Tax Exempt Bond Fund will ordinarily be taxable to shareholders as long-term capital gains, and any distributions derived from taxable interest income, net short-term capital gains and certain net realized foreign exchange gains will be taxable to shareholders as ordinary income.) The recipient of exempt-interest dividends is required to report such income on their federal income tax return, but if a shareholder borrows funds to purchase or carry shares of the 5–15 Year Laddered Tax Exempt Bond Fund, interest paid on such debt is not deductible. In addition, exempt-interest dividends will be taken into account in determining the extent to which a shareholder's Social Security or certain railroad retirement benefits are taxable. Any losses realized by shareholders who dispose of shares of the 5–15 Year Laddered Tax Exempt Bond Fund with a tax holding period of six months or less are disallowed to the extent of any exempt-interest dividends received with respect to such shares.

The 5–15 Year Laddered Tax Exempt Bond Fund may invest a portion of its assets in private activity bonds, the interest from which (including the Fund's distributions attributable to such interest) may be a preference item for purposes of federal AMT, both individual and corporate. Income from securities that is a preference item is included in the computation of the AMT and, in the case of corporations, all exempt-interest income, whether or not attributable to private activity bond interest, may increase a corporate shareholder's liability, if any, for AMT.

Shareholders who have not held shares of the 5–15 Year Laddered Tax Exempt Bond Fund for such Fund's full taxable year may have designated as tax-exempt interest or as a tax-preference item a percentage distribution which is not equal to the actual amount of tax-exempt income or tax-preference income earned by the Fund during the period of their investment.

A portion of the dividends to shareholders from the 5–15 Year Laddered Tax Exempt Bond Fund may be exempt from state and local taxes. Income from investments in the shareholder's state of residence is generally tax-exempt. The 5–15 Year Laddered Tax Exempt Bond Fund will direct the transfer agent to send shareholders a breakdown of income from each state in order to aid them in preparing tax returns.

### 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

128&nbsp;&nbsp;&nbsp;&nbsp; **Statement of Additional Information** 

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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 and data services even if lower commissions may be available from brokers not providing such services. With respect to equity securities, Advisors has adopted a policy embodying the concepts of Section 28(e) under the Securities Exchange Act of 1934, which provides a safe harbor allowing an investment adviser to cause a client to pay a higher commission to a broker that also provides research services than the commission another broker would charge (generally referred to as the use of "soft dollars"). To utilize soft dollars, the adviser must determine in good faith that the commission paid is reasonable in relation to the value of the brokerage and research services provided and that, over time, each client paying soft dollars receives some benefit from the research obtained through the use of soft dollars. An adviser may make such a determination based upon either the particular transaction involved or the overall responsibilities of the adviser with respect to the accounts over which it exercises investment discretion. Therefore, specific research may not necessarily benefit all accounts paying commissions to such broker. Research obtained through soft dollars may be developed by the broker or a third party, where the obligation to pay is between the broker and the third party. In such cases the research will be paid for through a Commission Sharing Arrangement ("CSA") or similar arrangement.

With respect to the 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 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.

**Statement of Additional Information** &nbsp;&nbsp;&nbsp;&nbsp;129

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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 years ended October 31, 2024, December 31, 2024 and March 31, 2025 were or will be fully compensated by Advisors.

The aggregate amount of brokerage commissions paid by the following Funds for the prior fiscal years ended October 31, 2024, October 31, 2023 and October 31, 2022, was as follows:

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **October 31, 2024** | **October 31, 2023** | **October 31, 2022** |
| Nuveen Emerging Markets Equity Fund | $2875013  | $2446010  | $3175358  |
| Nuveen Emerging Markets Equity Index Fund | 529967  | 895831  | 887485  |
| Nuveen Equity Index Fund | 205779  | 502919  | 430300  |
| Nuveen Core Equity Fund | 744312  | 1337845  | 3569687  |
| Nuveen International Equity Fund | 1611148  | 2302146  | 2115017  |
| Nuveen International Equity Index Fund | 613775  | 1093198  | 883636  |
| Nuveen International Opportunities Fund | 848736  | 978310  | 1042046  |
| Nuveen Large Cap Growth Fund | 1225161  | 1343238  | 1289791  |
| Nuveen Large Cap Growth Index Fund | 112067  | 170420  | 150096  |
| Nuveen Large Cap Value Fund | 971805  | 940236  | 831206  |
| Nuveen Large Cap Value Index Fund | 176218  | 129569  | 69009  |
| Nuveen Quant Mid Cap Growth Fund | 250248  | 279713  | 415768  |
| Nuveen Mid Cap Value Fund | 517562  | 973520  | 1117663  |
| Nuveen Quant International Small Cap Equity Fund | 1198685  | 1196098  | 1363437  |
| Nuveen Quant Small Cap Equity Fund | 770734  | 793099  | 690564  |
| Nuveen Quant Small/Mid Cap Equity Fund | 243956  | 290823  | 221905  |
| Nuveen Small Cap Blend Index Fund | 130109  | 200011  | 225291  |
| Nuveen Large Cap Responsible Equity Fund | 105781  | 177372  | 80196  |
| Nuveen International Responsible Equity Fund | 57709  | 120097  | 167254  |
| Nuveen S&P 500 Index Fund | 17214  | 38366  | 24683  |

---

The aggregate amount of brokerage commissions paid by the following Funds for the prior fiscal year ended December 31, 2024, was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **December 31, 2024** | **December 31, 2023** | **December 31, 2022** |
| Nuveen Inflation Linked Bond Fund<sup>\*</sup> | $56084  | $—  | $—  |
| Nuveen Real Estate Securities Select Fund<sup>\*</sup>  | 558690  | —  | —  |

---

<sup>\*</sup> Prior to April 1, 2024, the Funds' fiscal year end was March 31st. The December 31, 2024 amounts reflect the nine-month period from April 1, 2024 through December 31, 2024.

The aggregate amount of brokerage commissions paid by the following Funds for the prior fiscal years ended March 31, 2025, March 31, 2024 and March 31, 2023, was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **March 31, 2025** | **March 31, 2024** | **March 31, 2023** |
| Nuveen Inflation Linked Bond Fund | $—  | $10256  | $—  |
| Nuveen Short Term Bond Fund | 10197  | 14740  | —  |
| Nuveen Real Estate Securities Select Fund | —  | 511177  | 921385  |

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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 October 31, 2024, 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 October 31, 2024, are set forth below:

130&nbsp;&nbsp;&nbsp;&nbsp; **Statement of Additional Information** 

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#### REGULAR BROKER OR DEALER BASED ON BROKERAGE COMMISSIONS PAID

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| | | |
|:---|:---|:---|
| **Fund** | **Broker** | **Holdings (US$)** |
| **Nuveen Emerging Markets Equity Index Fund** | BANCO BTG PACTUAL SA-UNIT | 5643986  |
|  | BANCO SANTANDER CHILE | 2634614  |
| **Nuveen Equity Index Fund** | JPMORGAN CHASE & CO | 548507902  |
|  | BANK OF AMERICA CORP | 244642149  |
|  | WELLS FARGO & CO | 196036262  |
|  | GOLDMAN SACHS GROUP INC | 141618672  |
|  | MORGAN STANLEY | 116716046  |
|  | CITIGROUP INC | 106906001  |
|  | SCHWAB (CHARLES) CORP | 91133207  |
|  | FIFTH THIRD BANCORP | 25643567  |
|  | RAYMOND JAMES FINANCIAL INC | 24671960  |
|  | STATE STREET CORP | 23939987  |
|  | JEFFERIES FINANCIAL GROUP INC | 10506476  |
|  | STIFEL FINANCIAL CORP | 10128544  |
|  | PIPER SANDLER COS | 3694978  |
| **Nuveen International Equity Fund** | SUMITOMO MITSUI FINANCIAL GR | 201509214  |
|  | BANCO SANTANDER SA | 93805420  |
|  | BNP PARIBAS | 26039744  |
| **Nuveen International Equity Index Fund** | HSBC HOLDINGS PLC | 273015999  |
|  | UBS GROUP AG-REG | 161956275  |
|  | SUMITOMO MITSUI FINANCIAL GR | 128184356  |
|  | BANCO SANTANDER SA | 121253155  |
|  | BNP PARIBAS | 111900372  |
|  | MACQUARIE GROUP LTD | 87449098  |
|  | DEUTSCHE BANK AG-REGISTERED | 51438376  |
|  | SKANDINAVISKA ENSKILDA BAN-A | 36013341  |
|  | SOCIETE GENERALE SA | 33635588  |
|  | CREDIT AGRICOLE SA | 25844707  |
|  | NOMURA HOLDINGS INC | 24536353  |
|  | JULIUS BAER GROUP LTD | 20219147  |
| **Nuveen International Opportunities Fund** | BANK OF MONTREAL | 25475146  |
| **Nuveen Large Cap Growth Index Fund** | GOLDMAN SACHS GROUP INC | 23644363  |
|  | SCHWAB (CHARLES) CORP | 5685170  |
|  | MORGAN STANLEY | 4285789  |
|  | JEFFERIES FINANCIAL GROUP INC | 1748254  |
| **Nuveen Large Cap Value Index Fund** | JPMORGAN CHASE & CO | 275978602  |
|  | BANK OF AMERICA CORP | 123204522  |
|  | WELLS FARGO & CO | 98725986  |
|  | MORGAN STANLEY | 55091573  |
|  | CITIGROUP INC | 53335794  |
|  | GOLDMAN SACHS GROUP INC | 52080872  |
|  | SCHWAB (CHARLES) CORP | 41231489  |
|  | FIFTH THIRD BANCORP | 12786315  |
|  | RAYMOND JAMES FINANCIAL INC | 12396528  |
|  | STATE STREET CORP | 11990038  |
|  | STIFEL FINANCIAL CORP | 4303960  |
|  | JEFFERIES FINANCIAL GROUP INC | 3546283  |
| **Nuveen Quant Small Cap Equity Fund** | PIPER SANDLER COS | 8327670  |
| **Nuveen Quant Small/Mid Cap Equity Fund** | JEFFERIES FINANCIAL GROUP INC | 3583456  |
| **Nuveen Small Cap Blend Index Fund** | PIPER SANDLER COS | 6546978  |
| **Nuveen Large Cap Responsible Equity Fund** | JPMORGAN CHASE & CO | 125215475  |
|  | GOLDMAN SACHS GROUP INC | 64735659  |
|  | MORGAN STANLEY | 61607385  |
|  | CITIGROUP INC | 16047569  |
| **Nuveen International Responsible Equity Fund** | HSBC HOLDINGS PLC | 21304425  |
|  | UBS GROUP AG-REG | 14288962  |
|  | SOCIETE GENERALE SA | 7594012  |
|  | NOMURA HOLDINGS INC | 5494549  |

---

**Statement of Additional Information** &nbsp;&nbsp;&nbsp;&nbsp;131

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| | | |
|:---|:---|:---|
| **Fund** | **Broker** | **Holdings (US$)** |
| **Nuveen S&P 500 Index Fund** | JPMORGAN CHASE & CO | 139274329  |
|  | BANK OF AMERICA CORP | 61883605  |
|  | WELLS FARGO & CO | 48417790  |
|  | GOLDMAN SACHS GROUP INC | 35947571  |
|  | MORGAN STANLEY | 31856104  |
|  | CITIGROUP INC | 26599107  |
|  | SCHWAB (CHARLES) CORP | 23390970  |
|  | FIFTH THIRD BANCORP | 6683302  |
|  | STATE STREET CORP | 6186048  |
|  | RAYMOND JAMES FINANCIAL INC | 6043078  |

---

#### REGULAR BROKER OR DEALER BASED ON ENTITIES ACTING AS PRINCIPALS

---

| | | |
|:---|:---|:---|
| **Fund** | **Broker** | **Holdings (US$)** |
| **Nuveen Equity Index Fund** | BANK OF AMERICA CORP | 244642149  |
|  | MORGAN STANLEY | 116716046  |
| **Nuveen International Equity Index Fund** | UBS GROUP AG-REG | 161956275  |
| **Nuveen Large Cap Value Index Fund** | BANK OF AMERICA CORP | 123204522  |
|  | JPMORGAN CHASE & CO | 275978602  |
|  | MORGAN STANLEY | 55091573  |
| **Nuveen Small Cap Blend Index Fund** | PIPER SANDLER COS | 6546978  |
| **Nuveen Large Cap Responsible Equity Fund** | JPMORGAN CHASE & CO | 125215475  |
|  | MORGAN STANLEY | 61607385  |
| **Nuveen International Responsible Equity Fund** | UBS GROUP AG-REG | 14288962  |
| **Nuveen S&P 500 Index Fund** | GOLDMAN SACHS GROUP INC | 35947571  |
|  | JPMORGAN CHASE & CO | 139274329  |
|  | MORGAN STANLEY | 31856104  |

---

#### 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.

### 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 [October 31, 2024](http://www.sec.gov/ix?doc=/Archives/edgar/data/1084380/000119312525002126/d896231dncsr.htm) (for the Equity, Emerging Markets Debt and International Bond Funds); [December 31, 2024](http://www.sec.gov/Archives/edgar/data/1084380/000119312525049523/d916046dncsr.htm) (for the Inflation Linked Bond and Real Estate Securities Select Funds); and [March 31, 2025](http://www.sec.gov/ix?doc=/Archives/edgar/data/0001084380/000119312525135996/d932311dncsr.htm) (for the Fixed-Income Funds, other than the Emerging Markets Debt, International Bond and Inflation Linked Bond Funds, which have a different fiscal year end) 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.

### Financial statements
The audited financial statements of the Funds are incorporated herein by reference to the Trust's Annual Reports and Form N-CSR for the fiscal year ended [October 31, 2024](http://www.sec.gov/ix?doc=/Archives/edgar/data/1084380/000119312525002126/d896231dncsr.htm) for the Equity, Emerging Markets Debt and International Bond Funds; the fiscal year ended [December 31, 2024](http://www.sec.gov/Archives/edgar/data/1084380/000119312525049523/d916046dncsr.htm) for the Inflation Linked Bond and Real Estate Securities Select Funds; and the fiscal year ended [March 31, 2025](http://www.sec.gov/ix?doc=/Archives/edgar/data/0001084380/000119312525135996/d932311dncsr.htm) for the Fixed-Income Funds (other than the Emerging Markets Debt, International Bond and Inflation Linked Bond Funds, which have a different fiscal year end). These financial statements have been filed with the SEC and the reports have been provided to all shareholders. The Funds will furnish you, without charge, a copy of the Annual Reports and Form N-CSR on request.

132&nbsp;&nbsp;&nbsp;&nbsp; **Statement of Additional Information** 

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### Appendix A <br> Nuveen proxy voting policies

#### Nuveen proxy voting guidelines

#### Applicability
These Guidelines apply to employees of Nuveen acting on behalf of Nuveen Asset Management, LLC ("NAM"), Teachers Advisors, LLC ("TAL") and TIAA-CREF Investment Management, LLC ("TCIM") (each an "Adviser" and collectively referred to as the "Advisers")

I. Introduction

Our voting practices are guided by our fiduciary obligations to our clients.

These Guidelines set forth the manner in which the Advisers intend to vote on proxy matters involving publicly traded portfolio companies held in client portfolios, and serve to assist clients, portfolio companies and other interested parties in understanding how the Advisers intend to vote on proxy-related issues.

We vote proxies in accordance with what we believe is in the best interest of our clients. In making those decisions, we are principally guided by enhancing long-term shareholder value, and may take into account many factors, including input from our investment teams and third-party research.

As indicated in these Guidelines, we monitor portfolio companies' environmental, social and governance (ESG) practices in an effort to ensure that boards consider these factors in the context of their strategic deliberations consistent with the aim of preserving and enhancing long-term shareholder value. It is our belief that a one-size-fits-all approach to proxy voting is not appropriate and we may vote differently on the same proposal given the portfolio company's individual circumstances. The Guidelines are not exhaustive and do not necessarily dictate how the Advisers will ultimately vote with respect to any proposal or resolution.

The Guidelines are implemented by Nuveen's Stewardship Group and applied in consideration of the facts and circumstances of the particular resolution. The Stewardship Group relies on its professional judgment, informed by proprietary research and reports provided by various third-party research providers. The portfolio managers of the Advisers maintain the ultimate decision-making authority with respect to how proxies will be voted and may determine to vote contrary to the Guidelines if such portfolio manager determines it is in the best interest of the respective Adviser's clients to do so. The rationale for votes submitted contrary to the Guidelines will be documented and maintained.

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

&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;133

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&nbsp;&nbsp;&nbsp;&nbsp;· Board refreshment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· When there is insufficient diversity on the board and the company has not demonstrated its commitment to making the board more diverse

&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.

134&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;135

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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
Global climate change

*General Policy*: We will generally support reasonable shareholder resolutions seeking disclosure of greenhouse gas emissions, the impact of climate change on a company's business activities and products and strategies designed to reduce the company's long-term impact on the global climate.

136&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.

Predatory lending

*General Policy*: We will generally support reasonable shareholder resolutions asking companies for disclosure about the impact of lending activities on borrowers and about policies designed to prevent predatory lending practices.

#### Issues related to employees and suppliers
Diversity and nondiscrimination

*General Policies*:

&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 diversity, and gender pay equity policies and practices.

Global labor standards

*General Policy*: We will generally support reasonable shareholder resolutions seeking a review of a company's labor standards and enforcement practices, as well as the establishment of global labor policies based upon internationally recognized standards.

#### Issues related to communities
Corporate response to global health risks

*General Policy*: We will generally support reasonable shareholder resolutions seeking disclosure or reports relating to significant public health impacts resulting from company operations and products, as well as the impact of global health pandemics on the company's operations and long-term growth.

Global human rights codes of conduct

*General Policy*: We will generally support reasonable shareholder resolutions seeking a review of a company's human rights standards and the establishment of global human rights policies, especially regarding company operations in conflict zones or areas of weak governance.

#### Disclosures
Nuveen Asset Management, LLC, Teachers Advisors, LLC, and TIAA-CREF Investment Management, LLC are SEC registered investment advisers and subsidiaries of Nuveen, LLC

**Statement of Additional Information** &nbsp;&nbsp;&nbsp;&nbsp;137

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#### Nuveen proxy voting policy

#### Applicability
This Policy applies to employees of Nuveen acting on behalf of Nuveen Asset Management, LLC, ("NAM"), Teachers Advisors, LLC, ("TAL") and TIAA-CREF Investment Management, LLC ("TCIM"), (each an "Adviser" and, collectively, referred to as the "Advisers")

#### Policy purpose and statement
Proxy voting is the primary means by which shareholders may influence a publicly traded company's governance and operations and thus create the potential for value and positive long-term investment performance. When an SEC registered investment adviser has proxy voting authority, the adviser has a fiduciary duty to vote proxies in the best interests of its clients and must not subrogate its clients' interests to its own. In their capacity as fiduciaries and investment advisers, Nuveen Asset Management, LLC ("NAM"), Teachers Advisors, LLC ("TAL") and TIAA-CREF Investment Management, LLC ("TCIM") (each an "Adviser" and collectively, the "Advisers") vote proxies for the Portfolio Companies held by their respective clients, including investment companies and other pooled investment vehicles, institutional and retail separate accounts, and other clients as applicable. The Advisers have adopted this Policy, the Nuveen Proxy Voting Guidelines, and the Nuveen Proxy Voting Conflicts of Interest Policy for voting the proxies of the Portfolio Companies they manage. The Advisers leverage the expertise and services of an internal group referred to as Nuveen's Stewardship Group to administer the Advisers' proxy voting. The Stewardship Group adheres to the Advisers' Proxy Voting Guidelines which are reasonably designed to ensure that the Advisers vote client securities in the best interests of the Advisers' clients.

#### Policy statement
Proxy voting is a key component of a Portfolio Company's corporate governance program and is the primary method for exercising shareholder rights and influencing the Portfolio Company's behavior. Nuveen makes informed voting decisions in compliance with Rule 206(4)-6 (the "Rule") of the Investment Advisers Act of 1940, as amended (the "Advisers Act"), and applicable laws and regulations (e.g., the Employee Retirement Income Security Act of 1974, "ERISA").

#### Enforcement
As provided in the TIAA Code of Business Conduct, all employees are expected to comply with applicable laws and regulations, as well as the relevant policies, procedures and compliance manuals that apply to Nuveen's business activities. Violation of this Policy may result in disciplinary action up to and including termination of employment.

#### Terms and definitions
**Advisory Personnel** includes the 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 intend to vote on proxy-related matters. The Guidelines are not exhaustive and do not necessarily dictate how the Advisers will ultimately vote with respect to any proposal or resolution. While the Guidelines are developed, maintained, and implemented by the Stewardship Group, and reviewed by the Nuveen Proxy Voting Committee, the portfolio managers of the Advisers maintain the ultimate decision-making authority with respect to how proxies will be voted.

**Portfolio Company** includes any publicly traded operating company held in an account that is managed by an Adviser.

#### Policy requirements
Investment advisers, in accordance with the Rule, are required to (i) adopt and implement written policies and procedures that are reasonably designed to ensure that proxies are voted in the best interest of clients, and address resolution of material conflicts that may arise, (ii) describe their proxy voting procedures to their clients and provide copies on request, and (iii) disclose to clients how they may obtain information on how the Advisers voted their proxies.

The Nuveen Proxy Voting Committee (the "Committee"), the Advisers, the Stewardship Group and Nuveen Compliance are subject to the respective requirements outlined below under "Roles and Responsibilities."

Although it is the general policy to vote all applicable proxies received in a timely fashion with respect to securities selected by an Adviser for current clients, the Adviser may refrain from voting in certain circumstances where such voting would be disadvantageous, materially burdensome or impractical, or otherwise inconsistent with the overall best interest of clients.

138&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 Nuveen's Stewardship Group. Non-voting members will be comprised from Nuveen Legal, Nuveen Compliance, Nuveen Advisory Product, and Nuveen Investment Risk. The Committee may invite others on a standing, routine and/or an ad hoc basis to attend Committee meetings. The CCOs of CREF/TC Funds, 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, 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. Monitors for compliance with this Policy and retains records relating to its monitoring activities pursuant to Nuveen's Records Management program.

**Statement of Additional Information** &nbsp;&nbsp;&nbsp;&nbsp;139

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#### 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 employees of Nuveen ("Nuveen") acting on behalf of Nuveen Asset Management, LLC ("NAM"), Teachers Advisors, LLC ("TAL") and TIAA-CREF Investment Management, LLC ("TCIM") (each an "Adviser" and collectively referred to as the "Advisers").

#### Policy purpose and statement
Proxy voting by investment advisers is subject to U.S. Securities and Exchange Commission ("SEC") rules and regulations, and for accounts subject to ERISA, U.S. Department of Labor ("DOL") requirements. These rules and regulations require policies and procedures reasonably designed to ensure proxies are voted in the best interest of clients and that such procedures set forth how the adviser addresses material conflicts that may arise between the Adviser's interests and those of its clients. The purpose of this Proxy Voting Conflicts of Interest Policy and Procedures ("Policy") is to describe how the Advisers monitor and address the risks associated with Material Conflicts of Interest arising out of business and personal relationships that could affect proxy voting decisions.

Nuveen's Stewardship Group is responsible for providing vote recommendations, based on the Nuveen Proxy Voting Guidelines (the "Guidelines"), to the Advisers and for administering the voting of proxies on behalf of the Advisers. When determining how to vote proxies, the Stewardship Group adheres to the Guidelines, which are reasonably designed to ensure that the Advisers vote proxies in the best interests of the Advisers' clients.

Advisers may face certain potential Material Conflicts of Interest when voting proxies. The procedures set forth below have been reasonably designed to identify, monitor, and address potential Material Conflicts of Interest to ensure that the Advisers' voting decisions are based on the best interest of their clients and are not the product of a conflict.

#### Policy statement
The Advisers have a fiduciary duty to vote proxies in the best interests of their clients and must not subrogate the interests of their clients to their own.

#### Enforcement
As provided in the TIAA Code of Business Conduct, all employees are expected to comply with applicable laws and regulations, as well as the relevant policies, procedures and compliance manuals that apply to Nuveen's business activities. Violation of this Policy may result in disciplinary action up to and including termination of employment.

#### Terms and definitions
**Advisory Personnel** includes the Adviser's portfolio managers and research analysts.

**Conflicts Watch List ("Watch List")** refers to a list maintained by the Stewardship Group based on the following:

1. The positions and relationships of the following categories of individuals are evaluated to assist in identifying a potential Material Conflict with a Portfolio Company:

140&nbsp;&nbsp;&nbsp;&nbsp; **Statement of Additional Information** 

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&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. 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\* 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 employee but shares a residence and is in a mutual commitment similar to marriage with such Nuveen employee.

**Material Conflicts of Interest ("Material Conflict")** A conflict of interest that reasonably could have the potential to influence a recommendation based on the criteria described in this Policy.

**Nuveen Affiliated Entities** refers to TIAA and entities that are under common control with the Advisers and that provide investment advisory services. TIAA and the Advisers will undertake reasonable efforts to identify and manage any potential TIAA-related conflicts of interest.

**Portfolio Company** refers to any publicly traded 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.

**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.

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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.

**Statement of Additional Information** &nbsp;&nbsp;&nbsp;&nbsp;141

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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 personnel conflicts as outlined in the TIAA Conflicts of Interest Policy to assist in identifying, escalating and addressing proxy voting conflicts in a timely manner.

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<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 member responsible for the recommendation completes and submits the form to a Stewardship Group manager and the Committee. The Stewardship Group will specify a response due date from the Committee typically no earlier than two business days from when the request was delivered. While the Stewardship Group will make reasonable efforts to provide a two-business-day notification period, in certain instances the required response date may be shortened. The Committee reviews the Escalation Form to determine whether a Material Conflict exists and whether the rationale of the recommendation is clearly articulated and reasonable relative to the existing conflict. The Committee will then provide its response in writing to the Stewardship Group member who submitted the Escalation Form.

6. Provide Nuveen Compliance with established reporting.

7. Prepare Material Conflicts reporting to the Committee and other parties, as applicable.

8. Retain Escalation Forms and responses thereto and all other relevant documentation in conformance with Nuveen's Record Management program.

#### Advisory Personnel
1. Promptly disclose Material Conflicts to Nuveen Compliance.

142&nbsp;&nbsp;&nbsp;&nbsp; **Statement of Additional Information** 

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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 personnel understand Material Conflicts and disclosure responsibilities.

7. Assist the Committee with the annual review of this Policy.

#### Nuveen Legal
1. Provide legal guidance as requested.

#### Governance

#### Review and approval
This Policy will be reviewed at least annually and will be updated sooner if changes are necessary. The Policy Owner, the Committee and the NEFI Compliance Committee are responsible for the review and approval of this Policy.

#### Implementation
Nuveen has established the Committee to provide centralized management and oversight of the proxy voting process administered by the Stewardship Group for the Advisers in accordance with its Proxy Voting Committee Charter and this Policy.

#### Exceptions
Any request for a proposed exception or variation to this Policy will be submitted to the Committee for approval and reported to the appropriate governance committee(s), where appropriate.

**Statement of Additional Information** &nbsp;&nbsp;&nbsp;&nbsp;143

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<br> MAI-TCFSAI-0825P

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